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GOLD! The CENTS Business Commandments for Entrepreneurs

LittleJohn

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I'm amazingly thankful and we are so lucky to have people like MJ. I'm so curious to know, what he gets out of all of it, or maybe if MJ ever stumbles across this question - I understand the money part very well, but is it just the "giving back" mission why you are helping us? Is it like a charity? Or is it more of a mission to educate the world and get rid of as much bad advice as possible?
The story / anecdote in UNSCRIPTED about Heaven and Hell appearing the same but in Heaven each person is using their 3 foot fork to help others eat the food comes to mind.

One of the messages glaring at me as I finished MFL and now into UNSCRIPTED is Money chasing = losing proposition, while creating value/convenience/solutions/helping to solve a problem for people attracts money via 'money vouchers' so to speak where money acts as the medium placeholder that facilitates the exchange of value from the creator to customer.

I am now Tuning my frequency to hone in on ideas and opportunities to serve the people on this planet. :)
 

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MJ DeMarco

MJ DeMarco

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I'm amazingly thankful and we are so lucky to have people like MJ. I'm so curious to know, what he gets out of all of it, or maybe if MJ ever stumbles across this question - I understand the money part very well, but is it just the "giving back" mission why you are helping us? Is it like a charity? Or is it more of a mission to educate the world and get rid of as much bad advice as possible?
A combination of all of the above. Some things money can't buy, like having an inbox of "you changed my life" emails. Really feels inspiriting to make a difference and do something with your heart as the priority as opposed to the wallet. At times it does feel like charity because I'd make a lot more focusing on something else.

testimonials.png

A lot of it comes back to when I was 20 ... I wrote the book(s) I wish I had available to me.
 

Dianne Cohen

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The story / anecdote in UNSCRIPTED about Heaven and Hell appearing the same but in Heaven each person is using their 3 foot fork to help others eat the food comes to mind.

One of the messages glaring at me as I finished MFL and now into UNSCRIPTED is Money chasing = losing proposition, while creating value/convenience/solutions/helping to solve a problem for people attracts money via 'money vouchers' so to speak where money acts as the medium placeholder that facilitates the exchange of value from the creator to customer.

I am now Tuning my frequency to hone in on ideas and opportunities to serve the people on this planet. :)
 

SIDI

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Just a bump. Love re-Reading this. Now to do something about it!! Thanks MJ
 

Bryaninbangkok

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This is a great thread for me to send to people to introduce them to this forum, its nice for it to be written in one place, so many people looking for low barriers of entry, there isn't much value added there.
 

Dana Taylor

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The Commandment of Scale (centS)

A productocracy’s fifth and final CENTS Commandment within the Fastlane structure is the Commandment of Scale.

Scale instructs that legacy value systems must be replicated through mass or magnitude while making a profitable impact.

The four definitive components are:

1. Legacy value system
2. Replication
3. Mass or magnitude
4. Profitable impact

First, your offering must eventually evolve into a legacy system in accordance with the four prior commandments. A legacy system carries the components of the TIME component, both physicality and detachment.

Second, your LVS must be replicable, or easily copied into multiple units, locations or chains.

Optimally, this replication should extend among hundreds or thousands, if not millions, of units. For instance, software is easily replicated. The same goes for a website service where increased users and traffic extend replication. My forum receives over 100,000 visitor sessions per month. In the ten years I owned my Internet company, I served a multitude of millions. Physical products like this book also offer replicative elements; my printer can print one million books as easily as 10,000. Replication turns one store into twenty, one duplex into a dozen, and hundreds sold to millions.

Third, replication must have either mass or magnitude. Most people think scale automatically equates to mass-market millions or operating in multi-billion market size. However, scale can also be graced through magnitude, or the gravity of your impact. For instance, if you provide housing for twenty families (not mass market), you’ve scaled by magnitude and probably are doing well—housing is a magnitudinal endeavor. Sell ten restaurant franchises for your organic, GMO-free restaurant, and again, brute-force magnitude occurs.

The fourth element in the definition is a profitable impact. The UNSCRIPTED business is about profits, not ten years from now but within your first year. Nowadays, too many businesses are labeled a success by virtue of growth or run rates. Many never make a profit for years and bleed cash like an Instagram playboy. Most start-ups birthed on the tech coast create value and make an impact. The problem is, they don’t make a profitable impact for years.

