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Be a master of information– Many think it might be wasteful that I spent so much time on newsyc or read so many tech information sites. I’m at my worst when I’m isolated from people and at my best when I’ve at least spent some time with close friends (usually who I don’t know from business.) Make waves, don’t ride them– There was a famous talk Jawed Karim gave from youtube.
Just be so good with what you do that you can’t be ignored.Look in obscure places- We’re often fascinated with the shiny things in the internet industry. One example would be email newsletters, which I’ve profiled before.Surround yourself with smart people- Smart people whom are successful usually got there by doing the same and have an innate desire to help those do the same.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 $10,000- This usually means you’ve found some repeatable process / minimal traction.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.
It’s the ecosystem that’s currently happening with the paypal mafia and can be traced all the way back to fairchild semiconductor.
Charge for something– Building a consumer property dependent upon advertising has easily made many millionaires, but it isn’t the surest path.
If you implemented X it would take a ton of time and morph what you’re doing.
It’s also really really hard to say no when it comes from someone well respected like a VC or famous entrepreneur. Hell, they might even write me a check if I do what they say!!!!! Instead write the feedback down somewhere as one single data point to consider amongst others.
Even if you put Bill Gates and Steve Jobs as founders in a new venture with a total market size of 10 million, there is no way they could become too wealthy without completely changing the business (ie- failing).