• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 50,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

The MAIN difference between someone who makes 100k /year and someone who makes 1m?

Discussion in 'General Entrepreneur Discussion' started by Fox, May 10, 2019.

  1. ZCP
    Offline

    ZCP Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,315
    Likes Received:
    7,518
    Joined:
    Oct 22, 2010
    Gender:
    Male
    Location:
    Woodstock, GA
    Rep Bank:
    $31,011
    100%. I am stupid for not seeing this. I even had data points from my Dad's business...... hire well, fire quickly, only tolerate exceptional work!
     
    Fox, Jeff Noel, NMdad and 3 others like this.
  2. AgainstAllOdds
    Offline

    AgainstAllOdds Legendary Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

    Messages:
    1,732
    Likes Received:
    10,107
    Joined:
    Dec 26, 2014
    Gender:
    Male
    Location:
    Chicago, IL
    Rep Bank:
    $66,542
    We lie to ourselves that it's better to not have employees since it's more aligned with subconscious goals. Less employees typically equals more freedom in the short-term. They're an additional component that needs to be managed, even if you're outsourcing. So our preference is to not hire them and stay small vs hiring them and adding on short-term headaches that can eventually be delegated.

    Eventually those headaches are worth it, but it's something that I see myself and other entrepreneurs avoiding as much as possible. Even in this thread I'll bet that my reply gets less likes and replies since it's not aligned with the culture of "online, automated income". However, if you look at any billionaire, almost all of them made it there by having a lot of people under them. Same if you meet with multi-millionaires - it's an extrapolation of that.
     
  3. MakeItHappen
    Offline

    MakeItHappen Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    442
    Likes Received:
    627
    Joined:
    Apr 12, 2012
    Rep Bank:
    $2,655
    Mind you this is just my opinion.
    I would say mindset and ambition are the most important factors.
    All the others factors mentioned in the thread are likely just as important but of little use if you have a shitty mindset and no ambition.

    Here is a question I am curious about:
    What is the difference between the entrepreneur that makes 6 figures vs. 7 figures via a web design company?

    While it may not be the best/easiest way to build a 7 figure business it shoud certainly be possible. Imo if you can scale a hard to scale business to 7 figures the skills you need for that should be also very valueable for a business that's easier to scale.

    Besides mindset and ambition I can think of these:
    - human resources (hiring a+ employees)
    - management skills (get the most value out of your employees but also your business grows the skill to manage managers that work for you)
    - building repeatable processes and systems

    What do you think?
     
    Andy Black likes this.
  4. B. Cole
    Offline

    B. Cole In thine hand is power and might. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    532
    Likes Received:
    1,555
    Joined:
    Mar 5, 2017
    Gender:
    Male
    Location:
    East Coast
    Rep Bank:
    $3,322

    Probably a truth most of us that want to grow big don’t want to admit. My mentor caught me off guard the other day, talking about a point in time that I would likely have to hire someone. I have been in denial about it somewhat. With 182 employees reporting to me in the day job, I cringe at it - it’s one of the things I’m trying to escape. But I know that when the time comes, it will be completely under my control. My company, my rules, my performance standards. Not the bureaucratic nightmare of a government agency, where progressive minded leaders are often victims of their own employees and (lack of) HR.

    Just another tool - another element in CENTS to embrace and execute on. I led a smaller 6 member organization in the private sector and thrived there, some of the most enjoyable career years of my life. It was a company with a slowlane owner - I now see the potential of a team that size with fastlane principles applied, it could be glorious.
     
    Dignium, NMdad, Bekit and 1 other person like this.
  5. OliverR
    Offline

    OliverR Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    39
    Likes Received:
    75
    Joined:
    Jan 28, 2012
    Gender:
    Male
    Location:
    EU
    Rep Bank:
    $435
    It's a math game. For me "Unscripted" put something very important in perspective, what's the most important number in the 1 Million/year equation? 2740 USD. Since everyone knows what I'm on about won't dive into that more.

    So I think anyone with enough hustle to crack 100k/year in profits has the seeds or potential to crack 1M.

    It's a question of asking if the market you are in is capable of doing that or is your niche capped out at XXX k per year. If the answer to the question is that the market is not capped out then it's a matter of finding the right distribution/marketing that can scale which will lead you down the rabbit hole of paid media with scale (depends on the business). Facebook/Google/Pinterest/Snapchat/Instagram/Taboola

    If you put your product in the right channel and have a performance marketing driven mindset I would say anything is possible. People do magic in big online traffic sources, so here I'm talking about paid traffic

    It's no easy task but if you know your metrics and start driving traffic to your product and figure out the funnels and do it profitably in a big enough market then it's a matter of fuelling the furnace with adspend. So that 1 dollar spent generates 2 in return.

    Not possible in any business if selling hours then you are limited unless you want to scale your consulting business to a big company with lot's of employees. But I'm sure in case of @Andy Black with his knowledge of Google it wouldn't be farfetched to say if you open up a second line of business to find a good product from someone else, you could generate a shitton of cash and probably way more then 1M per year in profits.

