G
GuestUser4aMPs1
Guest
How often do you see someone "fall into" an entrepreneurial path, without careful consideration whether their path was right for that person?
Inspired by this insider's thread by @MTF, and as I approach my own first exit, I've thought a lot about Business Models. There's a lot I didn't know two years ago when starting out obviously. But had I given the business model more thought, it's my belief that I'd have a business that flourished rather than one that just pays the bills. My sole regret in entrepreneurship to date is "jumping in" to a business without more careful consideration of whether or not I, PERSONALLY could make it a success.
So. Although CENTS is a GREAT business model framework, there's a lot I know I DON'T want in the next business model that isn't taken into account by CENTS.
For example...
1: Competition & Commoditization. New copycat companies pop up every weekend, it's insane. In the next business, I want to win based on the inherent value of the product I provide. Not by who can sell better. Competition has to be either complacent or nonexistent.
2: Little Interaction with Customer, Before and Post-Sale. Services lends itself heavily to client interactions...from the sales process, through fulfillment, all the way through post-sale which I've grown tired of. I'm decent at driving PPC traffic for my own business and getting you on the phone to buy stuff, but that doesn't mean I want to. The next business model will require as little interaction from the customer as possible, such as physical goods or digital products.
3: I don't believe in the service and hate the industry as a whole, for many reasons. I had only jumped in because of the MRR component and it was something I knew how to do. Next business will be in something I can at least NOT hate. Being in an industry, whether you're an entrepreneur or not, is a miserable existence.
From this list, I can begin to expand on and consider a longer list of personal criteria for the next business model. I understand that this will shut me off from opportunities that exist outside this criteria, but I'd rather run with a business that is a better personal fit (and thus has a higher probability of success) than a HUGE opportunity with a low probability of success because it wasn't a good personal fit. I'd also probably be miserable.
I have a few dozen other things I could weigh a business model's personal worth to me, but am curious to hear from everyone:
Beyond this list, What is YOUR personal criteria for going into a business?
...Or is it even a thought before jumping in?
Inspired by this insider's thread by @MTF, and as I approach my own first exit, I've thought a lot about Business Models. There's a lot I didn't know two years ago when starting out obviously. But had I given the business model more thought, it's my belief that I'd have a business that flourished rather than one that just pays the bills. My sole regret in entrepreneurship to date is "jumping in" to a business without more careful consideration of whether or not I, PERSONALLY could make it a success.
So. Although CENTS is a GREAT business model framework, there's a lot I know I DON'T want in the next business model that isn't taken into account by CENTS.
For example...
1: Competition & Commoditization. New copycat companies pop up every weekend, it's insane. In the next business, I want to win based on the inherent value of the product I provide. Not by who can sell better. Competition has to be either complacent or nonexistent.
2: Little Interaction with Customer, Before and Post-Sale. Services lends itself heavily to client interactions...from the sales process, through fulfillment, all the way through post-sale which I've grown tired of. I'm decent at driving PPC traffic for my own business and getting you on the phone to buy stuff, but that doesn't mean I want to. The next business model will require as little interaction from the customer as possible, such as physical goods or digital products.
3: I don't believe in the service and hate the industry as a whole, for many reasons. I had only jumped in because of the MRR component and it was something I knew how to do. Next business will be in something I can at least NOT hate. Being in an industry, whether you're an entrepreneur or not, is a miserable existence.
From this list, I can begin to expand on and consider a longer list of personal criteria for the next business model. I understand that this will shut me off from opportunities that exist outside this criteria, but I'd rather run with a business that is a better personal fit (and thus has a higher probability of success) than a HUGE opportunity with a low probability of success because it wasn't a good personal fit. I'd also probably be miserable.
I have a few dozen other things I could weigh a business model's personal worth to me, but am curious to hear from everyone:
Beyond this list, What is YOUR personal criteria for going into a business?
...Or is it even a thought before jumping in?
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Last edited by a moderator:
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
