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INTRO I want to be a REAL entrepreneur!

TheLearner

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Mar 17, 2018
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Yes, just like in the Disney fairytale Pinocchio, but instead of becoming a real boy I want to become a real entrepreneur!

I’ve read both TMF and Unscripted, but I have yet to really take action until now. This action is due to my FTE, which occurred at the beginning of this year. You see, this year I will turn 27, and the realization that I’ll soon be out of my 20’s has jolted me awake like a jack hammer outside my window on a Saturday morning. Now don’t get me wrong, I don’t believe I’m old (although seeing the age of some of the users on the forum might make me look that way), I’m still in my youth, but the fact that the years seem to speed up as I get older scares the living daylights out of me. When I was little I used to hear adults talk about this phenomenon all the time, but I never really understood it until now.

Speaking of my youth, growing up I noticed something strange in my family. I, like many of you, have a rich uncle. However, the funny thing is out of all of my uncles he was the only one without a college degree, yet he was wealthier than all of them. Interestingly enough he was the only uncle that had a business which made money for him whether he was physically at work, or chilling in his pool. This made my little brain go hmm, I want to be like him someday!

So in high school I wanted to start a business, but didn’t know what to do and I didn’t have the insight at the time to find a forum like this. Then my first year in college I thought, “Man I really want to be an entrepreneur, but I really should get my degree since it’s a good back up plan and my parents want me to complete it. Plus, I’ve got time since I’m young.” So I focused on my studies and graduated magna cum laude with an engineering degree. Then I got a good, stable job that I have been at since graduating (which I am thankful for by the way), and I have been able to pay off my car and student loans with it (although not my mortgage).

So why am I telling a bunch of strangers on the internet all of this? Especially when I am a very private individual by nature?

Well, I want to be an entrepreneur more than I want to stay in my safe, private comfort zone.

I believe that MJ is right when he says self discipline is, “the prestige” or the ability for one to hold on to the financial success they’ve already attained.

However, I would argue that self discipline is just as important at the beginning of your business journey as it is when you have already created a successful business. Because for me to be the type of person who can build a successful business, I’m going to have to use a whole lot of self discipline to become that individual. To me, self discipline is making yourself do the uncomfortable/scary things that you know are ultimately good for you and will cause you to grow.

That viewpoint may change as I progress though, MJ has already created successful businesses and knows what he’s talking about. All I’ve done so far is read about creating them.

So what is the purpose of all this?

It is simply this:
  1. Time is short, and I’ve got to positively impact as many people as I can
  2. I want to live a life of adventure, I don’t want to be restrained by time/money
  3. When I have a family I’ve got to be able to offer them the best of everything
  4. I hope to make some lifelong friends on this forum, learn a lot, and give a lot
In conclusion, the next actions I am taking are:
  1. Perform CENTS analysis on 5 business ideas
  2. Select 1
  3. Create LLC/Corp & test market
  4. Update 5 year plan with short term milestones (my outcome is to be completely Unscripted before my 31st birthday)
 

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Saiful

Bronze Contributor
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Dec 31, 2017
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Dhaka, Bangladesh
Focusing on the
needs of others is the only
entrepreneurial premise that improves
your odds of business success.

Fullfill need = :moneybag:
 
OP
OP
TheLearner

TheLearner

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Read Millionaire Fastlane
I've Read UNSCRIPTED
Mar 17, 2018
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USA
@Saiful you are right, if there is one major theme throughout the books and this forum it is fulfilling the needs of others.
 

MJ DeMarco

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Speaking of my youth, growing up I noticed something strange in my family. I, like many of you, have a rich uncle. However, the funny thing is out of all of my uncles he was the only one without a college degree, yet he was wealthier than all of them. Interestingly enough he was the only uncle that had a business which made money for him whether he was physically at work, or chilling in his pool. This made my little brain go hmm, I want to be like him someday!
Ha Ha, well isn't that something?

