Nine out of every ten businesses are out of business by the tenth year and half of businesses are out of business by the third year, depending on the statistics you use.
Are you resilient, determined, and hard working? YOU have to be willing to do the work required to be successful.
Know that your product/service works and sells before you launch by testing it. Test it at a minimal scale.
You can have a monopoly through a variety of means. Either by being the only one in your area (rare) or by OUT-MARKETING your competition.
The Simpler, The Better
“We’d rather multiply everything by three than by pi” ~ Warren Buffett
Don’t look to a create a type of business that’s overly difficult.
Have margins that allow for cash reserves, great hires, and aggressive marketing.
There’s not that many “unicorns” out there. This is your ability to hire good staff and talent effortlessly
If you can be the only one offering something or be the company that is at the forefront of potential customers minds when they think about this type of product, you have the opportunity to create your own pricing.