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Focusing on the money vs. the idea

YelmisPravida

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I have a problem, which I've had all my life: I often change goals. I don't really know what I want to do. I find it difficult to really "burn" for something.

Today I had a very interesting discussion with a friend. I told him that there are so many alternatives to choose from in life, that I find it difficult to choose one and then stick to it.

Many years ago, I wanted to be an entrepreneur. But then I got an opportunity to work in a good job with a good salary, and suddenly I lost the lust to be an entrepreneur. This has happened to me again and again. If I have to choose between two alternative courses in life, I find it excruciating to choose one. As soon as I believe that I've made up my mind, then I start thinking about what I loose by not choosing the other option.

While talking to my friend, we realized something very interesting, that might be causing this indecision and inability to "go for it". My friend asked me: "What do you really want to be doing, in 10 years?". I said I want to have earned at least $3,000,000 because then I can live off the return without working ever again.

My friend quickly made me realize that this might be the cause of my problems. He said, for him, he focuses not on the outcome or the money, because those things are too general. There are a million ways to earn a certain amount of money, and thinking about that end goal doesn't really help you in making a good choice. When he thinks about his future, he instead thinks of specific things that he want to have done. For example, he is currently developing a software that does something related to his field (AI), and his priority is to take that project to goal, not the result (money) that will come from it.

So basically, instead of thinking "I want to earn X amount of money - is choice A or choice B going to lead me there?", it is better to pick a specific idea that you want to realize, and think: "How can I organize my life (realistically) to best achieve this idea?"

I feel that this realization has been a strong shift in my thinking. I have several ideas in my head, and I should simply pick one that I believe in, and organize my life around realizing it. If it fails, it fails and then I can pick another idea that I am excited in. But focusing on (and getting excited about) specific projects seems like a more productive way to spend your energy, than to focus on a generic goal like "I want to earn X amount of money" which doesn't naturally lead to any specific action.
 
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MJ DeMarco

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IMO, you don't want it bad enough. You like the *idea* of financial freedom (most people fall into this category) but you aren't committed to it. Instead, you are choosing near term security (good job, decent salary) over the long term unknowns and the roller coaster ride of entrepreneurship.

For me, commitment means that NO JOB could compete with my desire to be an entrepreneur. In your world, it looks like it does compete, and wins.
 

YelmisPravida

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For me, commitment means that NO JOB could compete with my desire to be an entrepreneur. In your world, it looks like it does compete, and wins.
MJ, thanks for this reply. I agree.

I'm going to be completely honest here: What I am really afraid of, is that in 5 years, I will not have a working business, and I will not have progressed my career.

I am afraid that I will be "left behind", that when all of my friends are either successful in their careers or in their businesses (I already have a few of them who have sold a business and earned a couple of million dollars each - I wrote about them in another post), I will be stuck in the same spot.

Realistically, I think it will be impossible for me to suddenly "give my career up" (at least right now and probably for the next 2-3 years), and that my best bet is to spend all my free time aside from work working on a business idea.

(At least this is what I'm thinking now. If I haven't made any progress in 3 months or so, I will have to revise this thinking.)
 

AndrewNC

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I notice a lot of us when we start out say "I want to make lots of money" and then put out something only looking at the money and not at the value it adds to people. My first project was a spin off of the million dollar homepage, trying to charge $100 for a 10x10 pixel advertisement. Not it is much clearer why it has failed (lessons learned).

I suggest this alternative when you are working on your ideas: Focus on getting as many users (or customers) as possible. Obviously this is all dependent on the type of business you are going into. For the mobile app that I am getting developed currently, it is a few hundred dollar investment, and that is low enough for me to focus on getting users. Setting up retail or large companies require a different approach, but the the theory is the same. What can I work on that will attract the most users (customers). The book puts this as adding value to people. When you stop focusing on the money, and focus on the process and value of your business, you will get a much clearer picture of things.

My current app was just some small idea I had that I didn't really think twice about. I got lunch with 2 members of the forum here, and they said to go after it because it sounded good... All my friends from college said it sounded like a great idea...family...etc.

Hope my post can help you decide where you should go with things.
 
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Bill Campbell

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Andrew, I tried the same type of 10x10 pixel advert site! It didn't work so well (at all) for me either. I agree with you, focusing on adding value to your customers will bring the most rewards.
 

