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

EXECUTION Old man tries to start

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

OP
OP
Ing

Ing

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Jun 8, 2019
432
380
129
54
Bavaria
No real development, only thoughts have one.

Every process of research runs into a dead end.
Patent research brings old patents not still existing.

F e I thought about a funnel for motors to fill in motoroil with a bajonette conection to the engine. One part plastic. In luminous colours.
Maybe someone will try that!
Make a sample For photos.
Make a shop hp to sell that. Look, wheather theres really a market.
.
.

Why I don’t? Because I cant make plastic parts myself and I don’t want to test and than see someone else selling it.
Or maybe because I see the moutains too high.

My shop is still waiting for something to sell.
I ve seen, pinecones are really sold on ebay. Maybe I should take some with me while walking and sell them.
Just the expenditure seems too high for what it can bring.

So I reread Unscripted. Its tiring for me since MJ uses not the usual school vocabulary.
@MJDeMarco , can you please sell a German version! :)
But at least I get ideas while reading it.

What I think about is, renting lawn mowers in the summer time. No big money, but I ll do some calculation.

Another issue: I think too much about entrepreneurship. Too much time for too less result. MJ names it fake action! It uses up much of power and time and brings only suck down results.
When you have read till now: thanks for reading
 

Don't like ads? Remove them while supporting the forum. Subscribe.

OP
OP
Ing

Ing

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Jun 8, 2019
432
380
129
54
Bavaria
An update, not worth to mention.

I tried to start importing some goods from china. Its all so slow. I think, Corona is the reason.
On that trying to get samples, again I lost the motion.

Started to sell another low budged, much competition goodon ebay, but the result is F*cking bad. No future for that.


Along that, my day job is running great with less effort and time.
I m doubting about the sence of my entrepreneur efforts a bit.
 

million$$$smile

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Dec 25, 2012
680
4,606
1,004
Midwest
Kudos for starting down the path of entrepreneurship and learning new things like developing a website. It shows that you have persevered even when you weren't familiar with the subject.

But I think you are looking in the wrong direction. It seems like you are looking for products that are already out there and are available to anyone else to market.

Focus on your strengths, and not your weaknesses. Just because you read about everyone else dropshipping or buying on Alibaba or Aliexpress doesn't mean that you should. When you do that, you are competing with others that already understand that their strengths are marketing and probably have a lot more experience finding products on those venues.

It sounds like your strength is mechanical field. It seems to me you might use your creativity in actually designing and developing YOUR OWN PRODUCT. Find something (an existing product) that needs improvement. Perhaps simplify an existing design, or create a different need for an existing product.

Just a thought. Have you considered maybe trying online CAD design or 3D printing?

Keep it simple.

Product development doesn't have to have a lot of moving parts.

Product development is about moving people to want your product.
 
OP
OP
Ing

Ing

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Jun 8, 2019
432
380
129
54
Bavaria
Kudos for starting down the path of entrepreneurship and learning new things like developing a website. It shows that you have persevered even when you weren't familiar with the subject.

But I think you are looking in the wrong direction. It seems like you are looking for products that are already out there and are available to anyone else to market.

Focus on your strengths, and not your weaknesses. Just because you read about everyone else dropshipping or buying on Alibaba or Aliexpress doesn't mean that you should. When you do that, you are competing with others that already understand that their strengths are marketing and probably have a lot more experience finding products on those venues.

It sounds like your strength is mechanical field. It seems to me you might use your creativity in actually designing and developing YOUR OWN PRODUCT. Find something (an existing product) that needs improvement. Perhaps simplify an existing design, or create a different need for an existing product.

Just a thought. Have you considered maybe trying online CAD design or 3D printing?

Keep it simple.

Product development doesn't have to have a lot of moving parts.

Product development is about moving people to want your product.
I love that post, thank you! I will correct my direction in that direction.


A small update what I spent my interest to:

As the Corona crisis hyped the face masks, some day I bought some masks of a local car parts dealer and sold them for a good money.
Then I gave a rest away and finished that part. Some 1000 bucks so not working for free while learning.


Than I did some resaerch on customer goods and suddenly I got really good offers.
But they all seam too good to be true.
And the offering homepages all similar : not ready jet; whois shows them max a year old.
Nothing to send 10000s of bucks for trust.



