Tim Ferris' Challenge - "No more excuses" $100,000 prize. Why this would benefit Newbies

by Simo
16 replies
Hey Warriors,

I thought I would bring this challenge to your attention

No More Excuses - How to Make an Extra $100,000 in the Next 6 Months

Warriors (Especially Newbies) here are some benefits that I see from following this challenge:

- Gets you focused on one project, and one outcome: A successful online business

- There will be specific help on "techie" issues that you may have and answers when you need them. This prevents you from having what I call "Technology breakdowns".

- There will be case studies available for you to learn from. This is powerful so you can implement steps similar to other successful businesses

- You will have guidance from a panel of people giving you specific advice to make your online business successful

- You get the chance to win $100,000!*NB this prize money is only available to US residents, but if you "win" your very own successful business I am sure you will be elated.

So Warriors.... Go forward and prosper in 2010. I can't wait to hear about many of your successes on this most excellent forum.
#$100 #benefit #challenge #ferris #newbies #no more excuses #prize #tim
  • Profile picture of the author derekwong28

    It seems like that it is open to US residents only and you must use the shopify e-commerce platform to sell things. If I were to enter, this is what I would sell. This is the most mind blowing aeromodelling product I have seen in a very long time. It is extremely stable, unbreakable, has a transmitter that autoselects on 2.4G and interchangeable between mode 1 and mode 2. Morover, costed less than $55 retail.

    I have not flown model helicopters for a long time but I manage to fly it inside my living room from the first go. I was interested in starting a RC model shop a few years ago and tested a number of samples. I just simply could not get them to fly. Therfore I abandoned the idea because I did not want to sell unworkable products.

    Derek
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    • Profile picture of the author rawservices
      This is on ThinkGeek.com for like $55 bucks. Well, not this exact model, but very similar.


      Originally Posted by derekwong28 View Post

      YouTube- Broadcast Yourself.

      It seems like that it is open to US residents only and you must use the shopify e-commerce platform to sell things. If I were to enter, this is what I would sell. This is the most mind blowing aeromodelling product I have seen in a very long time. It is extremely stable, unbreakable, has a transmitter that autoselects on 2.4G and interchangeable between mode 1 and mode 2. Morover, costed less than $55 retail.

      I have not flown model helicopters for a long time but I manage to fly it inside my living room from the first go. I was interested in starting a RC model shop a few years ago and tested a number of samples. I just simply could not get them to fly. Therfore I abandoned the idea because I did not want to sell unworkable products.

      Derek
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      • Profile picture of the author derekwong28
        Originally Posted by rawservices View Post

        This is on ThinkGeek.com for like $55 bucks. Well, not this exact model, but very similar.
        The ones you saw are 3 channel whereas the one I listed is 4 channels. The extra channel adds an completely extra dimension in terms of control and maneuverability and resembles much larger models that are flown outdoors. This is really the first time that a 4 channel helicopter of this size can be flown easily inside one's home.

        As far as the challenge is concerned, this already goes against the principal of the 4 hour week. I have done e-commerce before and this is every bit as demanding as a full time job. Morover, unless you hire a well trained manager, there is no way that this can ever be a hands off automated operation.

        Derek
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        • Profile picture of the author RichPirate
          Originally Posted by derekwong28 View Post


          As far as the challenge is concerned, this already goes against the principal of the 4 hour week. I have done e-commerce before and this is every bit as demanding as a full time job. Morover, unless you hire a well trained manager, there is no way that this can ever be a hands off automated operation.

          Derek
          Have you read the 4hww? E-commerce can definitely be automated. You can outsource fullfillment and shipping as well as customer support. Advertising can take very little time using adwords or ads in trade magazines.
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          • Profile picture of the author derekwong28
            Originally Posted by RichPirate View Post

            Have you read the 4hww? E-commerce can definitely be automated. You can outsource fullfillment and shipping as well as customer support. Advertising can take very little time using adwords or ads in trade magazines.
            Even if you outsource everything and use a dropshipper, it is still extremely unlikely to get down to 4 hours a week unless you have very few orders. For example, there will be instances of complicated customer complaints, RMA authorization, credit card fraud, and large or trade orders that cannot or should not be dealt with by outsourced customer support.

