So many options...!

[itsamiracle]

How do I know the right PATH to go down in my Entrepreneurship journey? I am in my mid 20's and working a "comfortable" work-from-home corporate IT job making six-figures. But, I despise working for other people and want to make a complete shift to entrepreneurship.

However, there are so many options, how do I know where to focus my efforts?

Here are the factors that are important to me in choosing a business:


1) High potential to have passivity in income
2) High earning potential (potential of $500k + per year)
3) Relatively low start up costs (ie. a business I can launch from my home)

I'm also open to hearing new ideas that I may not yet have considered. Would love to get any thoughts:

The options I have narrowed myself down to are below.


1) Independent Salesforce.com (IT/CRM) consulting

Pros:

- I am already an expert in Salesforce implementations (with my current job) and could get started pretty quickly and start making $60-75 per hour.

Cons:

- My current employer wouldn't be too happy and I would likely need to leave my (comfortable/work-from-home) job
- Earning potential probably caps at $200 - $250k per year
- Passivity potential low

2) Make an App

Pros:

- Earning potential high
- Passivity potential high

Cons:

- No experience building or launching an app
- Hit or miss: my perception is that the only way to make money is to make a really really popular app like an Uber or a Tinder. There is no "in-between".

3) Launch a brand (ex. supplements brand)

Pros:

- I have a unique idea around this that could really take off for a niche market that has not yet been touched
- Passivity potential high

Cons:

- Lacking knowledge into this industry
- Earning potential unknown


4) Daytrading / Trading Pennystocks

- High risk/high reward as far as earning potential goes

Cons:

- Lacking knowledge into this industry
- Do "regular" people even make money doing this? Are all the Timothy Sykes of the world frauds?

5) Real Estate Investing (rental properties, flipping homes)

Pros:

- Passivity potential high
- High earning Potential?

Cons:

- Little/no knowledge of industry
- Start up costs high

 

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[nradam123]

Which one are you going to start and stick with for minimum 1 year even if you make zero money out of it?
Which one do you think you are really good at?
Which one you will enjoy doing enough to work really hard and still enjoy the process?

If any of your above business ideas make the above cut (truthfully, don't lie to yourself) you can go forward.

Read the following guides -
1) Don't dabble - https://www.thefastlaneforum.com/community/threads/no-dabble-zone.66552/
2) Have a great work ethic - https://www.thefastlaneforum.com/community/threads/a-complete-guide-to-kickass-work-ethic.70527/

 

[devine]

Options are when you can execute, not when you have read a bunch of threads on TFLF but can't do shit.
Paid learning is your only option.

@Mial you asked for advice, here it is.
Read this OP carefully and think what's wrong about it?

This is what happens when you have no skills, but try to jump into entrepreneurship.

 

[TonyStark]

I don't even read these posts because there's no real execution or value behind them.

But you are new, so welcome.

 

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[GuestUser155]

All of these ideas: Suck and are copycats.

There's no need for me to explain why, it's in The Millionaire Fastlane .

Lazy people don't get anywhere.

Let's analyze your mindset:

However, there are so many options, how do I know where to focus my efforts?

No one but you can make this decision. There's a website in the book that can help you out.

Side-note: Everyone should have to read TMF before applying. It would cut down on all of this nonsense and junk.

Here are the factors that are important to me in choosing a business:

Yeah, use the website.

1) High potential to have passivity in income
2) High earning potential (potential of $500k + per year)
3) Relatively low start up costs (ie. a business I can launch from my home)

These are really arbitrary factors.

1). You can make just about anything passive.
2). If you provide something a lot of people value, you'll make what you deserve. Not how much you wish.
3). You can launch most businesses in your home if you're sharp.

1) Independent Salesforce.com (IT/CRM) consulting

Pros:

- I am already an expert in Salesforce implementations (with my current job) and could get started pretty quickly and start making $60-75 per hour.

If you know for a fact, then why haven't you started.

