The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

INTRO Failed several times to move into the fastlane, looking for the success

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

twincivet

New Contributor
Read Millionaire Fastlane
Oct 9, 2020
8
8
14
Hi there,

Husband and father of 3 with a good but slowlane career in the software industry. I love my job, but I trade my time for it. My dream is to make passive or quasi-passive income in the fast lane, make enough money, and shelter the money to retire early on its interest. I've started or tried to start many things in the past 5 years, including affiliate/network marketing, physical products, online course teaching, selling on eBay/Amazon, and earning money by contributing to Quora, but nothing has really worked out for me yet. I'm determined to keep trying - as @MJ DeMarco says in TMF, I only need one hit. I know I need to have a better vision and focus, among other things.

It's really great to see like-minded people here. Y'all seem very genuine. Much more authentic than the many Youtube entrepreneurs I've listened to.

Looking forward to learning more and connecting with y'all.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
30,795
113,479
3,751
Fountain Hills, AZ
Welcome, software is a great stepping stone to Fastlane .. is it engineering or development?
 

Johnny boy

Platinum Contributor
Speedway Pass
May 9, 2017
770
3,673
867
24
Washington State
Tell us more about your job and what your role is, what your skills are, and what industry you work with (not just “software”, but what kind of software, what types of businesses does your company work with, etc) so we might be able to give some more useful and pointed advice.
 

twincivet

New Contributor
Read Millionaire Fastlane
Oct 9, 2020
8
8
14
Welcome, software is a great stepping stone to Fastlane .. is it engineering or development?
You know, I've read many best-selling authors over the years, but this is the first time I've been able to correspond with one directly. And that too so quickly. I'm flattered you took the time to respond!

I've been a researcher and developer (individual contributor roles) all my career, but recently got promoted to what we call a "development manager" at my company. I manage a small team of engineers and developers. I still spend a good bit of my time coding, so not all my time is spent on leadership and people management.

I'm almost done with TMF. Congrats on writing such a great book - it's opening my eyes to the disadvantages of a slow lane that I hadn't really thought about. It's also helping me better articulate things have thought about.
 

twincivet

New Contributor
Read Millionaire Fastlane
Oct 9, 2020
8
8
14
Tell us more about your job and what your role is, what your skills are, and what industry you work with (not just “software”, but what kind of software, what types of businesses does your company work with, etc) so we might be able to give some more useful and pointed advice.
Thanks for responding!

Adding to my response above, I have a bachelors and PhD in Computer Science. I now work for a large data analytics software company. My specialty is image processing and computer vision. I use a lot of AI in my work, so it's all cutting-edge stuff.

Our customers are other businesses that need data analytics. My team's customers specifically are those that have any type of image data (photos, medical images, etc.). Our software helps them convert (large amounts of) image data into metrics that they can use for decision making, e.g., automatically counting cars from a street camera feed.
 

Johnny boy

Platinum Contributor
Speedway Pass
May 9, 2017
770
3,673
867
24
Washington State
Thanks for responding!

Adding to my response above, I have a bachelors and PhD in Computer Science. I now work for a large data analytics software company. My specialty is image processing and computer vision. I use a lot of AI in my work, so it's all cutting-edge stuff.

Our customers are other businesses that need data analytics. My team's customers specifically are those that have any type of image data (photos, medical images, etc.). Our software helps them convert (large amounts of) image data into metrics that they can use for decision making, e.g., automatically counting cars from a street camera feed.
Your competitive advantage is quite obvious then. You are lightyears ahead of a typical person if you were to start a business in your industry given your training, and having years of experience in your industry.

You are intimate with the industry you are in, so you should keep your eyes peeled for market inefficiencies, opportunities, etc. Look for things that can be done better. Look for things that no one else is offering. That is the most likely chance for you to have a scalable, 7+ figure business that runs itself that you could grow in just a few short years.

The relationships you have made, the people you know, the pain points you notice...all of these things are invaluable.

I don't know 5% of your industry as well as you do so I would be awful at spotting a good opportunity to jump into.

