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Notable! I try, I fail, I try again. Recurring pattern going on 10 years

Discussion in 'General Mindset, Motivation, Beliefs' started by peacemaker, May 3, 2017.

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  1. NeverTooLate
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    NeverTooLate Contributor Read Millionaire Fastlane

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    In all seriousness, I envy you. Your financial targets are well within reach and shouldn't take too long to hit!

    I don't know your situation, but in my case, things like marriage, kids, aging parents, college funds, house, desire to travel, etc... all tend to up the ante on what constitutes "financial freedom". :)
     
  2. luniac
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    luniac Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    yea i dont have any of those burdens, 26 and single here, split rent and bills with my mother and brother.
    working my job and working on my apps is my life basically.
    and yet in over 3 years financial success has still eluded me.
    but like whats his name said "you only need to be right once"
    i know ill be set with just one hit. im a minimalist.
     
  3. Faizwan_Ali
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    Faizwan_Ali PARKED

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    Don't try and error. Just copy others who already done it. Copy successful people.

    Sent from my K016 using Tapatalk
     
  4. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Copy? Like how? Elaborate please.
     
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  5. TreyAllDay
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    Honestly, this is just me, but I feel it's hard to completely MISS why a business is failing.
    When I run into issue in my business, I write down what the issue is and every possibility for why.

    All driven by a single idea - I want to solve needs, simplify and automate, and scale.

    I wasn't getting enough business/interest, so I made a pivot. Analyzed the data. If I'm ever unsure of why there's a lack of need or business is slow, I drill down into that data. Until you know why things are happening, you're vulnerable.

    If I'm investing more time in my product than I want, I look at why. Do I need to invest in better product training, support, or can I find a way to automate this?

    Scale - am I reaching enough customers? Do I need to expand my markets?

    Every failure should come with a clear reason why - fix that reason, write down where you failed and why as honest as possible.
     
  6. peacemaker
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    peacemaker Contributor Read Millionaire Fastlane

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    I agree it is relatively simple to miss why a specific business is failing. I've seen all sorts of failures with my businesses. The question is more about why I (as in me personally) am failing consistently with my businesses. There is an issue with the process I undertake when deciding on and commiting to an idea. I thought I was choosing good ideas that met a need but obviously not. Lots of people in this thread have been really helpful in pointing out that I wasn't doing that. It is difficult to see what is staring you in the face sometimes. Perhaps just being too close to my own ideas caused that kind of "blindness" which is why posting here is so useful.
     
  7. peacemaker
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    peacemaker Contributor Read Millionaire Fastlane

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    I've seen a lot of this kind of advice before. I think he means simply to take a successful business that is obviously earning money and then copy what they do to take a slice of the pie.

    Not a big fan of that idea myself. If you're going after a successful niche I think you need to add something new to your offering. Kind of what you said about relative value earlier in the thread. What's the point of just adding yet another <thing> if plenty already exist? None. And that is generally reflected in the lack of success the copycat business sees.

    There is just so much crap all over the internet with business advice. "Follow your passion!", "Copy success", "You must change the world!", "Find a micro-niche", "Appeal to many people" and so on and so on. It is so tiring. I have decided to cut the crap and focus. It was clear to me when starting out in business and I feel it got a bit muddled over time but truly all that matters is PROVIDING VALUE. If you have something to offer of value, everything else is just a strategy or add-on to get that value to people.
     
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  8. Imgal
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    Imgal Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Anyone who has read some of my posts will know that I fucked up on this a bit recently, but I'm in the same boat as @GlobalWealth and apart from a 6 week stint as a caretaker for an outdoor pursuits company, I've always worked for myself and so had to make my own money.

    Your job does sound like your anchor. Mine when I failed and stayed a failure? Entitlement. I'm a fast learner. I can retain a lot of knowledge. It means I can dive into an industry and do well. I had an awesome run of about 15 years when couldn't go wrong... then it did and it wasn't because of anyone else but me.

