FASTer - Issue #113


As a young entrepreneur, you know that the road to success is not easy. You've worked hard to get where you are, and you're probably feeling pretty good about yourself. But be careful not to fall victim to the arrival fallacy.

The arrival fallacy is the belief that once you achieve your goals, you'll be happy. But the truth is, happiness is not a destination. It's a journey. And if you're not careful, you can find yourself feeling empty and unfulfilled once you reach your goals.

There are a few reasons why this happens. First, when you're working towards a goal, you're focused on the future. You're excited about what you're going to achieve, and you're motivated to keep going. But once you reach your goal, the excitement wears off, and you're left with a sense of emptiness.

Second, when you're working towards a goal, you're constantly learning and growing. You're challenged, and you're forced to step outside of your comfort zone. But once you reach your goal, you may find yourself getting comfortable. You may stop learning and growing, and you may start to feel stagnant.

Finally, when you're working towards a goal, you have a sense of purpose. You're working towards something that you believe in, and you're making a difference in the world. But once you reach your goal, you may find yourself losing your sense of purpose. You may start to wonder what's next, and you may feel lost and directionless.

Here are a few tips for avoiding the arrival fallacy:

  • Set realistic goals. If you set your goals too high, you're setting yourself up for disappointment. Instead, set goals that are challenging but achievable.

  • Celebrate your successes. When you reach a goal, take the time to celebrate your success. This will help you to stay motivated and focused on your journey.

  • Don't forget to have fun. Starting a business can be a lot of work, but it's important to have fun along the way. Make sure to take breaks and enjoy yourself.

Here are some examples of the arrival fallacy in the business world:

  • A startup founder who sets a goal of raising $1 million in funding. Once they reach their goal, they may feel like they've made it. But the reality is, raising $1 million is just the beginning. There's still a lot of work to be done in order to build a successful business.

  • A business owner who sets a goal of increasing sales by 10%. Once they reach their goal, they may feel like they've accomplished something great. But the reality is, increasing sales by 10% is just one step on the road to success. There are many other factors that contribute to a business's success, such as customer satisfaction, employee morale, and product innovation.

  • A freelancer who sets a goal of landing five new clients a month. Once they reach their goal, they may feel like they're on top of the world. But the reality is, landing five new clients a month is just the beginning. There's still a lot of work to be done in order to maintain and grow their freelance business.

The arrival fallacy can be a dangerous trap for entrepreneurs. It can lead to complacency, stagnation, and a loss of purpose.

Can we transition our focus from future moments to the present moment and enjoy right now? Instead of focusing on the end product, focusing on the process?

Outcomes

Thomas Jefferson was so impressed by macaroni and cheese during a visit to Paris that he: Wrote down the recipe & instructions on pasta extrusion. Imported a pasta maker, macaroni, & Parmesan, and made it at home. Then served it at a state dinner in 1802.

Not only is this a great little history nugget but also a lesson in how business isn't about reinventing the wheel, it can be as simple as bringing something that's already proved its worth to a new country or industry. So what have you done to change your outcomes?

The American industrial food complex that sells this has some ones desire for a changed outcome to thank for it all.

As a whole, macaroni and cheese sales are up 25 percent over the last four years, to $802 million. Kraft Macaroni & Cheese Dinner accounts for the vast majority of category growth, which likely means more parents, willingly or not, have joined their kids in more bright-orange dinners. There are much smaller but also growing competitors, like Annie’s, which sells itself on taste as well as natural claims, and private label, which is sometimes half the Kraft price.

One mans desire to replicate an outcome that existed some where else made it to America and the rest is history. Moral of the story do not be caught up in the fly wheel of brand new inventions or chachkas.

One New Thing (That I didn't Know)

You’ve heard of Pilates? The exercise. I bet you have. But Today I found out its origin story. What a story it is….

Boring Stuff That Scales

If I were an entrepreneur with access to Google, $100, free internet, a laptop, along with access to the world's best AI tools and software development, I would choose to automate or build a boring business in the data entry space.

AI may be all the hype but to win, you need to find a boring segment and use AI to automate it to death.

