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I was always told to follow the rule that if you think of something that will make a ton of money, do some research, because someone has probably already though
by kemiller2002 8y ago
I was always told to follow the rule that if you think of something that will make a ton of money, do some research, because someone has probably already thought of it and done it. If no one has, then your idea is probably flawed. It's the really small percentage of ideas that fit into neither category where you can make a lot of money, but that is incredibly small. Understand your probably of success before you start planning your dream of living on a beach for the rest of your life.
- F_J_H 8y agoTwo economists walking down a street. One spots a $100 bill and says "Look, a $100 bill!" The other says, "Probably fake. If it was real, someone would have grabbed it already..."
- Retra 8y agoDon't substitute a meme for thinking. The real story is as follows: Two economists are sitting at home. One says "Lets go out and look for $100 bills in the street." The other says "There are better ways to make money."
- dmix 8y ago> , because someone has probably already thought of it and done it This is the worst reason to not start a business. Markets are often big enough for multiple companies and many billion dollar companies were started in a market with previous competition, then dominated them by being better. First mover advantage is a myth. It's hardly an advantage. It's only a disadvantage when the market is already flooded with options and a 2-3 monopolies already exist with it.