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Discussion in 'Lessons from Success/Failure' started by 458, Nov 26, 2018.

  1. The Abundant Man
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    The Abundant Man Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    View: https://www.youtube.com/watch?v=zs47BipcW_E
     
    UnrealCreative likes this.
  2. 458
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    458 Gold Contributor Read Millionaire Fastlane Speedway Pass

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    I still have this write up on my task list, have not forgotten. Will get it done next week.
     
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  3. 458
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    458 Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Dealing with a mini crisis right now. I guess I can add that to the list of things I have gotten pretty good at.. dealing with crisis and weathering the storm. Will post write up as soon as things calm down.
     
  4. Surf16
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    Surf16 New Contributor Read Millionaire Fastlane

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    Since you provide a service not sure you can answer this but here it goes...

    My partner and I are in the product development stage of our product.

    We have found a need that solves an every day problem. We both believe this product will impact millions.

    I know MJ says an idea is just that... an idea, but it is the execution that makes it a product.

    I am going on forums in the niche and asking people if they would be interested in the product and/or have a need for it and would buy it in the future.
    I haven't 100% stated on these forums what the product is or how it works but basically talk about the problem it solves.

    My question is do we need to get a patent before we involve a freelance product designer or start talking to manufacturers?

    I would like to describe the exact product and talk about the problems it will solve to a test market. But worried that somebody with more money to invest or a big company will take our idea and run with it.

    Thanks.
     
  5. 458
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    458 Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Patents take forever and cost a lot of money. It is better use of your time and money getting something/anything put together and then test the market to see if there is actual demand there. Filing a lot patents just to protect your interests isn't a skill set to acquire on your first venture, its a waste of time. It doesn't really teach you anything about design, production, testing, selling, etc. You need to make a lot of mistakes to learn what you are doing, filing patents doesn't give you that opportunity.

    Again, I am only speaking to your first at bat. Later on when your Ms. QVC you can have your attorney on retainer filing patent ideas that popped into your head during lunch..
     
  6. CareCPA
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    CareCPA Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    I'm still anxiously awaiting the write-up. I obviously run a service business, and am still trying to figure out the puzzle of scaling (mainly, getting in front of my target audience). Once we see your area of expertise, I'm can narrow down my questions.
     
  7. UnrealCreative
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    UnrealCreative ♫♪ "It was all a dream..."♬♪ Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    Have a couple of questions based on this.

    The first question is...
    At what point to you decide to get out of a business and do something else?

    I don't mean getting out of a business because it got hard...

    I mean deciding to hop out because the model simply doesn't meet your criteria.

    For example, I could be at risk of being in the wrong business because it doesn't check the Market Cap and Competitor criteria. I'm in a market with a fuzzy/low market cap (#1 competitor is only estimated at $1.3MM/y revenue), and there's more than a dozen Competitors who are doing exactly that...Competing and effectively commoditizing the service we offer.

    The second question, going off that...
    What would you do in this market, given those challenges?

    Blue Ocean Strategy answers this question by asking a reader to find an angle that makes the competition irrelevant. For example...

    -This service could be realistically automated by AI, and give a customer something instantly.
    -Everyone in this market fulfills orders in 72 hours as a standard. Why don't we do 12 Hours, for everyone, at the same or lower price than everyone else?

    Given those challenges, would you do the same? What else would you keep in mind in a market with a low market cap and fierce competition?
     
  8. 458
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    458 Gold Contributor Read Millionaire Fastlane Speedway Pass

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    The answer to your first question is usually as fast as humanly possible without hurting yourself. However, there are way too many variables to answer this questions in the way it is presented. You may have missed something in your analysis for example. There might be a whale in the space bringing in $100m in revenue, your just not aware of it. As it pertains to an entrepreneurs first real venture, success in any form is going to be better for you in the long run no matter how small. Confidence builds on itself.

    In regard to your second question, the answer is still about the same. Get out as soon as humanly possible with a small win under your belt. Human beings always over estimate there ability and under estimate short comings. Almost everything related to success revolves around probabilities. Therefore, the equation you need to answer for yourself with true objectivity is: "What is the probability of my FIRST successful venture being in a niche that has fierce competition and a very low market cap?"

    If you are truly objective about answering this probability question, you'll come to the realization that your time is better spent elsewhere on something with a higher probability of success. Time and energy should always been your focus, never dollars and cents.
     
    Last edited: Jan 19, 2019 at 2:48 PM
  9. 458
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    458 Gold Contributor Read Millionaire Fastlane Speedway Pass

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    I am still dealing with a mini crisis but there is light at the end of the tunnel and we will come out stronger.

    One thing you always learn over and over again as an entrepreneur is you can never build enough fail overs for all your processes. IE. Always have multiple bank accounts, two ISPs on a fail over router, back up merchant accounts, etc etc. It is always time well spent building these fail overs into your operation because without fail, you will use them eventually.
     
    Last edited: Jan 19, 2019 at 2:49 PM
    UnrealCreative, lowtek and Kingmaker like this.
  10. Jonathan Hoch
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    Jonathan Hoch New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    From what I have seen, I have no doubt you’ll overcome your situation with a good solution.

    On the race track, the man with the fastest car usually stands on the largest pile of broken parts. Failures point out the weak points of your system. It’s your job to figure out how to fix them.

    On the topic of redundancy, I agree a thosaund times over. It is something that is always overlooked, and under appreciated, until you need to rely on it.

    In the USMC infantry, we were taught everyone’s job 3, 4, and sometimes 5 ranks up the chain of command. In war, people die, and the mission needs to be completed. Being a Private First Class, you are still given the mission critical information that is given to the platoon commanders.

    The chaos of battle could take out any of the chain of command, and you never know who’s going to freeze in battle. The point, is redundancy is what has kept the Marine Corps successful for 236 years. And it should be what is used to keep your business running at all times even when you don’t think you need it.
     

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