Commandment of Entry. (cEnts)

[Amerstain]

So i have read about the commandment of Entry in the millionaire fastlane . I now get what is wrong with low to no entry barrier, and how the only way to break it id to be exceptional. However i want to ask you a question: you clarified what's wrong, but what's right? I feel like i can get this with an example. What is an example of a business which doesn't violate this commandment? My first guess would be something with high financial cost. Other than that skills maybe? But i feel like even those would be kind of low barrier. Would appreciate any help or idea's, thanks!

 

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[alexkuzmov]

So i have read about the commandment of Entry in the millionaire fastlane . I now get what is wrong with low to no entry barrier, and how the only way to break it id to be exceptional. However i want to ask you a question: you clarified what's wrong, but what's right? I feel like i can get this with an example. What is an example of a business which doesn't violate this commandment? My first guess would be something with high financial cost. Other than that skills maybe? But i feel like even those would be kind of low barrier. Would appreciate any help or idea's, thanks!

Reach in your pocket and grab your phone.

You thinks its easy to make that?
Engineer it? Ship it? Market it?

Go one level down.
Where did the screen for it come from? The glass, the LEDs, the chips?

Go one level down.
Where did the metal for for your phone come from? Who mined it?

You see you only need to think about the things you buy and use and how they were made and you'll understand what a high barrier to entry is.

 

[Johnny boy]

If you're broke, have little skills, have few connections, your opportunity to enter into something with a barrier of entry is to work hard, not follow others blindly, and do something niche enough to not be totally saturated. Those things are all free and accessible to anyone.

If you are starting off in business don't be concerned with starting something ridiculous like a massive aerospace manufacturing plant as your first venture. You do not need to have a 'perfect' CENTS business right away.

 

[Mathuin]

You do not need to have a 'perfect' CENTS business right away.

@Amerstain Here's a thread from MJ that expands on Johnny's point above.

GOLD! - MINDSET - Is CENTS Destructive to Action?

Over the years I've read thousands of introductions here. A common thread I'm seeing follows the following format: A) I have 3 ideas, X,Y, and Z. B) None of them meet CENTS. C) X is missing entry, Y is missing scale, and Z is missing a mix of both. D) I don't know what to do. The end result...

www.thefastlaneforum.com

 

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[Spenny]

Intellectual Property, lots of research, patents, machinery, brands, networks.
I like to play the "lets start a business together" game.

Eg. Lets start a business, I want to start a dating app for dog owners. Okay, well what am I up against? Platforms that have billions of users, billions of posts & most importantly billions of loyal consumers. I need to build networks, get people onto my platform & convince them to stay there. Its so hard getting enough people to get the ball rolling, nevermind convince people to hand their money over.

Thats a good example of a high barrier to entry. Its gonna be hard for us to compete.