Other goods: The discussion with the Chinese suppliers are like you talk to a small child again and again. Not found my partners jet.


A local electric tool manufacturer made an offer to me with a quite low percentage. Google brings everything cheaper.
BTW: what are good margins b2c and what bad one, when you have a local manufacturer?
They do dropshipping only with wellknown dealers.

Trading is a hard business! Respect to the successfull doers!

The job becomes a bit boring because of quarantaine.


That it was till now.
 
Last edited:

sparechange

Gold Contributor
Speedway Pass
Nov 11, 2016
1,655
2,120
565
Canada (Vancouver)
I love that post, thank you! I will correct my direction in that direction.


A small update what I spent my interest to:

As the Corona crisis hyped the face masks, some day I bought some masks of a local car parts dealer and sold them for a good money.
Then I gave a rest away and finished that part. Some 1000 bucks so not working for free while learning.


Than I did some resaerch on customer goods and suddenly I got really good offers.
But they all seam too good to be true.
And the offering homepages all similar : not ready jet; whois shows them max a year old.
Nothing to send 10000s of bucks for trust.



Other goods: The discussion with the Chinese suppliers are like you talk to a small child again and again. Not found my partners jet.


A local electric tool manufacturer made an offer to me with a quite low percentage. Google brings everything cheaper.
BTW: what are good margins b2c and what bad one, when you have a local manufacturer?
They do dropshipping only with wellknown dealers.

Trading is a hard business! Respect to the successfull doers!

The job becomes a bit boring because of quarantaine.


That it was till now.
When dealing with Chines suppliers get as many as you can and vet them. Message them all at the same time, see who replies quickest, how they reply etc etc. It's a numbers game, tons of great and crappy suppliers are out there.

Searching around for the good ones is perhaps one of the crappiest parts of running an online business imo,
 
OP
OP
Ing

Ing

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Jun 8, 2019
432
380
129
54
Bavaria
I m a bit nervous.
In the evening I allways strall through pages trying to source something interesting.
I got an answer from Alibaba, which was shocking because of a much too high prize. So I did research and saw, that this good is sold for a different purpose than I thought.

So I got an idea for something.
I know the source.
I know the way (theoretical).
So I started today with technical research with a good friend, who will help me without any own interest than to help me.

For the first time I am looking forward to try a thing, which could get a big thing when it succeeds.

Now I must look, how the material must be treated for my purpose.
How it can be packed without telling others my idea.
Oh. And I must set up a homepage and try to sell something of that.
Is the selling way good for the beginning:
Google ads - homepage- link to ebay, sell on ebay?

:)
 

MoreValue

Silver Contributor
Speedway Pass
Sep 9, 2018
552
528
188
I nearly refused to start an execution thread because of several reasons.
- i m 54 years old now, I have good slowlane job,
-with rising age my endurance with a business working decreases.
-I see my remaining time being endless,
- I have much fun living, working, making sports and I have good friends for drinking beer, too.
-because these reasons I want and will not spend 60 hours working and thats the reason, why I refused to make a such promise to me or others.

since I fell over the FLM and therefor I m here in the forum and I deal much with the idea of entrepreneurship, an idea rised,up again.
About 20 years ago a dream of me started.
There for the first Time I heared about a internet shop, which sells someting he doesn’t have in stock and earns money though.
I made a website, butI didn’t succeed to make it good and earning anything.

The last months I learned much that works and much about what doesn t work.

So here is a dream, a goal I have. And I make purposely small goals, I think.

My goal 3 months ago was to get a website, where I offer something. This target I achieved. I have a website, which offers someting. Without a shop and customers, but I offer something there.

My next target is to get a website with a dropshipping shop with at least 50 different goods I offer. of course anbody else could do that in one month, my target is to have it in summer next year.

I hope I can tell someting positive.
Watch Dan Pena, billionaire. Works a ton and felt like he never worked at all because he is passionate. I found this calling like a little over a year. I love working, but it doesn’t feel like work.
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
Sep 13, 2014
2,610
10,745
2,453
World citizen
Next thought: will these elder people look for solutions via internet?
You might be surprised how many elderly people are keen users of the internet. I know quite a few who surprise me with their online skills and use of the technology.
[/QUOTE]
Ingeneering stuff is something I m good in.
I think, that would be much more satisfying and had much more reward.
You could consider B2B. It can work in different ways. For example, if your engineering skills can show you what problems exist in various industries you could offer solutions to those problems. I believe that face to face selling works better for doing that.

