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CFA Test Preparation Service

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ricardox

New Contributor
Oct 5, 2018
3
3
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:

ricardox

New Contributor
Oct 5, 2018
3
3
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.
 
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S.Y.

Silver Contributor
Read Fastlane!
Speedway Pass
Oct 4, 2017
369
994
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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