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One Little Step – advice for wantabes and newbie entrepreneurs

Discussion in 'General Mindset, Motivation, Beliefs' started by RazorCut, Aug 19, 2014.

  1. RazorCut
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    RazorCut Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I was going to post this to a new thread but thought it was a good fit here (which I have once again neglected when I took my sabbatical from the forum).

    Anyway, I've talked to quite a few people over the last few years who work in the many fields of construction. They seem intelligent, articulate and skilful and they all had a thing in common. They always moaned that they felt underappreciated, underpaid and also under pressure to achieve results in unrealistic time frames (then blamed when the 'job ran over').

    They were all capable of setting up on their own earning 2-3 times as much as they did working for 'the man'. They always talked about leaving and striking out on their own. This notion of working for themselves was strong in their minds but there was always a stumbling block that held them back.

    One didn't have a driving licence. Another didn't own any of his own tools even though he was a carpenter (the boss had paid for all of them). Another said he didn't have 'enough experience' even though he produced better work than lots of self employed craftsmen out there.

    They all had this Achilles heel that was holding them back.

    I hadn't seen them for over a year then bumped into them in the city one day. They were all still working for the same boss. The one guy now had a licence so was driving the works van. Another had bought some tools himself. The other still didn't have 'enough experience' to go it alone. They all had the same complaints and were still threatening to set up on their own.

    They had all taken little steps in that year since I had last seen them. They had all progressed, got better at what they did and made more contacts. They were all more than capable of making a living on their own terms for far better money and conditions than they were currently getting.

    They had all taken little steps that had moved them forward to a potential new life. What they lacked may have been a F*ck This Event which would have pushed them over.

    What it showed though was that if the discomfort of the unknown (starting your own business) is perceived to be greater than the discomfort of the known (working for 'the man') then the known will win out every time. It is what happens to so many people in life that settle for mediocrity when they could have had so much more.

    Don't let this happen to you. Don't let the discomfort of the unknown hold you back. Find a way through little by little, step by step.

    Don't give the best years of your life to building someone else's dreams. Build your own.
     
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  2. James Gill
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    James Gill Bronze Contributor I've Read UNSCRIPTED

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    Thank you for sharing this @RazorCut, always appreciate your advice. I'm certainly at the start of the best years of my life, gotta keep building.
     
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  3. RazorCut
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    RazorCut Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Thanks James. You are so lucky to be at the start of your journey at a young age. Exciting times ahead for you. Keep building. :thumbsup:
     
  4. NMdad
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    NMdad Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    I've seen the same thing before I left a job I'd had for 8 years. My FTE was a bad boss--which was ironically one of the best things that every happened to me. Fast forward years later, and while I'm not on the fastlane (yet), I earn 3x what I was paid at that job. A lot of my former colleagues from that job are still there and look to be lifers--or have gotten laid off.

    Daily action, no matter how small, was what built a new life for me. I just need to keep doing daily actions that'll move me onto the fastlane--instead of staying comfortable with where I'm at.
     
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  5. RazorCut
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    RazorCut Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    So true. And it is not hard to earn that sort of money once you get past the hurdle of forgoing the job that you have fooled yourself into thinking provides all that security.

    That reminded me of @Vigilante post about the nurse:

    Sidewalk - Standing Still As Life Passes By


    The common Garden Snail can travel at a speed of 0.03 mph. At that rate that would make a tortoise seem like a race horse in comparison. Even at that tiny rate of movement it could travel over 63 miles in its short life span if it didn't stop.

    Daily action is compounded. It can be a very powerful thing.
     
  6. NMdad
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    NMdad Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    The security of where I'm at right now is a double-edged sword--comfort can kill the hunger.
     
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  7. Romain Bardout
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    Romain Bardout New Contributor Read Millionaire Fastlane

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    I can totally relate to that! I struggled for years between low income jobs and unemployment until I hear about entrepreneurship. It was a revelation to me! I never heard of that in my school years, and nobody runs a business in my family.

    So I started a first project and I was so enthusiastic. And then I hit the reality wall...

