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Book Review Of Millionaire Fastlane

Book Review Of Millionaire Fastlane

This book is one of the best books on Entrepreneurship in which the author sets out five commandments to be in

Millionaire Fastlane. According to the author, until and unless the business complies with the five commandments, it

is not destined to be successful. These commandments are:

Book Review Of Millionaire Fastlane

Book Review Of Millionaire Fastlane
Book Review Of Millionaire Fastlane

The commandment of necessity:

Millionaires affect the lives of millions of people by adding some value to their lives and therefore they are

millionaires. If the market does not care about your product or service, then you are not going to add value to the

market and you are a failed company before it takes off. Therefore, each company must first find out if there is a need

for the service or product that their company is going to offer or not.

Book Review Of Millionaire Fastlane

So, we have seen test products that are sold for free to test the water.

People often start businesses for the wrong reasons. They are good at something and very skilled and start a business about it. But if the market doesn’t care, it will be a failure because the market is a selfish place. He doesn’t care what you want, what you have, how good you are. The only thing that matters to him is what he is for them. If you add any value to their lives then they will buy it, otherwise, they will not buy it. So it’s a big revelation for me and could be for many budding entrepreneurs.

The commandment of entry:

If the barrier to entry is very easy, it means that millions will do the same and you will not have the ability to scale your business, but you. Usually, the price war hurts all parties. aren’t enough barriers to entry unless you’re trying to add some additional value to the market that no one else has added yet. An example that the author seldom gives is when he thought about starting the Limo business. He discovered that he had failed in both the first and second commandments. There was no need for a limousine business anymore and the barrier was very low to get into this business.

Book Review Of Millionaire Fastlane

Book Review Of Millionaire Fastlane
Book Review Of Millionaire Fastlane

Command of control:

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or finances.  Especially when entrepreneurs don’t have any basic financial knowledge like what a home loan is, how to calculate simple interest, but they hire an expert to help them make decisions. Since they cannot take a second look at the decisions made by their advisers themselves, they are likely to be wrong and the entrepreneur will have to bear the loss.

One of the examples given in the book on the benefit of controlling the business is given below. If you are a doctor working in a private care facility, it is natural to think that you are on the fast track because of your magnitude (price/unit)  But the control of the private care facility is not in the hands of the doctors, ut of the owner. So it is he who is on the fast track, not the doctor, who relies on his intrinsic worth to increase wealth.

Book Review Of Millionaire Fastlane

The commandment of scale:

The author gives an example of a hamburger standing outside a supermarket. No matter how hard the owner tries, he cannot scale his business and reach customers outside of the supermarket.  But an electronic store that sells some product on the Internet has an unlimited number of customers and therefore can scale its business to an unlimited level. However, if the entrepreneur can franchise any burger shop, then he can scale and will be on the fast track.

The author gives an example of a quote from billionaire Mark Cuban who said that only one business is successful. Therefore, we must undertake projects that can be scaled up. In baseball terms, swing for home runs, not singles. If you decide to play singles, you have to repeat the effort many more times.

Fastlane’s wealth equation is:

Wealth = Net Profit + Asset Value

 

Leverage is created by the units sold. If you are selling hamburgers on the grocery lot, you are limiting leverage and therefore you are at the 15 mph highway speed limit. Also, you cannot increase the price of the hamburger, for

Book Review Of Millionaire Fastlane
Book Review Of Millionaire Fastlane

4 Comments

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