Issue 1 of the Small Bets Newsletter
I need to get myself some of those rugs!
Over a period of time, I came to a certain mindset that any idea that came to your mind initially has the right to be built, because before you attempt to bring it to life , you won’t know for sure whether you’ll achieve results in this area or not.
But before I start any project in any field, I observe how other people have implemented something similar, so perhaps they have already come up with a working model and so you do not need to spend a couple of years to come to the progress they for example already have.
Nice write-up. I consider it a modern take on the 80/20 principle.
20% of your cattle will yield 80% of the resources you need to sustain yourself on.
Imagine treating the 80% that gives you close to nothing like your beloved pet!
Great analogy, and I think there’s a dichotomy here too. Some might take the advice too far and drop a project as soon as they lose interest. I do think there’s something to having the ability to stick with something and keep a more long-term mindset, that stays consistent through wavering interest and success.
Love the new portal 🔥
Love this! Thanks for reminding again not to get emotionally attached to your projects and power of diversification.
Obviously, understanding the utility of the sheep is key here. How do you do the same with a small bet? What other heuristics should one be aware of for testing, validating, and potentially, abandoning a small bet?
I had a conversation with a friend of mine. We came to a realization that what’s needed is not creating a New Thing. Sometimes the most profitable business is targeting a new or underserved niche for an Old Thing, aka “boring business”.