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GOLD! Think big and then think bigger than that.

Discussion in 'General Entrepreneur Discussion' started by Kak, Apr 18, 2018.

  1. Kak
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    Kak Capitalist Swine Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Great post! That is correct. Leadership can deliver on the money needed. You eat an elephant one bite at a time.
     
  2. MCBoots
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    MCBoots Contributor Read Millionaire Fastlane FASTLANE INSIDER

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    Thank you! It’s awesome to finally do a deal on my own account/as a principal player rather than a hired gun drawing a salary.

    As for post-close role, existing management/founders are staying (some changes in roles) and a couple of my partners are going on to the exec team. I’m joining the board of directors.
     
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  3. Ronak
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    Ronak Silver Contributor FASTLANE INSIDER Speedway Pass Summit Attendee

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    It seems like you shifted from the most logical linear next step of doing a small acquisition to a quantum leap with your bigger acquisition. How did that exactly happen-- was it something you actively pursued, or did the stars align properly on the deal?

    I've heard the same thing time and time again from successful people-- it is usually no more difficult going big than going small, so you might as well go big. That's a terrifying idea for me, and the temptation is to stick with something that's just slightly bigger than what you're currently doing-- i.e, linear progression. Your posts caught my eye because I'm in playing with the same idea of $2-4M acquisitions for a rollup, but you seem to have made the leap. My biggest obstacle is internal, the feeling of lacking credibility or the proper "track record", walking before running, etc, etc.
     
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  4. AlessioLC
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    AlessioLC Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    UnrealCreative, SMH and Kak like this.
  5. Kak
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    Kak Capitalist Swine Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I'm a GC fan. He is right. Work on things that actually CAN get you where you want to go. Not things that "might."
     
  6. AlessioLC
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    AlessioLC Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    What is fascinating is that this guy has been grinding for 20 years and for him he's not even where he want to go, the billion is the answer.
     
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  7. sparechange
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    sparechange Gold Contributor Speedway Pass

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    Dont think it has anything to do with the material, concussions happen because of the brain bouncing around in the skull.

    Solving a problem like that would have to do with having brain cells regenerate I assume.
     
  8. Kak
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    Kak Capitalist Swine Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I applaud him continuing to do what works. Setting up his family for generations. Good man.
     
  9. AlessioLC
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    AlessioLC Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    He took the hardest path and here he is now.
    This is legendary money, i don't have a clear sight of how it can be done right now but your vision of things helps to be honest.
     
    Last edited: Nov 9, 2018
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  10. Jello
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    Jello Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I think I get it now!

    Thanks.
     
  11. Ksalazar
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    Ksalazar Contributor

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    Networking is powerful source and neccessary for business this is something Ive overlooked that I am now working on building. This company put together the right people and learned the fundamentals to their business niche and is now executioning on it. I love hearing stories like this truly does inspire me and makes me want to go outside talk to people and learn more about my field of business.
     
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  12. JamItFast
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    JamItFast Contributor Read Millionaire Fastlane FASTLANE INSIDER

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    https://openlattice.com/

    This company is an example of big thinking. It’s a platform with the scale of every Government Organization in the world, from the local to the national.

    It allows different sectors of government to easily share data and then do Data Analysis across that data to solve key problems.

    Sharing of data itself is nothing new, but this is a custom solution built for core societal institutions. And they are experts in this one big area.
     
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  13. sparechange
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    sparechange Gold Contributor Speedway Pass

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    Thinking big, you know whats crazy?

    Someone in the world right now is spending 100m+ on a yacht right now and it doesn't even hurt the bank account
     
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  14. JamItFast
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    JamItFast Contributor Read Millionaire Fastlane FASTLANE INSIDER

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    The Tricky—but Potentially Lucrative—Task of Streaming Videogames

    Many companies are competing to develop streaming video games. No one has figured it out yet. There’s a big technological problem to solve. The computing is done in the cloud and needs to be streamed to the end user quickly without losing data. There are multiple levels to this solution. From the Server Hardware to the network infrastructure to the end user hardware. I would go after the network infrastructure piece.

    Artificiall Intellegince
    Which Country Is Winning the AI Race—the U.S. or China?

    Current advancements in Artificial Intellegince is based on recognizing patterns in large sets of data. China being a less private society has larger data sets in certain areas. But AI based on Chinese data sets doesn’t translate to the US.

    The article mentions that large sets of medical data is harder to get in the US because of the safeguards in place.

    We could aggregate large amounts of medical data and then license it to AI companies that want to use it for algorithm development. It’s a tricky field to navigate with large barriers to entry. The largest hurdles would be navigating the regulation.
     
