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).
This is about the upper and lower bounds of outcomes for each option. If Justin Jackson has the choice between starting a snowboard shop or a software company, he should definitely choose software.pic.twitter.com/yUWG5aNbWQ
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Or buy a chik-fil-a and make more % than software ever dreamed of. Lots of money in the world in lots of industries.
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In profit? No way. Generally, the margins and upside are better for most SaaS businesses with good fundamentals. https://www.franchise.city/chick-fil-a-franchise …pic.twitter.com/Bq8NwkpNDA
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I don’t really see the value in looking at it that way. If it’s just about upper bound than certainly a hedge fund or becoming a famous actor would be much better.
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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.
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