Lessons Learned from The Fastlane

[Jorge]

Ok, so I was thinking that this are the key points of what I've learned from all members on this forum.

I don't know if there's a thread like this one already, if so just close this one

What I learned (or things I already supossed but where confirmed by the forum)

Concepts:

- Your most important asset is your time
- Its never to late to change your life
- Where slowlaners see problems, fastlaners see opportunity
- In order to become successful, first you must know yourself
- Failure is one of the best ways to learn
- Success is more than money

Rules:
- Successful businesses are based on solving people needs
- You don't need a lot of cash to create a successful business
- Usually, if everyone is in a certain market, the opportunity has gone
- Being rich is just a consequence of good choices

As I stated, this is only my POV. I cited some threads just as a follow up to the concepts, but off course others may take another lesson from each thread.

I'm sure there are some things that I'm forgetting, you are all invited to complete this thread :smxB:

Cheers!

 

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[exon]

compilation of 30 short&quick FL Tips that I have learned here and use them every day:

1) If you think something is impossible - Give Up or consider inventing from failures.
2) The only enemy to victory is you.
3) Focus only on the end result & goal.
4) Problems are challenges that need to be overcome.
5) Other people's opinion's do net make your reality.
6) Focus only on one (1) thing and kick a$$ at it.
7) 10 businesses that make $100/mo. aren't better than 1 that make $1.000/mo.
8) You have to eat, live and shit your thing.
9) Talent is not required, but desire and discipline are.
10) Every customer service must be S.U.C.S..
11) Service is better than product.
12) B2B is better than B2C. Companies care more about their ROI than average Joe.
13) Don't be Guru'd.
14) Answer to what you want to be must always represent a dream, vision and hope.
15) There is no experts in predicting markets.
16) Opportunity dosn't care about your timing.
17) Good money is $20.000/mo.; Big money is $200.000/mo.
18) You must do something for what you thing is good and enjoy.
19) "How can I make moey?" mindset will lead you no where.
20) Build system that generate money by filling needs and sole problems.
21) No product = no shipping + no product and/or shipping headaches.
22) Always have full control over your system. No matter are they made by partners, hire-outs or in-House.
23) Do what you love and money will follow is BS.
24) Anything build on sand comes crumbling down.
25) Never stop learning.
26) Get rich quick is good / Get rich easy is evil.
27) What do I have to offer the World?
28) Use "Pay Per Drink" revenue model.
29) Don't listen to those who have less.
30) Impact Millions.

 

[andviv]

Re: Lessons Learned from TFTM

a BIG ONE that I think is missing here is:

FOCUS
The One Trick Pony is one of the most important concepts in here, and it is easily overlooked.

 

[yveskleinsky]

Your belief in yourself has to be stronger than the disbelief of others.

Fastlane is not just about making money, it is about how you are making your money: create a system around a need.

There is the rat race, where you have a job and/or your expenses exceed your income (generally climbing the corporate ladder). The fast track, where passive income exceeds expenses (generally owning the ladder). Then there is the fastlane: passive income created from a system which is scalable, and achievable in a short timeframe (owning a web-based dropshipping ladder site!)

Any idea can become fastlane.

Having a community of successful, like-minded people to bounce ideas off of: priceless.

GREAT topic. Mods, can we sticky this?

 

[rzach41]

One glaring observation I have made just in these past two days is:

Don't get emotionally attached to your idea/business

Two days ago we changed the business model of our current project. I'll tell you what. I was absolutely in LOVE with the old idea. In fact, I was so bent over backwards that it clouded my judgement without me even realizing it. Only until we changed our business model did I realize how MEDIOCRE our idea was. It's scary to think that you can fall into a state of mind where you are unable to see the big picture for what it really is.

So what I personally learned was to approach your business/idea as objectively and unemotionally as possible. Anything otherwise and you risk viewing your idea/business through a pair of tainted sunglasses.

-Ryan

 

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[Sander]

Came by this golden nugget. The links doesn't work anymore, but most of them I found the new url. Here they are for the next readers. Thanks to Jorge for the original post.

Concepts:
- Your most important asset is your time
- Its never to late to change your life
- In order to become successful, first you must know yourself
- Success is more than money

Rules:
- Successful businesses are based on solving people needs
- You don't need a lot of cash to create a successful business
- Usually, if everyone is in a certain market, the opportunity has gone
- Being rich is just a consequence of good choices

 

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[Rem]

Bump!

