Where I have been this time... and why I'm famous at Wells Fargo

[Kak]

Makes a lot of sense. I am beginning to think in terms of scale as well with my eCommerce stuff. Namely prep facilities to do quality checking/inspection instead of myself for large orders. Saves warehouse spacing (Bay area rent is stupid) and my time.

It's great that you have that time with your family now. I'm single, but I hope to be in the same situation when I get more serious about having a family and relationship.

I have had some other business mentors tell me to focus on my business first and find a relationship later. But I am internally conflicted on that one to be honest.

In the early stages of your relationship/entrepreneurship, did you find either strain your time on each other? I know a lot of my entrepreneurial friends' relationships failed because of the initial grind and hustle devoted to growing the business. For those that aren't in a long term relationship, I can see how this could be bothersome for the other person. (Of course you should find someone who understands your ambition and supports you to succeed)

To be quite honest, the initial "grind" was never an issue for me. There wasn't/isn't much of one. My experience has been the opposite, often even a waiting game.

I talk to my team in terms of balls in court or irons in fire. It is always a daily goal to keep from being the bottleneck in a deal. Anything anyone needs back they get back right away. Whenever the balls are in our court we throw it back to them as soon as possible.

And yes, find someone who gets it, obviously. Whether the one is the one is only a question you can answer. My wife, who has a business degree and a small business of her own, understands and has been a help to me on numerous occasions. I likewise, helped her outsource, delegate and fix processes. When we met she was 100% trading her time for money in her business. The point is, we are a team and stronger together.

I wouldn't be conflicted... If you meet the right person... Make both happen.

 

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[MJ DeMarco]

@Kak -- I reupped your YISA (INSIDERS Sub) which you were granted last year. Thanks for sharing your progress with us.

 

[AgainstAllOdds]

My results 10Xed once i started focusing on the mindset, you just start seeing bigger opportunities. Not everyone are similar.

Bigger clients (I have a thread here somewhere 6 months ago where i worked 100 hours for 100$. I think Ubermensh said something along the lines - "if you think poverty you get poverty")

So you went from making $1 an hour to $10 an hour?

 

[Andy Black]

Endurance.

I am positive that will never change and I wouldnt have it any other way.

Did anyone expect learning, self-development, ideas, connections, money, education, website, courses, mentors, knowledge, books, smarts, or intelligence?



Endurance. Persistence. Relentless.

Take your pick folks.


Get started. Keep going.


Thanks for setting the example @Kak

 

[Vigilante]

This post reminded me why I joined TFLF in the first place.
You're truly a wise man.

Not wise. Just have a lot of scars.

 

[MJ DeMarco]

Im passionate about these truths and I wish our country could remember what made us great in the first place. Rugged individualism, innovation, and embracing the freedom to go out there and become successful.

I'm hopeful -- after you strip down all the brash and bravado, at the end of the day we will have an ENTREPRENEUR / PRO-BIZ guy in white house. That's a far cry from what we've been dealing with in the past 12 years.

Up next. A KAK deal making story. How to make lemonade when life doesn't give you lemons.

Wehlllll, we're waiting!

 

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[Kak]

When you reread the above post, understand that was not a typo when I said that his intention was to monopolize all of the exports of an entire country in a niche.

When you understand that objective, you can gain some insight as to how his mind works.

Having a monopoly or at least running an economic cartel on some kind of commodity has always been a goal of mine.

 

[Ravens_Shadow]

One of the best real life in the trench stories I've heard in a long time.

Seriously reminds me when I was in Indonesia inside a customs warehouse in jakarta, shitting a brick, because they forged our manifest list (Lists everything in your crate) so that it was no longer compliant to what was actually in the box. They were trying to get a bribe out of us, but it wasn't going to happen. I ripped them a new one, and I gave zero F*cks as I got it out of customs, scotch-free with a huge smile on my face.

Way to go on turning this around @Kak! Persistence pays!

 

[RHL]

We continued the home search saw a few more and largely just took it easy. Then June came along. Their realtor reached out and asked if we were still interested in the property. I said we were, but now I want another 10 percent off of my offer. They said screw off.... Yesterday, we got a call from our realtor. They want to see if we were still interested in buying at our last offer... I said Im interested but now I want 10 percent off of that offer. But that isn't all. I will not accept a counter and I'll never negotiate again. Its been several months of screwing around and I am done.

 

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[Kak]

I asked @Kak this in a PM, and he said to post it in the forum. Here's my question.

