My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
The biggest business opportunities exist in industries that everyone considers 'boring' but are ripe for entertainment transformation
The Reasoning
Boring industries have low customer expectations, minimal innovation, and high customer frustration. Small improvements create disproportionate customer delight and word-of-mouth marketing
What Needs to Be True
- Customers in boring industries must be willing to pay premium for better experience
- Incumbent competitors must be too risk-averse to copy innovations
- Social media and word-of-mouth can overcome traditional marketing advantages
- Regulatory environment must allow for experience innovation
Counterargument
Boring industries are boring for good reason - customers prioritize function over experience, margins are already thin, and any premium pricing will be competed away
What Would Change This View
Evidence that boring industry customers consistently choose cheapest option regardless of experience, or that incumbents quickly copy and commoditize experience innovations
Implications for Builders
Look for industries where customers complain about experience but have limited alternatives
Focus on eliminating specific pain points rather than adding entertainment
Prepare for higher operational costs in exchange for premium pricing and customer loyalty
Build culture and brand moat that's difficult for incumbents to replicate
Example Application
“Entrepreneur identifies property management as boring industry, creates service that includes regular tenant appreciation events, proactive maintenance communication, and moving assistance, charging 20% premium while achieving 95% tenant retention”