• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 50,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

New member introduction.

Discussion in 'Forum Introductions (Who are you!?)' started by Peter2, Aug 2, 2007.

  1. Peter2
    Offline

    Peter2 Fastane Legend. RIP.

    Messages:
    413
    Likes Received:
    151
    Joined:
    Aug 2, 2007
    Location:
    Palm Beach, FL
    Rep Bank:
    $10,742
    Hi everyone. My name is Peter, and I'm from Palm Beach, FL.

    I have started three different companies in three different industries with total sales of nine figures. I retired about a year ago, while in my late 30's. I have come to the conclusion that retirement can be very boring, and I have decided to start another company in a yet to be determined industy. As always, I will have a 2-5 year exit strategy depending on the business.

    Hopefully, I will be able to contribute to this site while making some new friends and contacts at the same time. :)
     
    MakeItHappen likes this.
  2. MJ DeMarco
    Offline

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    27,654
    Likes Received:
    90,364
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $388,188
    Admin Post
    Welcome Peter and fellow Lambo owner! :notworthy: Its great to have you here.

    Any ideas on the new business? Can you give an overview of your prior businesses (without endangering your personal privacy [retail? online? Service?). I know you mentioned that your last company had a gazillion employees.

    Warning to all: Peter has a vast library of cat pictures that is sure to amuse.
     
  3. andviv
    Offline

    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

    Messages:
    5,403
    Likes Received:
    2,160
    Joined:
    Jul 27, 2007
    Gender:
    Male
    Location:
    Washington DC
    Rep Bank:
    $3,345
    Welcome

    Welcome!!! I hope you enjoy the forums....
     
  4. ErikV10
    Offline

    ErikV10 New Contributor

    Messages:
    75
    Likes Received:
    13
    Joined:
    Aug 2, 2007
    Rep Bank:
    $67
    Congratulations on a very successful business of yours Peter2. You should hook me up with some of your companies.

    I'm into Real Estate right now in which my parents just got me into.. I currently have a condo near UIC Chicago and I already have people who will live there for the school year.

    I'm also looking to get into starting my online biz to make me some more money.

    I'm not worth 9 figures yet, but hopefully.. will do my best.. to get there.

    My family currently have a steel scaffolding business located in Philippines. Had some major companies that bought from us like Toshiba and Siemens.
     
  5. Peter2
    Offline

    Peter2 Fastane Legend. RIP.

    Messages:
    413
    Likes Received:
    151
    Joined:
    Aug 2, 2007
    Location:
    Palm Beach, FL
    Rep Bank:
    $10,742
    Thanks for the welcome everyone. My businesses have all sold a product, and one of the businesses included servicing that product as well. The different products where sold mainly through a network of salespeople. One company was doing business in Florida only, and one had sales people in 49 states. I did not do business in Alaska. The third company sold the products via infomercials.

    I had a lot of employees, because I have always believed in doing as much as I can in house. I handled all the direct mail, inluding printing in house. Of course I had a customer service department, accounting department, inbound and outbound phone department, shipping and warehouse, sales trainers, recruiters, managers, IT guys, payroll people, etc.

    I don't know yet what kind of business I will start. I have around 150+ different ideas written down that I am currently looking in to. I always keep a recorder or pen and paper next to me at all times. You never know when you get a great idea. For me, it often happens while in bed, about to fall asleep.
     
    MakeItHappen likes this.
  6. Luke12321
    Offline

    Luke12321 Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER

    Messages:
    660
    Likes Received:
    193
    Joined:
    Jul 27, 2007
    Location:
    North Carolina
    Rep Bank:
    $929
    welcome peter, glad to be able to discuss topics with people at your level of experience! Look forward to it very much! PS- I generate great thoughts right before I go to sleep as well which always make for an interesting day the next day!
     
  7. bflbob
    Offline

    bflbob Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    1,906
    Likes Received:
    371
    Joined:
    Jul 25, 2007
    Location:
    Endicott, New York, United States
    Rep Bank:
    $426
    I have a lot of great ideas in bed too!:)
    Unfortunately, my wife seldom lets them come to fruition.:(
     
  8. Yankees338
    Offline

    Yankees338 Bronze Contributor

    Messages:
    1,829
    Likes Received:
    135
    Joined:
    Jul 24, 2007
    Location:
    NJ/MD
    Rep Bank:
    $188
    HAHAHA...oh the dirty minds of those in the fast lane :nono:
     
  9. Antonio.
    Offline

    Antonio. New Contributor Read Millionaire Fastlane

    Messages:
    139
    Likes Received:
    6
    Joined:
    Jul 28, 2007
    Location:
    Saint Louis
    Rep Bank:
    $139
    I'm glad you made it over here Peter :)
     
  10. Rawr
    Offline

    Rawr Gold Contributor Speedway Pass

    Messages:
    1,801
    Likes Received:
    1,655
    Joined:
    Aug 12, 2007
    Location:
    south florida
    Rep Bank:
    $5,523
    Great start for a thread too.

