CHANGE MY MIND - Getting A Job Is Better Than "Fastlane"

[NeoDialectic]

I completely disagree.

You don't need industry knowledge or a job to see where there are problems.

MJ described it himself in TMF that you don't necessarily have to reinvent the wheel. That's one of the parts in the book that I didn't really understand until I read it a second time. I agree with you that industry knowledge can certainly be helpful, but in the meantime I am of the opinion that you can start your own business without any industry knowledge at all. Why?

Because - and I'm speaking from personal experience here - there are so many objectively bad products (whether physical or digital) that there is a lot of potential here alone. I'm starting from my own area (SaaS), where I've analyzed quite a few potential competitors, in an area where I have 0 practical experience. It was shocking how much potential for improvement I found that had absolutely 0 to do with the actual industry (better functionality, larger feature set, better/faster customer support, generally better user experience, etc.) But for that I need 0 industry experience, but "only" development experience or basic know-how of UI/UX. But in my case it would be more than an overkill and from my point of view also a bit waste of time, if I would work in this area now also as an employee.

If you are completely disoriented you can argue in my opinion, but even then you could always orient yourself to existing, poorly implemented business implementations and improve them. You don't necessarily have to have worked in the field. I even dare to go so far as to say that what MJ did with his Lead Gen site could have worked even without his background knowledge. Reason: Many of the core functionalities are very developer-driven at the time and require a high level of online marketing know-how. Not necessarily something where you had to work as a limo driver for a few years before, right? But I still think that may have benefited him, but that certainly didn't account for his overall success. I would be interested in MJ's personal opinion on this. Since this is now purely my assumption.

You can argue what you "technically need" (or lack thereof) till the cows come home. I dont think anyone here will disagree.

Then there is real life and how things actually typically play out.

MJ could have just picked a limo lead gen service out of a hat. But he didn't, did he. Coincidence? Coincidence that so many successful businesses were made by entrepreneurs that were in an industry?

There are plenty of people that have made fortunes with nothing more than the clothes on their back and a good attitude. But your stacking the odds that much more against you.

Don't get me wrong....don't limit yourself to thinking you need industry experience. @Kak wouldn't let us pass off limiting beliefs on the forum unopposed! I didnt have industry experience in any of the businesses I've been in! My how-to post also stresses that you don't need it. If you've got an idea and the motivation to learn to make it happen, good for you! Yet one of the most common questions from beginners is "I dont have any special skills and don't know what to do".

Im not sure where you are on your journey, but things don't always start making you millions during your first month. How are you gonna pay for your rent in the meantime while you're finding holes in others SAAS businesses to capitalize on? If you have little skills, little life experience and don't know what to do..... getting a job and/or school while working on something of your own is a good option! That's all we are saying!

 

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[adnanazmi]

When I was 18, I enrolled in college. A few months later, I dropped out, considering it a waste of time and wanting to focus on my yet-unprofitable business ideas. My parents had none of it. They showed me tough love and kicked me out of the house. I was forced to find a place to live and a job. I rented a cramped room with mold in the corners and found a minimum-wage job in a crappy logistics center. I worked at this place for four years. I hated every day. But while working there, I noticed patterns that could be used for automation. Every day, we wasted enormous amounts of time doing things that could be automated manually. That meant that the company could serve fewer customers and needed to hire more employees, consequently leaving money on the table. I saw a burning need.

Long story short, I created an eight-figure company selling automation software in the logistics industry. I wrote a bit more about it in my intro thread, if you are interested. But the most important thing in this story is that I would never have seen this need and created my company if not for this job. If you take a look at MJ's story, he created his limos.com company after working as a limo driver.

Every day, new people register here after reading MJ's books. They are all excited. Their entire worldview has been turned upside down. They come here and talk about the decision Matrix, CENTS, asymmetric returns, and the Fastlane mindset. Most of them are either very young or have no prior business experience. They start threads titled "I have no money and skills; what business should I start?". With no expertise in any matter, they take the path of least resistance. They start a gazillionth marketing agency, do copywriting freelancing, or start selling on Amazon. They do not provide value. They do not innovate. They follow a herd.

Many of them end up worse off than they were before starting their entrepreneurial journey. Some end up racking up considerable debt; others hang up on their Fastlane dreams and end up in dead-end jobs. The business world is cold and unforgiving. It doesn't care if you are young or inexperienced. Statistics are ruthless. Most people on this forum will never fulfill their Fastlane dream.

