My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
Higher Success Probability with Own Business
The probability of making money starting your own business with 50-100K is higher than angel investing the same amount
Decision Rule
Choose starting your own business when you have distribution and operational capability
How It Works
Own business success relies on your execution and market understanding, while angel investing depends on other founders' execution and power law outcomes
Failure Modes
Overestimating your own operational abilities
Underestimating market competition
Not having sufficient distribution advantage
Example Decision
“Instead of making 10 angel investments of $10K each, use $100K to start a business in your area of expertise and distribution”
Related Knowledge
Young contrarian people create the most interesting opportunities
Seek out and work with young people who think differently rather than traditional high achievers
Capital + Distribution Framework
A business building approach where you leverage existing capital and distribution channels to launch multiple products/services rather than operating them directly.
Transition from advertising revenue to owning the products you promote
Higher revenue per audience member, better margins, and more sustainable business model
you're much more likely to be able to take fifty a hundred thousand dollars start a business and get
Starting your own business has higher success probability than angel investing
historically you built a company by building the product and then going and looking for customers no
The internet enables audience-first business building instead of product-first approaches
For early-stage investing, personal investment often beats fund management economically
Fund carry structure and management fees reduce returns compared to direct personal investment, plus you eliminate LP ma