I am trying to build a web design business and through my work there is a chance to build a website for a multi-millionaire. The extent I know the guy is that we have spoken shortly a few times, made some jokes and he knows my name.

His website isn't bad but it could be improved in an optimization/conversion sense. If I somehow landed this job, it could potentially lead to a lot of big clients since he knows all of the big players.

I thought of approaching him by simply asking him if he ever thought about updating the website. Getting him thinking about possible competitors in the future. Then saying I could create a few sample designs and talk about what I can improve upon. I want to be careful though not to blow this opportunity which is why I didn't approach him before christmas.

The other way i thought of approaching him was doing some research and just trying to provide him some value upfront with some sort of market/business analysis (not sure what yet). And talking about improving the brand of his business.

The only problem is.. he has a corner on the market and has very little competition. So he doesn't need to do anything and the money will still roll in. Also, the website probably would not help much in conversions.

The other problem is that he knows the position I am coming from. So why would he hire the little guy.. with no portfolio..

What I know about him. He loves spending money, doesn't necessarily need more money and he is pretty anal about neatness. Despite my lack of experience, I believe I can add value. Also, I have a cousin in the same business i can consult if I need professional advice/opinions.

So.. what do you think I should do? I will maybe see him again in a few weeks.

Thanks for your post. I will do my best to answer your question.

First and foremost, when we discuss what you should do within a business, maybe we should discuss the business itself.

There is a difference between owning a company, a small business and being self employed.

Owning a company involves leveraging assets and resources to create a self surviving ecosystem. Something that has the ability to make money independent of your direct input. The owner eventually shouldn't even have to work there. Examples: stores, apartment complexes, webstores, manufacturers.. etc. You get the picture.

A small business usually involves an owner operator. The owner often works at their business. There is some leverage of resources, but the business either can't afford to shed the owner's effort or the owner needs to be heavily involved for other reasons. Think: a bakery, boutique store, photography studio, mechanic shop, contracting, Etsy handmade shops.

Self employment is really just that... Employed by oneself. Literally you have a job that you do for money without being an employee of someone else. You are basically an employee of your customer. You must trade time for income. Think: consultants, freelancers.

When I think web designer... I think freelancer. This is self employment. Are you OK with that? Let me know and we can continue.

 

[Kak]

@Kak Can you talk about this a little? I can't quite get my mind to wrap around a goal of monopolizing exports of an entire COUNTRY.

I'll have to report back on that. I haven't done it yet.

The plan has always been to provide enough demand for a particular byproduct that no one supplier could handle it. In advance of some potential suppliers beginning production we have them commit all of their production to us. Otherwise we won't comitt to buying any of it and it becomes too risky for them.

We find every supplier in the country capable of making semi large amounts of this product and lock them all down. (That would be like 15).

 

[LightHouse]

It is. However, try starting an oil company then come back to me telling how easy it was .

I'm trying to figure out why everyone on this forum is so proud of dead end jobs when you can get a job as a sales rep at a software company or the like, be in on the deals as an employee, and then go from there.

Compared to trying to code something or run aff offers while trying to survive somehow.

You are reading the wrong threads and reading from the wrong people.

A lot of friends I talk to week to week are vets on this forum, none of them are trying to learn to code or running affiliate deals trying to survive.

 

[Kak]

You are reading the wrong threads and reading from the wrong people.

A lot of friends I talk to week to week are vets on this forum, none of them are trying to learn to code or running affiliate deals trying to survive.

Couldn't have said it better myself... I have never written one sentence of code nor have I ran an affiliate offer in my life. I have had times where I sacrificed a more comfortable and stable income for the life I knew was out there... Some people are willing to make the sacrifice and do what it takes... Others aren't and that is good because we need employees.

I would do it again too.

 

[Kak]

Great thread so far, the value you offer is often more than you realize!

Right now I offer a service which has the high-ticket item being $5,000 for 20 hour-long sessions spread throughout the year.

I currently have 3 clients which works out to maybe 4 hours per week. Average comes out to $250 per hour and I could pay someone $50 per hour for the work I do.

I'm looking to scale the business, and even though I have time to take on many more clients myself, I am thinking of jumping straight into making the sales, doing the first session myself, and then setting them up with someone under me who will do the legwork.

After that, I will hire someone to do the sales, and eventually be there to answer questions for the sales team and the people fulfilling the service.

Would you jump into this end goal as quickly as possible? Or handle outsourcing one task at a time?

Thanks again for your help!

Hello @AndrewNC

I am not sure I understand the question 100%, but it looks like you are basically asking how I would scale what appears to be a consulting company.

