When you look at business in general and life in general; to make a million dollars with restaurant, start with three million dollars (above average failure rate, losing money). But why? People eat food, so the market is huge. We might say it’s too much competition, or it costs, people aren’t loyal…
Tai is not pro or anti-college; like Aristotle says it’s easy to be angry, it’s hard to be angry for the right reason, at the right time…
To just go or not go to college is an easy brainless decision, it’s the right time, the right place…
Most people that go just because of friends and because everyone else goes spend $80,000 that they will remember for a long time, but don’t remember anything from the classes, they lack focus and waste 4 years, so it’s a poor decision.
Production: Land (in the modern world it’s connections, who you know; not what you know, it’s who you know), labor (your skill and skills or your team) and what everybody forgets- free cash (capital) available to invest.
That applies to your body as well (who you know, what skills you have and capital)- people would complain that organic eggs are double the price, but would spend money on Coca-cola that’s more expensive than water and destroys you.
This applies to social life; who you know and where you are, being interesting and persuasive and lastly you have the capital to travel.
Even for happiness, it takes some skill, capital and environment you’re in.
One of the danger is missing out on 1 or more of these 3 things.
If you objectively have the advantage, use it; if you’re tall, play basketball. Spend more time working on your advantages. You can’t build on weakness.
The more you learn, the more you earn, deserve it. Build your skills 95% and above, and raise capital as well, but be good with the money you have right now- the difference between stoic and epicurean.
We can’t compete with Warren and Charlie that have money from investors that’s worth $300 billion. Warren knows everybody important, he can call the president if he wants to, reads for 77 years on investments and has about 40 billion dollars in cash (doesn’t want to rely on the kindness of strangers).
But Warren doesn’t anything about the internet, so from this point, we’re not competing with him anymore.
It’s not just about me being good at something, it’s about me being good in comparison to other people, costumes have a choice.
In what you are doing now what is your land advantage?
When it comes to labor how skilled are you?
Do you have cash on access to cash to grow your dreams?
Which one of these three things do you need to work on most, and what is your plan?