My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
America Uniquely Tolerates Failure
Evidence
Can start multiple businesses after failures, investors don't penalize past failures if you treated them ethically, cultural celebration of 'getting after it' even when outcome is poor
Implication
Entrepreneurs should start more businesses and take more risks in America than they would in other countries
Counter Belief
All developed countries have similar attitudes toward business failure
Example Application
Start 9 businesses expecting 7 to fail, knowing that 2 successes are enough for wealth and that failures won't prevent future fundraising.
Related Knowledge
Time-bounded Recovery Framework
A self-imposed time limit for processing and recovering from failures, losses, or setbacks before you must take action t
Influence Absorption Framework
A deliberate strategy of deeply studying 3-5 people you admire so thoroughly that you can 'turn them on' and channel the
Sexier Business, Lower ROI Principle
A career selection rule stating that the more attractive or glamorous an industry appears, the lower the financial retur
Algebra of Wealth Formula
A mathematical representation of wealth building: Focus × Stoicism × Time × Diversification = Wealth
Build a business designed from inception to sell at premium multiples
Selling company for 8x+ revenue in top decile of industry valuations
the sexier the business the lower return on investment
Industries that seem glamorous or appealing typically offer worse financial returns for participants