    So all in all. Pick a product/service in a market big enough that can scale to 1M+ first and then start figuring out how to get there. If you can crack 100k in a big market you could also crack 1M. Keep learning and growing. And as some people said before there are folks who come from nothing and when they hit 100k+ that could be more than enough for them with a comfortable lifestyle and don't even think to do more.

    Mindset+market size+distribution = 1M+
     
    Dignium, NMdad, Bekit and 1 other person like this.
  6. Andy Black
    Online

    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

    Messages:
    7,918
    Likes Received:
    33,501
    Joined:
    May 20, 2014
    Gender:
    Male
    Location:
    Ireland
    Rep Bank:
    $186,908
    Having a team has made my life and business much better. I’ve no desire to have employees on a payroll though. Having a team of freelancers gives me the upside I want without the downside I don’t want. I’m curious if you meant they had to be employees? I’m guessing not, but ask just in case...
     
    Dignium, Daniel A, MTF and 1 other person like this.
  7. eliquid
    Offline

    eliquid ( Jason Brown ) Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    1,334
    Likes Received:
    6,401
    Joined:
    May 29, 2013
    Gender:
    Male
    Location:
    Louisville - Kentucky
    Rep Bank:
    $50,490
    Very few people have touched on it, but I feel it comes down to belief.

    Belief knowing you can and will do it.

    As someone with no team, no soft skills, and limited scale.. I was able to go from one extreme to the other.

    I also dabbed in many industries and ideas.

    The one thing that glued it all together, I knew I was going to make it and that belief helped me through thick and thin.

    I guess you could also label it as grit and determination, but I feel you have to have the belief for that to even work out too.

    .
     
    Dignium, Mr992, diegorueda and 12 others like this.
  8. MakeItHappen
    Offline

    MakeItHappen Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    442
    Likes Received:
    627
    Joined:
    Apr 12, 2012
    Rep Bank:
    $2,655
    Did you have this belief right from the beginning or did you develop it?
     
  9. ZCP
    Offline

    ZCP Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,315
    Likes Received:
    7,518
    Joined:
    Oct 22, 2010
    Gender:
    Male
    Location:
    Woodstock, GA
    Rep Bank:
    $31,011
    Game 7 of the NBA playoff series between Golden State and Houston showed it ........ Houston 'should' have won. They 'thought' they could. ...... Golden State won. They 'knew' they would win.

    You could see it in their eyes coming down the stretch of the 4th quarter. They took it up a notch in crunch time and fought through to give their best performance when it mattered the most.
     
    Dignium, astr0, MTEE1985 and 3 others like this.
  10. eliquid
    Offline

    eliquid ( Jason Brown ) Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    1,334
    Likes Received:
    6,401
    Joined:
    May 29, 2013
    Gender:
    Male
    Location:
    Louisville - Kentucky
    Rep Bank:
    $50,490
    No lie, I always had it.

    My mom dug out a cassette tape where I recorded myself singing at like 8 years old. On this tape I was singing a song I made up and in the lyrics I mentioned over and over again how I was going to be rich and successful.

    Besides that, I had a lot of other experiences where I just knew my time would come.

    Not trying to brag or sound conceded. Just wanted to show the belief was always there. Sure, it could have all been conquincidence too. Regardless, the belief was something I feel I did not develop.

    .
     
  11. Longinus
    Offline

    Longinus Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    985
    Likes Received:
    4,043
    Joined:
    Aug 28, 2014
    Gender:
    Male
    Location:
    Flanders, Belgium
    Rep Bank:
    $18,847
    Funny you say that. I know a web agency that had 14 people working. One day the owner fired them all. He said it's not profitable with the staff and continues on his own. Smaller, but more profitable.

    So yeah, maybe you can make big revenue with a lot of staff, but it also affects profit. Really depends what type of business of course.
     
    MakeItHappen likes this.
  12. Andy Daniels
    Offline

    Andy Daniels Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    140
    Likes Received:
    268
    Joined:
    May 29, 2017
    Gender:
    Male
    Location:
    Oregon
    Rep Bank:
    $1,698
    Definitely this.

    I've noticed that the millionaires are the people who take risks that others won't. Those who dare travel down the road less traveled.

    Also I firmly believe that creativity is key. Being presented with a problem, and finding a unique and valuable solution every time.
     
  13. eliquid
    Offline

    eliquid ( Jason Brown ) Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    1,334
    Likes Received:
    6,401
    Joined:
    May 29, 2013
    Gender:
    Male
    Location:
    Louisville - Kentucky
    Rep Bank:
    $50,490
    yes yes yes
     
    Monica Rose and Andy Daniels like this.
  14. MHP368
    Offline

    MHP368 the man, the myth, the Pseudo-Apollodorus Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    247
    Likes Received:
    352
    Joined:
    Aug 17, 2016
    Gender:
    Male
    Location:
    Sahuarita AZ
    Rep Bank:
    $1,391
    I'm going with "Habits, discipline, mindset"

    The best idea is worthless if you can't fund it because you have too many vices or you can't execute because you keep getting sidetracked or you can't scale because...

