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INTRO Had FTE Moment, Scared Shitless, But Going In Anyway...

Mike Donnigan

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I've been laid-off for the second time in 5 years. This last one was my 'dream' job, working at a nonprofit (which I still believe in), low-balling my salary request in the hiring process to get my foot in the door. I reasoned that I could impress and get raised to a higher wage as I progressed. But I couldn't make ends meet because I lived stupidly, not understanding how to handle or make money. I'm about to turn 46, and feel ashamed because only now am I getting it. I should have been doing what the donors for our nonprofit were: creating wealth, being pursued to donate. Except, maybe not—because there's not a lot of control in donated money. Hell, that was the biggest commandment I broke: giving up control, looking forward to taking orders, working by rote, being a glorified file clerk and hoping it would merit a large salary—which it never did. I embraced the Slowlane because it was easy. The only reason I found the motivation for something more—to go into business for myself—was because this behavior got me laid off again, and I've wasted my life thus far. My options are to see what I can do with the rest of it, or exist in living death.

My first problem is fear. I've never done this before. I knew that I had to learn more about things to overcome my fear, so I started reading recommended business books. How grateful I am to finally understand that everything in life is paid for with effort, because it allowed me to sniff out The Millionaire Fastlane as authentic right away. Here's my first question: do I jump pell-mell, or do I 'measure twice, and cut once?' I'm pretty sure it's the latter, but there's a voice in the back of my head saying 'do something, and stop hem-hawing!' I'm currently in research mode, yet terrified of falling into paralysis-by-analysis. I hate asking for opinions as I firmly believe in thinking for oneself, yet I understand the metaphysical need for feedback to measure improvement. I'm also all too aware of the Commandment of Time, and am looking for ways to not let it affect execution. If you're benevolent enough to warrant an encouraging observation, I'd be quite grateful.
 

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Andy Black

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I've been laid-off for the second time in 5 years. This last one was my 'dream' job, working at a nonprofit (which I still believe in), low-balling my salary request in the hiring process to get my foot in the door. I reasoned that I could impress and get raised to a higher wage as I progressed. But I couldn't make ends meet because I lived stupidly, not understanding how to handle or make money. I'm about to turn 46, and feel ashamed because only now am I getting it. I should have been doing what the donors for our nonprofit were: creating wealth, being pursued to donate. Except, maybe not—because there's not a lot of control in donated money. Hell, that was the biggest commandment I broke: giving up control, looking forward to taking orders, working by rote, being a glorified file clerk and hoping it would merit a large salary—which it never did. I embraced the Slowlane because it was easy. The only reason I found the motivation for something more—to go into business for myself—was because this behavior got me laid off again, and I've wasted my life thus far. My options are to see what I can do with the rest of it, or exist in living death.

My first problem is fear. I've never done this before. I knew that I had to learn more about things to overcome my fear, so I started reading recommended business books. How grateful I am to finally understand that everything in life is paid for with effort, because it allowed me to sniff out The Millionaire Fastlane as authentic right away. Here's my first question: do I jump pell-mell, or do I 'measure twice, and cut once?' I'm pretty sure it's the latter, but there's a voice in the back of my head saying 'do something, and stop hem-hawing!' I'm currently in research mode, yet terrified of falling into paralysis-by-analysis. I hate asking for opinions as I firmly believe in thinking for oneself, yet I understand the metaphysical need for feedback to measure improvement. I'm also all too aware of the Commandment of Time, and am looking for ways to not let it affect execution. If you're benevolent enough to warrant an encouraging observation, I'd be quite grateful.
Don’t measure even once. Just start helping folks.

Maybe check out the radio interviews and “Who have you helped?”in my signature.
 

Genius01

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I've been laid-off for the second time in 5 years. This last one was my 'dream' job, working at a nonprofit (which I still believe in), low-balling my salary request in the hiring process to get my foot in the door. I reasoned that I could impress and get raised to a higher wage as I progressed. But I couldn't make ends meet because I lived stupidly, not understanding how to handle or make money. I'm about to turn 46, and feel ashamed because only now am I getting it. I should have been doing what the donors for our nonprofit were: creating wealth, being pursued to donate. Except, maybe not—because there's not a lot of control in donated money. Hell, that was the biggest commandment I broke: giving up control, looking forward to taking orders, working by rote, being a glorified file clerk and hoping it would merit a large salary—which it never did. I embraced the Slowlane because it was easy. The only reason I found the motivation for something more—to go into business for myself—was because this behavior got me laid off again, and I've wasted my life thus far. My options are to see what I can do with the rest of it, or exist in living death.

