Do You Have A Successful Entrepreneurial Premise?

[CactusWren]

This definitely needs to be a sticky!

 

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[GettingThere]

This definitely needs to be a sticky!

It is...in the general business forum.

 

[Sixxstring]

Having browsed some of the posts, I can see this site is going to be one of the best I have ever seen. This post is fantastic, full of helpful tips and insights, and I am now filled with idea's on how to make a good business applicable with the people. Thankyou so much!

 

[taichijedi]

How sad it is that so many people overklook these things. Thank you for helping us remember WHY BUSINESSES EXIST!!!! So often it becomes an exercise in self gratification, and it is not realized that the gratification of others is the only way to success. Great post, MJ. This book is going to be awesome!!!!

Speed++ for more gems of wisdom.

 

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[lightning]

This is by far some of the best advice I have ever been given. MJ I cant wait till your book comes out, I think its going to change a lot of peoples lives, and you are the epitomy of someone who "practices what they preach".

Speed+ for you, thanks again.

 

[mtnman]

I can't wait for it either ... WTF is taking so long ... ha ha

I will make a follow-up thread about how to change your entrepreneurial mindset.

Does anyone (or MJ) know if MJ made this post (the HOW) somewhere and I just missed it? I searched, but didn't find anything....he may not have had time just yet. Thanks!

 

[MJ DeMarco]

Does anyone (or MJ) know if MJ made this post (the HOW) somewhere and I just missed it? I searched, but didn't find anything....he may not have had time just yet. Thanks!

Sorry, I did not make this post (yet).

 

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[fanocks2003]

Agree. Sometimes you forget the fact though. I believe everyone has a selfish side as well as a generous side. Sometimes the selfish side takes over too much. But the market soon detects it and in that situation you either correct it or fall out.

I made that blunder myself as I guess many has discovered already on this forum. I corrected and that is the difference between losers and winners.

Do as PhxMJ so kindly mentions in this thread: Start a business around a real demand. If there is a real demand you can soon hire managers to run things for you. Things will be easier from that point on.

 

[TaxGuy]

School Tuition- $80,000 (4 years)
Money spent on books/materials- $6,000
Time wasted in business school - 4 years

Logging and getting the best piece of financial advise free from a multimillionaire...priceless

i'll one-up this... School Tuition- $100k+(5yrs... 2 at expensive engineering school and 3 at state school studying completely different and harder to apply major... German)

Time wasted- 5yrs

Joining these forums, reading, and sharing- priceless

While I feel that my education in itself was a waste, I would not trade the path I have taken in life as there are many winding roads that ultimately take you to where you are going, i.e. say I stayed in engineering and got a "safe-secure" job making $50k out of school... would I have the motivation to go for the next level or would I still be making $50k 10yrs later since it is a "decent" salary. OR say I got a decent translating job in my field(German) making oh $40k/yr and it pays my bills and starts to make a dent in these darn CC's and student loans, what motivation do I have to achieve those dreams of my childhood(owning a Porsche, seeing the whole world, being able to do WHAT I want, WHEN I want)???

now I can use my time more productively and reading this thread is just a reminder of whatever you think you know, there's still so much to learn... obivously I was stuck in the selfish mindset of "do something I like" or "do what I am good at" and everything will fall into place, well unfortunately, I need to think about what those who my financial aspirations are aimed at like and need... otherwise they won't want to give me THEIR money, for my goods/services...

 

[TaxGuy]

I love this thread! MJ is right on the money with this. In fact, the core of the message is even stated in the Bible. Proverbs (written by King Solomon, the wisest and richest man who ever lived) 11:24-25 "One man gives freely, yet gains even more; another withholds unduly, but comes to poverty. A generous man will prosper; he who refreshes others will himself be refreshed."

great quote, but also remember "he helps those who help themselves"... while being generous is a great quality you can be so to a fault and be the victim of those who just want to take advantage of you, at the same time though, being greedy is a sin for a reason and it usually ends up being the undoing of those who are guilty of it!!!

 

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[Dejan M]

Emm ... religiuos content really is not appropriate here.

 

[dreb]

:iagree: Totally agree, you just need to look at the billionaires, most of them are where they are at through passion for what they are doing and a desire to make a real positive different to peoples lives. They never thought they would be so successful, but they only go there though providing something the customer wanted, how they wanted.

Great article.

 

[HumBull1]

Great advice

 

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[TC2]

Great post. Deserver some link loves!

It's so true. When you think about money, the money won't come.

