$10,000 per month IDEA

I started my first business in 2017. I failed multiple times, lost money, gave up a few times, managed to get back up, and kept going. 7 years and 4 businesses later, I now know the biggest mistake I was making: Confusing unrealistic expectations with ambition.

Back when I started my first business, I genuinely believed that we would get a multi-hundred-million-dollar exit to Amazon in under 10 years. We did not 😉

Anyways, let me talk about how to think about your business when you are starting BLANK 🤔

The plan has 3 parts: Problem, Scale & Strategy.

PROBLEM — We need to simply look into our own lives and list problems we face. There are 3 types: Solve a frustration (like the lack of transparency in real estate). Solve scarcity (like not enough tow trucks in winter). Solve rich people problems (like mobile car detailing at $180/hour).

SCALE — We need to pass the idea through a "$10 test." $5 cupcakes = 2,000 sales/month. $10 best cupcakes = 1,000 sales/month. $1,000 course = 10 sales/month. $500K Condo = 1 sale/month. $2M Home = 1 sale/quarter.

More expensive = difficult to sell = requires more skill.

Strategy coming next week!

— Nav