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MJ, thanks for this reply. I agree.

I'm going to be completely honest here: What I am really afraid of, is that in 5 years, I will not have a working business, and I will not have progressed my career.

I am afraid that I will be "left behind", that when all of my friends are either successful in their careers or in their businesses (I already have a few of them who have sold a business and earned a couple of million dollars each - I wrote about them in another post), I will be stuck in the same spot.

Realistically, I think it will be impossible for me to suddenly "give my career up" (at least right now and probably for the next 2-3 years), and that my best bet is to spend all my free time aside from work working on a business idea.

(At least this is what I'm thinking now. If I haven't made any progress in 3 months or so, I will have to revise this thinking.)

It sounds still like you are not commited. If you were you would not be worrying about where you are in your career five years from now.

You only get left behind once you give up.
 

Rickson9

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Like you, some individuals may not be entrepreneurial. It's ok.

MJ, thanks for this reply. I agree.

I'm going to be completely honest here: What I am really afraid of, is that in 5 years, I will not have a working business, and I will not have progressed my career.

I am afraid that I will be "left behind", that when all of my friends are either successful in their careers or in their businesses (I already have a few of them who have sold a business and earned a couple of million dollars each - I wrote about them in another post), I will be stuck in the same spot.

Realistically, I think it will be impossible for me to suddenly "give my career up" (at least right now and probably for the next 2-3 years), and that my best bet is to spend all my free time aside from work working on a business idea.

(At least this is what I'm thinking now. If I haven't made any progress in 3 months or so, I will have to revise this thinking.)
 
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socaldude

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MJ, thanks for this reply. I agree.

I'm going to be completely honest here: What I am really afraid of, is that in 5 years, I will not have a working business, and I will not have progressed my career.

I am afraid that I will be "left behind", that when all of my friends are either successful in their careers or in their businesses (I already have a few of them who have sold a business and earned a couple of million dollars each - I wrote about them in another post), I will be stuck in the same spot.

Realistically, I think it will be impossible for me to suddenly "give my career up" (at least right now and probably for the next 2-3 years), and that my best bet is to spend all my free time aside from work working on a business idea.

(At least this is what I'm thinking now. If I haven't made any progress in 3 months or so, I will have to revise this thinking.)

my two cents:

1. Its OK to have a job while working a Fastlane business BUT you are going to have to dump it to go full time.

2. It shouldn't take five years to know if a business is going to work out or not. The market will tell you if your product or service is worthy of their money. Either the consumers want it or they don't it shouldn't take a long a$$ time to figure that out.

3. STOP being "afraid of being left behind". Entrepreneurship is not a race. Who cares if your buddies make big money, it doesn't make them any better or superior. I would suggest to celebrate other people's success. Put a smile on your face next time you hear about some guy selling his business for millions, it will make it easier for you to move ahead in your journey to becoming successful TRUST ME. You are important and adequate regardless of your financial status.

I go to an event in orange county every saturday called: Cars and Coffee. and let me tell you. all these guys that have these exotics: lamborghinis, ferraris, porsche, bugatti. NOT ONE has a job. They are all in their 20s and 30s. Hell one of them was an attorney turned real estate developer working at a prestigious law firm making 150k straight from college and HE QUIT HIS JOB because he didn't "want to spend the rest of his life behind a desk". Many many many entrepreneurs quit high paying jobs to pursue self employment, i hope that makes you feel better.

Does this make sense: "i bought a lambo cause i got a great promotion" or "i bought a mansion cause i got a 3% raise equivalent to inflation" or "'i'm rich cause I clung to job security". NOPE IT DOESN'T.

This makes sense: "i bought a lambo cause i quit my damn job and worked my a$$ off to build a multi million dollar company that gives satisfied consumers what they want or need. I give them their moneys worth in the form of a product or service and they hand over the money which ends up in my bank account, and i do this on a massive scale."

REAL entrepreneurs don't care about "job security" or "Career development" or " bi-monthly pay check guarantee" or "promotions".
 

deepestblue

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This is meant to be a purely motivational post and NOTHING personal: Then don't do it if you are afraid, not even in your spare time. As MJ stated earlier it is a rollercoaster ride. Most can't or won't hack it. If you don't feel you have what it takes to serve the world with your gifts, so be it. Most choose a life where they go to the trough of someone who has related directly with money and abundance (every company in the world was once an idea in one person's brain), and that is totally fine, there is absolutely nothing wrong with that.
 