 

[GHVan]

Excellent Thread MJ !! This forum definately keeps you motivated to become successful when you read that post!
Fantastic!!

Thank you!

 

[Double D]

True True...I remember going into peoples houses thinking only about how much am I going to make off of this one. I probably lost a deal or two because of that mind set. Now its all about listening to what people need and creating a way out for them. This has resulted in letters from people thanking me for saving their lives or saving them from ruin and in the mean time making money in the process. Good post.......

 

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[Happy]

Simply brilliant – I love the mischievous cat philosophy. This one is going up on the refrigerator (and I hate putting stuff on the frig)

I also signed up to be notified when the book is ready. I wish I would have found this site sooner – it’s a treasure trove of practical and inspirational information.

Thanks for sharing your insights with us.

Happy

 

[memenode]

This is an excellent piece of advice, so logically obvious yet easily omitted.

However, regarding selfishness, I'd like to point out that the very reason why would someone follow this advice is a selfish one. You want to succeed in business because you really do want money, so even if it takes not thinking primarily about money, but about serving other people, to get there, you'll do it. But the primary motivation is selfish.

And I see absolutely nothing wrong with selfishness when defined as "pursuit of happiness and self-responsibility", albeit there is a second kind of selfish which is "pursuit of power OVER other people" which often follows from lack of personal self-responsibility (you can't control yourself, so you want to control others).

I think a perfect combination a person in pursuit of success could use is what yveskleinsky alluded to when she mentioned combining pursuit of personal "why" and someone elses "why". That is, you should indeed strive to do what you love to do and pursue dreams you desire, but focus on only those among such things which you can do in service of others.

As Brian Kim says, the crucial question is: "What would I love to do on a daily basis utilizing both my skills and interests that will add significant value to people? "

The first part of the question is about finding your personal why, what you're passionate about. The second is about using this in service of others.

Of course, I might be preaching the obvious, and if I am, my apologies.

 

[mark_sunbelt]

man that was an awesome post...you have explained things beautifully!

 

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[wildambitions]

I don't know how I missed this post before, but it is RIGHT ON! Rep+

I hope this (and more) is included in your book! Can't wait to get it. Pre-Order "The Fastlane To Millions" | Millionaire Entrepreneurs and Small Business - The Fastlane to Millions

 

[czach41]

Just read this post for like the 14th million time. CANNOT wait for your book MJ!

 

[panter]

Very Very Interesting

 

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[kwerner]

Money is a like a mischievous cat; if you chase it around the neighborhood, it eludes you-- hiding up a tree, behind the rose bush, or in the garden. However, if you ignore it and focus on what attracts the cat other than the cat itself, it will come to you and sit right in your lap.

This analogy reminds me of a scene from the film Three Wishes starring Patrick Swayze. In the movie, Swayze's character is helping to coach a down-and-out little league baseball team. The kids on the team want to win so bad, and they try so hard to hit the ball out of the park each time they're up to bat, that they consistently strike out - getting the exact opposite result they intended.

So how does the coach help diminish their anxiety and improve their batting? By enlightening them that when they try to push too hard to get an intended result, they get just the opposite. And explaining that if they want success (at hitting, in this instance), they should try doing just the opposite of what they've been pushing so hard to do - he tells them to let go of their thoughts of crushing one out of the park, and try to strike out! :smx4:

And you know what, it works for them; and I believe that it can work in the real world too. Like MJ pointed out, if you're intent on chasing the mischievous cat called money, it will elude you. At some point you have to step back, take off your blinders of what you want, and put yourself in the shoes of what your market wants. Then the work begins and the money will follow.


I'm not sure how to embed the video into my post, so here's the link to the trailer if you want to check it out: IMDb Video: Three Wishes

 

[Knowledge Kick]

Awesome post.

 

[CommonCents]

Help enough people get what they want, you'll get what you want and then some.

 

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[Gymjunkie]

Awesome! I need this kind of post to remind myself of the real reasons I am into entrepreneurship.. cuz some people start with good intentions and then when the money comes they forget it and chase money..

 

[humphrey]

Fantastic post. I've read this through a few times now. Great insight.

 

[dharbour]

Absolutely wonderful article. I am actually putting this as a favorite of mine.

 

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[kingLouie]

AWARENESS... that's what it is. This is a great reminder as to being a true entrepreneur.

 

[Rem]

Loved the cat analogy. I will probably use that analogy this week. Appreciate the insight. Of course I have been asking myself about finding a new income stream :smx4: