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GOLD! Failing at Entrepreneurship: Guys I Wouldn't Bet On.

Discussion in 'General Mindset, Motivation, Beliefs' started by RHL, Oct 10, 2015.

  1. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Engineers do this a lot... they like building stuff.
     
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  2. Greg R
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    Greg R Act, Assess, Adjust Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    So true.
     
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  3. SM Switi
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    SM Switi Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    100% true including myself >< , I got passed this point in the hard way
     
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  4. CPisHere
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    CPisHere Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    The guy that doesn't want to make the sacrifice necessary.

    I'm there/been there. Building a business takes TIME (away from family/friends/hobbies) + MONEY (most likely requiring lowering your standard of living).
     
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  5. justonemore
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    justonemore Contributor Speedway Pass

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    Yeah, that's reality isn't it.
    It's harder to see in the online world, but the online world mirrors the brick and mortar world I have to assume. Think of some shopping centers or popular streets near you.
    Think how many businesses there have come and gone, come and gone, come and gone over the years.
    What percent of those businesses that aren't a major franchise have lasted for more than 3-4 years? 10%? 20%?
    Then think, how many of those businesses that went away had someones life savings and 80-100 hour weeks for 4+ years wrapped up in them.

    Some people don't like people who point out problems without solutions. I disagree. You need realists around you. They're the ones who will keep you from losing your life savings on a bad idea. They're the ones who will save you from wasting 80 hours a week for 4 years on an idea that will fail.
    Yes men make good drinking buddies, but that's about it.

    I'm not an expert in business, but I do think most failure could be avoided by aiming well, thinking things through, and then rethinking things through.

    Just my opinion...
     
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  6. LittleWolfie
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    LittleWolfie Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    I'm guilty of one and four, wish I knew that guys audience with people able to drop 10,000 I bet they could fund a solution if it was a worthwhile solution to their problem.

    I find I am unable to get customers or potential customers to talk to me. If most people need to see the engineer's social media profile first I can see why there might be friction.

    I'd love to talk to their customers for them, analyse the data and distill it back to the developers to help them,hard to get anyone to see the value in that though.

    I agree. Realists back up their data, optimists lose it.
     
    edward ace likes this.
  7. Telamon25346
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    Telamon25346 Bronze Contributor Read Millionaire Fastlane

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    this hit hard, i've been setting "future goals" i guess of buying these things, but instead of just keeping them in mind as actual future goals, i stay looking at house listings and prices of watches and stuff like that. described me perfectly. +rep this was a little slap in the face
     
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  8. minivanman
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    minivanman Gold Contributor Speedway Pass

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    This is where anxiety always came in handy for me. Anxiety will not let you wait for anything..... I gotta start this business within an hour or else I'm going to go CRAZY!!! lol I'm much better nowadays but it still makes me want to get things started to see how they are going to work out. No way I could wait YEARS!!! :eek::inpain::clench:
     
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  9. Filippos
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    Filippos Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    These people are unfortunately the majority. It's f**ng soul-crushing to see my best buddies have this behavior... I've learned a lot over the years and I've grown to a level where they see my results in many aspects of my life and come to me for help, but they're just incapable to even get help. The alarming thing is that I'm giving them the answers, but they are so fundamentally blind and unable to think outside the magic pill paradigm that they just don't understand the advice I give them.
    I asked myself at some point: "What if you look these people as potential customers and try to help them or show them that their mindset can be fixed with a coaching program or something?"
    But my first-hand experience has shown me that these people are beyond help. There's no point in helping them. I've seen many of my buddies throw away THOUSANDS of € to the latest guru that said sth that clicked with them and the guru was supposed to solve all their issues and a few weeks later it's the same situation all over again...
     
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  10. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    I may have to print this one out. I couldn't help but catch myself in a couple of the bad warning signs. I need to be more mindful of my shitty habits.
     
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  11. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    Thread title changed, forgot about this thread, a good one!
     
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  12. Kevin88660
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    Kevin88660 New Contributor I've Read UNSCRIPTED

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    I am not a fast laner. I just hate processes that do not show incremental positive result. I was in financial market trading and then now in financial products sales. In these performance based slow lane self-employment paths if you put in the hours with a sound approch the P&L will reflect that every quarter.

    Imagine if you tell someone to do a weight loss program and focus on the process only. The program if being executed correctly will show no result on the weighing the scale for 3-4 years and suddenly with a bang they will become Mr Olympia. Thats essentially what fastlane is about. I have great respect for people who have the kind of strong mental tenacity. MJ talked about the psychology of positive-reinforcement. But I see the greatest difficulty about fastlane is the absence of the “reinforcement” and the ability to stay contrarian for a long time.
     
  13. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Then don’t have a process that doesn’t give positive feedback?

    I celebrate every time someone signs up to my $5/mth newsletter, never mind buys my course or becomes a client.

    Celebrate each milestone.

    Also... celebrate each new problem. Every time you’re confronted with a new problem it means you’re making progress.
     
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  14. Kevin88660
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    Kevin88660 New Contributor I've Read UNSCRIPTED

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    Yes It’s important to have a good process. Reading unscripted makes me realise that there are ways to increase the odds of success in business. Find needs and approch them with a Silicon Valley kind of problem solving attitude to create relative value.

    But it also depends on the business model, specifically on how fast you can be profitable with predictable cashflow provided you have done the “right things”. If you have a small Cash Cow business that is getting better every quarter you will get the positive feedback.

    Other business models are notoriously difficult to get into that kind of positive feedback. Take Uber the success story for example which MJ also used in his book, Uber has been losing money all the while and only recently turned profitable. Travis Kalanicm became a billionaire. But his success relies on achieving market penetration and passing on the investment risk to other investors who believed in the Uber story.
     
    Andy Black likes this.

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