I created this thread mostly for young people, the ones with little or no life experience. And my advice for them is to go and get a job. If you are a teenager or twenty-something starting your adult life, don't open a business just because you've read it's the only way to achieve Fastlane success. Get a job, rent a room, and move away from your parents. Learn how to cook, clean, iron, shop, and budget. Every skill necessary to function as an adult. It can be any job, even at fast-food restaurants. And when you get the job, for God's sake, don't sit there in the corner waiting for your shift to pass. Learn all about this business. What is the average order amount? How many employees does it require? How much do they earn? Take a good look at your coworkers. Which ones would you hire for your business? Which ones would you fire on the spot? What differentiates one from another? Learn about supply chains. Who is their manufacturer? What are their profit margins? Create an average client profile. Are they men? Women? How old are they? Are they middle-class? Wealthy? Poor? If your employer offers free courses, be the first to enroll. Find conferences and meetings close to you. Go network. My industry contacts were crucial for building our client base and soliciting feedback. I met my company co-founder at a business conference afterparty. We got shitfaced and became friends. Stay at this job for at least a year.

"But Axe, I could use this year to build a Fastlane business!" "Getting a job is a waste of time!" I can guarantee that most of you would waste this year anyway. Many users on the forum take action. They open progress threads and gather a lot of likes. But when you look closer, nothing in their lives changes. They hop from one idea to another. They cannot create their breakthrough products because they lack expertise. You can look at Yelp reviews all day. Congratulations, now you know that Frank's Coffee House serves terrible cheesecake and that their staff is rude! And what exactly does that knowledge help you with? Do you have the necessary know-how to create a better product? Do you know who their supplier is? What their profit margins are? If you have no idea of this business's inner workings, how do you know your product will provide value to customers? That it will be profitable?

"But Axe, I've read about that 14-year-old kid who created a random app and earned millions!" "If he could do it, I can too!" Yeah, absolutely, go for it. And don't forget to buy a lottery ticket; it will multiply your chance of becoming a millionaire by ten. Look, I'm not telling you to give up on your Fastlane dream. Run your business after you come back from work. This is the time to test your ideas and learn the necessary skills. Open a marketing agency, order samples from China to sell on Amazon, flip some MacBooks or sneakers on eBay or learn how to write copy. All while getting money wired to your account every month, courtesy of your employer. And if any of these ideas start to bring in more money than your living costs, feel free to leave your job.

I can tell you exactly why you hate the idea of getting a job. Because you are lazy. You shudder at the thought of waking up early, working for eight hours daily, and having a boss. Well, how about working for 18 hours daily, 7 days a week, while not only not getting paid but having to put your own money in? That's how the process of building my Fastlane business looked. I don't have a boss. I have thousands of them. Every one of my customers is my boss. And I have a few dozen employees who will not have money to feed their families if I screw up.

During my Fastlane journey, I met a lot of fellow successful entrepreneurs. And many of them had a few things in common. Most were over 30, running businesses in the industry they previously worked in or using skills they learned in their former jobs. Most of them never heard about MJ or his books, yet they were able to create successful businesses that gave them money and freedom. The forum and books give you the framework for building the business and life of your dreams, but you don't have to treat them like gospel. Don't get obsessed with concepts like CENTS. We have successful entrepreneurs here who make bank mowing grass and cleaning windows. Are these businesses Fastlane by principle? No, but they earn money. It's more than 99% of this forum's members will ever do. People here are fallible. So is MJ. Be careful with some of their advice. A lot of it is very US-centric. It may not work in your country. Think for yourself. Do not trust anyone. Listen to your gut. Never take legal or tax advice from anyone but your lawyer and tax advisor.

Edit: I believe my words were misconstrued. I'm not saying that job is superior to true Fastlane business. What I tried to convey was that if you do not already have a functioning business that earns enough money to cover your living expenses, you should get a job to gain real-world experience and learn necessary skills. Then, after work, try out your business ideas while still having a salary safety net. Any business will do, such as cleaning windows, mowing lawns, selling items on eBay, and so on. And if your side business starts bringing in enough money to cover your expenses, you can quit your job.

Edit2: I also corrected the title and removed a paragraph that I thought sounded too passive-aggressive.

I suggest young people try getting jobs in Sales starting off. Because throughout your life you will need to "sell". Yourself. Your Business. Etc. It is a great skill to have and it will make you a lot of money done right. It is something to master if you want power. Nevertheless, it is not for everyone. But it is great to try. I have never seen a poor successful sales person.

Sales comes down to two things: sales skillset and tonality. So focus on that. Anyways I am not going to get into that here.

All the best!