Outcomes in business are largely dictated by the market you choose. If you invest $1.2 million in a McDonald’s franchise, your possible annual profits are likely $100k-$250k. Or, you could invest $100k in a software company, and earn $1+ million a year.
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W odpowiedzi do @mijustin
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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W odpowiedzi do @ianlandsman
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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W odpowiedzi do @mijustin
You can go on Flippa right now and see thousands of software ideas that people have spent hundreds and thousands of hours on and you can buy them for $5,000
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W odpowiedzi do @ianlandsman
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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W odpowiedzi do @mijustin
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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W odpowiedzi do @ianlandsman
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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W odpowiedzi do @mijustin
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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W odpowiedzi do @ianlandsman
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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W odpowiedzi do @mijustin
But they’re not equivalent because if you don’t know anything about software it’s going to be even harder than normal making you less likely to succeed than normal.
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Of course *who* you are (in relation to what you choose) matters a lot. But many entrepreneurs have multiple options in front of them. Choosing the option with the best possible upside (given who you are) is the aim.
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