PatrickP

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I think it is the PURE HATE for what you are doing now which makes the fear of starting a new business, fall by the wayside.

If I ever meet up with my last boss I will kiss her feet, ok well at least give her a HUGE hug. It was a pure and unfettered hate for her actions which made me work so hard and forget about the fear in starting my business.
 
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MJ DeMarco

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I go to an event in orange county every saturday called: Cars and Coffee. and let me tell you. all these guys that have these exotics: lamborghinis, ferraris, porsche, bugatti. NOT ONE has a job.

This is a very telling, and powerful statement. The secret to great monetary wealth is exposed right there. This is how I found it. Go to any exotic car gathering with expensive cars and you'll be hard pressed to find ANYONE with a job. Nope, they're all entrepreneurs and athletes -- once in awhile you'll find a high-priced plastic surgeon or attorney.
 

BeingChewsie

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REAL entrepreneurs don't care about "job security" or "Career development" or " bi-monthly pay check guarantee" or "promotions".

Anybody who isn't taking the plunge to go on their own because they think they have "job security" is naive. I feel a lot more secure in an entity we own and control, then I ever did at the mercy of a boss who was at the mercy of some bean counter MBA whose main function is to figure out how to cut costs and "do more with less".

If you work for someone else you are not "secure".

If you really think about it is the antithesis of security.

Sue
 

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Gotta have passion for the success not quick money. Most of us will probably get labeled as GRQ schemers at first, but I would venture to say that most of us want to be self made somethings. To me the success and individualism far outweighs the monetary drive. I just enjoy business and love the idea of making myself successful vs hoping some company allows me to be successful.

Sent from my GT-P7510 using Tapatalk 2
 
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Darkside

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This is a very telling, and powerful statement. The secret to great monetary wealth is exposed right there. This is how I found it. Go to any exotic car gathering with expensive cars and you'll be hard pressed to find ANYONE with a job. Nope, they're all entrepreneurs and athletes -- once in awhile you'll find a high-priced plastic surgeon or attorney.


Even those high priced plastic surgeons and attorneys tend to be self-employed. The plastic surgeons tend to have their own clinics and the attorneys their own firms or at least firms that they're partners of. Working for others will rarely ever get you rich. The only time it happens is if you're one of the first few employees and you get lots of stock in a company like a Google or Facebook; otherwise you can forget about it.
 

Darkside

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Yelmis I recommend that you watch this video of Brian Chesky telling the story of how he and his friends founded AirBnB which is now a billion dollar company. When you see how much they struggled and hustled to get to where they are, you will realize that trying to take the easy road will never make you rich.

Part 1

[video=youtube;KOytubycHOg]http://www.youtube.com/watch?v=KOytubycHOg[/video]


Part 2

[video=youtube;VZ1fC6kAg5k]http://www.youtube.com/watch?v=VZ1fC6kAg5k&feature=relmfu[/video]
 

PatrickP

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REALLY great video! Thanks for posting.

I think it is a MUST see for nay sayers who use all those negative phrases such as 'How will it scale?' 'Where is your business plan?'

'You can't just come up with an idea and expect it to work.' 'You have no profit' and on and on.

Hope you don't mind but I am sure I will be re-posting this video.

Thanks again Darkside.
 
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Pete799p

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I think it is the PURE HATE for what you are doing now which makes the fear of starting a new business, fall by the wayside.

Amen to that. I think that is why you see so many rags to riches entreprenuers, their hatred of their current state of affairs forces them to take the plunge.

Only once you have lost everything are you free to do anything.
 

Darkside

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REALLY great video! Thanks for posting.

I think it is a MUST see for nay sayers who use all those negative phrases such as 'How will it scale?' 'Where is your business plan?'

'You can't just come up with an idea and expect it to work.' 'You have no profit' and on and on.

Hope you don't mind but I am sure I will be re-posting this video.

Thanks again Darkside.



I'm glad you liked it, and I wouldn't have any problem with you reposting it. I'm just glad that something I posted helped others out.
 
