Just in Time LearningYou may have heard about Just in Time Learning but have you ever adopted the idea yourself? Let me explain how it can help you learn more, achieve more and save money…

How many times have you been on a training course for some new skill or technology you’re expected to use in the near future, but not used those new skills for months or even years?

By then you’ve forgotten most of what you learned and that expensive training course was both a waste of time and money.

This happens a lot and it’s very inefficient and in todays world, totally unnecessary.

A similar principle applies when we’re learning about business. There’s so much to learn and naturally we want to learn it all.

But this is impossible and in attempting to learn everything we don’t leave enough time or energy to actually do anything and we end up learning stuff we’re not going to use for months, if ever.

So what’s the solution?

Just in Time Learning

The idea of Just in Time Learning could be the solution. As the name suggests it involves learning just what you need, just when you need it.

For many it’s a difficult discipline to adopt because as I mentioned earlier it’s human nature to want to learn everything there is about a subject which interests us.

However, Just in Time Learning is a very efficient way of learning. You’ll forget much less and utilise far more of what you’ve just learned.

Using your new skills or knowledge immediately will also help you transition it into long term memory so it really stays with you, rather than just being lost amongst all the other stuff you learned years ago but have long forgotten.

Knowledge and skills are a classic case of “use it or lose it”.

Paralysis by Analysis

I’m sure that you’ve heard the term paralysis by analysis before. It’s the problem of trying to analyse, study and learn everything before you take action and actually do something useful.

This is a dangerous cycle and as you’ll never be able to learn everything, you’ll theoretically never actually take action and do anything. Many people do fall into this trap.

It’s much better to just take some action even if you know little or nothing about what you’re doing.

Of course there are exceptions to this Just in Time Learning approach. Bomb disposal, bridge building, brain surgery, to name but a few extreme and slightly daft examples.

Outside of these extremes most tasks or projects you take on can easily evolve and be improved as you learn more. You don’t need to learn everything before you begin, just learn what you need as and when you need it.

The Time is Right for Just In Time Learning

With the evolution of the internet, mobile learning and other technologies you can learn most things quickly, easily and often at zero or very little cost. Just in Time Learning has never been easier.

With the amount of information overload nowadays, Just in Time Learning has also never been more relevant.

We shouldn’t see learning as something we do before we take action, we should see it as something we do continuously, something I advocate and call Lifelong Learning.

In this modern, fast moving, fast changing world a lot of what we learned a few years ago might now be totally outdated.

Imagine learning about Social Networking five years ago and finally applying what you learned in todays world. Things have changed so much and you’d remember so little anyway it would be a complete waste of time.

This is another reason why Just in Time Learning is so efficient, your new knowledge and skills are right up to date.

It’s now just a matter of having the discipline to change your mindset and take some action on that idea you’ve had for ages.

Start with Small Baby Steps and learn as you go. You never truly learn anything until you try it for yourself, Make Some Mistakes and Learn From Them.

I hope you enjoyed this article on Just in Time Learning, feel free to leave a comment.

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Statue of LibertyA recent survey I did of my Twitter followers showed that the majority were freelancers.

Freelancers are not employees, they’re not really running a conventional business which they can leave and still make money from, but they’re somewhere in between.

I myself make a large chunk of my income right now from freelancing but it’s not really the ultimate goal and it doesn’t appear on my Definite Major Purpose.

So, why do I do it and more importantly why should you?

There are a whole raft of questions when it comes to freelancing as a form of running your own business so I’d like to answer a few here.

If you’re a freelancer yourself, depending on the field you work in things may differ from my own sector which is Software Engineering.

Lets start with the first question…

Do Freelancers Really Run Their Own Business?

This is a grey area, but let me answer simply. Technically ‘yes’ but in reality ‘no’. Let me explain.

Technically I created and own Tycoon Software Ltd for my freelancing and some other work, which is a UK limited company. I’m the director and the same company laws apply to me as for any other UK company.

For these reasons it’s technically a business, no doubts. However, consider a well structured conventional business.

  • The owner will still earn Passive Income whether they’re working or not
  • The potential for growth and to earn money is often near limitless

Now consider my freelancing company.

  • If I don’t work I don’t get paid, ever.
  • The potential to grow and earn money is limited to my ‘hours worked’ x ‘hourly rate’

I could always take on employees which would resolve the above issues, but then I wouldn’t be freelancing, I’d be running a conventional company.

