MJ DeMarco
I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
LEGACY MEMBER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
So I was reading a great entrepreneur thread over at Reddit that @JasonR provided and the topic got downvoted pretty bad because he wasn't very forthcoming with his website address and his product. Of course, the "Redditors" called it a calamity, and even some started to say he was in some type of MLM.
Years ago when I owned my business, I used to frequent another forum. Back then, the business was routinely generating 6-figures monthly in profit. (PROFIT, not revenue). As I participated in the forum more and more, the more and more I was queried for my website's address.
I refused each and every time and here's why:
As you know, any executed idea thrown out on the internet is ripe to be taken, copied, or borrowed. It's not unusual. The spirit of entrepreneurship is to take an idea, and make it better. Improve it. Efficiency. Convenience. Whatever that is.
However, what usually IS NOT KNOWN, is how much $$$$ that idea is making. If someone discloses "I'm making $200k/mo doing this and here's the website!" - then immediately that idea has placed a target on it's back.
The result is new competitors that enter the space, most of which, cannot execute on the idea.
So what's the problem with that? Competition is good, right?
While these competitors aren't a threat in the long term, they threaten the short term in the form of:
IMO, the danger isn't disclosing the idea, but disclosing how much $ the idea is generating. This gives wantrepreneurs an insight into what's possible WITHOUT exposing them to the process of making it happen. In other words, they see "EVENTS"! (Wow, that site is making how much??)
Of course, the above isn't true for products/services that have strong entry barriers, or for concepts/ideas that aren't easily replicable -- those barriers usually are enough to keep the idea-hoppers away.
The point of this post is to explain WHY some people are a little wary about disclosing specifics about their company, their website, and their profits.
In the end, I always thought publicly disclosing my business and attaching profit figures to it was like letting a bunch of mosquitoes into my bedroom -- yea, they won't kill me, but they will bite me here and there, and ultimately, annoy the f*ck out of me.
Years ago when I owned my business, I used to frequent another forum. Back then, the business was routinely generating 6-figures monthly in profit. (PROFIT, not revenue). As I participated in the forum more and more, the more and more I was queried for my website's address.
What is it?
What do you do?
Please tell me!
Can you link to your site?
I refused each and every time and here's why:
As you know, any executed idea thrown out on the internet is ripe to be taken, copied, or borrowed. It's not unusual. The spirit of entrepreneurship is to take an idea, and make it better. Improve it. Efficiency. Convenience. Whatever that is.
However, what usually IS NOT KNOWN, is how much $$$$ that idea is making. If someone discloses "I'm making $200k/mo doing this and here's the website!" - then immediately that idea has placed a target on it's back.
The result is new competitors that enter the space, most of which, cannot execute on the idea.
So what's the problem with that? Competition is good, right?
While these competitors aren't a threat in the long term, they threaten the short term in the form of:
- Increased PPC / ad costs (they flood the same ad space you're in, driving costs up.)
- Increased customer service (Hey, did you see xxxxyyyy.com? Is that you guys?)
- Business model damage (After they poorly execute the same business model you're doing, it can impact your business model -- "Eh, we tried that shit, it don't work.")
Of course, the above isn't true for products/services that have strong entry barriers, or for concepts/ideas that aren't easily replicable -- those barriers usually are enough to keep the idea-hoppers away.
The point of this post is to explain WHY some people are a little wary about disclosing specifics about their company, their website, and their profits.
In the end, I always thought publicly disclosing my business and attaching profit figures to it was like letting a bunch of mosquitoes into my bedroom -- yea, they won't kill me, but they will bite me here and there, and ultimately, annoy the f*ck out of me.
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. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
