The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

Life Advice

Accelerate wealth. Build a business that pays freedom. Join more than 70,000 entrepreneurs and register for the Fastlane Entrepreneur forum. Remove ads? Join the INSIDERS.

jkf786

New Contributor
Jun 12, 2021
8
6
11
Hey guys and gals,
I am hoping to hear from you successful fastlaners on what you would do in my shoes.
27 year old male, Master's in Mechanical Engineering, about 40k saved.

Goal: I want to leave the 9-5 and break into eCommerce and grow a business.

Options:
A) Leave 9-5 now to be able to pursue the eCommerce business full time. Network like crazy, and use all that extra time to work like crazy on becoming my own boss and starting a business.

B) Stay at the 9-5 and work some nights and weekends to learn what I can and try to get off the ground before I leave.

C) I have a job offer to become a Commercial RE broker. Work as a broker and eCommerce at the same time. I would greatly prefer this work engineering.
 

Flint

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jul 14, 2020
121
207
156
Hey guys and gals,
I am hoping to hear from you successful fastlaners on what you would do in my shoes.
27 year old male, Master's in Mechanical Engineering, about 40k saved.
Welcome! What do you specialise in?

Goal: I want to leave the 9-5 and break into eCommerce and grow a business.
Nothing about solving a specific problem that someone else has or creating value?

Options:
A) Leave 9-5 now to be able to pursue the eCommerce business full time. Network like crazy, and use all that extra time to work like crazy on becoming my own boss and starting a business.
Sink or swim? What are the risks and what are the benefits? Do the math.

B) Stay at the 9-5 and work some nights and weekends to learn what I can and try to get off the ground before I leave.
Learn what? Ecommerce in general? Ecommerce is a business model part. It's not a business.

C) I have a job offer to become a Commercial RE broker. Work as a broker and eCommerce at the same time. I would greatly prefer this work engineering.
So you don't want to use your engineering skills and know-how anymore?
What do you find appealing in being a commercial RE broker?

Only questions but well intended.
Good luck!
 

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
32,116
121,595
3,751
Fountain Hills, AZ
B) Stay at the 9-5 and work some nights and weekends to learn what I can and try to get off the ground before I leave.

I like this, but I'd also consider acquisition entrepreneurship. This way, if you do quit, you have an existing business with cash flows and revenues. With a job and capital, you have access to established properties.

Nothing about solving a specific problem that someone else has or creating value?

Good observation.
 

jkf786

New Contributor
Jun 12, 2021
8
6
11
Welcome! What do you specialise in?


Nothing about solving a specific problem that someone else has or creating value?


Sink or swim? What are the risks and what are the benefits? Do the math.


Learn what? Ecommerce in general? Ecommerce is a business model part. It's not a business.


So you don't want to use your engineering skills and know-how anymore?
What do you find appealing in being a commercial RE broker?

Only questions but well intended.
Good luck!
I specialize in design. The US military is almost always the end customer.

I have some product ideas I am working on launching which are all adding value. Amazon FBA is going to be my market for them.

I have quantified them, it just comes down to whether I can make it as an entrepreneur. That is the X factor. Otherwise CRE is the best play assuming there isn't a 2009 crash right around the corner.

To be more specific, I am looking at using my engineering skills in product development and then selling these new or improved products online. Much better return than the corporate world.

Any advice?
 

jkf786

New Contributor
Jun 12, 2021
8
6
11
I like this, but I'd also consider acquisition entrepreneurship. This way, if you do quit, you have an existing business with cash flows and revenues. With a job and capital, you have access to established properties.



Good observation.
I just don't have capital to buy a business with 90% owner financing. I am going to look into buying or building a website though. That I can afford and the returns look better. I have a lot of reading to do on this this week.

Thanks for your thoughts. Loved the book. It was the first thing I read that got me to start thinking outside the box.
 

robertwills

Bronze Contributor
Sep 9, 2020
197
146
64
Atlanta, GA
I specialize in design. The US military is almost always the end customer.

I have some product ideas I am working on launching which are all adding value. Amazon FBA is going to be my market for them.

I have quantified them, it just comes down to whether I can make it as an entrepreneur. That is the X factor. Otherwise CRE is the best play assuming there isn't a 2009 crash right around the corner.

To be more specific, I am looking at using my engineering skills in product development and then selling these new or improved products online. Much better return than the corporate world.

Any advice?
I knew two people who started a business. Both are smart. One fairly wealthy from a job acquired through family connections. The other person had little money. The wealthy person could not prove they would make a profit and went ahead and spent a lot on marketing, product development, etc.. They had to give up before they made a cent, even though they had many orders for lots of product.

The other person, who had little money, knew how they would make a profit from the start. They did highly targeted direct marketing that kept expenses down (as opposed to black hole advertising, marketing) to a minimum and within months was highly profitable.

Either way you can become successful but if you definitely know how to make a profit you stand an infinitely more chance of succeeding.
 

deliux

Contributor
Read Millionaire Fastlane
May 21, 2021
49
29
45
Hey guys and gals,
I am hoping to hear from you successful fastlaners on what you would do in my shoes.
27 year old male, Master's in Mechanical Engineering, about 40k saved.

Goal: I want to leave the 9-5 and break into eCommerce and grow a business.

Options:
A) Leave 9-5 now to be able to pursue the eCommerce business full time. Network like crazy, and use all that extra time to work like crazy on becoming my own boss and starting a business.

