Read Millionaire Fastlane
I've Read UNSCRIPTED
- Jul 23, 2007
"Fastlane" is an entrepreneur discussion forum based on The C.E.N.T.S Framework outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED®). From multimillionaires to digital nomads to side hustlers who are grinding a job, the Fastlane Forum features real entrepreneurs creating real businesses with one goal in mind: Freedom— both financial and temporal.
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It's so true that when you enter the right mindset committing to one idea of the constant influx of ideas requires serious discipline. That's been the hardest thing for me so far, but I think I'm finally developing the patience to be committed to one product.New on my YouTube channel...
The keys to "printing money" and my "unofficial" test of heavy advertisers!
When I think of this I think of how I play poker. You wouldn't spread out your bets over a bunch of hands just for diversification. You find your one hand, assess the risks and go all in.That's been the hardest thing for me so far, but I think I'm finally developing the patience to be committed to one product
That is correct; I've never been required to think this way, and I wasted money on a masters. It seems like one of those lessons you learn after taking a hard thump from mistakes, unfortunately. Unless you have the right mentor early on, which most do not.When I think of this I think of how I play poker. You wouldn't spread out your bets over a bunch of hands just for diversification. You find your one hand, assess the risks and go all in.
Real entrepreneurs assess risk, predict outcomes and simultaneously take into account relevant casual variables. Somebody who dives into different opportunities has not done that.
If you were to express opportunities in terms of net present values and probabilities of success you wouldn't spend any time on anything other than the one that has high expected value and high probability of outcome.
Somebody who doesn't do that is somebody who does not know how to predict outcomes or represent things mathematically. In other words,
I think 90% of the battle in being a success is knowing how to think correctly both quantitatively and qualitatively simultaneously. Which sadly our education system does poorly in doing.
I know this is the correct way of thinking about it because if you weigh it with the opposite: Spread your efforts into different ideas! this makes more sense.
Thanks for laying out the takeaways and examples - the only part that I think is incorrect is:Excellent points, MJ.
Examples of a productocracy:
- Value skew
- Act, assess, adjust (3A model from unscripted)
- 1 + 1 = 3
- Value competition (goes more in depth, next video)
- Distinctive value (productocracy)
- Companies that spend heavily (~$1 million) on marketing are NOT productocracies.
- The Millionaire Fastlane
- UBER (imo)
- Poland Spring
- Nature Valley Granola
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Wonder what the inside story is? A productocracy usually is profitable, and certainly they aren't discontinued as users demand its continuation, as what happened in this case.When word got out that the product would be discontinued, fans of the chalk considered this the "chalk apocalypse." They started hoarding it. The ones who had a stash became chalk dealers once it became unavailable on the market.
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