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Sure you could still make a lot of money in something like the app store or the facebook platform, but the chances are significantly less than they were in the summer of 08 or spring of 2007. Peter Cooper and I clarified some of the semantics about what is a trend over here.
If you do focus on a dollar amount, focus on the first ,000- This usually means you’ve found some repeatable process / minimal traction.
Your primary metric shouldn’t be dollars- If you’re going after a big enough market and charging a reasonable amount, you can hit a million dollars.
Focus on growth, customer acquisition costs, lifetime value of the customer, and churn. You could easily replace the SEO example with: App store, facebook, etc. What they think matters and they will ultimately put their money where their mouth is. It did not matter if I had not slept for two days, traveling across the country, or whatever else.
Give yourself every opportunity you can- I use this as a reason why starting a company in silicon valley when it comes to tech is a good idea.
You can succeed anywhere in the world, but you certainly have a better chance in the valley.
X is a really good idea and maybe even fits in with what you’re doing, but it would take you SO FAR off the path you’re on.It takes a lot of time and scale, which due to cashflow issues will require large outside investment probably before you are a millionaire. That’s how business has worked for thousands of years prior to the 1990s. DHH explains this really well at Startup School 08. There are also things like Parrot Secrets, which make 400k a year.Information Products Are Valuable- E-Books, screencasts, And anything that can teach others to be good at something is a very lucrative business. Bonus points if the information helps a person make money (directly or indirectly) or improves their self image. That may get you a somewhere in the 5 figures, but word will spread that your shit smells.Having this inequality of information can give you, your first piece of leverage.Leverage skills you know- You can go into new fields such as say Finance, but make sure you’re leveraging something you already know such as technology and/or product. I said that would be fun, but it would be my first documentary regardless of what happened. If I do something leveraging a skill I know, I’m already ahead of the game. If your goal has primarily monetary motivations, look at the unsexy.