9 Suggestions for making money and maximizing joy as an entrepreneur based on my experience building and buying companies:

1. Think small to improve chance of success and enjoyment. Replace focus on large total addressable market with minimum viable market

2. Reduce stress by choosing capital efficient businesses. More capital needed = more dilution = bigger you have to scale to earn enough. For many ideas, there’s a capital intensive and capital efficient version

3. When developing biz ideas, study companies sold for high exit multiples. Higher multiples = harder to disrupt / more enduring

4. Improve your odds by launching to multiple audiences, double down on the one working. Ex: We built Bisnow’s newsletters for lawyers and real estate execs, lawyers failed, RE worked

5. Hone skills that help you earn money on your passion: sales, marketing, outsourcing, iterating, systems, management, etc.

6. For learnings, cold contact founders & experts. You’ll be surprised how many will talk to you. Have questions prepped for each call

7. Consider a 2 company approach: boring business that earns you enough and fun one that serves your passion. Get boring one profitable enough 1st

8. When selling, be proud of your product’s price. Don’t shy away from explaining its value

9. In sales, never email a proposal. Instead, walk your prospect through it

I have some rare downtime as I search for companies with $300K profit or more to buy. Sharing more soon