    Use the hotdog stand example, hard to scale but not impossible (ever hear of oscar meyer or hebrew national?) , so its an inherently non fastlane model but we have real life examples of how it can meet all the criteria and become something big, but no one who can't balance a checkbook or get off facebook long enough to do some work will ever be that guy.

    I think you'd find that the majority of millionaires have some kind of millionaire inducing mindset / personality traits etc and a much smaller % are like "mad scientist / adhd" types who just had brilliant ideas that were so good they just couldn't make money.

    To further rag on this, idk how many of you are familiar with "extreme early retirement" / FIRE ? , so mathematically even someone with literally no business to speak of can build themselves a healthy nest egg using the methods that we think of as "ways to keep wealth" instead of "ways to make wealth" , they just do it by having an iron will (and a really boring bland life) - still makes my point though , the well disciplined entrepreneur is going to run laps around the guy with the gambling addiction who sleeps in every day even if sleepy gambler man executes slightly better (or has any other of the Nects keystones working in his or her favor)

    You have to have like, an exponentially better head start on some other criteria to make up for poor mindset / willpower / discipline (however you wish to describe it) and even then, those are the people that might give up too soon on an idea that has legs, or fail two or three times and give up entirely, or are prone to making life shatteringly bad decisions.
     
    Dignium, Monica Rose, astr0 and 3 others like this.
  15. Get Right
    Offline

    Get Right Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    1,246
    Likes Received:
    5,337
    Joined:
    Jul 16, 2013
    Gender:
    Male
    Location:
    Sunny Florida
    Rep Bank:
    $36,331
    1. Getting the hell out of your comfort zone.

    I had to develop mine.
     
    MakeItHappen, astr0 and MTEE1985 like this.
  16. MHP368
    Offline

    MHP368 the man, the myth, the Pseudo-Apollodorus Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    247
    Likes Received:
    352
    Joined:
    Aug 17, 2016
    Gender:
    Male
    Location:
    Sahuarita AZ
    Rep Bank:
    $1,391
    Yah got moxy kid , spunk , chutzpah , the right stuff.
     
  17. Abood
    Offline

    Abood Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

    Messages:
    22
    Likes Received:
    20
    Joined:
    Oct 19, 2018
    Gender:
    Male
    Rep Bank:
    $149
    This thread is gold.
     
    James Fend likes this.
  18. Monica Rose
    Offline

    Monica Rose New Contributor

    Messages:
    3
    Likes Received:
    8
    Joined:
    Apr 14, 2019
    Gender:
    Female
    Location:
    Maui, Hawaii
    Rep Bank:
    $42
    We are working on this right now as we are in a very similar position. I have read two books recently that might help you, both of which I found on another post on this site. The first is the E-Myth Revisited by Michael E. Gerber, and the second is Built to Sell by John Warrillow. My husband and I make six figures currently running our wholesale company remotely (we have a couple of suppliers that drop ship for us), but because of the level of personalized service we offer our customers, we've been hesitant to market our business aggressively. We are currently working on improving our systems/automation (leverage) to create a business worth scaling. If we focused on scaling without the systems (leverage), we'd have to hire a team and change our business model. If we focus on leverage first and then scale with better leverage, we may still have to hire eventually but then even our employees will be able to operate more effectively and do more with less time
     
    Dignium, MakeItHappen and Andy Black like this.
  19. Monica Rose
    Offline

    Monica Rose New Contributor

    Messages:
    3
    Likes Received:
    8
    Joined:
    Apr 14, 2019
    Gender:
    Female
    Location:
    Maui, Hawaii
    Rep Bank:
    $42
    Agree completely! My husband and I are in this position ourselves where we make a decent income running a wholesale business using drop shipping. Because of our business model we've managed to grow significantly without yet adding any employees. Our suppliers have the bricks and mortar facilities and we use software/technology that has helped us scale. We've weighed the pros/cons of having employees to help us grow further, but haven't been ready to give up the freedom/independence yet. We know we will have to if we want to take our growth to the next level, but we are currently working on defining our business model/process and improving our back end systems, that way when we do hire our first people we first of all know what we need them to do, and second of all can make more efficient use of their time.
     
  20. James Fend
    Online

    James Fend Gold Contributor FASTLANE INSIDER Speedway Pass

    Messages:
    1,207
    Likes Received:
    1,490
    Joined:
    May 4, 2009
    Gender:
    Male
    Location:
    Las Vegas, NV
    Rep Bank:
    $11,999
    This thread is awesome... a lot of golden nuggets & angles for sure. I will be referencing back to this thread over this next year of building another SaaS company, my goal immediately after the first 10 paying customers will be scaling, scaling, scaling..
     
    Dignium and Andy Black like this.

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page