Cons:

- My current employer wouldn't be too happy and I would likely need to leave my (comfortable/work-from-home) job

I would stop writing here and just leave you be to your retardation. Why are you wasting others time if you're not ready to commit to an uncomfortable life now for a luxurious one later?

Why do you care what your employer thinks? You're mediocre, you don't owe shit to anyone if they won't help you succeed.

- No experience building or launching an app
- Hit or miss: my perception is that the only way to make money is to make a really really popular app like an Uber or a Tinder. There is no "in-between".

1). Outsource
2). Your perception is wrong

3) Launch a brand (ex. supplements brand)

Pros:

- I have a unique idea around this that could really take off for a niche market that has not yet been touched
- Passivity potential high

Cons:

- Lacking knowledge into this industry
- Earning potential unknown

1). Outsource
2). Take risks or stay a loser

4) Daytrading / Trading Pennystocks

- High risk/high reward as far as earning potential goes

Cons:

- Lacking knowledge into this industry
- Do "regular" people even make money doing this? Are all the Timothy Sykes of the world frauds?

Yeah nah. Read the book.

- Start up costs high

3) Relatively low start up costs (ie. a business I can launch from my home)

Did you even proofread?

 

[itsamiracle]

No one but you can make this decision. There's a website in the book that can help you out.

Wasn't looking for anyone to make my decision, just some advice from those who have may have already answered this question in the past for themselves.

If you know for a fact, then why haven't you started.

I should have mentioned, I HAVE done some of this part-time (on the side). Just don't see this as being a long term approach to passive income.

I would stop writing here and just leave you be to your retardation. Why are you wasting others time if you're not ready to commit to an uncomfortable life now for a luxurious one later?

Why do you care what your employer thinks? You're mediocre, you don't owe shit to anyone if they won't help you succeed.

Some good constructive feedback here and as I work to change my mindset, I'll keep this in my mind.

On a related mote: I know you are a more senior member here, but i would submit to you that there is probably a better way to welcome new members. I do see your point and your constructive criticisms, but would there be a better approach than to call those that are new on this journey "retarded" or "losers" ?

Thanks for the advice and I hope to prove you wrong in the coming months

 

[itsamiracle]

If any of your above business ideas make the above cut (truthfully, don't lie to yourself) you can go forward.

Read the following guides -
1) Don't dabble - https://www.thefastlaneforum.com/community/threads/no-dabble-zone.66552/
2) Have a great work ethic - https://www.thefastlaneforum.com/community/threads/a-complete-guide-to-kickass-work-ethic.70527/

Thanks for the feedback, @nradam123 , will take a look!

 

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[MJ DeMarco]

How do I know the right PATH to go down in my Entrepreneurship journey? I am in my mid 20's and working a "comfortable" work-from-home corporate IT job making six-figures. But, I despise working for other people and want to make a complete shift to entrepreneurship.

However, there are so many options, how do I know where to focus my efforts?

Here are the factors that are important to me in choosing a business:


1) High potential to have passivity in income
2) High earning potential (potential of $500k + per year)
3) Relatively low start up costs (ie. a business I can launch from my home)

I'm also open to hearing new ideas that I may not yet have considered. Would love to get any thoughts:

The options I have narrowed myself down to are below.


1) Independent Salesforce.com (IT/CRM) consulting

Pros:

- I am already an expert in Salesforce implementations (with my current job) and could get started pretty quickly and start making $60-75 per hour.

Cons:

- My current employer wouldn't be too happy and I would likely need to leave my (comfortable/work-from-home) job
- Earning potential probably caps at $200 - $250k per year
- Passivity potential low

2) Make an App

Pros:

- Earning potential high
- Passivity potential high

Cons:

- No experience building or launching an app
- Hit or miss: my perception is that the only way to make money is to make a really really popular app like an Uber or a Tinder. There is no "in-between".