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Pete799p

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I think it is a MUST see for nay sayers who use all those negative phrases such as 'How will it scale?' 'Where is your business plan?'

I hate business plans as I think they are just a bunch of BS. I wrote one once and I will never do it again. One of the only things I do is figure out how much it will cost and how I am going to sell it.
 

Tony71

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Ok so Job security is BS, but what about Health Insurance you get from the job?

I was planning to move to Newport Beach last autumn for a startup which we are doing, but somethings happened which delay the move. One was I was diagnosed with Kidney Disease, now if I didn't have my job and had moved before then I would have paid thousands of $$ out of pocket..

I'm planning to move in the next 2 months, the buisness is about to launch. I'm leaving a well paid job in DC to go to OC
with a few thousands in cash. I figured I need to get myself in an environment which I'm not comfortable in order to make me think sharp and start working on the project to get it off.

The only thing in back of my mind is if I ever need to see a doctor.
 

Kak

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I pay for my own health insurance. I have the kind that I pretty much have to pay out of pocket for everything short of treatment of a bad disease or hospitalization.

Sent from my GT-P7510 using Tapatalk 2
 
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Darkside

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REALLY great video! Thanks for posting.

I think it is a MUST see for nay sayers who use all those negative phrases such as 'How will it scale?' 'Where is your business plan?'

'You can't just come up with an idea and expect it to work.' 'You have no profit' and on and on.

Hope you don't mind but I am sure I will be re-posting this video.

Thanks again Darkside.


BTW, you've probably seen it but there's a part 2 in case anyone didn't realize. I've updated the post to include the second part.
 

PatrickP

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BTW, you've probably seen it but there's a part 2 in case anyone didn't realize. I've updated the post to include the second part.

Thanks for the heads up. Yes indeed I did watch it.

BTW my friend/business partner came over to my house to talk about a possible new business. We took a ride to Daytona Beach. Life is not too bad, drinking a beer, telling him all about your video while watching the young ladies walk by on the sand :)
 

BeingChewsie

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Ok so Job security is BS, but what about Health Insurance you get from the job?

I was planning to move to Newport Beach last autumn for a startup which we are doing, but somethings happened which delay the move. One was I was diagnosed with Kidney Disease, now if I didn't have my job and had moved before then I would have paid thousands of $$ out of pocket..

I'm planning to move in the next 2 months, the buisness is about to launch. I'm leaving a well paid job in DC to go to OC
with a few thousands in cash. I figured I need to get myself in an environment which I'm not comfortable in order to make me think sharp and start working on the project to get it off.

The only thing in back of my mind is if I ever need to see a doctor.

It is an issue. I have an auto-immune condition, so I can't get insurance on the open market either.

CA has the preexisting plan, the rates are not bad at all (considering).

PCIP Program - The California Pre-Existing Condition Insurance Plan (PCIP)

Sue
 
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YelmisPravida

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It sounds still like you are not commited. If you were you would not be worrying about where you are in your career five years from now.
True... But doesn't a person need a plan B, in case plan A doesn't work out? What if I don't get a successful business, and stand there 7 years later with no income and no career?

1. Its OK to have a job while working a Fastlane business BUT you are going to have to dump it to go full time.

2. It shouldn't take five years to know if a business is going to work out or not. The market will tell you if your product or service is worthy of their money. Either the consumers want it or they don't it shouldn't take a long a$$ time to figure that out.
Absolutely! I will definitely dump the job once I see some traction in my business. That is the whole plan :)

3. STOP being "afraid of being left behind". Entrepreneurship is not a race. Who cares if your buddies make big money, it doesn't make them any better or superior. I would suggest to celebrate other people's success. Put a smile on your face next time you hear about some guy selling his business for millions, it will make it easier for you to move ahead in your journey to becoming successful TRUST ME. You are important and adequate regardless of your financial status.
I have to explain this part a bit.. Being afraid of being "left behind" is only one piece of the equation. And you are right. I will look into myself next time I get that feeling. Thanks so much for pointing that out.

I just want to clarify that even though a part of me gets "scared of being left behind" when my friends are successful, overall I am very happy when my friends achieve it. I always help my friends reach their goals, regardless of the "fears" I have inside. First of all, I like my friends, and I get joy from them being successful. When I read about my friends selling their business, I felt great joy in my body - it was surreal, and really woke me up to the reality that it is possible, and I was very happy for them. The other thing is, the more successful my friends are, the more chances of me being successful as well because they can for example act as mentors to me, work with me, or connect me to their contacts.

