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).
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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Ok so why can’t I make hedge fund work instead of software? Or real estate magnet?
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I agree that some ppl are business minded and can make a lot of things work but I’m sure there are many McDonald’s franchises that are far more wealthy than I am so not sure it’s so clear that software is better is my point.
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You pick stocks based by betting on the best possible upside (adjusted for risk). I’m just saying the same rubric should be applied to business. (We have some transparency into the fundamentals of different industries. We can use that to make informed bets).
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