I was reading through this thread and really like it

I would add to the already awesome lists, is the key to happiness and success is to give. It sort of lines up with filling people's needs. The more you give the more you will begin to see a void filled. Every action has an opposite and equal reaction. If you give, you will also receive great rewards.

When you give you are also thinking about what others need and want. If you become a person who always has what others are lacking you will be successful. So learn to give.

Next, this has already been mentioned but would like to restate it. Visualize yourself already successful. If you want to have a million dollars and live in a million dollar home driving a nice car then picture yourself already in possession of those things. And do it daily.

Lastly, don't spend all 10 hours of your day visualizing. You have to act. Start now.

These are the things I have learned and am putting them to use now. Wish me luck!!

 

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[throttleforward]

Fear can disguise itself as action. Constant research, failure to commit to an idea, overplanning, etc. are all examples of actions that, on the surface, appear to be moving you toward your goals, but are in fact just manifestations of your fear. Analysis is good, as long as you recognize when "enough is enough".

Money is a representative vehicle of value. Therefore, if you are not focused on providing value TO your customers, you can't expect VALUE (MONEY) to come FROM your customers. If the focus is on providing value, the money will come.

Business owners make thousands of decisions, often within a very short period of time. If you aren't expecting this, you will quickly become overwhelmed as things like what hue of blue to use for a particular word in your logo become mentally consuming. Be 'the decider' and get things done.

Believe in karma (see paragraph 2). Come on this forum and ask questions, receive advice, and enjoy the conversation - but remember to contribute yourself.

 

[michael515]

I have learned you must embrace uncertainty and move forward anyway.

Andy Stanley once said that generally speaking you're probably never going to be more than 80% certain. Waiting for greater certainty may cause you to miss an opportunity.

Perhaps thats what separates the top 1% from the rest. When 99% of us see it as risky the 1% see it as a risk but take it anyway. Courage - acting in spite of fear.

 

[MJ DeMarco]

compilation of 30 short&quick FL Tips that I have learned here and use them every day:

1) If you think something is impossible - Give Up or consider inventing from failures.
2) The only enemy to victory is you.
3) Focus only on the end result & goal.
4) Problems are challenges that need to be overcome.
5) Other people's opinion's do net make your reality.
6) Focus only on one (1) thing and kick a$$ at it.
7) 10 businesses that make $100/mo. aren't better than 1 that make $1.000/mo.
8) You have to eat, live and shit your thing.
9) Talent is not required, but desire and discipline are.
10) Every customer service must be S.U.C.S..
11) Service is better than product.
12) B2B is better than B2C. Companies care more about their ROI than average Joe.
13) Don't be Guru'd.
14) Answer to what you want to be must always represent a dream, vision and hope.
15) There is no experts in predicting markets.
16) Opportunity dosn't care about your timing.
17) Good money is $20.000/mo.; Big money is $200.000/mo.
18) You must do something for what you thing is good and enjoy.
19) "How can I make moey?" mindset will lead you no where.
20) Build system that generate money by filling needs and sole problems.
21) No product = no shipping + no product and/or shipping headaches.
22) Always have full control over your system. No matter are they made by partners, hire-outs or in-House.
23) Do what you love and money will follow is BS.
24) Anything build on sand comes crumbling down.
25) Never stop learning.
26) Get rich quick is good / Get rich easy is evil.
27) What do I have to offer the World?
28) Use "Pay Per Drink" revenue model.
29) Don't listen to those who have less.
30) Impact Millions.

Most excellent!! I even had to copy this for myself to make sure I don't forget anything. Speed+

 

[PaulRobert]

While there have been multiple lessons that I have learned from many people here and from personal experiences these two come to mind first.

Once You Take the First Step- Once you take the first step and take action, a journey begins and there is no turning back. As you accomplish your first goal, there is another one right after it and you keep going. As you progress, your journey begins to grow and what you have already accomplished feels like nothing. I remember taking that first step and I will not lie, I was scared, I was fearing of the unknown, now as I have completed multiple goals, I embrace the unknown and prepare for whatever may happen. I also remind myself of this- F.E.A.R.

F-False

E-Events

A-Appearing

R-Real

A Unique Formula- I have also learned that everyone has to create their own unique formula to wealth. No formula is alike. Each formula will only work for the person that creates it. Just because someone has created an online service and made millions doesn't mean that you can do the same thing and expect the same result. Your formula can be in E-Business but you must create the formula and go from there. Once you create this formula and begin to generate income, you have made a unique formula that works for you. After that, repeat process. These formulas can change though, and should, to keep up with demand and your clients. As of now, I building the foundation of my formula and testing out new waters.

