My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
To become a millionaire, copy what works; to become a billionaire, innovate. Most people should focus on copying rather than trying to be innovative.
The Reasoning
Innovation carries high failure risk and requires rare insights. Copying proven models reduces execution risk and allows focus on operational excellence rather than market education.
What Needs to Be True
- Sufficient markets exist where proven models haven't been implemented
- Execution skill matters more than first-mover advantage in local markets
- Customer education costs favor proven concepts over novel ones
- Competitive advantages come from execution rather than innovation
Counterargument
Innovation creates larger market opportunities, defensible moats, and compound advantages that copying cannot achieve, even at smaller scales
What Would Change This View
Data showing that most local millionaires came from innovative rather than imitative businesses, or evidence that copying leads to unsustainable competitive positions
Implications for Builders
Start with proven business models in your local market
Focus innovation budget on execution and customer experience
Only innovate when you hit clear limitations of the copied model
Look for geographic or demographic arbitrage opportunities
Example Application
“See successful taco restaurant in one city with long lines. Instead of trying to innovate new restaurant concept, copy their exact model in different city where it doesn't exist yet. Focus on execution excellence rather than menu innovation.”