For those reasons I don’t consider freelancing to be truly running a company. Although if you ask me when I’m knee deep in paperwork my answer may be different.

Is Freelancing Better than Being an Employee?

This is another grey area, mostly due to the wooly definition of ‘better’, but it’s why it’s a good question and one worth discussing.

If you’re in an industry which allows freelancing, you have few commitments, you’re not scared of a lack of security and you’re bored of the daily monotony then ‘yes’ freelancing is better than being an employee.

For those who like security (and I use that word loosely), have family commitments, are tied to one location and want a career then ‘no’, freelancing might not be the right move.

I may be biased but there are lots of advantages to being a freelancer:

  • Tax advantages – paying less and claiming expenses
  • Financial flexibility – pay yourself what and when you like
  • Working flexibility – work less hours if/when you fell like it
  • Living on the edge – no employee rights and short notice period
  • Ltd/LLC companies – learn the basics of how to run a company
  • Lack of rules – not having to conform to all of the client company rules
  • No holiday allocation – take whatever holidays you like or can afford
  • Company politics – not having to be involved in or care about them
  • No appraisals – if you do well you stay, if not you go, simple
  • Business mindset – freelancing forces a positive mindset change
  • Far more money – very lucrative if you can find the work

The list goes on and some people might not see them all as advantages, but I do.

People often ask me what about lack of sick pay? Even after my Recent Stay in Hospital I’ll still be financially much better off this year, so not an issue.

What about lack of company pension? I don’t trust pensions and I don’t want one. I’ll make my own investments thanks because I do trust myself.

What about lack of job security? My current client recently slashed their staff numbers, many of the permanent staff went and 90% of the contractors were axed. It was a real shame but I’m lucky enough to still be there. No-one nowadays has job security.

So called security is always expensive though, remember that. Whether it’s pensions, insurance, loan payment protection, income protection or job security, someone somewhere is making money from it at your expense.

Nothing worthwile was ever achieved by people seeking security and stability. Moving out of your comfort zone is the only way to progress.

Where Does Freelancing Fit Into Your Success Plan?

Although freelancing may not be part of your overall business goals, it makes a good step between permanent employee and running conventional businesses.

You’ll learn a lot as a freelancer about the different business mindset required to live on your wits rather than being entirely dependent on your employer.

Freelancing is a natural step in the right direction if you want to Achieve More in Your Life. I wouldn’t recommend freelancing as a long term goal, because you’ll always be limited in what you can earn and you won’t achieve much if any Passive Income.

However, moving away from the secure weekly pay check and into the more uncertain but potentially more lucrative world of freelancing is a good move towards Starting a Real Business.

If your professional field allows it and you fit the criteria, go for it.

Feel free to leave a comment if I’ve missed anything or you’re a freelancer yourself and have different issues in your particular field.

Thanks for reading.

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22 Simple But Awesome Inventions

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Simple Inventions (The Pencil)For some reason I’ve been thinking about inventions this week, especially the simple ones as I always favour ‘simple’ over ‘complicated’, which probably says a lot about my mindset.

Inventions are something I don’t think I’ve written about before. However I felt I needed to because they can potentially generate a lot of Passive Income for the inventor if a patent is granted and the right steps are then taken to license or develop and market the invention.

While inventions such as the steam engine, the gas turbine, the automobile, the printing press and television are life changing inventions they’re all a little too complicated for my liking.

I’d love to have invented something much simpler like any of the items you’ll find in this list. I’ve put them in alphabetical order but my original list started with the Post-It Note, which has always been my favourite invention.

Consider each one for a few seconds with regards to it’s simplicity and success:

  • Barcode
  • Biro
  • Cable Ties
  • Cats Eyes
  • Coat Hangers
  • Compass
  • Electric Light Bulb
  • Hand Sanitizer Gel
  • LED
  • Lego
  • Metal Bottle Cap
  • Microwave Oven
  • Paper Clip
  • Pencil
  • Post-It Note
  • Rapstrap
  • Rubber Band
  • Safety Pin
  • Vacuum Flask
  • Velcro
  • Wheel
  • Zip

While you’re still shaking your head at the Wheel and before you Google Rapstrap let me conclude…

Good, simple ideas are few and far between but if you’re looking for some inspiration then I think this list of simple and highly successful inventions will kick start you into thinking up some ideas of your own.