B) Stay at the 9-5 and work some nights and weekends to learn what I can and try to get off the ground before I leave.

C) I have a job offer to become a Commercial RE broker. Work as a broker and eCommerce at the same time. I would greatly prefer this work engineering.
Hi, I was working as a financial consultant(commission based payment) and at the same time I was building ecommerce business. Although my shortage of experience and investment shortage forced to close shop. Many doors and other channels opened after. Now I have multiple dropshipping channels and moving towards full automation. It grows and generates enough money to cover my expenditures. It is small fish but that is leverage for me to move towards my real goals which I am slowly working on.

Positive thing about sales job is that sales skills will be needed for you in any activity in your life. So it is very good skill to develop. I joined it because I had freedom and possibility to learn. I am spending less and less time working on consultancy job.

Your position is different as you have descent amount of money invest. My strong advise to you is start small test strategies and your idea and when you find something that is working, scale it from there. Do not invest big sums of money in idea that is just idea.

Good luck!
 

jkf786

New Contributor
Jun 12, 2021
8
6
11
Hi, I was working as a financial consultant(commission based payment) and at the same time I was building ecommerce business. Although my shortage of experience and investment shortage forced to close shop. Many doors and other channels opened after. Now I have multiple dropshipping channels and moving towards full automation. It grows and generates enough money to cover my expenditures. It is small fish but that is leverage for me to move towards my real goals which I am slowly working on.

Positive thing about sales job is that sales skills will be needed for you in any activity in your life. So it is very good skill to develop. I joined it because I had freedom and possibility to learn. I am spending less and less time working on consultancy job.

Your position is different as you have descent amount of money invest. My strong advise to you is start small test strategies and your idea and when you find something that is working, scale it from there. Do not invest big sums of money in idea that is just idea.

Good luck!
Pure gold. Thanks.
 

Flint

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jul 14, 2020
121
207
156
To be more specific, I am looking at using my engineering skills in product development and then selling these new or improved products online. Much better return than the corporate world.

Any advice?
I'm a big fan of Noah Kagan's videos on how to approach this, very much aligned with MJ's Productocracy and @Andy Black's The "Audience First" Strategy thread.

View: https://www.youtube.com/watch?v=lrSPtVIgsB8

#1. What problem are you solving?
#2. Who is the person you're solving it for?
#3. Where are they?
#4. How do you engage this person?

Aaaaand only then you figure out the solution/product, what business model could support it, what tools you need etc.

Good luck!
 

jkf786

New Contributor
Jun 12, 2021
8
6
11
I'm a big fan of Noah Kagan's videos on how to approach this, very much aligned with MJ's Productocracy and @Andy Black's The "Audience First" Strategy thread.

View: https://www.youtube.com/watch?v=lrSPtVIgsB8

#1. What problem are you solving?
#2. Who is the person you're solving it for?
#3. Where are they?
#4. How do you engage this person?
Aaaaand only then you figure out the solution/product, what business model could support it, what tools you need etc.

Good luck
Thank you very much. Learning a ton very quickly.

Your post kind of reminds me of the Steve Jobs Q&A where he talks about having to start with the customer and what you can do for them, not starting with what novel technology you have and marketing that.
View: https://www.youtube.com/watch?v=d8n5hCLvuzc
 

CaptainAmerica

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Dec 27, 2015
211
453
234
49
Phoenix OR
I just had to change ...everything. In doing 'the needful' of working a retail job for a year, I did a ton of market research. I took down numbers; I asked 'if I did this thing, would you be a customer?' and 'what would make this idea fail?'

Now, I get a new customer for almost every job I take. I outsource the stuff I'm not expert at, which saves a lot of time, but is cutting into the initial profits. I'm okay with this, as it will push me past 'getting by' and into real profits.

My #1 suggestion: find the people you like to work with, and start asking questions. I like people who are like me, with a no-nonsense approach, and a sense of humor, who are in a technical or scientific industry. Who do you like to be around? Don't ask 'how's business?' - no one ever answers that honestly. Ask them 'what project are you working on these days?' and start noticing patterns - and where there's opportunity.
 

Sponsored Offers

MARKETPLACE Fox Web School "Legend" Group Coaching Program 2021
Any update? Hey bud! When I can squeeze out the time to work, it's been going pretty well...
MARKETPLACE Not sure how to start? This free book will teach you how to build a successful web design business
Hi Fox. Starting the book and got through the introduction. Had a conversation with Andy Black...
  • Sticky
MARKETPLACE NEW: The Best School for Going Fastlane (Now open for summer enrollment)
For any web designers struggling to sell it is hardly ever about competition with other web...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Chris is super sharp and is aware of many facets of entrepreneurship and can help get your...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
This month's promo code is MINDCONTROL Those who are subscribed to my new Youtube channel will...
  • Sticky
MARKETPLACE Entrepreneur's Toolbox: Company Formation, Virtual Mailbox, Registered Agent, Remote Online Notary
Appreciating the transparency and lack of hidden fees. The website is very up-front and user...
Introducing MJ's Personal Unscripted Network, Join Now for FREE!
Any chance to make it available outside of US? It has been available outside of the US on...

Forum Sponsor

Learn Fastlane Business Skills & Get Profitable Within 30 Days...

Get Started Now

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom