You can't get there from here …
Photo credit: Duckscrossing
You can’t get there from here …
No, Lee, Ryan didn’t go AWOL … just slipped into the ‘think tank’ for a little longer than expected 😉
Ryan explains what this means in his opening, but with this photo, I was as keen as you to find out! He knows that he has a big task ahead of him, and I will say that developing/selling some intellectual property (be it via a unique business model, invention, process, or whatever) WILL be his path to success, because it’s the only one likely to give him the ‘home run’ he needs, given that Ryan’s annual compound growth rate is well into ‘boom or bust’ territory …
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“You can’t get there from here.” This New England saying never made sense to me until I came up with my number! Can one get from 100K net worth to 16 million in under 9 years?!?! There is certainly no road map to go from, but there is no doubt it can be done.
Short of winning the lottery or getting a huge inheritance from some long lost uncle, it’s going to take a lot of planning, hard work, and a little luck. Fortunately for me (and the others following the 7m7y experiment), luck favors the prepared mind. Without getting too philosophical, basically what I’m saying is that if you want a million bucks (or a billion for that matter), it’s not likely it will fall on your lap without any effort from you. However, if you’ve set goals, come up with your number, researched, planned, put the hours in, and made it a priority, is it still luck when your an “overnight success”?
That is why the 7 MITs are putting up these posts showing how we think our journey might look to get to the destinations that we’ve dedicated the last few months defining. We all now know where we are right now. Those who have completed THE TASKS on 7m7y.com now know where they need to get to. And now we just have the MINOR chore of filling in the in between stuff.
My “in between stuff” will HAVE TO include starting my own business because my compound growth rate is 85% (see Scott’s post for a great explanation of this). Starting a saleable business is something I’ve always wanted to do anyway. Actually, I already own my own company, but as a medical device distributor it is unlikely that I would be able to sell it for the type of return I need to reach my goal of 16 million, so I don’t really consider it saleable.
I also want to develop some Intellectual Property. I’m in the operating room every day, so I constantly try to be aware of inefficiencies, improvements and things that are lacking. My business may start from some IP that I develop or I may just sell it after it’s patented.
Lastly, I believe my road map will also include, to a smaller degree, stocks and real estate.
So, I’ve chosen my vehicles, packed my bags, and I’m ready for this trip to start. Did anybody bring the GPS navigation?
Hey Ryan, just wondering why your distribution business can’t be sold?