One of the best things I ever heard and I wish this was taught everywhere, is: understand what kind of business you want to build and what the right stage in yo

One of the best things I ever heard and I wish this was taught everywhere, is: understand what kind of business you want to build and what the right stage in your life to build it is. In startup terms, there are cashflow businesses and disruptor businesses (credit to Mike Dillard). Cashflow businesses are generally sneered at in Silicon Valley ("lifestyle businesses") but in many cases, they are a great place for entrepreneurs to start. Cashflow businesses can provide you with a level of financial independence on your own terms. Then, if you want more, either start more cashflow businesses or then focus on your disruptor business (Silicon Valley style startup). But if you do you cashflow business first, you are far less at the mercy of fickle VCs, etc. The other useful thing to come out of this classification is it almost certainly informs your funding strategy. If you're building a cashflow business, don't ever raise money. If you're building a disruptor business, definitely raise money, as much of it as fast as you can. If you've done your cashflow business beforehand, you'll already be quite well off and can think much more strategically in your disruptor business.