    Peter, you mentioned having 150+ ideas written down. Very impressive! How do you then proceed to filter those, what are the steps to take to narrow it down to something viable that you'd be interested dedicating a lot of time to?
     
  11. Jorge
    Offline

    Jorge Contributor

    Messages:
    583
    Likes Received:
    99
    Joined:
    Oct 5, 2007
    Location:
    Mendoza, Argentina
    Rep Bank:
    $232
    First of all: Welcome!

    I too have doubts about how to filter the ideas. I also keep a list of all the ideas I have but then I don't know wich to develope and wich not to...

    Cheers!
     
  12. Peter2
    Offline

    Peter2 Fastane Legend. RIP.

    Messages:
    413
    Likes Received:
    151
    Joined:
    Aug 2, 2007
    Location:
    Palm Beach, FL
    Rep Bank:
    $10,742
    I will let you know when I do it. :)

    Basically, it will come down to a couple of different things that I would look at.

    Is this something that is morally right?

    Is there a market for this?

    Will I enjoy doing this?

    Is it easy to scale this business?

    What are the profit margins?

    These are just some of the things I will look at.
     
    Wuz and Yankees338 like this.
  13. Yankees338
    Offline

    Yankees338 Bronze Contributor

    Messages:
    1,829
    Likes Received:
    135
    Joined:
    Jul 24, 2007
    Location:
    NJ/MD
    Rep Bank:
    $188
    What exactly do you mean by "is it easy to scale this business"? Something relating to growth I would assume?
     
  14. Peter2
    Offline

    Peter2 Fastane Legend. RIP.

    Messages:
    413
    Likes Received:
    151
    Joined:
    Aug 2, 2007
    Location:
    Palm Beach, FL
    Rep Bank:
    $10,742
    Can I increase the revenue fast, without increasing my expenses too much so that I still stay profitable during the expansion.
     
    vinylawesome and Wuz like this.
  15. Yankees338
    Offline

    Yankees338 Bronze Contributor

    Messages:
    1,829
    Likes Received:
    135
    Joined:
    Jul 24, 2007
    Location:
    NJ/MD
    Rep Bank:
    $188
    Thanks. What types of factors are indications of being able to do this?
     
    kwerner likes this.
  16. Peter2
    Offline

    Peter2 Fastane Legend. RIP.

    Messages:
    413
    Likes Received:
    151
    Joined:
    Aug 2, 2007
    Location:
    Palm Beach, FL
    Rep Bank:
    $10,742
    If you have to open manufacturing facilities and distribution centers for example, it would probably cost much more money than you profit from your business. It would take many years before you break even and start making a profit.

    Lets say you have a car repair company, and you want to scale that business. It's not an easy thing to do since you have to open up new facilities, buy new equipment and tools and hire and train new people at every new location.

    If you have a company that sells information on the internet, it's much easier to scale, since it will require mostly increased advertising.
     
    Get Right likes this.
  17. Yankees338
    Offline

    Yankees338 Bronze Contributor

    Messages:
    1,829
    Likes Received:
    135
    Joined:
    Jul 24, 2007
    Location:
    NJ/MD
    Rep Bank:
    $188
    Thanks for the explanation. Great info! Rep+++

    Is this essentially the economies of scale of a particular business or industry? Sounds awfully similar to what we discuss when referring to economies of scale during my Economics class.
     
  18. djs13
    Offline

    djs13 Contributor Read Millionaire Fastlane

    Messages:
    416
    Likes Received:
    42
    Joined:
    Oct 3, 2007
    Location:
    NY
    Rep Bank:
    $103
    Wow Peter, you seem like a very successful man. I can only assume that retirement can get extremely boring. I think when most people say they "want to retire by age --," they actually mean they want to be financially free by that certain age and not neccessarily stop working or creating business ventures.