3) Launch a brand (ex. supplements brand)

Pros:

- I have a unique idea around this that could really take off for a niche market that has not yet been touched
- Passivity potential high

Cons:

- Lacking knowledge into this industry
- Earning potential unknown


4) Daytrading / Trading Pennystocks

- High risk/high reward as far as earning potential goes

Cons:

- Lacking knowledge into this industry
- Do "regular" people even make money doing this? Are all the Timothy Sykes of the world frauds?

5) Real Estate Investing (rental properties, flipping homes)

Pros:

- Passivity potential high
- High earning Potential?

Cons:

- Little/no knowledge of industry
- Start up costs high

Hmmm, the one thing that will dictate your success was never mentioned. Not ONCE.

May I suggest you read the book upon which this forum is based upon.

If you don't then here is what could be expected:

• we will be speaking another language to which you cannot speak.
  
• you will ask a lot of worthless questions that were already addressed in the book (and here) and thoroughly.
• The people here will perceive you as lazy. <--- while I'm sure that's not the case, many folks here don't have the patience to answer the same questions that have been asked 1,300 times in the last 7 years.

Other than that, welcome to the forum as I hope you enjoy your stay.

 

[itsamiracle]

Hmmm, the one thing that will dictate your success was never mentioned. Not ONCE.

May I suggest you read the book upon which this forum is based upon.

If you don't then here is what could be expected:

• we will be speaking another language to which you cannot speak.
  
• you will ask a lot of worthless questions that were already addressed in the book (and here) and thoroughly.
• The people here will perceive you as lazy. <--- while I'm sure that's not the case, many folks here don't have the patience to answer the same questions that have been asked 1,300 times in the last 7 years.

Other than that, welcome to the forum as I hope you enjoy your stay.

Thanks for the feedback MJ. I actually just purchased the book via Amazon yesterday. Fair point to read thoroughly it before posting.

My question really boiled down to one thing: how do I know which business/idea/venture to commit to?

I look forward to the book helping me provide some prospective into this answer!

 

[devine]

My question really boiled down to one thing: how do I know which business/idea/venture to commit to?

I look forward to the book helping me provide some prospective into this answer!

Read this thread: The power of dedication.
It gives the only valid answer to this very question. I basically wrote this for people like you.

 

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[LiveHappy]

Which one are you going to start and stick with for minimum 1 year even if you make zero money out of it?
Which one do you think you are really good at?
Which one you will enjoy doing enough to work really hard and still enjoy the process?

If any of your above business ideas make the above cut (truthfully, don't lie to yourself) you can go forward.

Read the following guides -
1) Don't dabble - https://www.thefastlaneforum.com/community/threads/no-dabble-zone.66552/
2) Have a great work ethic - https://www.thefastlaneforum.com/community/threads/a-complete-guide-to-kickass-work-ethic.70527/

nradam123 Thank you for this - I will be using this to decide on my "one thing" as well.

 

[LiveHappy]

Wasn't looking for anyone to make my decision, just some advice from those who have may have already answered this question in the past for themselves.



I should have mentioned, I HAVE done some of this part-time (on the side). Just don't see this as being a long term approach to passive income.



Some good constructive feedback here and as I work to change my mindset, I'll keep this in my mind.

On a related mote: I know you are a more senior member here, but i would submit to you that there is probably a better way to welcome new members. I do see your point and your constructive criticisms, but would there be a better approach than to call those that are new on this journey "retarded" or "losers" ?

Thanks for the advice and I hope to prove you wrong in the coming months

I am in a very similar situation as you. Maybe a bit further along as I have read the book, however I read Akakoc 's response as if he were saying it to me and it is really good information. We all have a little bit of pride and hate for it to get hurt, Im probably wrong here, but the value in this info is on the other side of our pride.

-LiveHappy

 

[TonyStark]

There should be a TMF test everyone has to pass before they can make their first 'New Member' post.

This will save us the redundancy of having to answer the same questions, such as:

1. What business should I start?
2. Is this Fastlane?
3. I have (x) amount of dollars, what should I do with it?

Etc....

 

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