To me it is an opportunity similar to a relative of my best friend. He was an actuary at a large firm and was quite successful. He used his connections and experience to start his own firm. He landed Tyson foods as a client and now is worth around 30 million and enjoys a nice life in his mid 40's. I think you have a similar opportunity in some ways.
 

peterb0yd

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Dec 30, 2019
124
268
165
It's really interesting that you have this background, I'm a software engineer that's been studying data science on the side. I often wonder how to use AI and data analytics as a service to start a high-ticket B2B analytics firm.

Knowing what you know, would you be able to offer a service?

Examples:
  • Analyzing medical data and helping companies build models for prediction/diagnosis
  • Helping marketing teams analyze their data and build models for customer targeting

What would you say? What's the industry you know best and what's the skill or service that you are most qualified to help them with?
 

twincivet

New Contributor
Read Millionaire Fastlane
Oct 9, 2020
8
8
14
Your competitive advantage is quite obvious then. You are lightyears ahead of a typical person if you were to start a business in your industry given your training, and having years of experience in your industry.

You are intimate with the industry you are in, so you should keep your eyes peeled for market inefficiencies, opportunities, etc. Look for things that can be done better. Look for things that no one else is offering. That is the most likely chance for you to have a scalable, 7+ figure business that runs itself that you could grow in just a few short years.

The relationships you have made, the people you know, the pain points you notice...all of these things are invaluable.

I don't know 5% of your industry as well as you do so I would be awful at spotting a good opportunity to jump into.

To me it is an opportunity similar to a relative of my best friend. He was an actuary at a large firm and was quite successful. He used his connections and experience to start his own firm. He landed Tyson foods as a client and now is worth around 30 million and enjoys a nice life in his mid 40's. I think you have a similar opportunity in some ways.

Thanks for sharing! This is encouraging. The kind of things your friend's relative does (risk assessment, etc.) is likely part of the market my company serves.

Starting a business selling data analytics software will probably mean a conflict of interest with my employer, so I'll likely have to quit my job to do it. Being the sole bread winner of my family, my goal is to keep my full-time job while starting a business. I came across a stat somewhere that about 40% of businesses are started as side hustles by people who kept their full-time jobs, so I believe what I have is a reasonable plan. Of course, I'm definitely open to quitting my job if a business I start takes off.

I do still look for needs where AI, etc. can be practically applied as part of a side hustle I would start. It's possible that I can find a sweet spot where my primary skills can be applied without having a conflict of interest with my company.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

twincivet

New Contributor
Read Millionaire Fastlane
Oct 9, 2020
8
8
14
It's really interesting that you have this background, I'm a software engineer that's been studying data science on the side. I often wonder how to use AI and data analytics as a service to start a high-ticket B2B analytics firm.

Knowing what you know, would you be able to offer a service?

Examples:
  • Analyzing medical data and helping companies build models for prediction/diagnosis
  • Helping marketing teams analyze their data and build models for customer targeting

What would you say? What's the industry you know best and what's the skill or service that you are most qualified to help them with?

That's great that you study data science on the side. Educational sites like Udemy have great content on the topic, and so do Youtube, blogs, etc. There's also so much free, open source software you can use.

The ideas you list are definitely possibilities. I can see the medical one as being really challenging because of the regulatory processes involved. But the main obstacle to selling data analytics software (as a service or otherwise) will be the conflict of interest with my full-time employer. See my response above to @Johnny boy.
 

Sponsored Offers

  • Sticky
FEATURED! Introducing... WEALTH EXPO$ED, A Short Story By MJ DeMarco
Hi Mj, I just bought it. And reading it. I think is a great idea to write using the stories to...
  • Sticky
MARKETPLACE Fox Web School "Legend" Group Coaching Program 2020
Great post @Fox, very much appreciated! How can I reach out to you? I sent you a PM a while...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Hey @Lex DeVille ! Having some issues with the NOREGRETS code? Udemy thinks it has expired...
  • Sticky
MARKETPLACE Grow Your Business With a Book (An Unorthodox Marketing Strategy That Built One of the Largest...
Are you looking for a new, lesser-known but potentially very lucrative source of leads to your...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Just got off the phone with @LightHouse. Having just a 45 minute conversation with him has...
  • Sticky
MARKETPLACE Kill Bigger Incubator
@Kak Thanks for the reply. Whats interesting is that I have an idea that's been cooking which...



Forum Sponsor

sponsor

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

More Intros...

Top Bottom