"Being left behind" isn't the main fear though. The main fear is that if I dump a potential career to pursue a business, then a few years later I may realize that I made a terrible mistake and that I have nothing instead - neither a career nor a business.

I go to an event in orange county every saturday called: Cars and Coffee. and let me tell you. all these guys that have these exotics: lamborghinis, ferraris, porsche, bugatti. NOT ONE has a job. They are all in their 20s and 30s. Hell one of them was an attorney turned real estate developer working at a prestigious law firm making 150k straight from college and HE QUIT HIS JOB because he didn't "want to spend the rest of his life behind a desk". Many many many entrepreneurs quit high paying jobs to pursue self employment, i hope that makes you feel better.
Yes it does make me feel better :)

Does this make sense: "i bought a lambo cause i got a great promotion" or "i bought a mansion cause i got a 3% raise equivalent to inflation" or "'i'm rich cause I clung to job security". NOPE IT DOESN'T.

This makes sense: "i bought a lambo cause i quit my damn job and worked my a$$ off to build a multi million dollar company that gives satisfied consumers what they want or need. I give them their moneys worth in the form of a product or service and they hand over the money which ends up in my bank account, and i do this on a massive scale."
Wow.... Great. Thanks. You are absolutely right...

My fear, again, though is that how many people did NOT become successful, and instead ended up having to work in a CRAPPY job instead of the "fairly OK" job that they quit to pursue their dreams? That's what I'm afraid of.. But I'm not sure if you can help me there - it's just a risk that I have to accept and take.

The approach I'm trying now, though, is to pursue the "business" at the side, then if I see traction, quit my job. I'm thinking that's the way to achieve the dream while minimizing risk, even if it it may take more time to reach the end goal then.

(I'm just "typing out loud" here so feel free to tell me if you think my thinking isn't straight.. :) )

I think it is the PURE HATE for what you are doing now which makes the fear of starting a new business, fall by the wayside.

If I ever meet up with my last boss I will kiss her feet, ok well at least give her a HUGE hug. It was a pure and unfettered hate for her actions which made me work so hard and forget about the fear in starting my business.
LOL thanks for sharing that :)

Ok didn't have time to comment on the rest today but will read and comment on the remainder next time I'm in :) And watch that video from Darkside.
 

Kak

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This is a very telling, and powerful statement. The secret to great monetary wealth is exposed right there. This is how I found it. Go to any exotic car gathering with expensive cars and you'll be hard pressed to find ANYONE with a job. Nope, they're all entrepreneurs and athletes -- once in awhile you'll find a high-priced plastic surgeon or attorney.

Yachts are the same way. My girlfriend's mom is a hardcore slowlaner. I mentioned that I would like to have a yacht and she asks me what kind of job will pay for that? In a demeaning ridiculous way as if yachts don't exist and no one can buy one. I said people that have jobs work for someone else they do not have yachts.

Sometimes slowlaners are impossible because then she asked me how in the world I was going to start my own business. As if she isnt employed by someone who owns a business and no one can own them... No use, shes beyond talking to.
 

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Ok so Job security is BS, but what about Health Insurance you get from the job?

I was planning to move to Newport Beach last autumn for a startup which we are doing, but somethings happened which delay the move. One was I was diagnosed with Kidney Disease, now if I didn't have my job and had moved before then I would have paid thousands of $$ out of pocket.. I'm planning to move in the next 2 months, the buisness is about to launch. I'm leaving a well paid job in DC to go to OC with a few thousands in cash. I figured I need to get myself in an environment which I'm not comfortable in order to make me think sharp and start working on the project to get it off.

The only thing in back of my mind is if I ever need to see a doctor.

This is a big problem with the U.S. entrepreneurial landscape. They have a term for this...it is called "Job Lock." People who are looking to start a business, but simply aren't very healthy. People who are married who's spouse has adequate coverage will be better off or moonlighting, if single, in this respect.
 

Rickson9

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If a person can't convince another on entrepreneurship (or anything else for that matter), one reason may be that they lack the sales ability to sell that particular idea. Lack of understanding is not always on the one being sold.
 

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