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How To Earn More Than $1,000,000 In One Year – Part 1

by MJ DeMarco · 10 comments

Want to earn more than $1M in 1 year?  Sounds difficult doesn’t it?

It isn’t if you are traveling and investing your time into a Fastlane road.

If the idea of earning $1,000,000 in one year sounds impossible, you’re probably driving a deficient business road, incapable of Fastlane speed.

A vehicle with a top speed of 15 mph will always have a top speed of 15 mph no matter how hard you push the accelerator.
MJ DeMarco, The Millionaire Fastlane

So how do you determine if you’re on the right road?

First, your road must be paved in the right surface.

The right surface is concrete and is poured from a need based premise — a fundamental market-based problem, issue, challenge, or pain-point that you set out to solve.  Ignore this, and your road erodes into gravel or sand — speed becomes impossible.

“Bill has been a chauffeur for a limousine company for over 3 years.  He quits his job to start a limousine business because it is what he knows”

“Joe is an expert in martial arts and loves his craft.  A guru/life coach tells him to “do what you love” and opens a martial arts studio. “

In these two examples, the entrepreneurs engage the marketplace selfishly — they are thinking of themselves when they should be thinking about the voids and challenges in the market.

In other words, why does my area need another limo service?
What are the existing companies doing poorly?
What can I do better?
What market-based opportunities are there in the industry and in the area?

The same goes for Joe.

Does the neighborhood NEED a martial arts studio?
What are the other studios doing POORLY that exposes a pain point?
What can I do BETTER than the other studios?

The reason why 90% of entrepreneurs fail in their first 5 years is because they start businesses they have no business starting, often founded on “do what you love” or “do what I know” — as I pound mercilessly in my book — the world doesn’t care about what you know and what you love — they want to know what can you do for them??? What value can your business bring to the mouth of the world?

If you want to earn $1M in 1 year, your first task is to find the right road — and that road is to stop thinking selfishly, and start thinking about what the market needs and wants.



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Comment Guidelines: We all have opinions and I'm cool with ya disagreeing with me however anonymous comments, stupid comments, trolling, hating, and other uncivil comments will be deleted.

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  • Jorgens

    this has always been my biggest struggle as to refocus my thoughts into what is going on externally versus whats going on in my life personally, when there are bills to pay is easy to see why money becomes the focus over needs

    • Hendrik

      As long as you go on to start a business just based on chasing money you are not going to succeed.

      A problem that I have is the shortening of life cycles of attractive products and businesses based on such products. How do you go about that?

      • MJ DeMarco

        Are you manufacturing a product with a distinct USP? If you are just finding products based on short-term trend fluctuations then I’d say you are more of an arbitrager and building a business – not a brand.

        • http://www.rentalthamrin.com vaans

          That gives me a big shift in my thinking. Now, instead of looking at what I am passionate about, I am looking at what the world (or the country where I live) needs and how I/my product satisfy the needs. That also puts myself as irrelevant because if the world needs something that I know nothing about, then I HAVE TO start learning to gain as many knowledge about that particular thing (a.k.a starting from 0).
          Am I on the right track here?

          • MJ DeMarco

            Yup, you’re on the right track.

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  • Tom

    That stinks.. i own a martial arts school :(

    • Armin

      But is does not mean you cannot succeed ;)

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