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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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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(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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Justin Jackson podał/a dalej Justin Jackson
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 …
Justin Jackson dodał/a,
Justin JacksonKonto zweryfikowane @mijustinChoosing the right market is just step 1. After that, there are many factors that influence success: - who you know, and who knows you - your financial margin - how you execute on the product - how you execute on marketing channels - your history + skills - positioning1 odpowiedź 0 podanych dalej 0 polubionychPokaż ten wątek -
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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Justin Jackson podał/a dalej Michele Hansen
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 …
Justin Jackson dodał/a,
Wydaje się, że ładowanie zajmuje dużo czasu.
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