My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
Everything Is Wrong at First - Iteration Model
A mental framework assuming that initial versions of any product, strategy, or business model will be fundamentally flawed, requiring continuous iteration and improvement rather than trying to perfect things before launch
Decision Rule
When faced with uncertainty about the 'right' approach, bias toward action and rapid iteration rather than extensive planning and analysis. Assume your first attempt will be wrong and design for fast feedback loops.
How It Works
Markets provide better information than internal analysis. Real-world feedback reveals problems and opportunities that can't be discovered through planning. Iteration speed becomes competitive advantage as you learn faster than competitors.
Failure Modes
Iterating without clear success metrics or learning objectives
Changing too many variables at once, making it impossible to identify what works
Confusing iteration with lack of vision or strategic direction
Iterating on superficial features while ignoring fundamental business model problems
Example Decision
“A software company launches a basic version of their product after 3 months of development rather than spending 12 months trying to build the 'perfect' version, then uses customer feedback to guide the next 6 iterations rather than their original feature roadmap.”