The other way to do B2B is to do it online, and you could also use your engineering knowledge to find products that are often used, and if you could locate them at good prices you could establish a business supplying those items.

Regarding payment of duty and taxes if your customers are in the US, there is an exemption for what are regarded as small imports. The US is the most generous country in that regard, and imports up to US$800 in value are exempt from duty and tax. I think you have my importing book, in which case check out Ch.3:4.

Walter

P.S. It would be worthwhile reading @Pershing 's thread
HOT TOPIC Make money with B2B ecommerce, even with just 1 product
 
OP
OP
Ing

Ing

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Jun 8, 2019
432
380
129
54
Bavaria
Still I am looking in too many directions I think.

Selling things is something I loved all my life, but sourcing something that will succeed is not mine.

I am writing a non fiction book, but I hate me for my little efforts.

I have some inventing ideas, but I hate me for little effort.

I have a shopify shop running since 6 months, but never sold anything. Maybe its the fear not knowing what happen which regrets me putting things in the Shop which sell.


Since years I do the 20/80 principe in my dayjob. So I reduced hours working nearly ridiculously. In order to reduce income, tax and worktime. It ends in reducing only worktime. So my drive to entrepreneurship is not rising. Btw, my job is nearly entrepreneurial. But as its not my business.... Oh, have some shares...

Ok. At the sum I will now have to write all my projectson a piece of paper and than make a decision about my entrepreneur al journey.
 
Last edited:

Einfamilienhaus

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 8, 2019
109
261
168
Have you made some researches about the laws for Dropshopping as a German online shop owner? Especially point 2 in this article could be important for you:


It says that when your client is receiving a damaged product from your dropshipping-partner you are the one who has to pay from your own pocket. Even when your client is not receiving the product you have to pay too.
Think about what it could mean for your business on a larger level of scalability and how big your securities are in the worst case and how much control you have over your business.
 
OP
OP
Ing

Ing

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Jun 8, 2019
432
380
129
54
Bavaria
Have you made some researches about the laws for Dropshopping as a German online shop owner? Especially point 2 in this article could be important for you:


It says that when your client is receiving a damaged product from your dropshipping-partner you are the one who has to pay from your own pocket. Even when your client is not receiving the product you have to pay too.
Think about what it could mean for your business on a larger level of scalability and how big your securities are in the worst case and how much control you have over your business.
Thats why I refuse to dropship with foreign partners. When you take a German partner, that will be no issue imho. Gewährleistungsfrist is 2 yeare; b2b or B2C. Only the marge of the typical dropshipbusinesses will not be enough to earn an amount of anything. You have to choose a business, where dropshipping is usual since 50 years and not explicit told.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Einfamilienhaus

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 8, 2019
109
261
168
Thats why I refuse to dropship with foreign partners. When you take a German partner, that will be no issue imho. Gewährleistungsfrist is 2 yeare; b2b or B2C. Only the marge of the typical dropshipbusinesses will not be enough to earn an amount of anything. You have to choose a business, where dropshipping is usual since 50 years and not explicit told.
This is great to hear that you found a good better solution for this case!

I have a shopify shop running since 6 months, but never sold anything. Maybe its the fear not knowing what happen which regrets me putting things in the Shop which sell.
About your Business Goals. How many products do you have now on your website and how do you promote them? I have read that one of your first goals is to find 50 products you want to offer on your website.

1.) Why 50 Products?
2.) Are you offering the same type of products or at least one main product which is connected with additional products?

The reason why I ask this is because I see the possibility that you maybe focus on the wrong aspects of your business. Your goal shouldn't be to find 50 Products, your goal should be to focus more to sell the one product you have right now. If you cant to reach out to one client then you won't do it if you have 50 Products. You should worry about the efficiency of your product range when you have your first clients and you want to optimize.

