My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
First Acceptable Option Rule
Take the first option that meets your 'good enough' threshold rather than continuing to search for the optimal choice
Decision Rule
Define minimum acceptable criteria, then choose the first option that meets it
How It Works
Reduces decision fatigue, opportunity cost of continued searching, and analysis paralysis while still ensuring acceptable outcomes
Failure Modes
Setting threshold too low and settling for mediocre
Using for irreversible high-stakes decisions
Applying when marginal improvements have exponential value
Example Decision
“At restaurant, order the first entrée that sounds 7/10 good rather than reading entire menu and agonizing over choice.”
Related Knowledge
Family business proximity creates competitive advantage
Physical and emotional proximity enables faster communication, aligned incentives, and long-term thinking
Small differences compound into massive advantages
Focus on seemingly minor details that competitors can't easily replicate due to their scale or structure
Timeline Forcing Analysis
A method of analyzing successful companies by drawing out year-by-year timelines to reveal the 'forgotten grinding years' between start and breakthrough.
Too Hard Pile Decision Making
A decision-making framework where you categorize opportunities into 'obviously good', 'obviously bad', and 'too hard to judge' - then only act on the obviously good ones.
Small Batch Iteration Advantage
A competitive advantage gained by testing products in much smaller batches than competitors, enabling faster feedback loops and more iterations.
Build a multi-generational family business where family members work together and live in proximity
Family members living in same neighborhood, all working in family business, kids playing together, successful exit while