The Five Commandments of Fastlane Businesses
The Five Commandments:
Many people are aware that a person can earn a lot of money through business and its true, many people after knowing this fact some people start doing business which is something great, but still many people fail to create successful business, they invest their time money energy , they invest everything but still their business fails to see success, why they fail? Because they do certain mistakes while handling their business, they do such mistakes which ruins their time money energy investment, many times they face such a big loss that they don’t even try to start their business again, hence as per Christians the way god has given 10 commandments to jews prophat moses and others in order to create successful life and to achieve hereafter, similarly in The Millionaire Fastlane book author has given Five commandments and after following it any person can have the capability to create successful business, through this commandments you will learn wisdom which will not only help you to earn more but will also help to create a huge fortune through business, in order to make all this thing possible then people just need to follow this Five commandments which are known as CENTS. The author says if you notice any big business 9 out of 10 businesses you will notice following Cents commandments in order to make their business successful, hence even you need to understand these commandments in order to create a huge business, so let’s begin
Under CENTS Five Commandments, initial C stands for Control
Suppose there are two people, amongst them first person uses his land for farming, work hard for year and whatever he earned from his land he uses it for his family and home, whereas the second farmer works for other, does farming for others, he works for other and run his family, now as per business mentality you tell me who is in better position in present as well as in future, obviously first farmer not because he has his own ground or land, but because that farmer has more control in his hand compared to other farmers, because the second farmer is working for another person, if anything happens then another person will not allow him to farm on his land or will ask other farmers to work for him, with this that second farmer financial condition will become worst easily. Hence commandment of control teaches us that the more you have control in your hand the more beneficial your business will be, the more control you have in business the more your business will grow. For example, seeken YouTube channel is mine, but unfortunately if anything bad happens or if YouTube wants to stop my channel then they can do this for sure, hence for me best thing would be like I should work on other things as well like I should grow other platform and websites as well so that can have full control on my hand, many people make a mistake in order to earn they keep their focus only on one platform and becomes dependent on that one platform completely, which isn’t the best option, suppose there’s a seller who sells his product only on amazon, then the best option for him would be like he should check out other platform and options as well or should try their own website, because till the time person’s business will be under control by others then doing business with less problems and difficulties will be impossible and risky here I am not saying you shouldn’t use other platforms or they are not good but I am saying you to try diversifying your following and source of income. And don’t get dependent on one source medium seller or buyer otherwise you can get into the situation where you find yourself earning nothing just because you didn’t have enough control over your business. Hence as per the first commandment have enough control over your business and over your life.
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2. CENTS E stands for Entry
This commandment ask a very serious and important question to us, which is how much easy or difficult it is for another person to get into your business or to start the same business like you, example, just a few days back I had talked to one of my relative who had started snacks related business a few years back, at start he was earning good profit, but as it was easy for others to get into this same business, it just required 2 3 people and cook to start this business, hence when people noticed that this snack business gives good profit then even others started doing same business which as a result increased competition, and as competition increased my relative had to decrease his profit margin, but again competitors also started selling at lesser price and as a result my relatives profit started decreasing and because of this decrease in profit at the end he had to close his business, hence you must understand that the business which you are doing or which you want to start it should be very difficult for others to try, or it should be something which actually solves customers big problems, only then you’ll able to create that business a huge success, otherwise with increasing competition your profit margin will suffer and maybe you won’t able to get that much success.
If any person can copy your business or can start a similar business like you do, understand that you are not following 2nd commandment properly, the more difficulties and barriers come for another person to start a similar business like you the more profit and benefit you will get. Because most of the people fail to put more efforts and hard work, you shouldn’t run away from efforts because remember entrepreneur biggest motive is to solve problems of others the more difficult problems you will solve the more you will succeed in life example elon musk company is a billion dollar company because that company solves very difficult and huge problems which aren’t possible to copy easily, any person cant start that same thing, hence even you start something which is really difficult for a others to copy if you want to create million dollar company, if you think to earn small amount then becoming huge can never be possible for you.
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3. CENTS N stands for Need
Cents n stands for need, need is the central point of entire commandment, as I have said earlier that a business main motive is to solve problems, so if through your business you are trying to reduce someone’s task or work or trying to make things easy for others, or giving better service or fulfilling anybody’s need then you are following this commandment, now if you are thinking why I am sharing this very obvious thing with you all, well the reason I am saying this is because as per research maximum startups fails now a days because businesses prepare those things which aren’t needed by people, they think that their idea is best and everyone will like it but when they launch their product nobody buys it, because no body needs it. No one has need of that product, and this is really very problematic situation, following your passion is something really good but if your passion isn’t helping someone and if you are not getting anything from it, then your passion will not pay your bills, hence there’s a very famous saying in business market which says it doesn’t matter what you want it matters what customer wants, and if you are not providing them what they want then moving ahead will never be possible.
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4. CENTS T stands for Time
Cents t stands for time, 4th commandment is Time, if you are required always to make your business work smoothly then you are not creating a business but you are creating a job, and fact is many people make this mistake while building a business, maximum people start selling their time in order to earn money, which isn’t right, example suppose if I have a shop, and I had to work daily in order to run it properly, if I don’t go there then that shop will be closed will not run, then I am earning by selling my time, then this is something not right, but if I hire a person for every work then by this my income will become independent and this will be my ideal decision, even you should follow this because same way million billion dollar business are created, hence as per 4th commandment never create a business by selling your time, instead create a system where allow other to work for you where your need will be less.
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5. CENTS S stands for Scale
Last commandment s stands for scale, this commandment ask the service or product which you are providing can be easily replicated by scaling ,will you able to take that business to higher level, example, suppose you are a talented artist who creates an awesome painting you create such paintings which others can’t you painting is so awesome that other starts giving you work, and by doing it you start your own business and starts earning money, but problem is you have limited time, you are not giving proper output, and your business is not even scalable because no one works like you, hence you can’t even hire someone, because of which you able to handle only 5 clients in a month, then at such situation you won’t able to create huge business, your business should be like where you can handle 5 to 10 or 100 clients easily while increasing and growing your business. In todays time you will see the online entrepreneurship is very famous and software companies are easily earning money, because creating softwares and earning through it doesn’t create issue in scalability, because one time you make a software then you can sell its copy to thousand clients, without creating software again and again, which isn’t possible in other businesses like restaurant because opening restaurant at new place isn’t easy and creates many issues and problems, hence last commandment says to build a business which can easily be scaled and you find no difficulty to expand your business.
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These are the Five Commandments from an amazing book The Millionaire Fastlane by MJ DeMarco. If you want to improve your financial life then you must read this book. You can get a free audiobook of this book from here.
For anyone reading this, SCALE can be violated.
The author of this text said that a painter is not a scalable business, I beg to differ. Here’s the clue where scale can be replaced:
If the painter is exceptionally good, he will be able to sell his paintings at a higher price. The Fastlane can then be achived by selling less paintings to a higher price. Don’t forget the following:
100.000 units sold at $10 profit each = $1.000.000 profit
100 units sold at $10.000 profit each = $1.000.000 profit
So the painter, who is exceptionally good, could possibly be able to charge a high sum ofr his paintings and thereby creating a good chunck of money from few paintings.
Sorry for bad grammar and all, wrote this in a hurry and I think it is very important that anyone reading this poest gets that scale can be manipulated.
More about this in the ”Millionaire Fastlane” book by M.J. DeMarco on the chapter where he talks about Scale under the five commandments.