My first problem is fear. I've never done this before. I knew that I had to learn more about things to overcome my fear, so I started reading recommended business books. How grateful I am to finally understand that everything in life is paid for with effort, because it allowed me to sniff out The Millionaire Fastlane as authentic right away. Here's my first question: do I jump pell-mell, or do I 'measure twice, and cut once?' I'm pretty sure it's the latter, but there's a voice in the back of my head saying 'do something, and stop hem-hawing!' I'm currently in research mode, yet terrified of falling into paralysis-by-analysis. I hate asking for opinions as I firmly believe in thinking for oneself, yet I understand the metaphysical need for feedback to measure improvement. I'm also all too aware of the Commandment of Time, and am looking for ways to not let it affect execution. If you're benevolent enough to warrant an encouraging observation, I'd be quite grateful.
Welcome to the forum.
Its been life changing for many, and could be for you too.
The most important thing is that you've realized there's a problem, and you're taking steps to address it. That's good.

From your story, your biggest risk is falling into analysis paralysis, fueled by fear. That's a very common thing for many people, and is the biggest obstacle to progress for people that are inclined to overthinking things, me inclusive.

My advice is to narrow down a list of options for a business, pick one and start doing and learning.
The only way to truly learn is by doing, every other thing is essentially hot air.

That's exactly what I have done for myself, and I'm on the path as well. I've had the same issues you've had, and simply had to force myself to get going.

Realize that the fear is there for everybody (or almost everybody), but the people that are on the fastlane act despite their fears.
One Fastlaner here once said he literally had to grab his balls despite his heart pounding with fear, and get on with it.
And he turned out very successful eventually.

There will be failures along the way, but they're all part of the story.

Welcome once again, I think you've come to the best place in the world you could possibly have, to begin your entrepreneurial journey.
Read other people's stories, especially the Notable and Gold threads, (but don't take too long), grab you're own balls, and get started creating your own story.

EDITED to add this answer to your direct question:
Measure once, then cut. DON'T measure more than once, that's analysis paralysis already calling.
Assess your cut, make any relevant adjustments, and cut again. Rinse and repeat.
That's MJ's triad of Act, Assess, Adjust.
Then repeat all over again.
Its the only way to get things done, and the only way to entrepreneurial success.
 
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Champion

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Hey Mike, welcome to the forum!

Do you have savings to last you for a year or two?

If not, as bad as you think this advice might sound, my tip would be to get another job lol.

If you dont have savings that can both fund your business AND your personal survival for atleast 1 year (better 1.5 - 2 years), I dont think you should be going at it full time.

You can always start your fastlane business part-time, atleast in the begining!

Does anyone here have any other thoughts? I would be really happy to hear other opinions about this.

Best Regards
 
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Mike Donnigan

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Do you have savings to last you for a year or two?

If not, as bad as you think this advice might sound, my tip would be to get another job lol.

If you dont have savings that can both fund your business AND your personal survival for atleast 1 year (better 1.5 - 2 years), I dont think you should be going at it full time.

You can always start your fastlane business part-time, atleast in the begining!

Does anyone here have any other thoughts? I would be really happy to hear other opinions about this.
Unless you advise me dipping into the paltry $50K IRA I've scraped together, that's a negative. I've already read the link about this, and agree. Looks like the path requires a J-O-B and business-building in my off-time.
 
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Mike Donnigan

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My advice is to narrow down a list of options for a business, pick one and start doing and learning.
The only way to truly learn is by doing, every other thing is essentially hot air.
I'm amassing the list, but you're right, I must decide now. I've already started crossing off and narrowing down. This is some scary shit.
 

Readerly

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I'm amassing the list, but you're right, I must decide now. I've already started crossing off and narrowing down. This is some scary shit.
You don't even need to narrow down and cross out. As @Andy Black said, use your skills, any skills (don't overthink this), to go help someone. Do it for free. Just see where helping someone--then another--then another--takes you.
 

Andy Black

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I'm amassing the list, but you're right, I must decide now. I've already started crossing off and narrowing down. This is some scary shit.
Curious if you’ve listened to that call I mentioned.
 
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Mike Donnigan

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Curious if you’ve listened to that call I mentioned.
Yes, I did. I had to take significant time to think about (and listen to) your advice to 'just start helping folks'—because to me it immediately conjured visions of being Mother Teresa, whose life is not one I want to copy. What I hope you mean is "be useful and friendly to others, and you'll create opportunity."
 

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Andy Black

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Yes, I did. I had to take significant time to think about (and listen to) your advice to 'just start helping folks'—because to me it immediately conjured visions of being Mother Teresa, whose life is not one I want to copy. What I hope you mean is "be useful and friendly to others, and you'll create opportunity."
Hmmm... interesting feedback.

To me business is as simple as: “Add value. Get paid.”

Start by adding value. Figure out how to get paid after?

Maybe the first radio interview in my signature might help?
 