    And as of right now, what is holding me back is not the fear of the business world, or even the fear of failure. No, what I fear the most is myself. The thing I don't even know I don't know. Because It will be these things that I will discover too late that I don't know, when I will hit another wall.

    What are your thoughts about this?
     
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  8. RazorCut
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    RazorCut Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Don't fear what you don't know. It is a common trait and sees people over analyse everything to the point of distraction. Analysis paralysis is debilitating and will stop you dead in your tracks (I have that t-shirt in my closet somewhere and I certainly don't want to wear it again).

    When you start a business is it not like a speeding train running out of control. You can learn along the way, it is not as if you only have minutes or seconds to make a life or death decision. Also be aware that you will learn far more from taking action than from trying to figure everything out with research and spreadsheets.

    Also none of us know everything but there is power in numbers, in community. When you come across a problem there are many resources available to you and this is one of the finest on the Internet.

    So take action, observe the results, ask questions, learn, adjust, reapply. If you aren't taking action you have nothing to measure so you can't move forward.

    What was this reality wall?
     
  9. Romain Bardout
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    Romain Bardout New Contributor Read Millionaire Fastlane

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    Well, I have the passion of aeronautics (see my picture?) and always dream of flying my airplane (now it is not a dream anymore, but a goal).

    So, someone advise me to start a company around my passion, and it became a drone business project.

    I get some appointments with a counselor for starting a business. I was so happy and enthusiastic, that I was contagious. And then this counselor propose me to become my business partner. The idea was, I would be building and flying the drones and he would find the customers and manage everything else.

    The reality wall hit me exactly the way that MJ describes in his book about the partnership in business ! It just go south when each of us discover that the other one has no experience in business. That was so obvious ! I laugh at myself right now when I think about that.

    My honey moon with my business idea totally blind me at the time!
     
  10. RazorCut
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    RazorCut Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Just spit balling here but is there anything stopping you creating a Drone register of qualified and insured professional fliers? Something like this:

    Search, locate & hire licensed UK / ROI drone pilots | DSR | Drone Safe Register - UK's Largest Network of CAA Approved Drone Operators For Hire

    You could create a lead gen business utilising some of @Andy Black techniques and sell those leads to professional drone pilots. Or charge them a fee to be on your database and promote the site so they get value from it. No experience should not be a barrier but a challenge.
     
  11. Romain Bardout
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    Interresting idea! Tough it would not work for me:

    1) I am not a sell person, I am more a technical guy. So the lead generation thing is clearly not in my deck of cards.

    2) I could of course become a professional drone pilot and sell my footages / services. But it will fail the CENTS commandments, especially Time, as I cannot scale. Basically it would be a job.

    3) My failure teaches me to not burn my passions.
     
  12. c.dream87
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    c.dream87 New Contributor Read Millionaire Fastlane

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    Hello @RazorCut , sorry I do not understand what you mean with wantabe entrepreneur (sorry but I look at the forum with the Italian English translation)
     
  13. CalinPop
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    CalinPop New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    That is so true man, I work in London supplying all the big solicitors aka lawyers in America with all their needs and their deeds, files and so on I`m doing the hard labour and most of them they are there is because of a degree but not a single sign of intelligence in their heads, Revolution and habit changing from my part is coming
     
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    Awesome post @RazorCut.Thank you.Wish I found this forum earlier too.
     
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  15. Bekit
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    Sooooo much truth here, from beginning to end. Thank you @RazorCut . Wow.

    I nominate this thread for gold status @MJ DeMarco @Andy Black

    @RazorCut , do you think that there are other factors beyond the inertia created by the tension of the unknown exceeding the unhappiness with the current reality? I'm thinking of myself in a lot of these, just the things I'm facing and the resistance I'm experiencing. Because I'm a lot like those guys... and I don't want to be... but I feel like there's an immense number of factors opposing my progress forward.

    For instance...

    Perception. They don't perceive, as you do, that they're all sufficiently qualified to go out on their own, and even MORE qualified than other people who are already making it. This is a mindset issue that they probably need to handle before they will be able to break free.

