My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
Constraints-First Decision Making
Start any major decision by clearly defining your constraints rather than exploring all possibilities
Decision Rule
Before evaluating options, list all your real constraints (capital, geography, time, expertise, risk tolerance) then only consider options within those boundaries
How It Works
Prevents decision paralysis, focuses effort on viable options, and ensures solutions fit your actual situation rather than theoretical ideals
Failure Modes
Being too restrictive and missing good opportunities
Not revisiting constraints as situations change
Confusing preferences with actual constraints
Using constraints as excuses to avoid taking action
Example Decision
“Before searching for businesses to buy, define constraints: maximum 2-hour drive from home, can invest $200K maximum, understand the industry basics, then only evaluate businesses meeting these criteria”
Related Knowledge
Small business acquisitions offer superior risk-adjusted returns to public markets
Individuals should consider business acquisition over index investing if willing to do the work
Stacking Golden Geese
Sequential acquisition strategy where each successful business acquisition funds and de-risks the next, creating compoun
High Authority vs Delegated Authority Model
Binary leadership approach where you either operate with complete top-down authority or delegate full decision-making au
Acquire first cash-flowing business with minimal capital
Own a profitable business generating $200K-500K annual free cash flow that doesn't require your daily presence within 2
Just-In-Time Learning
Learn skills and knowledge precisely when you need them for specific situations rather than trying to learn everything u
all businesses are Loosely functioning disasters some just happen to make money
Every business has significant operational dysfunction - success comes from making money despite the chaos, not from per