    I jumped into a new industry believing I was the golden child and untouchable. Did I do any real research? Did I make sure anything about it fit the CENTS approach? Nope, I just loved that people thought I was awesome funding something and being the big "I can achieve anything". I deserved to fall flat on my face... and I deserved these last couple of years where I stepped back from stepping up because my pride was hurt even more than my bank balance.

    The reason these last few years I've ended up cycling like you through failed idea after failed idea is being too inward. I started out in web design and spent days emailing / calling / sending letters to EVERYONE in my Yellow Pages (I'm so old it was before business directories online). Admittedly to start with it was a horrible plan as there was no specificity to it, but the truth was I learnt a lot. I learnt people didn't want websites, they wanted a master salesperson to sell them online... that was the need... so I tailored and tailored my offering till I was actually meeting the need. It got the bills paid, plus a whole lot more.

    The money stopped flowing and the struggle begin when I stopped talking. Stopped looking outward. Going between still thinking I was golden and people should just come to me and thinking I was a failure and not wanting to put myself out there because people wouldn't want to work with a flop was all I did. Not one second was really spent on trying to figure out any of the skills I had and how to transfer those into helping others.

    I deserved to fail. I've learnt my lessons. I'm by no means saying this is all true for you, but I would suggest that you look to what has happened, look to the lessons and then let it go. Focus on what difference you have made to people, how you've done it.. and how you can do more of it.
     
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  9. TreyAllDay
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    100% - and this is where, for all the love I have for the Fastlane concept, you have to understand it's just a framework and guideline.

    I got caught in this too. Yes - the commandment of need is KEY. But there's more to identifying needs than having people tell you " I wish there was a solution for problem X" because half the time people don't actually know what they want. It's so easy to want to be drawn to discovering the "idea" but there's so much more process involved in validating that idea. For example, I was an intrapreneur at my old work and our franchisees who were struggling asked for an e commerce solution for selling product.

    We rolled something out and nobody used it, turns out that regardless of what they said, they were just bad, uncommitted, business people and we needed to work on much more significant problems first. The need was there, I heard it with my own two ears, but nobody used it because there was another unspoken factor.

    Recently I secured a contract for my business and I presented a product I didn't even build yet. I did a mockup on photoshop. I thought the need Existed, I heard the need was there, but would people pay the right amount for that need to be solved- turns out yes. And although there is still a ton of validation needed, I'm closer than I was.
     
  10. maverick
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    I agree, however you can apply this with a twist. Take, for example, the Samwer brothers. They founded a company called Rocket Internet that takes the concept of successful US startups, copies it, and launches it in other markets.

    For more info:
    Inside the clone factory: the story of the Samwer brothers and Rocket Internet
    Germany's Samwer Brothers To Become Billionaires With Rocket Internet IPO

    As a consequence of their success though, they've fuelled the startup scene in EU:
    Rocket Internet closes $1B fund, the largest out of Europe to date

    My main takeaway is that you can study successful enterprises and extract a blueprint as to what created their success. You can put that blueprint to work for your own business (or at least pick the elements that work for you).
     
    Last edited: May 19, 2017
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  11. Ayanle Farah
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    Ayanle Farah Contributor

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    One problem I believe most of us deal with is being able to accurately determine whether a business needs more time and effort before a breakthrough happens or if it's pointless.

    The possibility that you may be wasting years of your life when you could do something else because of no feedback to the contrary is incredibly tough to deal with.

    The fact is when we lay down a venture once and for all, we don't really know how close or far away we were from success.

    So my suggestion would be to go back and review all the businesses you have tried in the past. With your current experience, if you attempt them again, you may find something you weren't able to see many years ago.
     
    Last edited: Sep 10, 2017
  12. Brander
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    Brander Bronze Contributor

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    You're thinking too small. Go after much bigger things, your time spend will be the same.
     
  13. Brander
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    It's not about any of that. If you contact enough prospects you WILL make it.