Money, Startups, Ideas

Reaching the $5 Million Club Takes an Open Mind

Create opportunities for yourself by being bold:

One might think that good fortune would play a role, but even luck is largely a matter of one’s own making. Psychologist Richard Wiseman has found that people who describe themselves as lucky share common habits that account for their success: They’re friendly and fond of new experiences, traits that put them on a collision course with new opportunities. In addition, “lucky” folks simply have higher expectations of success — they’re too pigheadedly optimistic to heed the long odds and call it quits.

Start a business, make something people want, and puts lots of work into it:

The vast majority — 80% — either started their own business or worked for a small company that saw explosive growth. And almost all of them made their fortune in a big lump sum after many years of effort.

…rich folks often make their fortunes after they make up their minds to solve a problem or do something better than it’s been done before.

Couldn’t have said it better:

Being rich means freedom: to spend your time as you please, to pursue your real interests and to take a chance without courting utter ruin. Paradoxically, the road to riches often means acting as if you already have that freedom.

Let’s see what else

mibbit – cool, online IRC application – very impressed

10 Tips for Budding Web Programmers – and you’ll note that this link now has a title associaeted with it

How to Get Startup Ideas – I thought this was pretty interesting. He says that if you want to have a great startup idea you should move to the bay area because you’ll have a lot of conversations with a lot of smart people and you’ll stumble upon great ideas by accident. Without geeky conversations, its not impossible, but its more difficult.

Relating to ideas… I found out earlier this week that an idea I had for a startup has already been done. In fact it has been done multiple times and a large portion of the design and functionality that I had planned for it have already been implemented. The one site, which has been up for a few months, has been doing well judging based on the few thousand users they have (which could be a misleading stat). I have mixed feelings: part of me says, “Damn, wish I had started working on it first” and the other says “Hey, it actually is a good idea because someone else is making it work.” The other, more ambitious side of me says “These sites are missing a lot of important functionality. Go get ’em.” I might do that. Or I might not — part of me wants to find a large, untouched market. I want a BIG idea. Unfortunately, wanting is easy; doing is hard.

2 thoughts on “Money, Startups, Ideas

  1. I have a notebook full of start up ideas. From web design & development, to real estate, to cooking, to kicking babies.

    Its really about seeing what YOU find useful for other people. Its highly opinionated and that guy who said to move to SF is an idiot. Not only is the web market stagnant there, but relocating there is a bitch!

    Having had the pleasure of one of the products I built bought out from me by a larger company you really can also see that the likely-hood of creating a competitive market when you’re looking for a start up idea is also important.

    I have a few projects in the works that will hopefully be done in the next few months. Promotions and marketing are another story. They are geared more towards competing with existing sites and offering better (in my opinion) services. I think in our current environment “being first” is more likely to be a “waste of time”.

  2. Maybe. Maybe.

    I don’t have enough experience to say whether you’re right or not. My gut says that being first is important IF there is a market for it. If there is no market for it, it doesn’t matter whether you’re first or last: your site isnt going anywhere.

    The more interesting question is if there is a market and you aren’t the leader. How do you overcome the momentum of the leader? Make it better and differentiate. I saw some site on TechCrunch that was a Twitter clone — almost identical from what I can remember. I don’t get that. How can that be successful?

    … and I want to know more about kicking babies.

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