While most of us might not want to aim for the Fast-Lane, these Commandments are precious if you’re going to sell a product one day or build your own business.
Before I go through the five commandments, I need to introduce a principle of that book. This principle is called: the Law of Effection (or Affection) and here a simple way to think about it:
“The more people whose lives you affect in an environment you control, the more money you will make.”
These commandments are here to make sure that you have thought your Fast-lane plan fully and that you do not go the into the Slow-lane. Let’s review them briefly:
Commandment of Need
That commandment is practical. If you want to make money, then you need to add value to people’s lives. If you start a business by doing an activity you love, but people do not need it, then you might not just have a business in your hands! Just to be clear: This commandment cannot be violated.
Adding value comes in various forms, here are a few examples: solving a problem and pain points or making people feel better.
Commandment of Entry
The author recommends picking a business that has somewhat of a barrier to entry. If that commandment is not respected, you will have to be outstanding differentiate yourself.
Commandment of Control
A Fast-Laner is someone in control of his financial plan. That is also true for the business of a Fast-Laner. The author often reminds that Fast-Laners are the owners, the loaners or the producers. They are the leaders of systems and businesses, not the cogwheels. The control is crucial as you do not want to be out of business because the entity in control changes the rules.
A side note on the Commandment of Control. Often feeling in Control is being what the author calls a hitch-hiker and it isn’t really “in control”. Good examples are MLM, dropshipping or affiliation. While these might look like you are in control, you depend on another entity and any change in the service or the contract, and you could be out of business in a blink!
Commandment of Scale
The author references to these levels of scale: community, city, state, region, national, and international. The scale is one of your leverage and Internet allowed most business to scale immensely.
Opening a hot dog stand is by default not scalable. Unless you run 200 hot dog stands in 35 cities. But even though, one hot dog stand can only serve a certain amount of customers in a day, and the margin on hot dogs are limited. That in itself is against the principle of scalability that the author is using.
Commandment of Time
A Fast-Laner value its time over anything else. He regularly takes the example of people following their dream and opening a business. A restaurant owner could be making enough money to make a living but at the price of their family, hobbies and friends. These owners often don’t make enough money to have a Manager in the restaurant, so they are stuck in another kind of rat race.
The author suggests looking at businesses that can be highly automated or with such margins, that people can be hired to run them while you can still pay yourself well.
These Commandments can be explained with a lot of more depth, and I would suggest researching each of them if you are about to build a business or a product. For tomorrow, the next article will be focused on Schooling versus Education and the various kind of Universities you can attend in life. Most of these are not expensive and even free! These are another kind of Universities… 🙂