- Joined
- Jun 27, 2024
- Messages
- 16
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 achieve 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-circl, 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
Hello everyone!
I’ve got a business idea that makes CENTS, but I am afraid that my odds' ratio to succeed is very, very low.
So, basically, I am in a WhatsApp group with fellow vegetarians and vegans. I have noticed that a lot of people are struggling to buy products that are in line with their ideology. I often see text messages of people asking if they know a skincare product, for example, that is vegan and is made with sufficient human rights.
(And with the language cues we learned in the Millionaire Fastlane ) I recognized a business opportunity. What if I make a multi-vendor marketplace (like eBay, Amazon, etc..) where only products are sold that are good for the planet (eco-friendly), for animals (no animal-harm / animal-testing), and for humans (sufficient human rights and quality products).
I worked out the list:
[Commandment of Control]: In this scenario, I would own the website and marketplace. When it succeeds, the businesses on the marketplace lose a bit of control (in the sense that they depend on the platform). On the other hand, at the start, I’m not in control because the marketplace can only succeed if the businesses join the marketplace.
[Commandment of Entry]: Building online shops is getting easier these days, but it does take a lot of time to research the different certificates and all the complications. Also, building the marketplace, finding customers, and getting businesses on the platform is difficult.
[Commandment of Need]: If I have to believe these people around me (and my own struggles), there is a need for ‘guilty-free shopping’. Being able to just go to a website and be confident that you can buy guilt free.
[Commandment of Time]: Once the marketplace is made, businesses are on the site, and I’m technically detached from labor. However, once I get to this point, it will be all about marketing, problem-solving, and growing the business.
[Commandment of Scale]: In theory, this marketplace can fit the whole world (But mostly Western countries, where people are worried about these topics). I do not yet have an exact TAM (total addressable market) number.
Replication can definitely be done because building marketplaces is getting easier. This means that I have to focus a lot on branding to stand out from the crowd.
I truly think that this can be an opportunity for a lot of small businesses with good quality products (eco-friendly, human-friendly, animal-friendly, organic) to grow in sales and to find a customer base in the long run.
But, my struggling...
Besides the obvious doubts about whether this will actually work, how to convince businesses that they should put products on the site, etc. I was reading a chapter in ‘Unscripted : The Great Rat Race Escape ’ that talked about odds (56. The Expected Value Strategy), and one sentence says: “If you never started a business and your first business idea is to take your $5,000 and start the next Amazon, you’re delusional. […] Your probability for success in that venture is exactly zero - potential outcomes are irrelevant.”
So, now I have an additional concern, cause this is an Amazon-like website. Is it, therefore, worth pursuing? Or am I ‘delusional’?
I would love to hear your thoughts on this business idea.
~ Ivo (MisterT2003)
I’ve got a business idea that makes CENTS, but I am afraid that my odds' ratio to succeed is very, very low.
So, basically, I am in a WhatsApp group with fellow vegetarians and vegans. I have noticed that a lot of people are struggling to buy products that are in line with their ideology. I often see text messages of people asking if they know a skincare product, for example, that is vegan and is made with sufficient human rights.
(And with the language cues we learned in the Millionaire Fastlane ) I recognized a business opportunity. What if I make a multi-vendor marketplace (like eBay, Amazon, etc..) where only products are sold that are good for the planet (eco-friendly), for animals (no animal-harm / animal-testing), and for humans (sufficient human rights and quality products).
I worked out the list:
[Commandment of Control]: In this scenario, I would own the website and marketplace. When it succeeds, the businesses on the marketplace lose a bit of control (in the sense that they depend on the platform). On the other hand, at the start, I’m not in control because the marketplace can only succeed if the businesses join the marketplace.
[Commandment of Entry]: Building online shops is getting easier these days, but it does take a lot of time to research the different certificates and all the complications. Also, building the marketplace, finding customers, and getting businesses on the platform is difficult.
[Commandment of Need]: If I have to believe these people around me (and my own struggles), there is a need for ‘guilty-free shopping’. Being able to just go to a website and be confident that you can buy guilt free.
[Commandment of Time]: Once the marketplace is made, businesses are on the site, and I’m technically detached from labor. However, once I get to this point, it will be all about marketing, problem-solving, and growing the business.
[Commandment of Scale]: In theory, this marketplace can fit the whole world (But mostly Western countries, where people are worried about these topics). I do not yet have an exact TAM (total addressable market) number.
Replication can definitely be done because building marketplaces is getting easier. This means that I have to focus a lot on branding to stand out from the crowd.
I truly think that this can be an opportunity for a lot of small businesses with good quality products (eco-friendly, human-friendly, animal-friendly, organic) to grow in sales and to find a customer base in the long run.
But, my struggling...
Besides the obvious doubts about whether this will actually work, how to convince businesses that they should put products on the site, etc. I was reading a chapter in ‘Unscripted : The Great Rat Race Escape ’ that talked about odds (56. The Expected Value Strategy), and one sentence says: “If you never started a business and your first business idea is to take your $5,000 and start the next Amazon, you’re delusional. […] Your probability for success in that venture is exactly zero - potential outcomes are irrelevant.”
So, now I have an additional concern, cause this is an Amazon-like website. Is it, therefore, worth pursuing? Or am I ‘delusional’?
I would love to hear your thoughts on this business idea.
~ Ivo (MisterT2003)
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. :-)
