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The "Passive Income" trap ate a generation of entrepreneurs

joanwestenberg.com

141–150 of 300 posts

Re: The "Passive Income" trap ate a generation of entrepreneurs

#141

Have we all forgotten Tim Ferriss' book 'The 4 Hour Work Week'? It was enormously influential and was likely involved in every one of these failed entrepreneur's ventures This discussion reads like 'staying inside from 2019-2022 changed social structures' without saying COVID once

Or the writings of the guy who created this web site.

Re: The "Passive Income" trap ate a generation of entrepreneurs

#142

Earlier quoted context omitted.

> You rarely see anything more than a couple hundred bucks a month. There are notable exceptions, but unfortunately a lot of those notable exceptions are scammy, spammy business models. I suspect this is largely sampling bias. I host meetups for indie founders, and several attendees earn their living through solo businesses. When I go to conferences like Microconf, I meet lots more. The problem with measuring financi…

I note neither your post or the one you replied to contain any quantitative data about how many profitable solo businesses there are.

I know over a dozen 1-2 person SaaS, not including my own. Some of them have hired some help now but they are still more on the "lifestyle business" side. They are in many different spaces, and founders from around the world. I am not a big networker, but this is my niche and it's big enough that I just know a slice.

Re: The "Passive Income" trap ate a generation of entrepreneurs

#143

Got trapped in an Amway pitch in my teens and have been inoculated against such things ever since.

When the Internet was a quite new a guy who knew I was a programmer met with me to pitch an Internet business and it took me a while to figure out he was literally pitching Amway online.

Re: The "Passive Income" trap ate a generation of entrepreneurs

#144

Earlier quoted context omitted.

yeah, but the guys selling the courses were/are all obsessed with being at the beach

I'm pretty sure that being at the beach is really just universal marketing shorthand for "being somewhere that no one would ever expect you to even reply to emails from"

Working from the beach is much more enjoyable than working from a cubicle in Toronto in January all work tasks being equal.

Much cheaper too, ridiculously enough.

Re: The "Passive Income" trap ate a generation of entrepreneurs

#145
post #68

One thing in the article struck me as way too optimistic: > What actually makes money hasn't changed. You find something people need. You get good at providing it. You charge a fair price and you keep showing up even when it's tedious and even when you don't want to. You build relationships over years. You build reputation over years. You can make money doing this, yes--but most people who are really rich don't. Ther…

Apple makes devices people like and use. Many people loved their Teslas. Netflix makes shows people enjoy. Facebook really did help people stay in touch with friends and family before replacing it with the Feed of Rage. Google was far better than anyone else at finding things on the early web.

I would say really successful companies at least go through a stage of Building Something People Want. Even if they stray from that as they become more successful.

Re: The "Passive Income" trap ate a generation of entrepreneurs

#146
post #28

Earlier quoted context omitted.

my favourite bit was 8 Free to do what? Sit on a beach, apparently. Every single one of these people wanted to sit on a beach. I've never understood this. Have they been to a beach? There's sand. It gets everywhere. You can sit there for maybe three hours before you want to do literally anything else. 8 I laughed out loud when I read it, because it's so true.

I think its pretty obvious that "sit on a beach" is a metaphor for being able to do whatever you want not literally sitting on a beach for the rest of your life. At the same time, you guys really can't imagine relaxing on a beach for more than a few hours? Like i'm not really a beach person but back when i lived near the ocean i spent the odd saturday just unwinding on the beach with a book. Certainly wouldn't want t…

yes, but that didn't prevent the passage from being funny :) it's a rant, being literal about stuff like that is part of its schtick.

(also I could happily relax anywhere for a few hours, but ideally not on a beach because that's uncomfortable)

Re: The "Passive Income" trap ate a generation of entrepreneurs

#148
post #127

Earlier quoted context omitted.

and Kiyosaki has declared bankruptcy at least once!

There really should be a special category for business books written by people who’ve gone bankrupt. I know at least two well known examples, but there’s got to be a whole lot more.

Dave Ramsey went bankrupt but to be fair he incorporates it into his teaching.

“Hear are the things that led me to bankruptcy, and here are the things I did to climb out of it and become financially stable again.”

Re: The "Passive Income" trap ate a generation of entrepreneurs

#150
post #123

Earlier quoted context omitted.

> You rarely see anything more than a couple hundred bucks a month. There are notable exceptions, but unfortunately a lot of those notable exceptions are scammy, spammy business models. I suspect this is largely sampling bias. I host meetups for indie founders, and several attendees earn their living through solo businesses. When I go to conferences like Microconf, I meet lots more. The problem with measuring financi…

> successful founders are busier I thought it was supposed to be "passive".

They are busy sipping martinis on the beach, not working.
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