***I originally wrote this post in 2016 and it still applies***
There is an important distinction I want to achieve in this post but it will be short. Part of what stops a lot of would be entrepreneurs from jumping in is looking at sexy examples as their end goal.
The minority group of people that ever pursue entrepreneurship are being told that they will never be Mark Zuckerberg, so why try? Well, of course you’re never going to be Mark Zuckerberg.
Fortunately, most millionaire entrepreneurs aren’t either. The word “entrepreneur” has evolved as a term, to the point where it doesn’t have much meaning anymore. Frankly, whenever anyone asks me what I do at this point, I do whatever I can to avoid the word entrepreneur. Online, it’s much easier to gain an accurate glimpse of what I’ve got goin’ on, so I’m completely ok with using the word, but in person it doesn’t work.
Also, it’s been a long time since I’ve met someone that referred to themselves as an “entrepreneur” that wasn’t 1. pretentious or 2. not actually an entrepreneur.
Just a thought.
I simply say that I run a few small companies, because that is in fact what I do. My companies are boring, but the money is in the boring stuff.
App developers are a perfect example. Only 12% of independent app developers (indie---if you're employed this pays well) make over $100,000 and 65% of them make less than $35,000. Only 2% of the top 250 apps in the app store right now are from newcomers. The other 98% are from well-established shops like EA and Zynga, or some other company you’ve probably heard of. (Again, as of 2016)
The desire to be sexy is what causes people to reinvent the wheel too often.
Humans just aren’t that creative.
I’m not sure if you’ve noticed, but pretty much anyone in history that has done something 20% differently from how it was done before becomes a revered genius. Most “creativity” is a tweak on what already exists. That’s it. Even the sexiest companies have very unsexy premises. What’s intriguing is their level of success. Even most great artists are more skilled at presenting what's in their mind in a tangible form---but the majority of art is something us untalented people can at least visualize internally.
- Google started as Yahoo! with less crap on the page.
- Facebook started as Friendster for college students.
- Amazon started as a simple online bookstore.
- Tesla is a car without a gas engine. (Tesla made the product sexy though, by making it fast. Even the original design wasn’t their design at all, but Lotus.)
There were many small tweaks that made these companies possible, but the majority of their success came from an ungodly amount of sweat, tears and passion.
Most business millionaires do things such as:
- Real estate broker
- Software consulting
- Insurance agency
Just like there are certain job careers that generally pay a good amount of money, the same applies to businesses. People generally demand the same types of things, which means the most high percentage opportunities are in the basics.
The nugget is this:
If you want to go out and change the world, swing for the fences if you dare...if you want to work for yourself? Hit a few high-percentage singles then go for your grand slam once you have some experience.
Feel free to join us at /r/weekdaynuggets to keep up with these posts :)