My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
“wouldn't you rather reach the hundred people that're going to buy versus 100,000 people”
What It Means
High-intent small audiences are more valuable than large disengaged audiences
Why It Matters
Challenges conventional wisdom about scale and reach in media
When It's True
When selling high-value products or services requiring real purchase intent
When It's Risky
For brand awareness or low-consideration purchases where reach matters
How to Apply
Focus content on engaged, high-intent audiences
Price out low-value subscribers
Build products for specific audience needs
Example Scenario
“Target 45K engaged Flying Magazine subscribers rather than 108K including many who never buy aviation products”
Related Knowledge
Magazine Portfolio Acquisition Framework
A systematic approach to acquiring undervalued magazines with loyal audiences and converting them into commerce platform
Asymmetric Risk Portfolio Theory
An investment approach that takes multiple small bets where maximum loss is capped but upside is potentially unlimited
Transform underperforming magazine into profitable commerce platform
Magazine becomes break-even on media operations while generating 80%+ profits from commerce businesses built on the audi
Pre-sell real estate development using owned media
$15-30M in pre-sales reservations with deposits, providing proof of concept for development financing
First Nut Then Noble Mission
A two-phase approach to entrepreneurship where you first focus entirely on financial freedom (making your 'first nut' of a few million dollars) through any viable means, then pivot to working on meaningful, impactful projects once financially secure.
High Effort Low Opportunity Trap
Situation where extremely capable entrepreneurs (10/10 talent) apply themselves to mediocre market opportunities (4/10), resulting in suboptimal returns despite high effort and skill.