Plotting the course
Plotting the course
Photo credit: nicora
I love Mark’s “3 Years To [Insert investment activity of choice: Real-Estate; Stock Investing; Small Business; Online Business; etc.] success …” concept. I recommend that he trademarks it and – at an absolute minimum – registers some domain names now … such domain registrations to last at least 3 years, of course 😉
Mark’s idea turns each ‘learning exercise’ into a future information product …
AJC uses the mountain as the analogy on how steep or difficult it is to reach our number. The number to me is a first step in deciding the destination. I’m not evaluating how difficult or how easy yet but it is an important first step. Having the number is like having the treasure map, it tells you where to go. There can be many routes to ‘X’ but we have to choose carefully. There can be quick routes or short cuts but there are more interesting routes as well that will give you the experience that you need.
Now that I have a destination, how do I get to ‘X’?
In my original application back in April, I mentioned that I was contemplating joining an MBA program part-time to move forward career wise. I did quite a lot of research for a couple of years, right after I completed a part-time Masters program. I may sound like a serial paper chaser but I do find that it is not exactly what I wanted. After meeting a few successful entrepreneurs and reading about them, I got motivated to start a business or several businesses. Instead of getting an MBA, why not start a business and learn from it? Learning from the school of Hard Knocks could potentially produce better results and may cost less. Don’t get me wrong, an MBA program can be good because they are structured to teach various important subjects. Most importantly, you have to finish the program within a predetermined time frame.
I have quite a variety of interests and have invested in programs and seminars on self improvement, real estate, stocks and options. My main idea is to create a time-bound program to explore these various areas. For example, setting a time frame of 3 years to learn and apply specific real estate investing techniques or learning and investing in stock options successfully. The grand plan is to create many 3 year programs that people from all walks of life can follow and apply to be successful. These programs will be available as services that can be sold and marketed in various forms. I view these programs as an alternative to the regular MBA program. No degrees will be conferred but the experience gained will be as valuable if not more.
Fast forward to the present situation, according to Michael Masterson, I will need, “Real-Estate together with Stocks and Small Businesses”, to achieve the 40% Annual Compounded Growth Rate needed to reach the number. That is almost exactly what I’ll be doing in the next few years.
In the area of real estate, I’m going to start investing in Tax Liens in a few targeted states. The goal is to make profit from these investments and also to hold a few properties as income producing assets. The main benefit from this activity is that it is not a year round effort since tax lien auctions are held periodically depending on which state you are investing in. The low periods can be used to pursue other activities like investing in stocks and stock options. For income producing properties, the management should be off loaded to property management company. All these activities will be recorded and organized so that I can create the various 3 year programs that can be sold as services.
Sounds like you are really thinking clearly, Mark! Congrats on realizing, too, than an MBA is not necessary. Mostly what we are taught in the MBA is not how to do the details (that comes from OJT after undergrad, basically) but how to understand all the different folks and what they will be telling you as the manager. If you can already understand the data, then the analyst can’t bamboozle you and you won’t be hiring “the wrong guy” for the job you’re trying to do.
Good to hear from you and know what you’re up to. I think your 3-year programs sound cool, too. Have you thought of how to market them (product placement is what I’m thinking about)? Since an MBA can be had in 18 months (a 2-year full-time program) and is a piece of paper that satisfies some employers’ needs, I’m thinking that you’re still looking at entrepreneurs who can have all the paper they want and still fail. I’m also thinking about the costs to the students.
Adrian’s post on the 7M7Y blog today was a good one about finding out what the client wants and selling that (a hole) rather than your product (a drill).
I’m excited about what you’re up to – keep on keepin’ on!!