131–140 of 147 posts
Don't make something people want. Instead take away a problem that people don't want to deal with. The uglier and stinkier the problem, the better. Then price very high and look for markets where people have more money.
Can you name some ugly, stinky problem that we haven't already farmed out to the third world?
Looking for incredibly boring, yet painful problems in industries like healthcare, oil/gas, real estate, and ecommerce. Build a solid product using .NET or Java. Charge massive consulting fees and hire some slick salesmen. I know several people who got rich doing this, but they were straight up businessmen, and thrived on solving boring, yet lucrative problems.
Any pointers on how to find these incredibly boring, yet painful problems in industries?
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I like this method but just increasing the time span to 12 years. 100% success rate.
I hope this post and the upvotes were sarcastic. Trying this method 4 times means that you have a 68%* success rate. You'd have to try it 8 times to even get to a 90% success rate. * To calculate this, chance of success after 4 tries = (1 - chance of failing 4 times in a row) = 1 - 0.75^4 = .68
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Love this post, but I'm going to argue against one of your points: If it's a "trend", it's too late I disagree. In fact, if something is a trend, it's a guarantee that a market (of some kind) exists and it can save you a lot of time and research. Most big markets have large numbers of high value competitors and they're not all pioneers. Indeed, most companies with significant turnover were not pioneers in their field…
Totally agree. A surprising number of today's most popular sites were in fact not first to market. Just off the top of my head: Kayak Reddit Huffington Post Bit.ly Hulu Vimeo Google (!) Facebook (!!)
If all you care about is making a million dollars in three years, just franchise three or four restaurants.
This:
1) Will take longer than 3 years to make 1 million.
2) Is probably not this man's expertise
Earlier quoted context omitted.
I hope this post and the upvotes were sarcastic. Trying this method 4 times means that you have a 68%* success rate. You'd have to try it 8 times to even get to a 90% success rate. * To calculate this, chance of success after 4 tries = (1 - chance of failing 4 times in a row) = 1 - 0.75^4 = .68
I meant without gambling. Obviously 25% * 25% * 25% * 25% != 100%.
25% * 25% * 25% * 25% != 100%
In the first year, save up 100K. In the same year, learn Options and Futures Trading from Pros and Paper Trade religiously for the first year. If you do well there, then start with real money in the second year and see how far you go.
That said, don't force it. It takes talent and dedication to beat the market. You will probably fail. I lost quite a bit of money trading single options, but I never traded money I needed and never borrowed money that wasn't closely guarded so I came out unscathed. I still suck but without a doubt a few people reading this post can succeed.
Earlier quoted context omitted.
I hope this post and the upvotes were sarcastic. Trying this method 4 times means that you have a 68%* success rate. You'd have to try it 8 times to even get to a 90% success rate. * To calculate this, chance of success after 4 tries = (1 - chance of failing 4 times in a row) = 1 - 0.75^4 = .68
I meant without gambling. Obviously 25% * 25% * 25% * 25% != 100%.
You'd have to prove to the founders that you're on their level, in passion and a combination of domain knowledge, contacts or skill/intelligence/talent, and that you're willing to go the long haul.
Why not do a startup yourself? Risk, time and momentum.
If making a million is like reaching the top of a building, you'll have to start climbing stairs. Find some people that have already created an escalator, and then with them create an elevator.
These are some YC Startups, http://workatastartup.org/ but you could just as easily go through crunchbase (eg the new additions) or something similar (a launch blog) to see what excites you.