When you start a business, you’re making a bet. Not all bets are equal! Investing $100k in Business A vs Business B could have dramatically different outcomes. What’s surprising is how few entrepreneurs consider the possible range of outcomes (the upper and lower bounds).
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(My wife just pointed out that most McDonald’s franchise owners would have been better off investing that $1.2 million in an ETF. “You could earn 8-10% interest, make the same money, and not have to do anything).
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My working theory is that there is a certain class of entrepreneurs who can make any business “work.” It makes sense to be strategic about the industry, market, or product category you choose, because that decision will determine the floor and ceiling of your possible upside.pic.twitter.com/Lq5yzSJDhD
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Of course, in relation to what you choose, *who* you are matters a lot. But many entrepreneurs have multiple opportunities they could pursue. Choosing the option with the best possible upside (given your strengths) is the aim.https://twitter.com/mijustin/status/1221504985101291520?s=21 …
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We can’t talk about increasing the chance for success without addressing this truth: Anyone can start a business, but that doesn’t mean everyone should. Some people are starting the wrong businesses. But also, some people are the wrong kind of people to be starting businesses.
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In the same way: anyone can try to become a pro skateboarder, but that doesn’t mean everyone should. (The same is true in business, poker, salsa dancing, modeling, and karaoke).
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Evaluate your potential upside/downside. If you really want to start a restaurant, and you’re willing to take the risk, do it! But if you’re a polymath, and you could be happy doing any number of things, you should definitely consider your options. great data from
@mjwhansen:https://twitter.com/mjwhansen/status/1381287420461780992 …
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Not true of someone who knows a lot about retail food biz, but nothing about software. Also a McDonalds gives you a monopoly in an area backed buy huge marketing, 1m software startup has none of that advantage.
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I know a few folks who have owned fast food franchises (A&W). They worked insane hours, had tons of headaches, and ended up making $80k year, and sold the franchise for not much more than they bought it for. In their case, they would have been better off staying in the trades.pic.twitter.com/Y41wOrZxyy
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But at-least one doesn't have to worry about rivals serving free food.
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Surprisingly some McDonald’s franchise owners are in debt for years. Whatever they make every year goes to the mothership HQ. And they can’t leave the business , there are stuck in a losing deal, thought to be profitable.
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Wydaje się, że ładowanie zajmuje dużo czasu.
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