Set up to Fail, Driven to Succeed - Journey from 0 to Serial Entrepreneur

[FeaRxUnLeAsHeD]

Getting back to lightning focus on my business today and onward..

Job had picked up and I had some learning curves to get over between the last 1-5 weeks and now i'm feeling good..

Also had a boxing exhibition match yesterday that was taking up a lot of mental and physical focus. I did really well - and now I'll rest with that and just go back to lifting a few days a week and focusing on business...

Gotta run.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[FeaRxUnLeAsHeD]

So I've been pretty head down, and I'd say I even burnt myself out trying to do too much, too fast. High level update here and a question for those of you reading..

Question first: Is it a decent strategy to focus on building a practical business before trying to jump in the deep end of entrepreneurship? I really struggle with idea creation / fast execution to validate the idea. There's really nothing I can think of myself diving into head-first that I can validate quickly enough.. so for now I'm focused on niche-areas in personal training and finding ways to scale that. Is that a decent strategy to just DO SOMETHING until I figure out an immediate need to solve and dedicate a lot of time to?

My update:
- Been working a lot of hours for this startup, making some solid money + commission
- Been working a bit of hours with personal training - haven't achieved the scale I'd have liked to yet (about 1 year into doing this as a business) but I have learned a ton and feel I have a scalable strategy moving forward.. then I can stop being 'trainer' and HIRE trainers shortly.. stepping into the online space for high-ticket coaching for a niche-market...
- Been saving aggressively.
- Planning a multi-unit property purchase. I figure in the meantime, if I can't figure out something that solves a core need and meets fastlane criteria, I might as well take steps each day to secure myself the freedom to fully focus 100% on entrepreneurship in the future. For me, that means saving $300-500K and being able to live off the residual (4-6% return), and continuing to lower expenses (income investment property, owner occupied, etc)

Thoughts?

 

[FeaRxUnLeAsHeD]

In the meantime, I've marked my 'red circle' on the calendar for when I'm going all-in on entrepreneurship. By June 9th, 2022 (My 29th birthday), I'm not going to work for anybody else ever again.

The date may be sooner, but it will not be later.

Between now and then, I'm learning, working on my own businesses when I can, and accumulating WEALTH. Shouldn't be too difficult to accumulate between $300-500K from now and then and live off the residual... At this rate, I'll be saving $80,000 a year.....

 

[FeaRxUnLeAsHeD]

I find I'm spending more time working on myself than on a business.

I'm really trying to build the foundation for which I can focus time, energy, and effort on solving real-world business problems. I understand now that personal training isn't going to be scalable. It may be when I enter the online space, but that's going to be an experiment in of itself in the near future.

It may sound 'slowlane', but in the interim, I'm working my a$$ off for someone else as a highly-paid sales rep at this startup company, and honestly I don't think it's a bad idea. A lot of people on this forum like to write as if they're all CEO and A player #1 guys and discredit the #3, 4 and 5 guy..

I'm confident I'm an A player and will be a great founder in the future, but for now I'm living like I'm that broke start-up guy (bare essentials in a shared small apartment) and I'm learning everything I can while raising my net worth / savings. Before I'm 29, I will have accumulated somewhere in the realm of $300-500K at the rate I'm saving, so once I hit that mark I'm going to get a few other boxes checked and then go all in as an entrepreneur.

I figure if I'm making a 5-7% residual on 300K, I'll make $15K-$21K a year, which is more than enough for me to live off of. At this point, I'm going to get either an apartment or house and mortgage in some other part of the country, and go 100% all in on entrepreneurship. For now I keep learning, saving, and spending the rest of my days building whatever need I can solve - right now personal training is more of a side-hustle and income, and I have a few other things in the works as well. My biggest challenge has been executing too slow, overplanning, and focusing on $ instead of value creation, so I've been making modifications to execute quicker.

So for the time being, I'll collect the paycheck (a large one due to hustling / commission etc) and focus the rest of my time on the offense of business-building. Then when I've got a few things more in place, I'm going all in. I enjoy working for a startup, but I know I can be an A-player.. I just don't agree with the way traditional entrepreneurship is glorified to eat ramen and be dead broke and on the verge of bankruptcy and requiring a level of 'struggle' to the point that you set yourself up to fail.

When I hear those stories, I know there's a large percentage of people who had a similar struggle but did not, and may not ever make it in this world.

So, I'm going to at least set myself up to be able to make it by aggressively saving and preparing for war.

In the meantime, I'm saving tons of $$, I'm scaling my income, I'm focusing all my time on how I can add value to the world (whether it be at this job or on my own projects), I'm living frugal as hell, and I'm preparing for war.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[FeaRxUnLeAsHeD]

@MJ DeMarco can we move this to INSIDERS? I'm going to begin updating more frequently and have had issues in the past with making public posts on the internet that have come back to bite me in the butt. I'm not sure who views this forum publicly that knows me, but I'd like to have this on the INSIDERS.

Once this is in INSIDERS, i'm going to post some big learnings as of recent.

 

[FeaRxUnLeAsHeD]

@MJ DeMarco bump to move to INSIDERS so i can update. Thanks!

 

[FeaRxUnLeAsHeD]

Is there no way for me to have this moved to INSIDERS?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.