Are there any things I need to look for before I work with any suppliers and manufacturers?

[Guest125474]

I have not started a business yet. This is my first time.

I have also not made much money yet ( only $650)


I want to ask if I am going to start a business should start a business that could make me hundred thousand dollars, only 3 million or more than $10 million.


@MJ DeMarco

 

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[Vntonio]

This is not business-related, but I will say it:

With stupid questions, you will get stupid answers.

 

[The One]

Remove those tags of you having read FASTLANE and unscripted .

This time when you read, actually read it.


Top Tips:
Don’t read it upside down

Read and reflect

Use a pencil to follow

Open eyes to look at visual text

Have the book in your right hand, not left

This is important - switch on your brain.
(There is Switch behind the cortex and inbetween the medulla, place a bit of car oil and that should prevent it flipping off)

Also if you want me to read it to you. I charge the low low cost of only £1000. I will read it out loud for you.

 

[SEBASTlAN]

GOLD! - Sorry, But MJ (or the forum) Can't Make Your Life Decisions For You!!

I'm starting to receive a lot of emails, and even messages on this forum that request advice on major, life-changing decisions ... as if, I, and the forum, holds some type of crystal ball that knows the right decision for your life, your family, and your happiness. Do I quit my job? Do I move...

www.thefastlaneforum.com

 

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[Kevin88660]

Low-Value Post Police is coming to catch you.

 

[Nikorasu]

Start with a business that could only make $50 million.

After 6 months, re-evaluate and see if you're ready to make $300 million

 

[amp0193]

Start with a business that could only make $50 million.

After 6 months, re-evaluate and see if you're ready to make $300 million

And after that, decide which rocket company you want to buy.

 

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[Johnny boy]

I don’t think this is a bad question. It’s just worded simply.

You’re asking as a first business is it better to pursue ‘potentiality’ or ‘quickness’

Should you hold out and do the business where it will take many years and you could build a large enterprise and it’s a great idea….

Or should you just do the first thing that makes you any money at all….

And that’s not an easy question.

I would answer like this…

There is something called the fog of war.

You don’t see anything, and you only see more as you move through it.



You might see this picture and think the paths connect. Maybe they do. Maybe they don’t. You know afterwards.

In business and life, you have a giant fog that is cleared away through action.

You can sit in one spot, draw out a perfect map, spend 10 years on it, and it’s worth less than toilet paper after 5 minutes of traveling because it was based on guessing and bad information.

That would be like locking someone in a room for their whole life, never having them cook a single dish, and then write a recipe book. It would be trash.

You need action to clear away the fog. You will gain information. This is why people change. Why businesses change. Why ideas change. New information.

So keep an open mind, recognize your ignorance, and get your feet wet. On something. Anything.

You will gain more information.

Once you have enough information, a vision starts to form. Once you have a vision, things will fall into place and you’ll see the path. Then you must apply rigorous sustained effort and good decision making for a long time to actualize it.

But at first you will blindly stumble through, clearing out the fog, learning your lessons.

So you should take a halfway decent idea and grow some nuts and try to get money selling it to people.

Then you learn, get more info, adjust, and keep going. Maybe a new business or just a new angle.

The best way to do well is to be a naturally curious person with a sense of pride.

If you are curious, when you have free time you’ll be learning. You’ll naturally have a sharp creative brain that’s lethal at solving problems and that’s what being in business is about.

If you have a sense of pride you will not tolerate anything less than the best. The best of yourself. The best of your goals. The best of your company. The best.

So combining by curiosity and standards, and applying it to a business over a long period of time, you will be a wise and successful businessman.

But you have to get started immediately, no waiting around for a perfect idea, you aren’t equipped to have them yet, you’re just a dumb newbie like all of us were/are.

 

[MarxMelencio]

@Johnny boy,

[SNIP]I don’t think this is a bad question. It’s just worded simply.[/SNIP]

Thanks for this, and especially for the stuff that you mentioned in your post!

@Guest125474,
•I suggest reading @Johnny boy's entire post. Lots of really good value. It's gold.

[SNIP]I have not started a business yet. This is my first time.[/SNIP]

Thanks for this.
• It gives us a start point, plus an idea to frame the conversation.

[SNIP]I have also not made much money yet ( only $650)[/SNIP]

That's good.
• I made $300 from what I'd call my first business deal on the Web. That was in 2004.
** So given inflation and devaluation rates, which we'll assume as always inflating and devaluating, as observed ... I'd say you were somewhere around the situation that I was in, at that time.

[SNIP]I want to ask[,] if I am going to start a business[,] should start a business that could make me hundred thousand dollars, [or] 3 million[,] or more than $10 million[?][/SNIP]

I find this interesting: You used profits for your scaling targets.
• I mean, why not time? Like say, "for 2 years, this is what I'm going to do."
• Or why not energy? Like say, "next 15, I'm out."
** Or why not interest, which I call winging it?

That's another discussion, though.

So anyway, let me try to answer your question.
But first, some background info: What I did to earn that $300 in 2004 was to write Web content for business owners.
** I'm saying this because you might've earned the $650 by buying something like somebody else's writing services or a product like somebody else's car and selling it for a profit.
• And that might be why you're seeing this as a clearer path to $10M as you said.

Drawing from my experience, the target that I started with in 2004 was a stable, sustainable income from my service.
• I decided to take action and try to earn multiples of that $300 by becoming more efficient at writing Web content.

And it worked.
• I also decided to use up more of my time and energy to, at least, provide me and my family with the financial support that we badly needed at that time (this was several months after I was gunned down when I was 23, leaving me completely blind, permanently).

And only after doing and scaling this then hitting a ceiling because of time and energy limitations was my mind able to fully realize something.
• I realized that buying the skills, time and energy of others to write Web content and selling it for a profit was an attainable, viable, repeatable, malleable solution that was accessible, scalable, expandable and sustainable for me to use, at that time, to try and solve my problems about that ceiling.

And this led me to other problems that I could solve, small ones like my friends in different disability sectors having a really hard time finding gainful income-generating opportunities, which makes up a majority of a big picture scenario like using modern tech for the future of employment across both abled and disabled communities, globally.
• So I set that as my next step. And that added to the motivation to fuel my curiosity.

[SNIP]There is something called the fog of war.
You don’t see anything, and you only see more as you move through it.
View attachment 55524
You might see this picture and think the paths connect. Maybe they do. Maybe they don’t. You know afterwards.

In business and life, you have a giant fog that is cleared away through action.
You can sit in one spot, draw out a perfect map, spend 10 years on it, and it’s worth less than toilet paper after 5 minutes of traveling because it was based on guessing and bad information.
That would be like locking someone in a room for their whole life, never having them cook a single dish, and then write a recipe book. It would be trash.

You need action to clear away the fog. You will gain information. This is why people change. Why businesses change. Why ideas change. New information.
So keep an open mind, recognize your ignorance, and get your feet wet. On something. Anything.
You will gain more information.
Once you have enough information, a vision starts to form. Once you have a vision, things will fall into place and you’ll see the path. Then you must apply rigorous sustained effort and good decision making for a long time to actualize it.
But at first you will blindly stumble through, clearing out the fog, learning your lessons.

So you should take a halfway decent idea and grow some nuts and try to get money selling it to people.
Then you learn, get more info, adjust, and keep going. Maybe a new business or just a new angle.[/SNIP]

And that. Is. Just. Gold.

@Guest125474,

It's like 'em terrain maps in role playing games.
• The more you move around, the clearer things around you get.
** And that's when you see small significant things that tie up with your bigger picture versioning visualizations.

Best of luck!