    Last edited: Nov 13, 2018
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  15. Bekit
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    Bekit Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    I'm brand new to the idea of thinking big. For me, breaking 6 figures will be big. But as Oliver Wendell Holmes said, "One's mind, once stretched by a new idea, never regains its original dimensions." So I'm actively stretching. Today I watched a video interview between Jay Abraham and Subir Chowdhury that was pretty brain-expanding.


    This video starts off kind of slow, but it contains nuggets like these...

    ...how a simple change in approach helped Caterpillar to finally break the $20 Billion threshold where they had stayed stagnant for years
    ...consulting advice that infuriated a Korean automobile manufacturer (and why he turned around 180 degrees six months later)
    ...Three universal human needs (basics, fulfillment, and excitement) and why every product needs to meet all three
    ...Blind cereal taste testing with Kellogg's top executives, and why an executive freaked out about it
    ...Building a process and the using the right tools when you're playing at the billion dollar level
    ...Why a caring mindset can make the difference between getting a 10x return and a 100x return (and four difficult actions to take to obtain that differentiating factor).

    This was like getting strategic business coaching from guys who would typically only ever coach executives who are in the billion-dollar-and-up category. Subir told one fascinating story after another for two hours. Just had to share... hopefully others will also benefit!
     
  16. UnrealCreative
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    UnrealCreative It's Only The Beginning. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    @Kak THANK YOU for this post.
    It couldn't have come at a better time.

    My biggest takeaway, to put it succinctly, is this...

    SET GOALS THAT WILL CHANGE YOU.

    I used to be under the impression that BIG goals were a bunch of rah-rah nonsense.

    Not so.

    In fact, there's a VERY practical reason to Think BIG and Set BIG Goals.
    A lot of it has to do with the negative effects of its inverse (setting realistic goals).
    To illustrate this point, here's some background information.

    I've spent the last year or so...
    -> Setting goals that are marginally better than my current situation.
    -> Aiming lower than what I'm truly capable of achieving.
    -> Attaining my Goals and not being fulfilled.

    Why is that?

    It's because I haven't changed as a person.
    These goals were set based on my current capacity. Not what my future self is capable of.

    In other words, I didn't set up "the game" to be hard enough.

    ...and what happens when a game isn't challenging enough?

    It gets boring. You get lazy, complacent, and forget how to think big.

    That's exactly what happened. When you have realistic attainable goals, you'll approach them as if they're realistic and attainable. I've approached my goals lazily, as if it would be easy and I had all the time in the world to achieve them.

    Guess what achieving my goals this year gave me?
    An incrementally better version of my shitty self.

    @Kak your private jet story struck a chord with me -- Truth is, you could have aimed for getting a more affordable jet. But because you've set the goal to get exactly the one you wanted, You WILL get it. It's only a matter of time and action. Who's to say what you're capable of in the future?

    "If you have the faith to move mountains, so you will move them..."

    That same good book also knew what I'm talking about well:
    "Do not conform to the world, but be transformed by the renewal of the mind."
    (Not "...get incrementally better by the renewal of the mind.")

    My Goals are changing. I think and act differently just by believing it's attainable.
    Will be sure to share future accomplishments related to them here.
     
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  17. Kak
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    Kak Capitalist Swine Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Probably not, but I get the point.

    Yes. They make these items for someone... How can they afford it? Notwithstanding royals... Somewhere along the line was production (even if it's grandpa's money). Someone was a producer.
     
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  18. JonnyC
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    JonnyC Silver Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    This is a really interesting review of the research currently available on Schumpterian or innovative entrepreneurship vs self-employment. About a 1-2 hour read depending on how fast you read.

    https://www.tandfonline.com/doi/full/10.1080/13662716.2016.1216397

    Oftentimes, the benefits of entrepreneurship to society are linked to so-called ‘Schumpeterian entrepreneurs’ – referring to Schumpeter’s early theory on ‘creative destruction’. In his understanding, vibrant economies are characterized by a constant birth and death of firms. This process is initiated by entrepreneurs who turn new ideas into marketable products and services. These innovative entrepreneurs can be distinguished by their ability and willingness to search for and create new economic opportunities.

    It's got almost 200 citations so you can dig deeper into different topics, but here's a few highlights I liked.

    It turns out that "self-employed" small businesses don't have great economic impacts, despite what a lot of people say. Emphasis mine.