    Risk Tolerance. There's a huge potential upside when you start your own business, but there's a correspondingly huge potential for disaster. It feels risky to break ways with a predictable income and put yourself in a situation where everything's hanging on you to bring home the bacon. People need to feel at least a little bit "safe." And in the absence of safety, survival mode kicks in, your rational decision making ability goes way down, and you'll just cling to what you know.

    Taking the first step. You started this thread with the advice to just take action. Take ONE step. Ask questions along the way. Don't be afraid to run into that problem 3 steps later that you don't know how to solve. Wait until you're ACTUALLY there and solve it then. Getting started requires that attitude of being willing to go ahead and take action, even though I don't have the roadmap scripted out for the next 6 months, the next year, the next 5 years, whatever. I have to say NO to perfectionism and not let that paralyze me.

    Runway. If I'm barely making it from month to month because I'm deep in debt or barely paying my bills, I won't have the cushion to take that bold, decisive step away from what's comfortable and familiar. So the first problem I may have to solve is building that runway. Or at least... that may be the first problem I think I need to solve. There's a continuum where any given action could be boneheaded stupidity or an easy no-brainer, depending on the circumstances, and It's not easy to see the precise line where you're "good to go."

    An action plan. On the flip side of the "get started already" argument, there is the very real need to have some kind of proof of concept before you leave your safety net and go "all in" on a venture. And even if I have massive skill and do world-class work in my field, I still might not have the skillset to go out and acquire customers and systematize my business income. And if I don't take action there, where it matters, I won't get the opportunity to DO the amazing work that I'm capable of. In other words, I need an action plan that makes me confident that I'm going to be able to sell.

    Lining up all these things takes a lot of careful thought and preparation... or does it?

    When you're doing this for the first time, it seems that progress is waaaay slower than it could be, as you figure every step out, one at a time.

    @c.dream87 Here's the translation: wannabe - Dizionario inglese-italiano WordReference
     
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  16. RazorCut
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    RazorCut Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Hi @c.dream87 sorry, its a colloquialism. It just means someone who wants to be an entrepreneur but has yet to start their journey. wantabe = want to be.

    Hope that makes sense now.
     
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  17. RazorCut
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    Actually that makes ME laugh. All I see here are limiting beliefs. Think of any self made millionaires and billionaires in this world, both past and present and ask yourself did they have experience running a business before starting a business?

    You think MJ had experience running a business before starting his business? You read the book. What about Elon Musk, Jeff Bezos, Henry Ford, Jean-Claude Decaux, Francis Bouygues?

    Take Musk, he dropped out of Stanford Uni after just 2 days to set up a business with his brother. He was 24. They got funding from angel investors at a time the Internet was taking off. He wanted to be CEO but they wouldn't let him!

    Jeff Bezos (worlds richest man) quit his job to hawk books out of his garage (that's him below).

    Jeff_Bezos_0.jpeg

    My shortest definition of a business is 'providing goods or services for reward'. You give somebody something of value and they give you something of value in return. Don't over complicate it. You clean windows or mow lawns for people you have a business. Hell my son had a business selling penny sweets at school (until the teachers banned him). Don't over-complicate it.

    More limiting beliefs and fear of getting out of your comfort zone. Lead generation is Business to Business. You are offering a business owner a customer who is willing to pay them what they want for their services and all you ask in return is a small reward for the introduction. It pretty much sells itself.

    I could go on but it would be pointless. You need to look at changing your mindset as, at the moment, you will find excuses in all directions.

    Try reading something like The Saboteur Within. It may help you get over these stumbling blocks.
     
  18. RazorCut
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    RazorCut Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Thanks for your kind words @Bekit

    Yes, there are many factors at play. It is very hard to take the first steps for many people. However the law of 80/20 means that it mostly boils down to some form of fear. The paralysis is from a fear of failure, or of the unknown, of not knowing enough, of not knowing what to do etc.. They may even feel overwhelmed at the perceived enormity of 'creating a business'. That again is a state of fear.

    This fear makes everything look like an obstacle rather than an opportunity.

    They all know they can earn money off their own backs, and all of them do it occasionally. They all do the odd ‘foreigner’ in an evening or weekend out of work time. The largest fear for them however will be the uncertainty of continuity of work which I'm guessing is one of your major issues. What happens if the work dries up?

