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Hey all,
Summary: Is it a good idea to start a "regular" business that many people are already making money on? JackEdwards did it, Duncan Bannatyne (UK investor) did it and I'm sure many successful people have.
Longer: I've decided to start a fastlane business several months ago after reading the book but I am yet to start. I've just been sitting here holding my dick on my hand because I am struggling to find a solid need or gap in the market that I could fulfil.
I feel like the "need" filter made me into a wantrapreneur: reading loads of books, posting on forums and other things apart from taking action. I tell my self I can't start because I need to find a need first.
The truth is, I can start right now. This very second. The problem is the business I can start won't have a need.
Look here: http://www.manta.com/mb
That website has a list of all industries and hundreds of different kinds of businesses I could start. And there are instructions across the internet on how to start each one of them. Example: http://www.entrepreneur.com/article/37892
Most businesses can meet ECST commandments - the only difference most businesses have with ecommerce stores, which many people here seem to be starting, is that the scale a lot smaller for the "offline" business to start with. The rest is similar. You have to find a niche and you have a lot of competitors but you can stand out with branding.
So i figured, instead of working a job or sitting here trying to find a need, why don't I just start a service based business or a B2B sales business on a fast growing industry? I'll definetly learn a lot. It has a potential to expand. And if I was successful enough in the future with the margins are thick enough, I could completely outsource all of it to management and work on something else. I'll have experience and a tangible asset.
I could be wrong and starting a business without a need will fail like the 8/10 businesses that fail.
p.s. I'm confused why e-commerence and self-publishing are considered fastlane. You have scale but you aren't filling a need, there is already a bajillion people importing goods from china and selling them for a low price. There is also a lot of low quality books that are produced hastily and at the cheapest possible price on amazon. Is there really a need for a publisher who publishes several shit books a week on amazon?
Summary: Is it a good idea to start a "regular" business that many people are already making money on? JackEdwards did it, Duncan Bannatyne (UK investor) did it and I'm sure many successful people have.
Longer: I've decided to start a fastlane business several months ago after reading the book but I am yet to start. I've just been sitting here holding my dick on my hand because I am struggling to find a solid need or gap in the market that I could fulfil.
I feel like the "need" filter made me into a wantrapreneur: reading loads of books, posting on forums and other things apart from taking action. I tell my self I can't start because I need to find a need first.
The truth is, I can start right now. This very second. The problem is the business I can start won't have a need.
Look here: http://www.manta.com/mb
That website has a list of all industries and hundreds of different kinds of businesses I could start. And there are instructions across the internet on how to start each one of them. Example: http://www.entrepreneur.com/article/37892
Most businesses can meet ECST commandments - the only difference most businesses have with ecommerce stores, which many people here seem to be starting, is that the scale a lot smaller for the "offline" business to start with. The rest is similar. You have to find a niche and you have a lot of competitors but you can stand out with branding.
So i figured, instead of working a job or sitting here trying to find a need, why don't I just start a service based business or a B2B sales business on a fast growing industry? I'll definetly learn a lot. It has a potential to expand. And if I was successful enough in the future with the margins are thick enough, I could completely outsource all of it to management and work on something else. I'll have experience and a tangible asset.
I could be wrong and starting a business without a need will fail like the 8/10 businesses that fail.
p.s. I'm confused why e-commerence and self-publishing are considered fastlane. You have scale but you aren't filling a need, there is already a bajillion people importing goods from china and selling them for a low price. There is also a lot of low quality books that are produced hastily and at the cheapest possible price on amazon. Is there really a need for a publisher who publishes several shit books a week on amazon?
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