I’ve been really inspired and Motivated by compiling this list and it’s really got me thinking. Looking at the above list how hard can it really be to invent something simple but highly successful?

Probably more difficult than it appears, but inventions as a form of Income Generating Asset are definitely worth incorporating into your business mindset and investigating further.

Sometimes I like to end with an appropriate quote from someone famous so here goes:

“I don’t think necessity is the mother of invention. Invention, in my opinion, arises directly from idleness, possibly also from laziness – to save oneself trouble”

~ Agatha Christie

Now it’s your turn to leave a comment with your favourite simple inventions…

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Top 11 Internet Business Ideas

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Top Internet Business IdeasAs some of you may know I’m a big believer that Documenting Processes and Creating Checklists should be a key part of your business mindset.

Last night I had a little dig through some of my documentation and found an interesting list which I’d almost forgotten about.

What I found is my own list of different internet business ideas.

These aren’t specific ideas but are a list of different ways in which we can utilise the internet to create a wide variety of internet businesses and make a little extra cash.

Some you’ll have heard of, others you’ll have heard me talk about but there’s some great ideas in there which are very rarely mentioned anywhere else.

You Don’t Need to be Technically Minded

For those who are not technically minded, don’t run away just yet. The reason being is that you can outsource all of the technical stuff if you wish and you don’t need to be technically minded.

You should be providing value with your great ideas, your vision, your marketing skills and your determination. You can leave the implementation and techy stuff to someone else if you wish. Not only is this possible, in many situations I’d recommend it.

I’ll give you a quick personal example. I’ve been a software engineer for 15 years now and I once developed some mobile phone software myself. It took ages and didn’t do so well because I was being far to technical and didn’t consider the business side enough.

Would I do this again? No, I’d outsource it. Even as a software engineer I’d still outsource the software development to someone else and concentrate my efforts more on the business side of the idea.

Web development I find easy so can do most myself but my point is, even something I’m an expert in I’d still outsource to someone else, so don’t be put off by any technical aspects of the following ideas…

Blogs and Email Lists

Everyone’s blogging nowadays but if you find a good niche area and shift your mindset to treat it as a business rather than a hobby you can make money from it. It’s also extremely cheap to set up and run nowadays so there’s little risk in trying it. It only costs a few pounds for a domain name, a few pounds a month for web hosting (I use PowWeb) and blogging software like WordPress, which I also use is open source and free. Don’t forget to build an email list too, right from the beginning. I use AWeber to manage all my lists as it seems to be the de facto standard amongst internet marketers nowadays and for good reason. With a decent emailing list which you’ve built up yourself you can reach thousands of people who are interested in your niche with a single email.

Niche Websites

Although I talk about passion being important for whatever you do, with niche websites it’s really all about the numbers. I use Market Samurai to research my niche sites. We’re looking for highly searched keywords with little competition and high commerciality. Find a niche which fulfills those criteria, create a small search engine friendly website, build some back links, add some AdSense and you’re in business with pure Passive Income. This is a great idea for the Wash, Rinse and Repeat principle.

eBay Business

Lots of people do well from eBay businesses. The advantages are that you don’t have to be too technically minded to do it all yourself and you already have an environment where people are looking for your products and can find them easily. Little or no marketing is required. The disadvantage is that eBay can suspend your account when they like and you have Very Little Control over this, so try not to use it as your main source of income.

Services Like Fiverr.com

If nothing else, this site is worth a visit just for entertainment value, but people do make money from it. I’ll give an example. At the time of writing this one of the featured services on the home page is: “I will dance to 2 minutes of any song of your choice in a hot dog costume for $5″. Now, they’re not all silly like this, most are sensible and you may have more joy by being a buyer than a seller, but if you have a product or service you can provide for five dollars, this might be for you. Don’t give up your day job for this one though, although I’m sure some have.

Paid Article Writing

This is one I haven’t tried myself, but I know well respected internet business gurus who have. If writing is your thing then there are websites which pay you to write articles for them. I believe they usually use an advertising model to monetize the articles and pay you a share. Good quality, search engine friendly articles will therefore make more money. As I said, although I’ve done lots of article marketing to promote my websites I’ve not yet used one of these sites to be paid for writing articles. It is on my ‘to do’ list though so I will try it one day and report my findings.

