My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
“Success is going from failure to failure with no loss of enthusiasm”
What It Means
True success requires maintaining motivation despite repeated setbacks
Why It Matters
Most entrepreneurs quit after early failures, but success comes from persistent iteration
When It's True
In uncertain environments requiring multiple attempts to find product-market fit
When It's Risky
When failing to learn from failures or persisting with fundamentally flawed approaches
How to Apply
Reframe failures as learning opportunities
Maintain team morale during difficult periods
Focus on process improvement rather than outcome disappointment
Example Scenario
“After getting sued and products pulled from trade show, use experience to improve IP research and legal preparation for next products”
Related Knowledge
Bullets to Cannonballs Framework
A systematic approach to innovation where you fire small, low-cost 'bullets' (tests) first, then invest heavily in 'cannonballs' (full execution) only when bullets prove successful.
First Principles Manufacturing
Building manufacturing operations from fundamental principles rather than copying industry norms, focusing on materials cost as baseline and automating everything possible.
Build global distribution network by directly contacting every possible buyer
Direct relationships with major retailers globally, orders from multiple countries, established presence in key trade sh
Build billion-dollar business without external capital through radical cost control
Profitable every single month, compounding growth funded by retained earnings, 40%+ net margins, complete ownership rete
Win or Learn, Never Lose
Reframe every business outcome as either a win (success) or learning opportunity (data for improvement), eliminating the
2% Weekly Improvement Compounding
Target 2% improvement every week across all business metrics, trusting compound effects over time even when individual i