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ricardox

New Contributor
Oct 5, 2018
3
3
14
28
China
English is my second language so if I've said something confusing let me know ; ) Also, I'm looking to practicar espoñol, si también lo estás aprendiendo, también avísame.

What's this business about?
  • We try to create a CFA test prep service
What is CFA?
  • It's a professional certification for investment management
Why you want to start this business
  • It seems to align really well with what I've been enjoying doing and the life I'm looking forward to
How well you know about this market and how certain are you?
  • I personally have gone through the tests myself.
  • During the process, I have my own way of preparing for the tests, in a less boring and intimidating way I find.
  • Given the current circumstance, we will give it a 30% successful rate (will revise this number as things progress)
Isn't that number a little bit low? Are you sure you wanna try?
  • The Lean Startup written by Eric Ries offers us some interesting way of looking at startups. There is no need to figure out a perfect plan right from the get-go. It's like you drive a car from point A to point B. You don't have to plan for the exact moment or the exact force you step on your gas.
  • In terms of reasons behind starting the business: it's something Jeff Bezos called regret minimization. It's not like my partners and I have some aversions towards jobs. Starting a business gives our lives meaning.
  • For me, I can always get a job, but the opportunity cost of failing is escalating as I grow older
Why are you posting your progress here?
  • I'm a little perfectionistic, and it can sometimes stop me from doing something. Considering I sometimes go for the extra mile to do things just to save face and avoid humiliations, why don't I use my fear of humiliation as a tool to go against my fear of losing? Now I have the issue of being masochistic?
  • Joke aside, I have been loving this quote from David Rubenstein (at Robert H. Smith School of Business). He gave me a little laugh and some positive wisdom. Using my perfectionism is one of the funny implementations of such a rule.

David Rubenstein said:
What we going to do is follow the advice of Everett Dirksen. Everett Dirksen had been a Senate minority leader in the 1960s. He helped the Civil Rights Act get passed. He said: "When you're getting kicked out of town, get out in front and pretend you are leading a parade. What does that mean? That means to take advantage of the situation you find yourself in.
 

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Last edited:

George Appiah

Silver Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Aug 16, 2018
267
523
250
41
Accra, Ghana
Congratulations on beginning the journey, and Godspeed on your journey!

One question: what's your delivery mechanism for your lessons: Live (in person) training? Website based course? Mobile app? Live video/webinars?

Why did you choose this particular delivery mechanism?
 

ricardox

New Contributor
Oct 5, 2018
3
3
14
28
China
Congratulations on beginning the journey, and Godspeed on your journey!

One question: what's your delivery mechanism for your lessons: Live (in person) training? Website based course? Mobile app? Live video/webinars?

Why did you choose this particular delivery mechanism?
Thank you very much for your reply, George.

It is a great question and there is no easy answer to it
  • The idea off the top of my mind at the moment is to sell them as videos, could be digital downloadable contents (seems like a perfect target for copycat) or via online on-demand streaming.
  • We may change the idea as the time goes on so we shall see.
Why?
  • If I say I came up with the idea myself I'm lying. Tim Ferriss walked through an array of business ventures in his book (4 hour work week). I found out his idea of selling information is a really attractive concept for me.
  • I'm a risk-averse person so I usually avoid businesses with physical products.
  • Nonetheless, the real reason behind it how this business aligns so well with what I love to do, what I capable to do, the skills I wanna cultivate. Sometimes I lay in bed wondering why I hadn't started doing it three years ago.
 
Last edited:

S.Y.

Silver Contributor
Read Millionaire Fastlane
Speedway Pass
Oct 4, 2017
355
968
341
Canada
How do you plan to differentiate yourself from current solutions (Kaplan, Fitch, etc...)?

I have LII under my belt.And I know the commitment it takes. Talking about myself, I will go towards current established solutions because of the commitment.
 

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