Website Reviews

If you create and run your own websites already and know about things like web design principles, Search Engine Optimizations (SEO), human factors, accessibility and marketing why not review other people’s websites? Create a checklist and report template then charge a fixed amount to review someones website according to your checklist, with the report as a deliverable. There are lots of terribly designed websites out there and if you know about website design you have a lot of value to offer. Just try not to upset your customers by telling them how bad their site is, be gentle.

Publish an eBook

This is one of my favourites and fulfills all of the principles of what I consider The Best Business Model Ever. The whole system of selling 24/7, to an international audience, taking payment and delivering the products can be completely automated. When done well this one has allowed many people to quit their day jobs. Do your research first, write an eBook that you know people actually want and market it well. If you get these things right you can achieve incredible Passive Income. I’ve used this model myself and since achieving a Twitter following of over 10,000 followers without spending a penny I’m very tempted to write an eBook describing how anyone can do this with the right information and the right mindset, so watch this space.

Lead Generation Websites

If you use a tool like Market Samurai (which I mentioned earlier) then find a great niche but decide not to monetize it using advertising, why not sell leads to other businesses? As an example from one of my niche sites which I monetize using advertising, I’ve received a number of emails asking for quotes for work which people want doing. My niche site only provides information but imagine how much these leads are worth to local businesses which do provide the service the person is emailing me about. This is something I’m looking into right now and if you’re looking for an example of someone who made millions from a lead generation website (selling leads to limo hire companies) MJ DeMarco did exactly that.

iPhone/Android Apps

This is one you might have heard of a lot. However, iPhone apps are the ones which make the news, but what about Android apps too. As a Google product you just know it’ll turn to gold one day and it already is doing. Android apps are easier to develop and the market is increasing. Again, a good, simple idea is all that’s required. Then outsource development to a company which specialises in app development. Make sure your requirements are really detailed, explaining exactly what you require the app to do. With excellent requirements, you’ll minimise the communications required between you and the developers, remove ambiguity and ensure they deliver exactly what you want.

Web Based Applications

Conventional installable apps as described above can take some effort to maintain and support. If you want to do something similar but which is much easier then try web based apps. I created a very simple WebApp a while ago: iLottery iPhone Web App which you can run from an iPhone or iPod Touch. From advertising alone I made £70 in the first month, but I believe Apple have since stopped taking submissions and updating their WebApp website. There’s nothing to stop you promoting it yourself though, or developing for the ever growing Android platform instead.

WordPress Plugins

Something which I’ve literally been learning about this week are WordPress plugins. WordPress is the free blogging platform I mentioned earlier and which I use myself for most of my websites. Before you write this idea off, let me just state that at the time of writing this it has a user base of 60 million users! That’s a massive market and what I’ve discovered this week is that if you know a little about web programming (PHP especially) then they’re very easy to write. Again, there’s nothing wrong with thinking up the idea and outsourcing the techy stuff. Many plugins are free but many of the better ones are also paid. I paid for a few myself including SEOPressor which I use to make sure my blog posts are Google friendly.

You Made it This Far

Looking back at all I’ve just written I did intend this article to be much shorter so if you made it this far I thank you for your time and hope you feel your time was well spent.

The good thing about my longer blog posts is that they’re the ones in which I get a little carried away with the writing, simply because they’re the ones I’m most passionate about. I hope this shows.

Thanks for reading and if you have any questions about any of the above then feel free to comment and I’ll try to answer them.

Note: I am an affiliate for some of the above paid products and services so may get paid a small commission if you purchase them. However, I do use ALL of the above products and services and only recommend stuff I use myself, have purchased myself (if they’re not freely available) and am happy to personally endorse. Thanks.

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The Millionaire Fastlane by MJ DeMarcoAfter having The Millionaire Fastlane by MJ DeMarco recommended to me a while ago I was sceptical.

The reason being the name of the book. It sounds like a “Get Rich Quick” book which usually makes me run a mile.

However, I continued to hear good things about it and after listening to an interview with MJ DeMarco himself I decided to purchase it.

I should make clear now that The Millionaire Fastlane does describe a fast path to wealth, but not an easy path.

For that reason and the fact that there’s some real interesting and new info in the book it didn’t make me run a mile and I’m really glad I read it.

I’ve been meaning to write a review of the book for ages, but finally here it is.