3.) What is your message with your dropshipping business? Is there any lifestyle message you want to promote? Some new ideas or attitudes people can buy with your product?
4.) Do you have any advertising strategy or are you just waiting that the clients going to find you?

I hope you don't mind if I ask all these questions. I just want to help you to find the right focus by yourself and also to understand more about your business intentions.

In the end, I have one more question: What is your work history? I mean besides the entrepreneurial dropshipping business? I know it is a strange question but it would be nice if could give me the answer to this question:thumbsup:
 
OP
OP
Ing

Ing

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Jun 8, 2019
432
380
129
54
Bavaria
Hi folks, a short question:
In my sport I m in a niche, where I “invented“ an item, which I use to prepare. It could be used at multipal sports and in medical area, too, I think.
Now I made plans and a research on the internet. I couldn’t find any similar.
Than I asked my boy, who is doing similar sports. Ha said its bullshit and I will not sell one, when I try.

As my boy has a high standing in my thoughts, I was a bit disappointed.

In Germany you can get a patent only, if that gadget was never mentioned anywhere. So I can not do anopnenresearch . Also I dont want tell what it is.

What should I do now to research the need?
 

Lyinx

Contributor
I've Read UNSCRIPTED
Oct 28, 2019
79
76
112
Lancaster County, PA
Hi folks, a short question:
In my sport I m in a niche, where I “invented“ an item, which I use to prepare. It could be used at multipal sports and in medical area, too, I think.
Now I made plans and a research on the internet. I couldn’t find any similar.
Than I asked my boy, who is doing similar sports. Ha said its bullshit and I will not sell one, when I try.

As my boy has a high standing in my thoughts, I was a bit disappointed.

In Germany you can get a patent only, if that gadget was never mentioned anywhere. So I can not do anopnenresearch . Also I dont want tell what it is.

What should I do now to research the need?
There are a lot of people who like patents on their things... however, I hate the idea. Also, there are a lot of reasons to not patent the idea:
1. lookup why WD-40 never put a patent on their stuff. If they would have patented the item, people the world over would now be making it at home. Instead, they've kept it low-cost, they make a good profit, and they never have to disclose what's in it.
2. If you patent it, you need to sue anyone who infringes, which means lawyers... and lawyers cost money... and every time you have a joe schmoe come up you need to sue them too...
3. Why does Tesla share their ideas?
4. Money, it costs big bucks to patent something (and are you only patenting in your country or international?) I have a friend who spent $10,000 on US patents, and another $40,000 on international patents, he's never sold more than even $40,000 of merchandise, and is out those dollars. I warned him from the start that the market he's going to won't tolerate the prices that he needs to charge for it, but he didn't listen.
5. patents run out unless you renew them.

Patents are over-rated in my opinion. Hit the streets selling items at a fair markup and your competition won't even think about starting up due to the high cost vs reward structure.
 

Lyinx

Contributor
I've Read UNSCRIPTED
Oct 28, 2019
79
76
112
Lancaster County, PA
There are a lot of people who like patents on their things... however, I hate the idea. Also, there are a lot of reasons to not patent the idea:
1. lookup why WD-40 never put a patent on their stuff. If they would have patented the item, people the world over would now be making it at home. Instead, they've kept it low-cost, they make a good profit, and they never have to disclose what's in it.
2. If you patent it, you need to sue anyone who infringes, which means lawyers... and lawyers cost money... and every time you have a joe schmoe come up you need to sue them too...
3. Why does Tesla share their ideas?
4. Money, it costs big bucks to patent something (and are you only patenting in your country or international?) I have a friend who spent $10,000 on US patents, and another $40,000 on international patents, he's never sold more than even $40,000 of merchandise, and is out those dollars. I warned him from the start that the market he's going to won't tolerate the prices that he needs to charge for it, but he didn't listen.
5. patents run out unless you renew them.