    I too carry around a notebook with me. When I make an entry I write the date at the top and then I just ramble on with my ideas. Sometimes I write the goals that I have for this week and other times I write goals that I have for the coming months. Before I carried around a notebook I came up with ideas but then forgot about them and eventually lost them for good. Definitely keep the entire forum posted on whatever your new venture may be.
     
  19. TC2
    Offline

    TC2 Contributor

    Messages:
    704
    Likes Received:
    86
    Joined:
    Jun 30, 2008
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $133

    I have heard this over and over again!

    Do you invent the information or just re-distribute the information?

    Thanks!
     
    kwerner likes this.
  20. Peter2
    Offline

    Peter2 Fastane Legend. RIP.

    Messages:
    413
    Likes Received:
    151
    Joined:
    Aug 2, 2007
    Location:
    Palm Beach, FL
    Rep Bank:
    $10,742

    If you want to make big money, you have to own the information and the company. You will never make a lot of money selling someone elses information or products on the internet.

    Successful affiliate marketers can make an OK income, but they will not come close to the income of the company they are selling information or products for.
     
    andrewsyc likes this.
  21. Kung Fu Steve
    Offline

    Kung Fu Steve Platinum Contributor Speedway Pass Summit Attendee

    Messages:
    1,994
    Likes Received:
    3,964
    Joined:
    Jul 8, 2008
    Gender:
    Male
    Location:
    Road Warrior
    Rep Bank:
    $27,900
    Figured I'd officailly welcome you. You've already given me some great advice! :Welcome:
     
  22. fanocks2003
    Offline

    fanocks2003 Banned

    Messages:
    1,324
    Likes Received:
    172
    Joined:
    Mar 31, 2008
    Location:
    Sweden
    Rep Bank:
    $15
    Peter2, I can relate a lot to your thing with coming up with ideas. For me they just come whenever I don't want to have them coming. I can sit at a dinner party with friends or any other social gathering and the ideas will just materialise in my head like pictures/movies. Very disturbing especially when people try to connect with you and try to find a conversation with you:). I guess they see me as some kind of an Autistic guy at this point...hehe.

    What I have found with people who start companies, those I have met in person at least, is that they are incredible with coming up with unique solutions to situations, products, services etc. It's like an ongoing machine in there (in their heads). I guess one of the main cores to have when starting businesses is: fast thinking. And of course the ability to analyse quickly. The most dynamic phase of a company is the start-up phase as you know. Everything moves quickly and boldly forward, every day. Very interesting indeed.

    By the way, you mentioned that you had sold 3 companies. Good job:). I have set a date when I will sell my financial company (the one I am working on now). The date is May 1st 2009. I think it is time to wrap things up and start that beverage company I had in mind.

    Anyone heard of "Honey flavoured Green Tea"? That's my new venture in 2009. I have had discussions with a Chinese manufacturer for 2 weeks now and they seem to be very professional and easy going to deal with. Flexible with my bottle design demands too. I have teamed up with a swedish product design company as well (I know the CEO of the company since before so it was a natural partner to team up with on this).

    Well, just wanted to welcome you on board as well (even though it was a while this thread was written). I have missed it before, but found it tonight. Very inspiring to read.
     
  23. Sid23
    Offline

    Sid23 Bronze Contributor

    Messages:
    682
    Likes Received:
    102
    Joined:
    Aug 9, 2007
    Rep Bank:
    $122
    Peter, would you mind providing an example of a company that does this? I'm not sure I follow.

    Thanks!
     
  24. Antonio.
    Offline

    Antonio. New Contributor Read Millionaire Fastlane

    Messages:
    139
    Likes Received:
    6
    Joined:
    Jul 28, 2007
    Location:
    Saint Louis
    Rep Bank:
    $139

    That's exactly what I'm doing now.. What happens if you own the company, the information, and redistribute the information as well heh?
     
  25. Peter2
    Offline

    Peter2 Fastane Legend. RIP.

    Messages:
    413
    Likes Received:
    151
    Joined:
    Aug 2, 2007
    Location:
    Palm Beach, FL
    Rep Bank:
    $10,742
    A prime example is TheRichJerk.com.

    He wrote his own information and owns the rights to it.

    The majority of his income comes from affiliate marketers that market his information for him. The affiliate marketers make peanut money while the rich jerk is raking it in.

    The same goes for every single MLM company, where the distributors make little money while the company owners get super rich.

    If you want to make money in life, you have to be a leader and not a follower.
     
    ZF Lee, Kingmaker, Supa and 2 others like this.

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page