About MJ DeMarco The Millionaire Fastlane Author

MJ DeMarco describes himself as a “Get Rich Slow” anti-guru and after reading The Millionaire Fastlane it’ll become clear as to why. Most of us choose the slow path to wealth and look forward to retirement, the slowlane as he calls it.

He advocates a much faster path so you can enjoy your wealth at a younger age, which he calls the fastlane.

I’m pleased to say that MJ DeMarco practices exactly what he preaches. He made his millions at a young age, retired young and now lives the dream.

Things haven’t always been easy for him though, he’s had the crappy 9-5 jobs, but he had the dream of ditching the 9-5 grind and living a better life. More importantly he took action and actually did it.

There were mistakes and failures along the way but when he founded Limos.com, things changed and his hard work paid off. He managed to create a system which generated massive Passive Income and from that point on he was free to spend his time doing whatever he enjoyed.

The Millionaire Fastlane is his way of sharing with the world, or at least those who are willing to listen, exactly how he did it.

As a bonus, he’s actually a good writer so expresses his ideas well and makes the book absorbing and hard to put down.

This is unlike some more recent books I’ve read (which I won’t mention as not to upset Lord Sugar) where the information was good but the author couldn’t write for toffee.

My Thoughts on The Millionaire Fastlane

Just incase you’re short of time and won’t reading this entire review, let my summarise by saying that for many (myself and colleagues included) this is one of those life changing books.

It’s on par with the Rich Dad Poor Dad series which is something you won’t hear me say often, although he does subtly criticise Robert Kiyosaki in his book, which I think is a little unfair.

In The Millionaire Fastlane MJ describes three paths in life. The first one is the sidewalk, which isn’t a path to wealth at all. The second is the slowlane, which is what most of us choose. Work all our lives, save 10% of our income, invest in mutual funds, penny pinch and then hopefully live long enough to retire rich.

It’s the third path that his book is really about, the fastlane.

Without spoiling the book for you I’ll just highlight some of the key points he makes about the fastlane and why it’s by far the best path to take.

In The Millionaire Fastlane MJ talks about how many people see wealth as an event, a lottery win or an inheritance for example. But he points out that wealth is a process not an event. The decisions you make and actions you take (your process) determines whether you achieve wealth. If you simply wait for an event, it’ll never happen.

A business mindset shift he talks about which really made me think is about how most people are consumers, Spending More Than They Earn on consumer items. MJ points out that to be wealthy we need to become producers. We need to consume less and produce more, create businesses and systems which produce and sell goods and services.

I agree entirely with this and only when we become successful producers can we truly afford to become consumers again.

After My Recent Stay in Hospital I couldn’t agree more with his three F’s philosophy either. Fitness (health), Family and Freedom being what really matters in life. I’ve always advocated this myself, but even more so now after recent events.

I Don’t Agree with Everything Though

There is one part of  The Millionaire Fastlane I disagree a little with. It’s where he says that passion isn’t important and that we shouldn’t follow our passion when creating a business.

However, I have a few things to say about this. I think he’s often misunderstood when he says this. All he’s really saying is that passion is worthless if no-one wants or needs what you have to offer. This is very true.

What he doesn’t make clear though is that if you have a passion for what you do then the whole process of creating and growing a business is infinitely easier. I couldn’t have continued this blog for two years if I’d been writing about knitting.

It doesn’t matter if the subject of knitting was highly commecial and profitable, I just couldn’t have done it without passion, it’s as simple as that. For me and many others, passion for what we do is a vital ingredient.

His point about there having to be a need for what we do is very important though else we’ll never achieve anything more than a hobby, rather than producing a profitable business.

To his credit here though he does say we need a passion for something to keep us going, be it wealth, freedom, happiness or whatever.

Maybe it’s a coincidence, but he also mentions in The Millionaire Fastlane that creating a little controversy is great for publicity. I do feel this passion thing is his way of causing a little controversy and stirring things up a little, knowing that lots of people will disagree with him, but I could be wrong.

At this point in a review I’ll usually write a paragraph or two to summarise and draw my conclusions, but I think I’ve already made it quite clear what I think of this book.

My summary is therefore short. For me The Millionaire Fastlane is one of those classics and is a book you really need to read if you’re serious about achieving wealth while you’re still young enough to enjoy it. Maybe I should update my Top 20 Business Books Ever post and add this to the top five.

Thanks for reading my review of The Millionaire Fastlane and feel free to leave a comment.

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