Readerly

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Yes, I did. I had to take significant time to think about (and listen to) your advice to 'just start helping folks'—because to me it immediately conjured visions of being Mother Teresa, whose life is not one I want to copy. What I hope you mean is "be useful and friendly to others, and you'll create opportunity."
I totally get it. If you're new to entrepreneurship, "go help someone" sounds like charity work. Think of it more as starting a conversation.

Here's a suggestion: write down the names and numbers of five people you know who own or help manage a small business. Any business.

Give them a call. Ask them how they're doing. Try to quiet your mind and really listen.

Tell them you're exploring changing careers. Ask them what the biggest problem is that they're wrestling with in the business right now.

If you're even remotely qualified, offer to help them solve the problem. (If not, thank them for their time and move on to the next person on the list and repeat.) Tell them you'll work for free.

Now try your best to solve the problem. See where that takes you.

If you do this enough times, you'll figure out how you can really help--what mix of your skills and market demand works best for you. You'll start to add massive value.

And when the time is right--you'll sense it--ask to get paid for the value you add. Odds are, who you're helping will take out their wallet without batting an eye.

If that sounds too weird or scary right now, that's okay. Go get another job.

But this time, in the new job, don't just do what you're told. Be curious. Learn about the organization and how it works. Look for ways to add value (beyond your role) to what they're doing. Then go do it.

Don't expect a reward right away. Just make yourself more and more valuable. Once you're comfortable acting like this--having this entrepreneurial mindset--you'll be in a strong position to take on a bigger role formally in this new organization or strike out on your own.
 
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MJ DeMarco

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Welcome Mike appreciate the intro. No entrepreneur is born. That means each of us starts with some level of "I never done this before!" Just start, as @ZCP said, learn how to turn $1 in value into $2. Then you can turn $100 into $200, all while helping people get what they want.
 

Haelios

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Jesus. That's one hell of a way to end up here. Still, it's good that you've made the decision to come this way now rather than never.

I've got to get back to work but I wish you the best of luck in reaching the fastlane.

Welcome to the forums, Mike.
 

MitchM

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Welcome Mike!

I know that others are warning against paralysis by analysis - and I agree - you should definitely do what Andy says and start by helping others.

At the same time, I recommend reading the forum’s gold threads and speaking with some people who actually run businesses. Look at markets and train yourself to see the problems within them.

When I first started, I made a master list of all of these problem-solutions with a commitment to write at least 3 a day (and I restricted them to physical product solutions).

The point is to actively search and then execute once you find something that meets CENTS.

Unfortunately, nobody can tell you how things are going to work out, but I hope this gives you something actionable and gets your mind running in the right direction.
 

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Yes, I did. I had to take significant time to think about (and listen to) your advice to 'just start helping folks'—because to me it immediately conjured visions of being Mother Teresa, whose life is not one I want to copy. What I hope you mean is "be useful and friendly to others, and you'll create opportunity."
Read this thread:

 

Real Deal Denver

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Unless you advise me dipping into the paltry $50K IRA I've scraped together, that's a negative. I've already read the link about this, and agree. Looks like the path requires a J-O-B and business-building in my off-time.
You are right.

I wouldn't call 50K paltry. You have a good 6 months to get back on your feet with that as your backup.

You are FAR from being in a living hell. Get a job, as you said above, and stabilize. Then move forward. No sweat. No living hell. Quit being scared.
 

Abrodos

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I loved the comparison MJ and others make that over measuring makes as little sense as "waiting for all the traffic lights to be green to turn on your car engine", or that you can't steer the wheel of a parked car. I lost many years over-analyzing and avoiding action, and not just in business but in many other areas of my life. That's still a problem for me, and in a way, centering so much on entrepreneurship is in my case, a way of not taking action in other personal areas. So here's a fellow over-measuring struggler!
 

NMdad

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Hey, @Mike Donnigan, don't panic--you can do this, no matter your age.

Totally agree with Andy Black about helping people.

And, you might want to check out this thread: HOT TOPIC - Are you ignoring the gold right in front of you?

Specifically, since you've worked at non-profits (as I have, years ago), you might already know that they're incredibly lacking in tech savvy. (People with tech expertise end up working at for-profit companies since their salaries are way higher than at non-profits--so non-profits can't attract/retain tech-savvy people).

So, you could offer tech services to non-profits. For example, email marketing services: you set them up with email marketing, create an email autoresponder, write the copy for the emails, set up opt-in forms on their website, etc. YOU don't need to be a tech whiz to do that.

Or, you could design & maintain their website. Again, you don't need to be a programmer to do this.
 

NMdad

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'do something, and stop hem-hawing!'
Listen to this voice. You'll learn far more, far faster by trying stuff out, & then iterating than you will by burning weeks-months-years trying to craft a perfect plan.
 

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