My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
“the decision to do nothing is a decision”
What It Means
Choosing not to act is itself an active strategic choice that often produces better outcomes than taking action
Why It Matters
Counteracts bias toward activity and helps recognize that waiting can be the optimal strategy
When It's True
In uncertain environments where most opportunities are mediocre and patience allows for better opportunities
When It's Risky
When markets are moving quickly or when inaction leads to missed deadlines or competitive disadvantage
How to Apply
Explicitly consider 'do nothing' as an option in decision frameworks
Track outcomes of decisions to act vs decisions to wait
Create systems that reward patience and selectivity over activity
Example Scenario
“Trader reviews annual performance and finds their best years had fewer trades, leading them to adopt more selective approach”
Related Knowledge
Value vs Uniqueness Business Matrix
A 2x2 matrix plotting business opportunities on axes of total value (y-axis) and uniqueness (x-axis) to determine strate
Light User vs Heavy User Funnel Strategy
Strategic positioning framework where businesses deliberately avoid heavy users who demand low margins and instead focus
Systematically expose yourself to different worldviews to avoid becoming cynical and maintain fresh perspectives
Regularly discovering new business ideas, maintaining curiosity, avoiding the 'old bear' mentality, and finding unexpect
Build a profitable newsletter business from scratch using subject matter expertise
Newsletter generating $10M+ annually with 30k+ subscribers paying $600+ per year, growing organically without paid adver
Wait for Your Pitch Strategy
Like Ted Williams mapping his batting average by strike zone, identify your 'sweet spot' opportunities and only swing at
Transparent vs Opaque Opportunity Assessment
Opportunities are either 'windows' (transparent, can see outcome clearly) or 'doors' (opaque, unknown what's behind).