I have been listening to Sun Yuchen’s journey towards wealth and freedom recently
This program was spoken by him when he was 26 years old. Everyone can go and listen to it. The viewpoints are very powerful and sharp
I have also summarized some suggestions for everyone
Firstly; The rising star industry is about to explode
Select an emerging industry that has not yet fully exploded but is approaching a critical point.
Timing is crucial. Entering too early, you may become a martyr;
Entering too late, you can only pick up leftovers and cook them cold.
The most ideal node is the moment when the wind is about to rise. For example, in the early days of mobile Internet and the first year of live broadcast with goods, even ordinary participants can obtain excess returns by virtue of industry dividends. The power of dividends lies in the fact that even if you are only at an average level, you can still be pushed by the tide of the times.
Secondly, the track needs to be long and the growth needs to be fast
A good industry must have the potential for long-term high-speed growth. The quantitative standard is an annual compound growth rate of over 20% and can last for more than ten years. Only in this way can individuals have enough accumulation period.
The logic here is the same as compound interest.
Buffett once said that compound interest is the eighth wonder of the world. If the industry itself has this long-term compounding effect, as long as you stay on the track, you can achieve exponential growth. On the contrary, if the industry reaches its ceiling within three years, then your growth cycle will not have enough time to be realized.
Third, whether the mode can be quickly copied
The speed of replication determines the ceiling of the industry
The Internet is a typical case. After a model is implemented, it can be expanded nationwide or even globally with extremely low marginal costs.
However, industries that heavily rely on manual labor, experience, and non standardization, such as high-end catering and handicrafts, are difficult to replicate and attract capital favor. Because scaling is the true amplifier of wealth effect.
Fourthly, the demand must be clear and preferably based on human nature
Sun Yuchen proposed an interesting perspective – to seek opportunities from the “seven deadly sins” of human nature. For example, social media satisfies human desire to show off and showcase; Games and short videos solve boredom; Borrowing satisfies people’s impulse to consume ahead of schedule. These needs are not educational, but innate. Only by seizing this demand can a large-scale market be formed.
Fifth, it must be suitable for oneself
No matter how great the opportunity is, if it doesn’t match one’s abilities and genes, it can only be a mirage. Successful entrepreneurs often have been deeply involved in a certain field for many years, accumulating 10000 hours of experience and resources. Adaptability is the core that determines whether one can seize the opportunity. On the contrary, blindly pursuing popular industries often leads to failure due to a lack of professional accumulation.
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The essence of earning the first one million in life is not to work hard for a few more part-time jobs, nor to blindly pursue hot topics, but to first stand in the right industry and trend. The logical chain provided by the five military regulations is:
Grasp the emerging industries that are about to explode
Confirm that the track is long enough and can grow rapidly
Choose a model with replication capability and diffusion effect
Lock in obvious human needs based on human nature
Finally, determine whether you are truly suitable
When you capitalize on such industry dividends, coupled with diligence and execution, the first million often comes faster than you imagine.
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