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).Inequality of information- Find a place where you know something that many undervalue.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.He described the factors that made youtube take off in terms of secondary/enabling technologies.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.This is just my own humble advice and I hope it’s useful for entrepreneurs.
Always keep your door/inbox open- You never know who is going to walk through your door contact you. At one point Bill Gates was just a random college kid calling an Albuquerque computer company.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.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.