Perform CENTS analysis on 5 business ideas
Just a word of caution -- sometimes just getting your feet wet with ANYTHING is a better start than rejecting everything that doesn't meet the CENTS requirement. CENTS is great, but sometimes it can prevent newbies from just getting started. We don't want that.

Welcome aboard!
 
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TheLearner

TheLearner

Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Mar 17, 2018
27
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USA
Ha Ha, well isn't that something?


Just a word of caution -- sometimes just getting your feet wet with ANYTHING is a better start than rejecting everything that doesn't meet the CENTS requirement. CENTS is great, but sometimes it can prevent newbies from just getting started. We don't want that.
@MJ DeMarco Thanks for the welcome!

Yes, all the signs were there. My uncle is one of those people that is constantly reading and teaching himself new things. He also tends to think for himself versus going with the crowd. One thing that is missing in his business though is control, he is a franchisee and is constantly getting into battles with corporate over decisions that he doesn't have a say in. In spite of this he has still done well for himself, but if he had control I imagine he would've had even more success.

I appreciate the advice, as I can definitely see myself getting into analysis paralysis. I'm already finding it to be a little hazy as to how much research needs to be done to answer the questions posed in the CENTS evaluation. I was looking at Chapter 40, pages 314-315 in Unscripted and just running ideas through the questions posed there. However, I wasn't clear on whether this was meant to be a 15 minute evaluation and go or something that should take a week of research or more attempting to answer. At my experience level as a noob, are you saying I should just not worry about CENTS at all in the beginning? Or for example, if an idea has 3 out of 5 of the commandments, just say "good enough" and charge?
 

DrunkFish

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Mar 25, 2015
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Some people make this harder than it needs to be, in my experience.

When i was first starting out i wanted a watch company or other cool shit. When i finally buckled down and said hey, im going to provide a service that i know well for other businesses.. i started easily making more than i ever have in my life with unlimited potential. It's just a few months with minimal work so far and I'm making a liveable amount. It wouldn't be hard to get to 10k a month. I could probably be a lot more well off if i could actually focus for a damn, even only being a few months in.

My point is, don't over think shit, and make sure your sales skills are good.

I mean, unless you're fine with being 'stuck' at your job making money and want only a cool sexy company. I wanted freedom mainly, so I'm fine with the 'boring' service company.
 

WaterWerks

Contributor
Mar 25, 2018
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Some people make this harder than it needs to be, in my experience.

When i was first starting out i wanted a watch company or other cool sh*t. When i finally buckled down and said hey, im going to provide a service that i know well for other businesses.. i started easily making more than i ever have in my life with unlimited potential. It's just a few months with minimal work so far and I'm making a liveable amount. It wouldn't be hard to get to 10k a month. I could probably be a lot more well off if i could actually focus for a damn, even only being a few months in.

My point is, don't over think sh*t, and make sure your sales skills are good.

I mean, unless you're fine with being 'stuck' at your job making money and want only a cool sexy company. I wanted freedom mainly, so I'm fine with the 'boring' service company.
awesome advice. what did you end up making your business ? if you don't mind the question.
 
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TheLearner

TheLearner

Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Mar 17, 2018
27
31
26
USA
Some people make this harder than it needs to be, in my experience.

When i was first starting out i wanted a watch company or other cool sh*t. When i finally buckled down and said hey, im going to provide a service that i know well for other businesses.. i started easily making more than i ever have in my life with unlimited potential. It's just a few months with minimal work so far and I'm making a liveable amount. It wouldn't be hard to get to 10k a month. I could probably be a lot more well off if i could actually focus for a damn, even only being a few months in.

My point is, don't over think sh*t, and make sure your sales skills are good.

I mean, unless you're fine with being 'stuck' at your job making money and want only a cool sexy company. I wanted freedom mainly, so I'm fine with the 'boring' service company.
@DrunkFish I'm not looking for a "sexy" business, but one that can provide freedom. I'll keep that in mind, much appreciated.
 

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