 

[Likwid24]

Don't be the Rule. Break the Rule and be the Exception!

Some of the most successful people in the history of the world were told many times throughout their life that what they were trying to do can't be done. If you believe it can be done, then don't let anyone or anything stop you.

 

[Runum]

I've learned about systems or the need for systems. I am still learning about systems. I only own 7 rental units right now and what I am seeing is that it gets more difficult to keep up with all the debts and collections with more units. Right now I can't imagine the headache for keeping up with 100+ units. So, earlier in my investing, I couldn't see the need to have a system for each aspect of the business. Now I see the need and know that I really can't grow, or shouldn't grow, until I figure out how to handle what I already have. I am making progress on it and hope to have some solid systems in place shortly. Thanks to all for promoting concepts and ideas even though I may not be mature to comprehend them yet. Good luck to all.:cheers:

Greg

 

[PaulRobert]

Persistence is Key: You must be persistent at what you are doing and at what you want. If you give up on your first or second try, you will always stay in the same place. Whether it is calling up that VIP contact, or coding for a site, you must be persistent and not give up. Just don't make yourself look desperate. :smxB:

"Brick walls are there for a reason. They let us prove how badly we want things."- Randy Pausch

 

[exon]

Right, when sums all together it's only about time and how much people can you serve at the time.

Although you could make fastlane business even with changing a doorknob for someone.

If you have 10,000 workers that do the job for you all over the world and they can change 10,000 doorknobs in one hour and make $100,000 in profit for one hour...

If you want to make it hapend, try to avoid mistakes that I made in past:

I always repeated this mistake in my past businesses. I always thought that I know best and with that atitude I never alowed my employees to make their own mistakes, to develop themselves and to learn. Although I was good and fair (sometimes to fair) to my employees they didn't love me --- mostly because I didn't gave them a chance to grow, to be a part of business, to feel important...


So here are another few lessons learned from The Fastlane:

1) Do not try to do it all yourself.
2) With this atitude there is no chance for exponential growth.
3) If you think Big - then also act Big.
4) Always hire people who know more than you.
5) Don't try to be a good businessmen or manager - try to be a good entrepreneur. (It is much easier to be just one)
6) Learn to delegate and teach other to delegate

 

[Chitown]

Speed + !

compilation of 30 short&quick FL Tips that I have learned here and use them every day:

1) If you think something is impossible - Give Up or consider inventing from failures.
2) The only enemy to victory is you.
3) Focus only on the end result & goal.
4) Problems are challenges that need to be overcome.
5) Other people's opinion's do net make your reality.
6) Focus only on one (1) thing and kick a$$ at it.
7) 10 businesses that make $100/mo. aren't better than 1 that make $1.000/mo.
8) You have to eat, live and shit your thing.
9) Talent is not required, but desire and discipline are.
10) Every customer service must be S.U.C.S..
11) Service is better than product.
12) B2B is better than B2C. Companies care more about their ROI than average Joe.
13) Don't be Guru'd.
14) Answer to what you want to be must always represent a dream, vision and hope.
15) There is no experts in predicting markets.
16) Opportunity dosn't care about your timing.
17) Good money is $20.000/mo.; Big money is $200.000/mo.
18) You must do something for what you thing is good and enjoy.
19) "How can I make moey?" mindset will lead you no where.
20) Build system that generate money by filling needs and sole problems.
21) No product = no shipping + no product and/or shipping headaches.
22) Always have full control over your system. No matter are they made by partners, hire-outs or in-House.
23) Do what you love and money will follow is BS.
24) Anything build on sand comes crumbling down.
25) Never stop learning.
26) Get rich quick is good / Get rich easy is evil.
27) What do I have to offer the World?
28) Use "Pay Per Drink" revenue model.
29) Don't listen to those who have less.
30) Impact Millions.

 

[Yankees338]

Re: Lessons Learned from TFTM

Excellent, excellent post, Jorge. Rep++++++++++++++++ (wish I could rep a post more than once )

I'll try to think of a few more as I browse the forums tonight...

 

[GoldenEggs]

Re: Lessons Learned from TFTM

:iagree:

rep+++++++++

 

[Yankees338]

Re: Lessons Learned from TFTM

a BIG ONE that I think is missing here is:

FOCUS
The One Trick Pony is one of the most important concepts in here, and it is easily overlooked.

Very true. Focus is definitely HUGE.

