10 Criterion of the Business of "The LifeHackers"

Confucius was more focused on ethics while Sun Tzu was more focused on strategy. Confucius was more focused on living life to the fullest while Sun Tzu was more focused on being victorious in battle. Confucius was more focused on wisdom in leadership while Sun Tzu was more focused on wisdom in strategy for war. We as LifeHackers adapt both and give balance to them when it comes to building our own recipe for businesses.

Here are the 10 criteria we use for businesses “The LifeHackers” considers before deciding to go into it :

• The LifeHackers Criterion #1 : ETHICAL

Our businesses must be ethical. It must not harm, deceive or engage in any activities that are unmoral.

• The LifeHackers Criterion #2 : NO NEED TO APPROACH YOUR FRIENDS AND FAMILY

Remember those health products from MLM companies that ask people to first pester…opps.. I mean, approach their friends and family? None of that here.

• The LifeHackers Criterion #3 : NO PHYSICAL INVENTORY

Space is used to store stocks, rent is used to pay for space, rent is an expense, therefore we don’t keep physical inventory to keep expenses low. Thinking of filling up your house with stuff no one wants to buy? No way!

• The LifeHackers Criterion #4 : NO FULL TIME EMPLOYEES

Enough paperwork already…The LifeHackers work together to get projects done, then regroup with other LifeHackers to get more projects done. When do we hire full time employees? When we get into service orientated businesses.

• The LifeHackers Criterion #5 : LOW RISK AND LOW COST

If one can’t make money without money, what are the chances of earning money with money? Low capital intensive businesses are out there and with that little cost involved, risk is kept low. Remember Warren Buffet’s rule number one, “Never lose money” and his rule number two is, “Don’t forget rule number one”.

• The LifeHackers Criterion #6 : LOW MAINTENANCE

It should run on a system that can be automated with minimal direct involvement.

• The LifeHackers Criterion #7 : NOT TOO TECHNICAL

If it requires a genius to get the job done, most likely we are in the wrong kind of business. We want a Macdonald’s, not NASA. Only look at businesses that require basic computer skills and answers that can be found without too much an effort.

• The LifeHackers Criterion #8 : HUGE DEMAND

The single most critical factor of any business is in selling products or services that many people want or need. The law of supply and demand, the greater the demand, the more supplies you can sell and the more profit you make. The Internet has skyrocketed this customer base by having the potential to reach millions of people around the World rather than the brick and mortar business whose main customers in the past have been the few regulars in the neighbourhood.

• The LifeHackers Criterion #9 : LEVERAGE

It must be a real business with the potential to grow into a substantial one, not a self employed job.

• The LifeHackers Criterion #10 : PASSIVE INCOME

There are three main sources of income in the world, getting paid in exchange for our time or getting paid with regards for the results we produce, the better the results, the higher we are paid. The third source is to create products that can be sold over and over again with a one time effort and little effort to maintain it. It can be rent, royalties, interest or simply just a product that can be sold many times over.

• The LifeHackers Criterion 10+1 : FULLY AUTOMATED

If your business cannot work without you, you will lose your freedom. As a LifeHacker Entrepreneur, our goal is to create and build the business up to a state whereby all required roles can and are delegated to managers and the staff under them. Remember we are not managers, we are Entrepreneurs and our main interests are in creating things, not managing them. As a LifeHacker, we try to make this process of systemizing everything well and fast so that it could be duplicated. That’s how we grow.