My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
“the opportunity in small business is dressed in overalls and likes hard work”
What It Means
Small business opportunities require significant manual labor and aren't glamorous - they reward hard work rather than clever financial engineering
Why It Matters
Warns against expecting easy passive income from small business investments
When It's True
Especially in first few years of business ownership and sub-$10M businesses
When It's Risky
When you don't have time or inclination for hands-on work
How to Apply
Set expectations for significant time investment
Prepare for unglamorous operational work
Focus on work ethic over sophistication
Budget years of sweat equity before passive income
Example Scenario
“You buy a pool service business expecting to hire a manager and be hands-off, but realize you need to spend 6 months learning routes, customer relationships, and operations before you can effectively delegate”
Related Knowledge
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
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
Constraints-First Decision Making
Start any major decision by clearly defining your constraints rather than exploring all possibilities