Hello fellow fastlaners
First of all, thank you MJ DeMarco for your books (The Millionaire Fastlane and Unscripted ). Although, I'm still in the Slowlane, these books have changed my perception of life.
This is my first post on the forum, let me introduce myself...
I'm a 25 years old software engineer, from Montreal Canada. I currently make 65 k /year at my job. Since I live at my parents house, I have managed to save 60 k. I invest my money in ETFs and stocks. I quickly realized, that I'm not going to be rich this way.
Being an entrepreneur scares me, so for many months, I was going back-and-forth between the Slowlane and the Fastlane mindset. (Comfort zone and Out of the comfort zone)
Although, it is true that I am in the Slowlane, but because I live with my parents, I'm pretty comfortable (Saving 70 % of my net income, not living paycheck to paycheck and able to pay for travels easily) and my salary will go up with experiences. If I stay in the slowlane for the years to come, I am planning on buying a house cash (No mortgage) or with a huge down payment (60 % or more).
Question 1: For this reason, its hard to take the fastlane route since I'm pretty comfortable. Anyone on this forum has experienced this same feeling (trap)?
Anyways, lets talk about the business ideas that I've come up with.Con
1) Electricity Usage monitor - Device that calculates how much a device consumes electricity (Kwh)
I got this idea by thinking how I can decrease my utility bill. In Montreal, Canada, winter is very long and cold, so the electricity bill is high during the winter months. We pay 4 000$ / year of electricity
Commandment of Need: The need to save on electricity cost. Monitor which appliances at home uses the most electricity and adjust to save on the utility bill
Commandment of Entry: Entry barriers are medium. Although, it looks hard to create and manufacture these products, there is already A LOT of these products on the market.
Commandment of Control: Full control over the product since I am making it from scratch
Commandment of Time: Once the product is created, it can be produced infinite amount of times without me having to trade my time for money.
Commandment of Scale: It can be sold throughout all Canada and America.
Competitors:
The Energy Detective: TED Pro Home
Kill-O-Watt: Electricity Monitors & Energy Savers | P3
And a lot of other competitors
2) Cosmetic Dental Vision
I got this idea because I have thought about having a dental cosmetic procedure myself. I'm very much the guys who suffers from 'paralysis by analysis' a.k.a 'over analysing and not acting'. I firmly think that seeing a preview of the result of the dental cosmetic procedure will ease my decision process and thus would make me buy that service.
Overview of features of the software:
Commandment of Need: Being able to see a preview of our smile before paying thousands of dollars for a cosmetic dental procedure is VERY valuable.
Commandment of Entry: VERY HARD since 'Computer Vision' is a new field and it is hard to get into even for an experienced programmer.
Commandment of Control: Full control over the software since I am making it from scratch
Commandment of Time: Once the software is up and running. I don't have to trade my time for money.
Commandment of Scale: It can be sold to every dentist practicing cosmetic dental procedures.
Competitors:
Snap: SNAP DENTAL COSMETIC IMAGING - BETTER SMILE DESIGN SOFTWARE (This product is more of a photoshop specialized for dentists – Dentists have to make manual photoshoping)
SmilePix: | SmilePix (Dentist send a picture to the company. Company has a bunch of graphic artists who do the photoshoping and they send it back to the dentist)
Although, there is competition (which confirms that there is a need/market for my product), my product will be much better because it will automatize manual image manipulation. (No more manual manipulation by the dentist) Also, I doubt that dentists like to take their time to play with the picture (Considering they make 100$/hr)
Can I get constructive criticism ?
Specially for question 1- (Going to fastlane when your too comfortable in the slowlane)
And
Question 2- “Cosmetic Dental Vision” business idea and my 5 commandment analysis
Thank you very much,
God Bless
First of all, thank you MJ DeMarco for your books (The Millionaire Fastlane and Unscripted ). Although, I'm still in the Slowlane, these books have changed my perception of life.
This is my first post on the forum, let me introduce myself...
I'm a 25 years old software engineer, from Montreal Canada. I currently make 65 k /year at my job. Since I live at my parents house, I have managed to save 60 k. I invest my money in ETFs and stocks. I quickly realized, that I'm not going to be rich this way.
Being an entrepreneur scares me, so for many months, I was going back-and-forth between the Slowlane and the Fastlane mindset. (Comfort zone and Out of the comfort zone)
Although, it is true that I am in the Slowlane, but because I live with my parents, I'm pretty comfortable (Saving 70 % of my net income, not living paycheck to paycheck and able to pay for travels easily) and my salary will go up with experiences. If I stay in the slowlane for the years to come, I am planning on buying a house cash (No mortgage) or with a huge down payment (60 % or more).
Question 1: For this reason, its hard to take the fastlane route since I'm pretty comfortable. Anyone on this forum has experienced this same feeling (trap)?
Anyways, lets talk about the business ideas that I've come up with.Con
1) Electricity Usage monitor - Device that calculates how much a device consumes electricity (Kwh)
I got this idea by thinking how I can decrease my utility bill. In Montreal, Canada, winter is very long and cold, so the electricity bill is high during the winter months. We pay 4 000$ / year of electricity
Commandment of Need: The need to save on electricity cost. Monitor which appliances at home uses the most electricity and adjust to save on the utility bill
Commandment of Entry: Entry barriers are medium. Although, it looks hard to create and manufacture these products, there is already A LOT of these products on the market.
Commandment of Control: Full control over the product since I am making it from scratch
Commandment of Time: Once the product is created, it can be produced infinite amount of times without me having to trade my time for money.
Commandment of Scale: It can be sold throughout all Canada and America.
Competitors:
The Energy Detective: TED Pro Home
Kill-O-Watt: Electricity Monitors & Energy Savers | P3
And a lot of other competitors
2) Cosmetic Dental Vision
I got this idea because I have thought about having a dental cosmetic procedure myself. I'm very much the guys who suffers from 'paralysis by analysis' a.k.a 'over analysing and not acting'. I firmly think that seeing a preview of the result of the dental cosmetic procedure will ease my decision process and thus would make me buy that service.
Overview of features of the software:
- Automatic detection of teeth
- Ability to change teeth color by a slider control
- Ability to increase height or width of tooth individually (By up and down buttons – No manual image manipulation)
- Ability to see your new smile not only in a picture but in a video (different degrees of your smile)
Commandment of Need: Being able to see a preview of our smile before paying thousands of dollars for a cosmetic dental procedure is VERY valuable.
Commandment of Entry: VERY HARD since 'Computer Vision' is a new field and it is hard to get into even for an experienced programmer.
Commandment of Control: Full control over the software since I am making it from scratch
Commandment of Time: Once the software is up and running. I don't have to trade my time for money.
Commandment of Scale: It can be sold to every dentist practicing cosmetic dental procedures.
Competitors:
Snap: SNAP DENTAL COSMETIC IMAGING - BETTER SMILE DESIGN SOFTWARE (This product is more of a photoshop specialized for dentists – Dentists have to make manual photoshoping)
SmilePix: | SmilePix (Dentist send a picture to the company. Company has a bunch of graphic artists who do the photoshoping and they send it back to the dentist)
Although, there is competition (which confirms that there is a need/market for my product), my product will be much better because it will automatize manual image manipulation. (No more manual manipulation by the dentist) Also, I doubt that dentists like to take their time to play with the picture (Considering they make 100$/hr)
Can I get constructive criticism ?
Specially for question 1- (Going to fastlane when your too comfortable in the slowlane)
And
Question 2- “Cosmetic Dental Vision” business idea and my 5 commandment analysis
Thank you very much,
God Bless
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