    Plus there will be an element of impostor syndrome at play as well. It's one thing for an employer to pay you as part of a group of people in a company, quite another for you to stand apart and command a fee directly from a client. No matter how irrational it is we can all succumb to doubting our abilities and therefore our worth to the market.

    Very true which is why little steps rather than giant leaps are the order of the day. Keep a regular income coming in and slowly replace it with your business income. It's tough to do if you work a lot of hours. Sometimes it is better to take a lower paid job that free's up more time to work on your business.

    The problem with a good salary is it is perceived as a secure safety net. Yes, it can be seen as a life saver, but equally that as a life taker.

    turtle-shell.jpg

    Everything is a process. It's like a recipe. Take a list of ingredients, measure them into a correct quantity and mix them in the right order. Then cook them for the right amount of time at the recommended temperature. Building a business is no different except you don't have an exact recipe to follow, just guidelines. Some parts that are off-grid you'll have to make up as you go along which is where forums like this come into play as other people have made similar recipes over the years so can help you avoid the pitfalls and get over the stumbling blocks.


    I’m not asking people to build a runway. Especially if this is their first gig (which for many reading this thread it will be). I’m just asking them to build a cycle track. It doesn’t even need paving, just flatten down the earth and remove any rocks and foliage blocking the way.

    It doesn't have to be their main enterprise that they dream of building. It could be a side gig that enables them to cut back on the hours they do elsewhere or build up some savings to launch the business of their dreams.

    Those little steps could be as simple visiting garage sales on a Saturday morning and selling what you found on eBay or Craigslist. There is loads of potential in charity and thrift shops. Even Bargain stores. I came across these protein powders the other day in a shop:

    IMG_6103.jpg

    I text my son to see if he wanted any as he is a body builder and uses the exact same product. I asked what he paid for his and the CHEAPEST price he could get anywhere online for the same product was £30. There was an opportunity right there.

    What would be your proof of concept? Is it enough for you to get clients or do you need validation that the work that you do works and provides value? That latter would take a little longer but not that long.

    If you want clients as proof of concept I would suggest that you do what @Andy Black is a great proponent of. Ask yourself who has your customers. The obvious answer for you is marketing agencies. Small companies selling Facebook, Instagram and Adword marketing. They have clients that need your services, hell they probably could do use your services themselves.

    How hard would it be to write a persuasive letter to a few dozen agencies to introduce yourself and offer your services. They could add it to their portfolio of products and add on a margin, or they could just recommend you to their clients once you had built up some form of relationship.

    Fairly easy and quick to validate with zero cost, save time and effort.

    For anyone still stuck in the starting blocks maybe have a read of Ready, Fire, Aim.
     
    Last edited: Feb 6, 2019
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  19. Surf16
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    @RazorCut great information.
    I have started the process of creating a new product. I am currently in the "testing the market" phase by creating the landing page. I am waiting for 3D images to post on it. After, I will direct people their through paid ads on FB and Google Adwords.

    I know MJ says to be monogamous with one product, but I have a few more ideas for new products as well as adding value to others now that I have opened my mind to the Fastlane way of thinking.

    Should I pursue the other ideas while I am waiting to validate the one I am creating the landing page for? My thought is once I get the validation that it is actually a product I will put my head down and only focus on that one.

    Thoughts?
     
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  20. RazorCut
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    It doesn't hurt to have other irons in the fire as long as you don't get unduly distracted by them. However I have been guilty in the past of spreading myself too thin with this thinking and ended up juggling several businesses at once and they all suffered.

    If you are just exploring and know you can forgo action on the other ideas as soon as this bottleneck is overcome then fine but don't let shiny object syndrome take a hold.

    MJ's advice to be monogamous is very sound so I would tread carefully as it is so easy to get pulled in multiple directions.
     
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    I am that snail pursuing software development. Just gotta work each day to build on what I've got, learn, stumble, get up, progress. It's not painful anymore, now it's just routine.
     
  22. Romain Bardout
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    Definitively on my reading list! Thanks!
     
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