Question about an inconsistency in The Millionaire Fastlane

[thereehldeal27]

Ok so I'm reading the Millionaire Fastlane and loving it, but I've noticed one inconsistency that I'd like to address. Now if I am off base please set me straight so I can understand better.

So, basically, at Chapter 31 MJ talks about "Everyone is doing it". He basically recommends if everyone is doing it to GET OUT AND STAY OUT.

But then later in Chapter 26 he states “Someone is doing it” is a monumental illusion imposing as an impassable obstacle.

So it seems contradictory to what was said earlier. If everyone is doing it, should I be doing it or not? Because later in the book it seems like yes, yes I can be doing it- as long as I do it BETTER.

Am I on the right track? Do I understand this right?

 

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[TheDillon__]

The Correct Usage:

AskJeeves, Yahoo, WebCrawler, InfoSeek, AltaVista all exist.
Google - I wonder if there is a way to deliver more relevant results at faster speeds!

MySpace, FourSqure, Habbo, Friendster all exist.
Facebook - I'll bet people (initially college students) would enjoy an easier, more connected way to contact each other and share life events!

The Incorrect Usage:

Everyone's got a t-shirt business - maybe I should start a t-shirt business!

 

[InspireHD]

If everyone and their brother, uncle, and local butcher are buying real estate and TLC is running real estate flipping shows 24 hours a day, you should stay out.

If you want to launch rockets into space, then you shouldn't not do it because there is someone already doing it. You can do it for cheaper or safer, etc.

The difference is and the intention he is trying to explain is that you don't need to come up with a business idea that nobody has ever done before. You can do something that already exists and do it better or offer more value.

 

[GuitarManDan]

The Correct Usage:

AskJeeves, Yahoo, WebCrawler, InfoSeek, AltaVista all exist.
Google - I wonder if there is a way to deliver more relevant results at faster speeds!

MySpace, FourSqure, Habbo, Friendster all exist.
Facebook - I'll bet people (initially college students) would enjoy an easier, more connected way to contact each other and share life events!

The Incorrect Usage:

Everyone's got a t-shirt business - maybe I should start a t-shirt business!

This response sums it up well. When MJ is referring to "everyone is doing it" he's referring to any "get rich quick" schemes like mult-level marketing where all you need is X number of dollars to "start your own business".

In contrast, when MJ speaks about "someone is doing it", he's saying don't shy away from opportunity because someone else is already doing it. Research the industry and find common pain points and build your competing business that will exploit the weaknesses of the guys that are already doing it.

 

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[thereehldeal27]

Ok, I think I understand a bit better now. Thanks guys. Basically the idea is to not reinvent the wheel, but to make it better. Or something like that.

 

[MJ DeMarco]

Ok so I'm reading the Millionaire Fastlane and loving it, but I've noticed one inconsistency that I'd like to address. Now if I am off base please set me straight so I can understand better.

So, basically, at Chapter 31 MJ talks about "Everyone is doing it". He basically recommends if everyone is doing it to GET OUT AND STAY OUT.

But then later in Chapter 26 he states “Someone is doing it” is a monumental illusion imposing as an impassable obstacle.

So it seems contradictory to what was said earlier. If everyone is doing it, should I be doing it or not? Because later in the book it seems like yes, yes I can be doing it- as long as I do it BETTER.

Am I on the right track? Do I understand this right?

Great question! Even better where the responses, thank you to everyone who responded.

You guys eloquently identified the difference, saving the time to clarify.