The $10K challenge - seeking advice

[10kc]

I've made a challenge for myself: To earn $10,000 by Dec. 31, 2007.

I'm treating the whole thing as a game. The main point of the challenge isn't the money, but the experience of setting a fairly ambitious goal and achieve it.

I've decided on two rules for this game:

1. The $10K must be earned via some kind of business.
2. The business must operate solely on its own profits. That is - I'm prohibited from investing money in my business unless I've earned it.

Think of it as "shoestring budgeting" to the extreme. Starting a business with $0. All I'm allowed to use, is the equipment I already have (such as my computer) and that grey stuff between my ears.

Any ideas on how to get this goal completed?

[Niki]

I think that it would be great to set small easy achievable goals.

So you are constantly accomplishing something and improving your business.

The tricky part is to keep on setting the next goal, and to take action towards that goal.

I wish you all the knowledge and power to achieve it. If you hold on, you will!

[10kc]

Thanks, Niki

But before I even start setting goals, I have a bigger dilemma:

What should my focus be? Should I focus on the goal sum of $10,000? Or should I just focus on providing value for other people and let the natural course of things do the rest?

My intuition tells me that I need a little bit of both. But finding the exact balance is difficult. Maybe there is a way to merge the two focuses into one coherent guideline?

[Addict]

Should I focus on the goal sum of $10,000? Or should I just focus on providing value for other people and let the natural course of things do the rest?

It's naive to focus on the $10,000. You will only get that money by doing one of two things:

1) Providing $10,000 of value to others.
2) Taking $10,000 of value while providing nothing.

In essence, unless you're going to steal, you have to create the value you are looking for (just in a different form than you might want). The money isn't going to magically appear. It's going to be a result of your actions.

[10kc]

Aha! Insight!

The way you clearly stated my two options made my focus crystal clear:

I should focus on creating a value of $10,000. Not just "creating value", but creating the correct amount! That was the missing piece of the puzzle. Thanks!

[jurig]

So what are your skills and what are the topics you are interested in?

I think you should not only think about the money you want to make by December 31st, but also about the time after that. For example I, as a experienced software developer, could easily make 10k in one month doing some project work as a contractor. But this leads to nothing as I do have to do the same work again next month to get the money again. This forum talks a lot about passive streams of income and you might want to think about whether you want these 10k just as the money or as a longer term business modell.

If you want to build up a longer term business you will need at least some budget to start, for example to order a webhosting package for a web business. Without a budget it will be a lot harder, so do some project work first to have some cash.

With this initial budget you can then build up your larger business - whatever that may be.

Cheers,

Jurig.

[Freelancer]

In regards to creating value;
If you want to earn 10.000$ of value you should aim for creating 100.000$ worth of value. If you do focus on providing 100k$ value than the 10k$ will come naturally to you.

[albertlee25]

It is very interesting when you treat the goal as a game

Well, since you have now set a goal, it is time to kick the dust and start working!

As you only have about 3 months to reach your goal, you have no time to waste. You have to come out with your game plan, the step by step action plan that will allow you to create >$10,000 values to others, and in return receive $10,000 in monetary reward for your values.

Then start your massive actions!

But without passion and core desire as your motivating fuels, you need to work 1000 times harder to motivate yourself to keep going.

Good luck! When there is a will, there is a way!


Albert Lee

[silicon toad2000]

I'd suggest finding the right place and aim to get there just before the right time and wait around a bit.