            The only e-commerce operations that I know who have successfully outsourced almost everything are realatively small and uncomplicated operations. It would be completely wrong to suggest that outsourcing is the solution for every business large or small. Even Boeing admits that it has outsourced too much for its 787 plane which was mainly responsible for its delay.
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            • Profile picture of the author RichPirate
              Originally Posted by derekwong28 View Post

              Even if you outsource everything and use a dropshipper, it is still extremely unlikely to get down to 4 hours a week unless you have very few orders. For example, there will be instances of complicated customer complaints, RMA authorization, credit card fraud, and large or trade orders that cannot or should not be dealt with by outsourced customer support.
              You obviously have more experience than me in this. but I can explain in summery what the book says.

              The author is selling vitamin supplements. He told his outsourced support to handle anything that would cost $50 or less. Any other issues came to him. He then batched all of his email and only checked it once per week, telling everyone that if they had something urgent to call his cell.

              There are a lot more details in the book. You are right that it would be much easier to outsource a simple product. The book in no way recommends creating a large complex company. In fact it recommends selling information products.
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              • Profile picture of the author derekwong28
                Originally Posted by RichPirate View Post

                The author is selling vitamin supplements. He told his outsourced support to handle anything that would cost $50 or less. Any other issues came to him. He then batched all of his email and only checked it once per week, telling everyone that if they had something urgent to call his cell.
                I understand what you mean. But I just cannot imagine a shop owner who is serious with his business would check his e-mail it once a week. Some nasty customers will raise a chargeback with his bank if they do not receive an acceptable answer within 24 hours and others will start posting nasty remarks all over the Internet.

                If your shop only sold a few products, it is much easier to outsource fulfillment and customer support. However, we had thousands of products listed on our website and most of it is "just in time" inventory. We had a full time customer support staff and still, there were quite a large number of issues that had to be sorted by me everyday, among which was screening for credit card fraud. If you outsource credit fraud check, you are likely to miss a lot of genuine orders because the the outsourced worker is likely to be much more stringent than is necessary. If I thought the shop could be continued to be run by outsourcing, I would not have closed it.

                I have seen e-commerce sites listed on flippa were the owner claims the whole operation is outsourced to a single person. However, this must be very rare and the revenue was small. Morover, there are risks involved if you rely too much on a particular person. Another friend of mine sources digital cameras from China, ship 500-1000 units to a fullfillment house in the U.S., and then sells them on eBay. However, he deals with most the customer service himself.

                Derek
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  • Profile picture of the author RMC
    I'm a huge 4HWW fan.

    That looks fun and inspiring, thanks for the heads up.
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  • Profile picture of the author Simo
    @Derek Thanks for a great post. You make a really valid point to many aspiring online entreprenuers:

    Be excited about what you sell! If you're not then find something to get excited about!

    Why?

    Because that excitement is a driver to push you through those barriers to your success!
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  • Yea saw the contest on my twitter feed a couple days ago. I am HYPED. I'm not a newbie but I am always down to grow and keep getting better. Tim Ferriss is awesome. Met him a couple times. SUPER SMART guy. I have no doubt the advisers in this contest will be excellent. I already know what site I'm starting. Hope I win Ha
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  • Profile picture of the author Mo Faisal
    Too bad its only for US residents!!
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  • Profile picture of the author RichPirate
    I'm signed up for this. Already looking for suppliers and working on fleshing out my business plan. I'm excited.
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  • Profile picture of the author robvegas626
    Tim's book "The 4 Hour Work Week" was an inspiration for me, and his blog is a great source of info. I would take this seriously.
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  • Profile picture of the author mariochase
    A very nice post. Well my goal for next year is way bigger than $100k. But I'm not living in USA.. I'm currently in Australia.

    I also love the book from Tim Ferris. It has changed the way I look at work and business. One of the thing I like.. is that he talks about guys that are control freaks.. and that want to do everything in their companies.

    That's bad because.. you don't get free time.
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  • Profile picture of the author LetsGoViral
    Too bad it's only for US (will have to JV with someone from America). But yeah, Tim Ferris is a great guy. One of my idols. I have an idea for a product to sell but unfortunately that product still needs to be made. Also - are there any alternatives for shopify? Because it seems kind of expensive.
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