Data entry is a tedious and time-consuming task that is often outsourced to low-wage workers in developing countries. However, with the help of AI tools and software development, data entry can be automated, which would save businesses a significant amount of money. The catch, add human screening to machine “processed data entry”. Just like you add a tax consultant to look at tax returns after processing through software. Build up the value chain for human processors for a premium whilst out-tasking the bulk to systems.

So here are some examples of data entry industries, countries, and markets:

  • Industry: Healthcare, finance, insurance, retail, manufacturing, education, government, etc.

  • Country: United States, Canada, United Kingdom, India, China, Brazil, etc.

  • Market: B2B, B2C, government, etc.

Some more specifics of data entry tasks that can be automated:

  • Entering customer information into a CRM system

  • Transcribing medical records

  • Entering product data into an e-commerce platform

  • Entering financial data into an accounting system

  • Entering student data into a learning management system

  • Entering government data into a database

By automating these tasks, businesses can save time and money, and they can also improve the accuracy of their data by building a human gated review system.

Here are some specific examples of businesses that could benefit from automated data entry:

  • Small businesses that don't have the resources to hire a full-time data entry clerk

  • Large businesses that need to process large amounts of data

  • Businesses that need to comply with government regulations

  • Businesses that need to improve the accuracy of their data

Over index on the boring, the tools are there, is your commitment ready?

What You Should Be Watching

To stay ahead of the game, always investigate what scammers are doing and thinking. Any personal outcomes in life can be enhanced in learning from the mistakes of common folks but better yet the mistakes scammers make that lead them to get caught. No this is not an advertisement to try the unruly, just a mechanism to stay ahead of the curve.

Liam Bartlett busts open a billion-dollar British crime cartel that is fleecing Australians of more than $4 million each and every week. The staggeringly sophisticated crime syndicate, run by British con artists with the backing of Russian mafia, has been targeting Aussie investors they have cruelly dubbed “mugs with money”, safe in the knowledge authorities here can’t – or won’t – touch them. In the joint expose with investigative reporter Ross Coulthart, Bartlett will take viewers inside “Operation Tropicana” led by Australian fraud and cybercrime specialist Ken Gamble and his IFW Global operatives. Across 24 simultaneous raids, in association with Malaysia’s anti-crime commission, the scam busters make more than 80 arrests, including Brit king pin Andy Peters, aka “Peg Leg”, who lived a life of luxury at the expense of duped Australians.

Monetize Your Time

By thinking big. My favorite examples is the FedEX origin story.

In 1965, Frederick W. Smith, a Yale University student, wrote a paper proposing a new overnight delivery service. He believed that there was a need for a company that could deliver packages quickly and reliably, even to remote locations.

Smith founded Federal Express in 1971 with $91 million in venture capital. The company began operations on April 17, 1973, with 389 employees and 14 aircraft. On the first night of operation, FedEx delivered 186 packages to 25 cities.

The company faced many challenges in its early years. It lost money for the first three years of operation, and it was nearly bankrupt in 1975. However, Smith and his team persevered, and FedEx eventually became profitable.

Today, FedEx is one of the largest and most successful shipping companies in the world. It employs over 400,000 people and operates in over 220 countries and territories.

Here are some of the lessons that young founders can learn from the FedEx origin story:

  • Don't be afraid to think big. Smith had a big vision for FedEx, and he was willing to take risks to make it a reality.

  • Don't give up. FedEx faced many challenges in its early years, but Smith and his team never gave up.

  • Be persistent. FedEx didn't become successful overnight. It took years of hard work and dedication.

  • Be willing to learn from your mistakes. FedEx made many mistakes in its early years, but it learned from them and became stronger.

Here is an insane fact about the company. Not that I recommend you resort to gambling, but gives you a view into the company’s founder.

One Last Thing

In 2009, the South Korean government launched the $40m Korean Cuisine to the World campaign with the goal of improving South Korea’s global reputation through its food.

Similar to the Thai Govt that many years ago did the same, I wrote a detailed blog post about the Thai initiative here. 

For the Korean story read this.

Bonus! Thought of the week

As you think about your life, your business, your next venture your next adventure, keep this in mind. Are you ready to be radical?