    Astonishingly, the correlation between a country’s proportion of self-employed and GDP per capita is negative. Only when employing stricter measures of (more successful) entrepreneurship, like incorporated entrepreneurs, innovative and high growth entrepreneurs, or venture capital (VC) backed or even billionaire entrepreneurs, does this negative correlation turn positive.

    Moreover, only after including these additional groups does the ‘occupation of entrepreneurship’ become appealing to individuals in terms of its financial returns.
    My interpretation: the risk adjusted returns and economic benefits of entrepreneurship are only higher than a normal day job if you swing for the fences.

    By and large, researchers are now realizing that the desired benefits from entrepreneurship are mostly generated by a small number of innovative, high-growth ventures, whereas the vast majority of new ventures only experiencing moderate growth in terms of employment and turnover, if they survive at all. Indeed, the share of high-growth enterprises represents only two to six percent of the enterprise population for most countries, with a particularly low share for most European countries. Most entrepreneurs don’t employ personnel, are home-based, and earn low incomes.

    The paper also covers the usual sources of innovative ideas:

    In the following, we discuss the sources and areas where opportunities for innovative entrepreneurship are identified and exploited. In this regard, we focus on the role of inventors, innovative and demanding users, employees, and academics for innovative entrepreneurship. These are specific groups of individuals that have more frequent contact with knowledge- and research-based opportunities and are thus also more likely to engage in innovative entrepreneurship.

    It turns out that by innovating and proving it with a patent, you get easier access to VC:

    Various papers show that patents, prototypes, trademarks, and combinations thereof increase the likelihood and amount of VC funding.

    It's interesting that the research shows that not many people benefit from smaller minded entrepreneurship. I think it pays to think bigger and by doing so, you can attract the right people and resources while having a bigger impact and personal returns.
     
  19. NuclearPuma
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    NuclearPuma Bronze Contributor FASTLANE INSIDER Speedway Pass

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    When did Zuckerberg realize he had a billion dollar idea in Facebook?

    You can't know what ideas are capable of becoming "big" until they hit the market.

    Like Duck Dynasty.... duck sounds? Really? If you said you were going to build a duck call empire most people would dismiss it immediately.

    Part of thinking big is seeing and focusing on potential that no one else sees, instead of focusing on the challenges.

    How many multi million, or even billion dollar ideas have been passed over for lack of potential? Probabaly a lot, it's not big until someone makes it big.

    My point is, an idea shouldn't be completely dismissed because it doesn't seem big enough. Making duck calls, or pillows, or dish sponges are not "big" ideas, until they are.
     
    Last edited: Dec 12, 2018
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  20. banjoa
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    banjoa Present

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    This is what I’m struggling with.

    How do you know an idea is big enough?

    Looking at some of the biggest businesses around, there was no way in the world many of them knew they had something big.

    So how do you really distinguish the big ideas from the little ones?

    Yeah, sure they are some ideas you know right off the bat they are big but most usually fail.

    Then there’s the issue of product/founder fit. It’s not just practical for so many people. Maybe this is a limiting belief on my part but how many people can really pull off big ideas?

    I like the thinking though. And the thread has changed a lot in me.

    You thank you @Kak
     
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  21. Kak
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    Kak Capitalist Swine Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    At 100 years old, the world's oldest billionaire still goes to the office every day

    A GEM quote from this wise billionaire... "When I was younger, I was more bad-tempered, so I was more (of) a hard leader," said Teo. "But my father taught me one thing, in Chinese, it's 'yi de fu ren' — that means you want people to obey you, not because of your authority, not because of your power, or because you are fierce, but more because of your integrity, your quality, that people actually respect you and listen to you."
     
  22. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    If you force people to obey you, they will only do so when you are watching them. And will spend the rest of the time undermining you.

    Your integrity and core values become the guiding light and your employees internal compass.


    After facing many moral/ethical dilemmas in the last few months, and choosing to take a hard line at the cost of short-term money... it's helped make our core values clear, and I know my employees respect me and the job more because of it.
     
  23. B. Cole
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    B. Cole In thine hand is power and might. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Personal power vs. Positional power. You can see it work in organizations where a person who isn’t the leader tends to influence the environment and general opinion of the group more than the person with the lead position. I’ve got several cases in my day job, it’s always a difficult situation when the leader sucks and everybody leans on the influencer instead of their appointed leader.
     
  24. Kak
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    Kak Capitalist Swine Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I need to comment on this post because it really caught the spirit of this thread.

    Great post REP+
     
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  25. NMdad
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    NMdad Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    We don't need anyone else's permission. We need to believe in ourselves first. And part of self-belief are mindsets like "I can figure this out" and "I can do this--I just haven't figured it out...yet"
     

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