 

[MJ DeMarco]

Re: Lessons Learned from TFTM

Great thread! I thought "TFTM" was discussion about a stock ... Im gonna edit the title ... plus speed+

 

[Jorge]

Re: Lessons Learned from TFTM

I thought "TFTM" was discussion about a stock ...

Maybe some day it will be?

 

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[MJ DeMarco]

What you know today is not enough to become the person you can be tomorrow.

Translation: Keep learning and refining your skills set.

 

[PaulRobert]

Determination and Persistence are accelerants to get you onto the Fastlane. :fastlane:

 

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[theBiz]

I agree with the doorknob thing but it is going to be a guaranteed headache IMO.I do not want to see the negative in the situation but I think we can all agree some business models are just better/smarter.

3) If you think Big - then also act Big.

Can you go more into detail, I did this in the beginning and it did not work. I tried to act big and fell flat. It was only when i thought big and acted super small before things worked. I did things myself, made sure they worked... then scaled. In the beginning i thought go big right away but if your system does not work you can not act big... in my experience.

4) Always hire people who know more than you.--- Agreed 100%


5) Don't try to be a good businessmen or manager - try to be a good entrepreneur. (It is much easier to be just one)

Anything more to say on this?


My biggest issue with growth is trust with employees. Is there any advice you can give on this subject.

Employees trying to steal other employees and copy you and start their own etc...

 

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[FDJustin]

Employees trying to steal other employees and copy you and start their own etc...

That is the secret, isn't it? I posted something in these forums once, about a man and his strategy that is so nicely highlighted in this question.

Who was he? I don't remember. His last name is Koch, owner of invista and aggressive corporate man.

What was his strategy called? I forget.

But... The idea was simple. He would have meetings and allow any employee to contribute, with incentive. If something an employee comes up with is implamented, and it turns out to be good, they will get a share of the profit. There is an entire book he wrote- maybe two.

Think about that for a moment. You want to trust your employees? You can never trust them 100%. But you can run your business in a way that most of them will be satisfied and feel like they belong to your company. As for the other few who might just leave and try to copy you..?

Someone is always going to compete. I suppose some bright people might join up just to learn the ins and outs to do their own thing. When they defect (don't ever call it defect to an employee, that sounds so cool you might just do it for that reason alone ) I would personally treat them the same way I would any other competition.
... I suppose you can get a lawyer to work with you on policy for things like NDA's and such to minimize any leaking of trade secrets you might have.

Just remember,"They wouldn't be called human resources if they weren't meant to be exploited!"

I'll leave what I said earlier about not knowing in tact, but before hitting post I did some searching until I could figure out the name and stuff. So here's a link that will explain things in light detail. I'm pretty sure he has a book on the strategy you could try and hunt down if you like. Charles Koch 1935 Biography - Learning the business, Market-based management, Sources for further information

 

[DeletedUser1]

Something I've learning. The difference in being 'Rich,' and the difference in being 'Wealthy.'

A rich person is someone that comes into money fast, and not being in alignment with the power they possess, they normally spend that money on a lot of gratuitous non-scenes, and end up broke again within a very short time, also forgetting to pay taxes. We've seen this happen to a lot of instant celebrities and sports players.

A wealthy person invest in themselves, in their business, and are looking for ways to improve, expand, and grow. They have a service mentally. They share the wealth through charitable channels, and creates foundations. They are not in it to make money, they are in it to offer a service, and the wealth just seems to attach itself to them.

 

[rexxkai]

could someone plz update the link locations?? the links are broken

 

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[Kencan98]

I have to admit that I didn't learn much from the book. With that said it was the best book I've ever read and the only book besides one in high school that I read cover to cover. I completed it in a few days and took notes the entire way and I'm about to start the second time through today.

It was the best book I ever read because I was shaking my head the entire way through saying "Yup...Exactly" but then I started asking myself "If I already know this and agree with it, WHY AREN'T I DOING IT?"

The worst part is that I've been in business for myself for a pretty long time and I have nothing at all to show for it because I ignored Fastlane completely and stuck with what the "teachers" say. Do what you love, 90 page business plans, etc and while I made money I still consider it a complete waste of time.

The book changed how I do business the second I started reading it. And it will be my "go to" guide for everything from this point on.

 

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[Yankees338]

Re: Lessons Learned from TFTM

I agree with the point about failure so much that I even made a thread devoted to it!

http://www.thefastlanetomillions.com/showthread.php?p=28222#post28222

 

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[Jorge]

Re: Lessons Learned from TFTM

Thanks Andres! I don't know how I missed that thread!

But believe me that I have learned this lesson also

 

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