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Part 7: The Roads to Wealth
To earn millions, you must impact millions. This is the Law of Effection.
MJ DeMarco created five commandments for everyone who wants to go in the Fastlane.
The Commandment of Need
When it comes to business, it’s very bad advice to follow your passion or do what you love. Instead, think of business as a solution to an existing problem. Stop chasing money, and instead chase needs, problems, pain points, and emotions.
Most businesses fail because they are based on selfish internal needs rather than external market needs.
The Commandment of Entry
The businesses with easier entry levels are more crowded with competition. If the entry level is high, there are fewer competitors, and it’s easier to make a profitable business.
To create a proper business, you need a process. If it’s not a process, but an event, you are violating entry.
Beware of signs that “everyone is doing it.” If what everyone does would make you rich, everyone would be rich. In fact, it’s usually better if you do the opposite. For example, if everyone is buying real estate, you should be selling, and vice versa.
The Commandment of Control
To earn good money, you need full control over your business. This means be the driver, not the passenger. For example, you sell licenses, not buy them. You offer affiliate programs, not join them. And so on. You own the business and you control it.
A good example of a business that you will never have any control over is network marketing. The only people who earn real money are the founders and their inner circle. You will not get any significant amount of money by joining them years later. If you want to earn money by network marketing, create one, don’t join one.
The Commandment of Scale
It’s impossible to have a highly profitable business if you act only in the local market. To impact millions, you must cover a large area with your business. Think of a business that you can easily scale nationwide, and it will make millions for you.
The Commandment of Time
The goal of having a business should be a detachment of time, to finally be able to have more time for yourself. That’s not always the case, though. Many business owners are married to their businesses, and they have no free time at all.
Make a business that can be automated. Make a business that will be working even when you are absent. If you make a business that needs lots of your time, you don’t have a business. You have a job.
Find Your Road
You don’t need to invent a completely new idea for a business. Competition is everywhere, and most likely, you will not find anything truly new. Instead, enter an existing market and do it better than everybody else. This is the story of Facebook, Google, Walmart, Starbucks, and plenty of other popular companies. Opportunities for new business are everywhere; just look around and find out what people are complaining about or what can be improved.
Principles to follow
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