Patents are over-rated in my opinion. Hit the streets selling items at a fair markup and your competition won't even think about starting up due to the high cost vs reward structure.
Last night I spoke with a woman in my industry that has been in it longer than me, and she talked about patents. she said it like this:
Disney has been copied by the Chinese... We all know that Disney has deep pockets and will go after them if they can. If the Chinese can get away with copying Disney products, how much luck do you think that you will have?
She also mentioned, that by the time you ever take a medium sized company to court and get anywhere near to a settlement, you'll probably be out of money due to legal fees, and just like that you'll both owe money to an attorney and your patent fees if you didn't pay those off, AND the other company can then brazenly make it without having anyone after them.
She said (and I agree) in some markets it is better to just leave an idea open to suggestions and improve as fast as you can.
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
Sep 13, 2014
2,610
10,745
2,453
World citizen
There are a lot of people who like patents on their things... however, I hate the idea. Also, there are a lot of reasons to not patent the idea:
1. lookup why WD-40 never put a patent on their stuff. If they would have patented the item, people the world over would now be making it at home. Instead, they've kept it low-cost, they make a good profit, and they never have to disclose what's in it.
2. If you patent it, you need to sue anyone who infringes, which means lawyers... and lawyers cost money... and every time you have a joe schmoe come up you need to sue them too...
3. Why does Tesla share their ideas?
4. Money, it costs big bucks to patent something (and are you only patenting in your country or international?) I have a friend who spent $10,000 on US patents, and another $40,000 on international patents, he's never sold more than even $40,000 of merchandise, and is out those dollars. I warned him from the start that the market he's going to won't tolerate the prices that he needs to charge for it, but he didn't listen.
5. patents run out unless you renew them.

Patents are over-rated in my opinion. Hit the streets selling items at a fair markup and your competition won't even think about starting up due to the high cost vs reward structure.
I did not patent any of my chemical formulas. I saw off all competitors and nobody came up with anything to beat what I was selling.

The existence of patents would have alerted more people to the specialized market that I was supplying.

One major reason why I didn't patent them was that knowing how to use them to the best effect in the industry where they had become essential aids to manufacture was at least as important as the formulas. That was a huge barrier to entry for the average person in the industrial chemical industry.

Walter
 
OP
OP
Ing

Ing

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Jun 8, 2019
432
380
129
54
Bavaria
Aside of patent, I m building prototypes. And they all suck.
My son allready grumbled becausemy shit blockes the workshop. :))
But sucking the all gives me a feeling, that it could be worth it.
 

Lyinx

Contributor
I've Read UNSCRIPTED
Oct 28, 2019
79
76
112
Lancaster County, PA
Aside of patent, I m building prototypes. And they all suck.
My son allready grumbled becausemy shit blockes the workshop. :))
But sucking the all gives me a feeling, that it could be worth it.
My specialty is in strap goods and dabbled a bit in injection molding, if I can help, I'm here to bounce ideas off of (and I have way too much to do to get into sports stuff yet, LOL, so no fear of me stealing the idea, even if it's multi-billion $$, I just don't have the time, I have a meaningful business that I'd rather not walk away from)
 
  • Like
Reactions: Ing

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Sponsored Offers

  • Sticky
MARKETPLACE Fox's Web Design Guide: Earn $100K this year (Yes, 2020!) and Go Fastlane
Just had a personal highlight of the program so far - @GuitarManDan gave a one hour Zoom talk on...
  • Sticky
MARKETPLACE How To Create A 100K-1M+ Sales Funnel
While this is a marketplace post marking the re-launch of my popular course “5-Steps to Create a...
  • Sticky
MARKETPLACE KAK’s “Kill Bigger” Incubation Program- With DAILY personal attention.
Received, and I replied ;) Hope you will take out more protegesss soon ;)
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
This is your May reminder that you can do this. I'll keep it short. These are the May promos...
  • Sticky
MARKETPLACE Grow Your Business With a Book (An Unorthodox Marketing Strategy That Built One of the Largest...
Thanks! This is a cool idea, actually. I would like to use your experience as I heard that these...
  • Sticky
FEATURED! Introducing... WEALTH EXPO$ED, A Short Story By MJ DeMarco
would this be available in paper version? I know it's short, but most of my family is...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Here is where you eliminate uncertainty from the future! I wanted to post this image as I...


Visit A Forum Sponsor
sponsor

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom
AdBlock Detected - Please Disable

Yes, ads can be annoying. But please...

...to support the Unscripted/Fastlane mission (and to respect the immense amount of time needed to manage this forum) please DISABLE your ad-block. Thank you.

I've Disabled AdBlock