Consulting by nature is a 1 to 1 exchange of time for money. Being that the nature of what you consult on is start ups and entrepreneurship... And due to the fact that I like unique and outside of the box deals... I would be bagging the hiring more consultants, why? Because if thy hire you they want you. I have hired consultants in the past where they dish me off to another subconsultant and it sucks.

That said, If I were you, I would be publicly open to stock deals and royalties for start ups that have a ton of potential, but are a little too lean to be spending $5k on a consultant. That way you are paid on deliverance and also are a partial owner in the new business.

Also just for a case study. Look up that Tony guy that started P90X. He was a personal trainer 1:1 trading time for money. He eventually developed classes to magnify... Then he brought the fitness DVD to mass-market. This is an alternative model.

I hope this helps!

 

[Mr_Maravish]

I would have died at the point that 100k was sitting in limbo with a manufacturer that went poof

 

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[Kak]

Just made this a featured post... Rep+

Incidentally, I was one of those losers who walked on hot coals when I was 23. It changed nothing long term, short-term (maybe about 5 days?) I worked my a$$ off on stuff that didn't matter.

You see, you can work hard all you want, be motivated etc -- but when the focus of that energy is directed into the wrong platform/premise, nothing else matters.

The real change only came when I started focusing on solving the needs of others, instead of trying to serve my own.

Thanks MJ that rocks.

Your post about solving needs is right up there with my follow up explanation. Capitalism needs to be understood. Win win deals are what keep the money coming in.

As most successful business owners know. Capitalism is a win win system.

 

[Kak]

I've wasted a lot of time reading books about mindset and have realized that 99% of it is just rehashed BS. Due to this I would like to transition to reading books that contain useful information that can be applied to the real world. Is there one of Milton's books that you would recommend above the others? Or do you think they are all useful/worth the time?

They are ALL worth your time but Free To Choose is particularly excellent.

He's also all over youtube destroying communist arguments.

Everything in business boils down to supply, demand and market equilibrium.

 

[Vigilante]

When you reread the above post, understand that was not a typo when I said that his intention was to monopolize all of the exports of an entire country in a niche.

When you understand that objective, you can gain some insight as to how his mind works.

 

[Kak]

It is. However, try starting an oil company then come back to me telling how easy it was .

If you think we are saying it is easy... You completly ignored the point of this entire thread.

 

[Boo]

Bumping what I believe is the best thread on this entire forum.

@Kak There is a company in your neck of the woods, Service Corporation International (SCI), which I believe is a fantastic example of many of the lessons that have been shared in this thread. Namely, aiming higher than others thought possible and not being held back by arbitrary challenges.

At the time of writing, SCI has a 7.76 BILLION market cap. It started as a humble funeral business in Houston in 1962 (within our lifetime people) and has acquired competitors, growing to over 4,000 locations.

What I love about this example is that it's a small family business that's scaled to a billion dollar company. People often have limiting beliefs around their niche i.e. "well you can't get that big in my industry, we don't do (insert: AI, pharma, manufacturing, tech etc)." This is funeral care people. It's incredibly limiting. You can't transfer bodies easily, people want it done locally so that can be nearby for ceremonies, it's human resource intensive etc. Yet they accomplished it.

It also happens to be a business model that I'm incredibly interested in. Solidifying a fragmented industry by buying out Mom and Pop stores that offer a fantastic service but without the skills to expand further, then keeping them on as management either through well-worded contracts or incentivizing by having them retain say 30%.

What if you could do this in another industry? Roll-ups aren't incredibly uncommon, but I'm still surprised that more don't happen. Partly this is due to low investor appetite due to a few high profile failures like Valeant. Regardless, many companies have shown that this is a viable tactic.

Think with more zero's and solve problems that other's haven't even though about.

Just wanted to bump this thread for others to read and to try and provide a tiny bit of value myself. Thanks @Kak and @Vigilante

 

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[Kak]

Great, now every newb here is going to start using ridiculous cliffhangers in their posts.

In all seriousness, well done, Kak. Can't wait to read the rest.

Aren't most of you guys NLP fans? Haha I couldn't resist.

 

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[Kak]

Did you ever meet these guys in person (supplier or customer)?

Looking back, what were the red flags in the process that you will now be paying more attention to?


Amazing story, glad it turned out for the better. Weaker men would've given up long ago-- you are an inspiration and deserve all the success coming to you....KUDOS!

Supplier no. Customer absolutely several times.

My policy is now to have my a$$ completly covered and have a plan for what Ill do if somehow I still get screwed.

