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Having massive struggles finding the way to becoming rich

Discussion in 'The Unscripted Entrepreneurial Mind' started by LiveEntrepreneur, Aug 17, 2017.

  1. Puppy
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    Puppy Contributor Speedway Pass

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    not trying to be a downer but hoping/expecting to make something like whatsapp is not realistic. 19 billion dollar apps are not the norm. and whats wrong with spending a year working on the project? nothing happens overnight. even whatsapp took 5 years. and they had no idea it would make them rich like that. you can have a great idea that goes bust or a dumb idea that takes off. *note - the masses seem to love dumb ideas, the dumber the better.
    take an idea. look to see how you can monatize it. look at the market. take action. take action over and over and over and over and over... and over. thinking and reading will only take you so far. create an app. any app. even a stupid test app. take what you learn from that experience and create another app. and then another. get a coding partner if you hate code. outsource. stop learning by reading and start learning by doing. expect to fail. repeatedly. expect to learn from every failure.

    damn, its amazing human beings ever learn to walk. adults fall on their a$$ once and give up or they seem happy to crawl along because learning how to walk is just too hard to try
     
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  2. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Oh, I am not trying to make the next WhatsApp when I said productivity I meant help users become more productive in their day, so they can get the most out of their day.
     
  3. sparechange
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    update?
     
  4. LiveEntrepreneur
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    Hey so I have an app over 1k downloads, I have made some money (sorta) I have made over $20 dollars in in-app purchases and a couple of dollars in ads. I have spent quite a few thousand on the app it self (I knew I was going to lose money) just doing it for the experience. Tbh I could of gone about it smarter lol, like doing something cheaper like drop shipping but anyways...

    Also I have been doing market research for my new business idea it seems like there is a market and it really provides value. I will be launching it end of this year. I am just focusing on one project at a time.
     
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  5. fastlaner_1992
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    You can get rick quickly (10 years or less) but the processes behind getting rich will take time. Just like the gym; in a year you can drastically change your body, but not so much in 1 month.
     
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  6. Startup Steve
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    1. You need to focus on customer development. The only business you should be in is one where there is a validated opportunity/problem where there is not a saturation of product/services to address it. You validate problems by having many conversations with lots of people/organizations in your network and performing research.
    2. Always learn to sell a service before you sell a product. Service organization can be spun up very quickly, with little to no capital, can pivot (and you will), and has the best margins. The idea is to be cashflow + from day 1. No Debt.
    3. Once you have some working capital, use that operationalize the offering to something that is repeatable by people of lower skill level and scales the business.
    4. Position the organization for acquisition, 3-5 years, get your check and decided what to do next.
    5. If you really want to develop a product, do so only AFTER your services company has given you great insight into what that market needs. Start small and create a point solution, then only grow it as the market needs.
     
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  7. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Thanks for the advice.
     
  8. Real Deal Denver
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    Real Deal Denver Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Why get out?

    I always liked the idea of having 6-7 paychecks coming in.

    I can't see dropping something that is successful to start over. But there are those that like the excitement of getting there, I guess. I'm more like - I'm here, and I'm not climbing this mountain again.
     
  9. MashaN
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    MashaN Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Not true. Take it from someone who is not successful yet. To build a business felt like a burden every single day until I found a way to fall in love with the process. Yes, a feedback loop (first sale, first customer, first review etc.) will put you in a different mindset in an instant, but you've got to believe your idea, invention, service will succeed before you get the first feedback. Otherwise, how will you ever know how far you could have gotten?

    I don't know where you're at on your journey right now, as this post is at least a year old (and I haven't had the time to read all the comment for this thread). But I really hope you didn't quit trying. And more importantly, stuck to one thing until it echoed.
     
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  10. LiveEntrepreneur
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    LiveEntrepreneur Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    nah mate didn't quit. It was just a challenge i had to overcome. Just a mindset issue i had. But this last year has been great. i have been working on one project at a time. And looking to end of this year start a new one.
     
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