If you heed the Fastlane philosophy and start a lemonade stand on the street corner simply because the Fastlane said, ‘Start a business’, I have failed.
That road is the wrong road because it doesn’t route to wealth. The road to wealth must route to wealth! Your road must go near or through the Law of Effection which says: to make millions you must impact millions.
How can you impact millions? In the Fastlane, you engineer a business that touches millions of lives in scale (units sold), or many lives in magnitude (unit profit). If your road doesn’t lead to Effection’s neighborhood, or has an off-ramp to it, sorry, you’re on the wrong road.
Not all businesses are the right road. Few roads move to or through the Law of Effection. The best roads satisfy the Five Fastlane Commandments:
- Need: Businesses that solve needs win. Businesses that provide value win. Don’t be a money-chaser. Chase needs, not money. Stop thinking about business in terms of your selfish desires, whether it’s money, dreams, or ‘do what you love’. ‘Do what you love’ sets the stage for crowded marketplaces with depressed margins. Instead, chase needs, problems, pain points, service deficiencies, and emotions. People only care about what your business can do for them, not for you. What’s in it for them? Will it solve their problem? Make their life easier? Provide them with shelter? Save them money? Educate them? Make them feel something? Why should they give your business money? What value are you adding to their lives? Surrender your own selfishness and address the selfishness of others. Money chasers are consumers who haven’t quite made the transition to producer. They want to be producers, but they selfishly think like consumers. Sometimes these selfish business owners use questionable business practices as customer needs are neglected and money is pursued with relentless zeal. Solve needs on a massive scale or in magnitude.
- Entry: The Commandment of Entry states that, ‘as entry barriers to any business road fall, or lessen, the effectiveness of that road declines while competition in that field strengthens.’ Higher entry barriers equate to stronger, more powerful roads with less competition. If anyone can start a business doing what you do in one day or less, you probably are violating the Commandment of Entry, and tough odds are ahead. Network Marketing, or multi-level marketing (MLM), always fail the Commandment of Entry – unless you own or create the company yourself. There is an old saying, ‘In a gold rush, don’t dig for gold, sell shovels!’. Any business that takes 10 minutes to do/join/participate violate Entry. ‘Everyone is doing it’ is a warning sign to stay out or get out.
- Control: When you control your business, you control everything in your business – your organization, your products, your pricing, your revenue model, and your operational choices. If you can’t control every aspect of you company, you’re not driving! And if you’re not driving, you set yourself up for sudden, unexpected crashes. Drivers sell franchises, they don’t buy them. Drivers offer affiliate programs, they don’t join them. Drivers sell stocks, they don’t buy them. Drivers run hedge funds, they don’t invest in them. Drivers sell licenses, they don’t buy them. The driver retains control and makes the big money. At best, the hitchhiker makes good money. To hit big money, you need to control your system and every aspect of that system.
- Scale: Business is like baseball. Play on a field where you can hit home runs; don’t play on a field where they are prohibited! If you own a clothing boutique on Main Street, you violate the Commandment of Scale because your pool of customers is drawn from the local trading area. To break scale, the business owner needs to introduce leverage in the form of replication: open more stores, sell franchises, or sell on the internet. Tiny habitats create tiny wealth. Scale is large numbers. Think big, nationally, and globally. To make millions, you must affect millions. Think big, but think scale and/or magnitude. Analyze your Fastlane equation and examine the variables. What are your maximum units sold and maximum profit per unit? What is the size of your customer pool?
- Time: The Commandment of Time requires that your business detach from your time. The Commandment of Time asks: Can this business be automated and systematized to operate while I’m absent? How can I get this business to operate exclusive of my time? Are margins thick enough to hire human resource seedlings?
As you violate these commandments, the road degrades in its wealth potential.”