Keep in mind I was using an LOC... Typically considered a secure way to transact business. They didnt give me a single red flag except knowing what I knew, I should have been more skeptical that they could supply the amounts I wanted to buy. Its pretty hard to come by. The fact is that they did everything else perfectly.

 

[Bellini]

Here is how you stop dealing with limiting beliefs... Stop having them. Understand as I said to HKK... These millionaires and billionaires aren't unicorns.

This is so true. It reminds me of a quote I read from Dan Kennedy recently:

( @Trud09 ) - "I often say if ordinary people realized how ordinary in capability most millionaires are, there would be a lot more millionaires. What holds most people back isn't lack of opportunity or lack of capability, but the illusory belief that millionaires possess some special abilities that they do not."


Thanks for the thread and posts @Kak !

 

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[ZF Lee]

Also a good example. It all comes down to being there for the sacrifice.

I wish Donald Trump would write a book about raising winner kids in an extremely wealthy household. His kids are impressive to me considering their circumstances.

I sometimes wonder how I will handle this with my future kids. The last thing any rich parent wants to do is stifle their kids, but most of them somehow do.

On stiffling the kids, I had a short stint in an international private school when I was 8 years old.

Couldn't bear with it. Had to get out.

The kids were too snobbish and always talked about TV shows or games or the latest fad.
I couldn't find friends who were interested in hard work or progress.

I went to a regular school, which was cheaper and had kids from lower-income families.

They weren't as wealthy, but we knew we needed to study and work hard. We understood sacrifice and effort, to a degree. After all, the kids came from poorer families that lived on work. A few were orphans, who really had to work hard, or fall behind in life. So, we clicked.

I still keep contact with some of them. They have gone on to become successful in life, Fastlane or not.

That is why I sometimes shake my head at expensive education. Education is not always about books, but also about the people available to mix with, and their doctrine and mindset.

 

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[Vigilante]

He couldn't come to the meet up.

Because he was at Mar-A-Lago this weekend.

 

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[Andy Black]

Different league stuff.

Well done @Kak, and thanks for sharing.

 

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[BlakeRVA]

The most efficient way to destroy limiting beliefs is not convincing yourself they do not exist, but to prove they do not exist by producing results. Nothing is more freeing than achieving what you used to believe was impossible for you.

Get to work.

 

[Kak]

I totally agree.

But business is a competitive environment. When you jump into business you are never in a vacuum unless you are extremely lucky. This means that there are several others who provide value you can provide, and you need to compete. So generally, business intelligence is not as simple as a value-money exchange thing. I am sure you know that, seeing how much mature you are in business compared to me.

If someone think they are too small to compete a big competitor they will never reach that level in a 100 years. I stay in the startup capital of India. This just happened to my best friend with a failed startup, so i know.

I think your original (quoted) post was talking about people who don't couple mindset with working on your business 20 out of 24 hours.

Capitalism and the market in and of itself takes into account competition. Because without competition there wouldn't be a clearly market defined value for anything.

So my analysis stands. A true understanding of capitalism trumps mindset BS.

 

[MJ DeMarco]

Sorry to bust your balls but this is the most pathetic self-defeating post I've read on the forum in a long time.

Are you serious or is this just trolling?

I am 42, divorced with 3 kids - 2 of them on a different continent and one same continent but different country (she is adult and moved to London).

I am also in a long term relationship (not legally married but close enough).

I see my 2 younger kids on another continent every month. I see my oldest every couple of months.

I have a good relationship at home.

And yet I somehow find the time to run a couple of different businesses.

Is it tough sometimes?

Hell yes.

But I'm also not a pussy and conceding to a life of F*cking mediocrity.

FEATURED POST! I swear in the last 24 hours I've featured 4 posts ... ya'll are churning out some good ones!

We would provide the operations aspect for the new company.

Do mind saying what this is? Operations, like manufacturing, office space, marketing ??

Thanks for the update KAK!

 

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[Vigilante]

a**hole



I'd say it was win-win, but it doesn't get much better than leaving a negotiation gaining 80% in a new company and an expensive resource in exchange for a 10 cent piece of paper with my signature on it.

He wins too. Not everyone is a creator. Hand someone existing technology and infrastructure they don't need to pay for, and 20% of an entity they didn't build... win/win. He manufactures money for everyone. A lot of my businesses used other people's infrastructure and their owned assets. I harnessed them and made money for everyone, and was content for a piece of the pie as I recognized I didn't own the assets I was using to make money. Varying degrees of risk get varying degrees of reward.

 

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