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 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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Love the real-life quote tweet mic drop
Dziękujemy. Twitter skorzysta z tych informacji, aby Twoja oś czasu bardziej Ci odpowiadała. CofnijCofnij
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This is how I feel about real estate in general, impo.
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i heard that a lot of franchise returns come from appreciating land value?
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That is true if the only variable is making money. But if someone likes flipping burgers, then the right business is McDonald’s. Some entrepreneurs love their business and care less about a windfall.
Dziękujemy. Twitter skorzysta z tych informacji, aby Twoja oś czasu bardziej Ci odpowiadała. CofnijCofnij
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Wydaje się, że ładowanie zajmuje dużo czasu.
Twitter jest przeciążony lub wystąpił chwilowy problem. Spróbuj ponownie lub sprawdź status Twittera, aby uzyskać więcej informacji.
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