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

How Do You Know When You Are Money-Chasing?

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

VicFountain

Contributor
I've Read UNSCRIPTED
Jun 22, 2018
69
58
47
20
Sometimes I'm hit with some ideas, which mind sound...too good to be true.
They look like the "perfect ideas": nobody has ever executed them, you have almost 0 competition and the market would gladly pay money for these ideas to be executed.

Yet, when I come up with such ideas, a part of me feels like I am money-chasing.
How do you know exactly if you are money-chasing? What if you genuinely found a need not being met (yet)?
Note: especially when we are talking about niche markets (such as a single country).
Note II: I'm not saying the barriers to entry are minimal. In fact, they are high as hell. But I guess that's where the opportunity comes from?
 

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

  • Like
Reactions: Kak

Jon L

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Aug 22, 2015
1,264
3,206
776
Bellevue, WA
Money chasing: Affiliate marketers make a ton of money, I'm gonna go be one of them so I can make a ton of money too.

Value creation: I see a need in the market that I think I can address with this solution. Not 100% sure if I can do it, or if people will want it, but everything is pointing in the right direction. And, if I solve this problem, people will very likely pay me a pile of cash.

On the 'too good to be true' part, things always look really easy when you first start investigating them. Then, the reality sets in. There will be problems to solve. That's the barrier to entry. The too good to be true part is true - your initial perspective on it is too good to be true. There's stuff you're not seeing that will bite you. Take it a step at a time and work through issues as they come up.
 

Ismails

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
May 7, 2019
361
339
167
Reframe your mindset from Money Chasing TO Need/Value Chasing.

Get Refreshed your mind by reading this Chapter 32: The Commandment of Need - TMFL Book

Money Won't go to Selfish People.
Chase The Problems
Chase The Pain Points
Chase The Service Deficiency
Chase The Emotions

The Business that Solve Needs & Provide Value Wins.
To Attract Money is to Forget about Money:
Give First & Take Later.
Need/Value comes First, not money
 
Last edited:

Jack Hammer

Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Sep 19, 2018
59
72
118
Sometimes I'm hit with some ideas, which mind sound...too good to be true.
They look like the "perfect ideas": nobody has ever executed them, you have almost 0 competition and the market would gladly pay money for these ideas to be executed.

Yet, when I come up with such ideas, a part of me feels like I am money-chasing.
How do you know exactly if you are money-chasing? What if you genuinely found a need not being met (yet)?
Note: especially when we are talking about niche markets (such as a single country).
Note II: I'm not saying the barriers to entry are minimal. In fact, they are high as hell. But I guess that's where the opportunity comes from?
Do you have a way to test any of these ideas on a small scale? It's one thing to assume an idea will meet a need, even if you have good reason to think so. It's something else entirely to have empirical evidence in front of you that you personally gathered. That may help convince you that you're not just money chasing.
 

BizyDad

Know Thyself
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Oct 7, 2019
476
1,712
454
Phoenix AZ
Sometimes I'm hit with some ideas, which mind sound...too good to be true.
They look like the "perfect ideas": nobody has ever executed them, you have almost 0 competition and the market would gladly pay money for these ideas to be executed.

Yet, when I come up with such ideas, a part of me feels like I am money-chasing.
How do you know exactly if you are money-chasing? What if you genuinely found a need not being met (yet)?
Note: especially when we are talking about niche markets (such as a single country).
Note II: I'm not saying the barriers to entry are minimal. In fact, they are high as hell. But I guess that's where the opportunity comes from?
I like to ask my self questions like, "What's the value of this brings to the world?", "What impact do this have on people?", or "What am I doing better than others out there if I decide to go forward with this?"

Having good answers to these questions means I'm not money chasing.

Do the right things and the money follows.
 

Kevin88660

Silver Contributor
I've Read UNSCRIPTED
Speedway Pass
Feb 8, 2019
782
709
285
Singapore
Sometimes I'm hit with some ideas, which mind sound...too good to be true.
They look like the "perfect ideas": nobody has ever executed them, you have almost 0 competition and the market would gladly pay money for these ideas to be executed.

Yet, when I come up with such ideas, a part of me feels like I am money-chasing.
How do you know exactly if you are money-chasing? What if you genuinely found a need not being met (yet)?
Note: especially when we are talking about niche markets (such as a single country).
Note II: I'm not saying the barriers to entry are minimal. In fact, they are high as hell. But I guess that's where the opportunity comes from?
It is a bit of semantic.

“Money chasing” is bad when it is chasing fad with no respect to building entry barrier. You must be able to build a moat.

I have heard business people equating money as market demand. Sometime they say “there is no money in this business because the demand is too small”. They are making a comment on need and I wont say that “mindset” is bad even though they sound like chasing money.
 

NursingTn

Bronze Contributor
FASTLANE INSIDER
Speedway Pass
Jan 30, 2019
123
246
154
Money chasing = how can I make my piggy bank bigger?

Value chasing = will this business make the world a better place? If so, will people then willingly throw money into my piggy bank without me trying to convince anyone or break anyone's arm?

It is OK to think you need to make money out of a business. That's what a business is. What's not OK is when you focus only on your bank account. What's not OK is when you don't care of it'll make the world a better place, the market demands it, erc
 

Benedict

Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Nov 16, 2019
78
85
118
Money chasing = short term, least amount of effort/ shortcut looking, focus on money and the bank account

Value = How can I really help? How can I add value? What is a great value voucher I can offer?

In addition: I think you can create value AND have money on your mind. The thing is: We all need money and pretending that we only want to add value does not look realistic to me. Plus, we all want to invest our time well - so thinking about potential money outcome is always a part of that.

So, the question is: Which one do you focus more on? First on your personal advantage = money chasing? Or on the value you can provide and the problems you solve = value giving?
 

Rabby

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Aug 26, 2018
1,106
3,080
764
Florida
Chase money long enough and you're gasping for air, tired as hell, but still no money.
 

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

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Sponsored Offers

  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Advanced Upwork Proposals II IS FINALLY LIVE! Here's a look at what's inside: Improved YOU...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Here is where you eliminate uncertainty from the future! I wanted to post this image as I...
  • Sticky
MARKETPLACE KAK’s “Kill Bigger” Incubation Program- With DAILY personal attention.
Hey Guys! I wanted to give a quick update on what this program has become. In its infancy, we...


Don't like ads? Remove them while supporting the forum. Subscribe to become an INSIDER.

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.

Top Bottom
AdBlock Detected - Please Disable

Yes, ads can be annoying. But please...

...to support the Unscripted/Fastlane mission (and to respect the immense amount of time needed to manage this forum) please DISABLE your ad-block. Thank you.

I've Disabled AdBlock