Amazon is a great example of a company that makes a phenomenal impact but largely hasn’t been profitable. Remember: Selling hundred-dollar bills for fifty bucks isn’t what we want. “Bleeding value” might grow a company fabulously and have VC’s drowning us in term sheets, but that’s not our objective. Let the deep-pocketed sultans of Silicon Valley make those gambles.

Your goal is UNSCRIPTED, which demands profitability now, not later. And if you want to create the next hot start-up reveled on TechCrunch, the better bet is doing it UNSCRIPTED where “F*ck you” opens up more possibilities.

As producers, we are in the business of serving consumers—not few, but many. However, before impacting the masses, we must first impact one—and do so profitably. If you can impact one profitably and your legacy system is replicable, congratulations, you’ve laid a scaling track.

The act of profitably impacting many is where your income (and life) makes quantum leaps. Optimally, your business solution should impact an industry large enough to impact your life. If you have a software solution appealing to hospitals, the appeal of magnitude scale exists. If any business owner could use your product, the appeal of mass scale exists.

The market size constructs the ceiling under which we limit ourselves. If your solution sells for twenty bucks and your target customer is an Internet-savvy octogenarian who owns a Corvette, the market ceiling is at your ankles. How big is that market? You can’t fill a pool with an eyedropper. Olympic swimmers don’t train in bathtubs. Swim in bodies of water large enough to take you somewhere.

Excerpt From: MJ DeMarco. “UNSCRIPTED: Life, Liberty, and the Pursuit of Entrepreneurship.”
Thoroughly enjoyed this reminder!
 
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MJ DeMarco

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Bump.
 

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MJ DeMarco

MJ DeMarco

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How did you come up with this acronym, MJ?
It didn't start that way when I first identified the 5 commandments I thought were most important.

Yet, I was fortunate enough to have it form an acronym ... it was originally started as NECST (because NEED is always the most important) and then I later decided CENTS was easier to remember, plus, If it makes CENTS, it makes sense!
 

focusedlife

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Yeah, I remember reading NECST in TMF and was like "WTF? Why didn't he just use CENTS?" lol.

I guess what I was wondering about was how you identified those 5 components as critical for success?
 

SD Entrepreneur

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Jul 12, 2019
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It didn't start that way when I first identified the 5 commandments I thought were most important.

Yet, I was fortunate enough to have it form an acronym ... it was originally started as NECST (because NEED is always the most important) and then I later decided CENTS was easier to remember, plus, If it makes CENTS, it makes sense!
Been reading this and re-reading this often, so many valuable sentences within... @MJ DeMarco I was thinking of creating a spreadsheet for everyone based on CENTS to help evaluate your business and/or business ideas. Let me know if that would be ok to do and share...
 
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MJ DeMarco

MJ DeMarco

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Been reading this and re-reading this often, so many valuable sentences within... @MJ DeMarco I was thinking of creating a spreadsheet for everyone based on CENTS to help evaluate your business and/or business ideas. Let me know if that would be ok to do and share...
Of course it's ok, anything that helps spread the CENTS message, just make sure it is credited to the book!
 

SD Entrepreneur

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Of course it's ok, anything that helps spread the CENTS message, just make sure it is credited to the book!
Thanks @MJ DeMarco, I created a CENTS Business and Idea Evaluator spreadsheet here. The purpose of CENTS is to improve your probabilities for creating a business that can change your life forever.

The purpose of the spreadsheet is to have a quick, visual method for analyzing businesses and ideas based off the CENTS commandments without having to open/find relevant info in the books/forums.

A few notes:
  • To copy the sheet and edit it on your own, go to FILE --- DOWNLOAD AS in the menu to save it
  • If you view the notes inside the brief description of each commandment, you will see the full text from this forum post
  • I added step 3 since there are uncertainties when evaluating a business idea. For example, you may not know or may have to research whether or not the business can provide the necessary relative value required. This area allows for adding your own notes/thoughts/questions for further research/evaluation
If anyone has feedback/suggestions let me know and I can consider updating the master sheet. We all think, visualize and learn differently, hopefully this framework is helpful for others as it is for me (I'm sure some people hate spreadsheets).

I also created a separate forum post for those that haven't seen or looked at this thread lately.
 
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