Hi everyone. I recently read MJ's book and found it very inspiring.
One idea in the book was that easy market entry means that you have to be exceptional to succeed, whereas a more difficult market with higher barriers to entry will bring higher rewards if you can establish yourself. This really hit home with me. The ideal business, to me at least, would be one which is hard to imitate. Warren Buffett likes to talk about a similar concept of "economic moat" (http://www.investopedia.com/ask/answers/05/economicmoat.asp).
I have a few blogs already which bring me a small amount of passive income but it's true that competition is high. You have to be exceptional to make big money.
I have in mind an area with less competition but demand from a sizeable population. It might not be a billion dollar idea but the solution I have in mind would certainly give value to 10,000s if not 100,000s of people. The only problem is that this idea would take a HUGE amount of learning on my part (I can't program and I'm not even that familiar with the niche itself) with, of course, no guarantee of any success. The upside is that nobody currently offers anything like my idea and it would be extremely hard to copy (although not impossible). Before I would have thought to myself "nah it's too hard, I need to find an easier idea like another blog" but after reading MJ's book I now realize engaging the more difficult or unpleasant idea is EXACTLY what is more likely to lead to success.
I still haven't quit my job so I'm on the Slow Lane for now but I'm beginning to prepare myself. I am committing to studying every day after work. I'm going to learn to code too. The road ahead is so long that this still seems impossible but I've started out. It's a little scary. I don't want to think I'm wasting my time but I know I have to do it. I have even considered moving back home for a while to leave my job and focus on this. I am wasting away in my day job and yet for some reason I still can't bring myself to quit.
Sound familiar anyone? Would love to hear your experiences/opinions.
One idea in the book was that easy market entry means that you have to be exceptional to succeed, whereas a more difficult market with higher barriers to entry will bring higher rewards if you can establish yourself. This really hit home with me. The ideal business, to me at least, would be one which is hard to imitate. Warren Buffett likes to talk about a similar concept of "economic moat" (http://www.investopedia.com/ask/answers/05/economicmoat.asp).
I have a few blogs already which bring me a small amount of passive income but it's true that competition is high. You have to be exceptional to make big money.
I have in mind an area with less competition but demand from a sizeable population. It might not be a billion dollar idea but the solution I have in mind would certainly give value to 10,000s if not 100,000s of people. The only problem is that this idea would take a HUGE amount of learning on my part (I can't program and I'm not even that familiar with the niche itself) with, of course, no guarantee of any success. The upside is that nobody currently offers anything like my idea and it would be extremely hard to copy (although not impossible). Before I would have thought to myself "nah it's too hard, I need to find an easier idea like another blog" but after reading MJ's book I now realize engaging the more difficult or unpleasant idea is EXACTLY what is more likely to lead to success.
I still haven't quit my job so I'm on the Slow Lane for now but I'm beginning to prepare myself. I am committing to studying every day after work. I'm going to learn to code too. The road ahead is so long that this still seems impossible but I've started out. It's a little scary. I don't want to think I'm wasting my time but I know I have to do it. I have even considered moving back home for a while to leave my job and focus on this. I am wasting away in my day job and yet for some reason I still can't bring myself to quit.
Sound familiar anyone? Would love to hear your experiences/opinions.
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