For those very few who don't know, the Commandment of Entry essentially means that what you must undertake cannot be done by most people without a significant amount of effort. Barriers of entry exist in most fields and they act as walls that prevent your competitors from getting in.
I see a lot of idea threads and a lot of the time, I see many of them are going in under the assumption "X amount of people made buttloads, I can too!"
For the following ideas, the barrier of entry is, basically, the weakness of the barriers. You have to be exceptional in your execution, your marketing and your branding in order to make it here. They've been done to death and it's pretty much a waste of time to get into these markets.
And all of these satisfy all other four commandments. They're Fastlane in every way except one.
Creative content publishing and info products: Thanks to Amazon, iTunes, and other distribution platforms, it's easier than ever for someone to build a Fastlane product. Music, Kindle books, information products, whatever: they've suddenly become increasingly easy to publish and sell. But that's the problem!
If you are a marketing whiz and know exactly what to do to build a successful Internet presence, then you can make a large amount of money from these. But, if you're not, you have nothing else to fall back on: just a product in a sea of millions of others. You're not exceptional, you're just part of the crowd.
One way to get around the barrier with info products is to get into a low-traffic, very specific niche. These niches are typically easier to become a 'big fish' in and you don't have to be as exceptional: as long as you fill the need.
Blogging: There are so many ways to make money from blogging. You could sell ad space, put affiliate links up, sell your own products, and the list goes on. Having a high traffic blog means that you suddenly have an avenue to make a ton of money, all passive.
One problem: how do you actually GET a blog with high enough traffic? In most niches, it's impossible. You will probably never be as big as Huffington Post or Mashable, if you go the broad route. Truth be told, if you wanted to get a Web site in a low-traffic niche, you'd be better off selling actual products.
Apps: I'm probably going to get a lot of shit for this, but... yeah. Apps. Specifically, games.
Why would anyone get into the games sphere? To me, games are all the same: I play them on a long bus/plane ride or when I'm taking a shit. That's literally it. I'd say I share this with about 90% of app purchasers. There are so many free games out there, why would anyone even think that getting into this space is a good idea?
Even if you create an app that solves a need, who is to say that someone won't copy you? It's so easy to do. Unless you have brand and copy protection (attorneys are not cheap!), you have zero entry protection. Anyone with $3000 can get an app made by some guy in the Philippines.
Directories: LOL why would anyone think of starting a directory? It's been done to death since the year 1995. Even when MJ had the idea, it had been done to death.
The only reason a directory would be useful is if you're starting one for your own city that doesn't really have one. And that surely will not make you a millionaire.
Anyone else have any other ideas? I think this is something that needs to be discussed because lots of people are wasting their time with ideas that have been beaten harder than the horse ever was.
I see a lot of idea threads and a lot of the time, I see many of them are going in under the assumption "X amount of people made buttloads, I can too!"
For the following ideas, the barrier of entry is, basically, the weakness of the barriers. You have to be exceptional in your execution, your marketing and your branding in order to make it here. They've been done to death and it's pretty much a waste of time to get into these markets.
And all of these satisfy all other four commandments. They're Fastlane in every way except one.
Creative content publishing and info products: Thanks to Amazon, iTunes, and other distribution platforms, it's easier than ever for someone to build a Fastlane product. Music, Kindle books, information products, whatever: they've suddenly become increasingly easy to publish and sell. But that's the problem!
If you are a marketing whiz and know exactly what to do to build a successful Internet presence, then you can make a large amount of money from these. But, if you're not, you have nothing else to fall back on: just a product in a sea of millions of others. You're not exceptional, you're just part of the crowd.
One way to get around the barrier with info products is to get into a low-traffic, very specific niche. These niches are typically easier to become a 'big fish' in and you don't have to be as exceptional: as long as you fill the need.
Blogging: There are so many ways to make money from blogging. You could sell ad space, put affiliate links up, sell your own products, and the list goes on. Having a high traffic blog means that you suddenly have an avenue to make a ton of money, all passive.
One problem: how do you actually GET a blog with high enough traffic? In most niches, it's impossible. You will probably never be as big as Huffington Post or Mashable, if you go the broad route. Truth be told, if you wanted to get a Web site in a low-traffic niche, you'd be better off selling actual products.
Apps: I'm probably going to get a lot of shit for this, but... yeah. Apps. Specifically, games.
Why would anyone get into the games sphere? To me, games are all the same: I play them on a long bus/plane ride or when I'm taking a shit. That's literally it. I'd say I share this with about 90% of app purchasers. There are so many free games out there, why would anyone even think that getting into this space is a good idea?
Even if you create an app that solves a need, who is to say that someone won't copy you? It's so easy to do. Unless you have brand and copy protection (attorneys are not cheap!), you have zero entry protection. Anyone with $3000 can get an app made by some guy in the Philippines.
Directories: LOL why would anyone think of starting a directory? It's been done to death since the year 1995. Even when MJ had the idea, it had been done to death.
The only reason a directory would be useful is if you're starting one for your own city that doesn't really have one. And that surely will not make you a millionaire.
Anyone else have any other ideas? I think this is something that needs to be discussed because lots of people are wasting their time with ideas that have been beaten harder than the horse ever was.
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