Day 33: Billions or bust is bullshit

Ryan Shank argues the "billion-dollar-or-bust" mentality is a trap. Most ultra-unique consumer ideas fail. Instead, target markets you understand, where you can reach customers and beat existing competitors through better execution.
Chapters
What's up guys, it's Ryan Shank from PhoneWagon. Today, short video update. It is Sunday, but I still wanted to deliver you guys quick update. One thing I want to talk about today, I actually just got out of a meeting with someone who has sold a couple companies and we were just talking big picture, things like that. One of the things that I think a lot of people get caught up in is building something that has to be like super unique and new and it has to be a billion-dollar idea, and if it's not a billion-dollar idea, then why chase it? And I actually disagree with that. You know, for instance, not everyone is going to be able to be Bill Gates and/or build a Snapchat where it's going to be sort of this unique consumer play that's going to catch fire. And those things to me are gambles. A lot of times people will go after these consumer plays. It won't work out most of the time. I would say 99% of the time it won't work out. However, If you are going after something where you know there's a market, you know how to get to the market, and you know how to build it so that you can beat your competitors, I would say do that every single day of the week versus gambling on this idea where you're not 100% sure if it's going to work or not. And that's just the message that I want to deliver. You don't have to go after something that, you know, is just untouched greenfield. You don't have to go after something that, you know, can only be a billion-dollar or bust idea. I think there are ways to go out and build unique big businesses that might already have competitors in the space. Then you just have to position yourself a little bit better. You have to beat your competitors somehow, but at the end of the day— What's that? Cop car rolling. At the end of the day, you can still build big businesses. That's the message for today. I hope you guys have a beautiful Sunday, and we will see you tomorrow.
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