Tweets

RT @valsopi: @lesley_pizza Slow is good 🤩 Reminds me of this by @mijustin https://justinjackson.ca/disney

@askpascalandy I need to figure that out next!

@thepatwalls We sold all your tweets as NFTs while you were gone. 😅

@lotusleafstyle @swyx @github Listening now! Love it! Great conversation and good quality audio. 👍

@csallen @IndieHackers Is the median age still 30?
Average still 31?

@PaulAntWilliams Thanks Paul! 🙌

@visakanv Yes! @TransistorFM does this and makes it really easy to distribute your podcast to all the listening apps.

https://youtu.be/1idRmNqxVuo

Just finished @adii’s book, and I highly recommend it.

Many of us started businesses so our families could have a better life; it’s time to evaluate whether we’re actually achieving it. 👍

@krobertsons So cringe! 😅

@thekylemarshall There’s nowhere to go. We’re all just on the call, listening to the principal (who doesn’t know how to mute all participants?) try to talk over a mom yelling at her kid. 😨

You haven’t lived until you’re on school information Zoom call with 60+ other parents, and multiple attendees aren’t muted. 😳

@typeoneerror @mariepoulin 🤣

@Zteoheb Good point!

Listening to @nbashaw and @danshipper really is like having co-founder therapy.

I really appreciate their willingness to “work through the hard stuff” in public.

https://overcast.fm/+n7WTgl8JM

@immad when can I invest!? 😄

@peldi omg this is brilliant

Update: I finally found a vendor classification for "software."

The reason I couldn't find it is they've concatenated the label "Microcomputer" and "Software" into "MicrocomputerSoftwar"

This means searching for "software" yields no results. 🤦‍♂️

@wesbos Nope, not a Canadian govt. 😅

OMG. This one kills me.

"Tower chimes" is vendor category, sitting right next to "nuclear equipment."🤣

"Tanks" and "tape" both get main category treatment.

Still hunting for a category that matches "software," "app," "website," "hosting," "data," "digital."

It's 2021, and software is eating the world.

But, if the government wants to buy your software you still need to browse a list of 20,000 product categories and find one that matches "software."

@lepikhinb @JackEllis @pjrvs Looks good!

RT @mijustin: Having an audience certainly provided me with an advantage in the podcasting space, but it's no substitute for overall custom…

@Jessica_B365 For me, it was people opening up their business financials to me that made the difference.

Folks like @mariepoulin, @mbuckbee, @adamwathan, @taylorotwell, @nathanbarry, showed me there were better markets + business models out there (with more upside).

Evaluate your potential upside/downside.

If you really want to start a restaurant, and you’re willing to take the risk, do it!

But if you’re a polymath, and you could be happy doing any number of things, you should definitely consider your options.

great data from @mjwhansen: https://twitter.com/mjwhansen/status/1381287420461780992

@mjwhansen @ericlbarnes @ianlandsman @TransistorFM @AswathDamodaran 🎯

@ericlbarnes @ianlandsman @TransistorFM What I learned doing those other businesses was that certain markets have better margins, more leverage, more and better customers, better distribution channels, etc

The market you choose (the type of business you go into) matters a lot.

Some business models are just better!

@ericlbarnes @ianlandsman @TransistorFM But I was a brick-and-mortar guy and eventually got enough experience to do software.

The category you choose determines your margins, customer demand, competition, etc. Of course it matters!

You keep assuming I’m pitting “zero experience” people against “folks with a chance.”

@ianlandsman @ericlbarnes But I have had the stress when I was running these businesses:

- wedding videos
- snowboard shop
- web design
- consulting
- online course
- SaaS (@TransistorFM)

For me, things got progressively less stressful and more profitable.

In the same way: anyone can try to become a pro skateboarder, but that doesn’t mean everyone should.

(The same is true in business, poker, salsa dancing, modeling, and karaoke).

We can’t talk about increasing the chance for success without addressing this truth:

Anyone can start a business, but that doesn’t mean everyone should.

Some people are starting the wrong businesses. But also, some people are the wrong kind of people to be starting businesses.

Of course, in relation to what you choose, *who* you are matters a lot.

But many entrepreneurs have multiple opportunities they could pursue.

Choosing the option with the best possible upside (given your strengths) is the aim.

https://twitter.com/mijustin/status/1221504985101291520?s=21

@ianlandsman @ericlbarnes Not compared to the risk and work that’s involved.

(Do you know many franchise owners? The ones I know work crazy long hours, have tons of stress, and are constantly fighting razor-thin margins)

@ianlandsman Of course *who* you are (in relation to what you choose) matters a lot.

But many entrepreneurs have multiple options in front of them. Choosing the option with the best possible upside (given who you are) is the aim.

@ericlbarnes @ianlandsman In profit? No way.

Generally, the margins and upside are better for most SaaS businesses with good fundamentals.

https://www.franchise.city/chick-fil-a-franchise

@ianlandsman You pick stocks based by betting on the best possible upside (adjusted for risk).

I’m just saying the same rubric should be applied to business.

(We have some transparency into the fundamentals of different industries. We can use that to make informed bets).

My working theory is that there is a certain class of entrepreneurs who can make any business “work.”

It makes sense to be strategic about the industry, market, or product category you choose, because that decision will determine the floor and ceiling of your possible upside.

@ianlandsman My working theory is that there is a certain class of entrepreneurs who can make any business “work.”

It makes sense to be strategic about the industry, market, or product category you choose, because that decision will determine the floor and ceiling of your possible upside.

@ianlandsman This is about the upper and lower bounds of outcomes for each option.

If Justin Jackson has the choice between starting a snowboard shop or a software company, he should definitely choose software.

@ianlandsman I know a few folks who have owned fast food franchises (A&W).

They worked insane hours, had tons of headaches, and ended up making $80k year, and sold the franchise for not much more than they bought it for.

In their case, they would have been better off staying in the trades.

(My wife just pointed out that most McDonald’s franchise owners would have been better off investing that $1.2 million in an ETF. “You could earn 8-10% interest, make the same money, and not have to do anything).

Outcomes in business are largely dictated by the market you choose.

If you invest $1.2 million in a McDonald’s franchise, your possible annual profits are likely $100k-$250k.

Or, you could invest $100k in a software company, and earn $1+ million a year.

When you start a business, you’re making a bet. Not all bets are equal!

Investing $100k in Business A vs Business B could have dramatically different outcomes.

What’s surprising is how few entrepreneurs consider the possible range of outcomes (the upper and lower bounds).

@AdamStddrd @reworkpodcast Wow! Looks great! 🤩

@iChris @mattmcgee @TransistorFM wrong. eating tacos from my office. 🤣

@StephenWilson So cute.

@_rchase_ So sneaky! Your boss will never know!

@jmckinven these tutorial videos you're making for @riversidedotfm are great!

https://www.youtube.com/watch?v=boGL_3qXi8I

RT @EmilyKager: I've talked to many peers that felt too attached and emotionally connected to their first job. It can be exciting and motiv…

@danielkempe @sudyk @TransistorFM 🥰

@evoterra @JamesCridland “Podcasters in diners eating eggs?”

Has a nice ring to it. 😂

@evoterra @JamesCridland I’d just like to see a video of you two getting breakfast. 😄

@martinproenza https://twitter.com/mijustin/status/1380260962511413249

@bsierakowski 🤣

The full story in Business Insider: https://www.businessinsider.com/how-billion-dollar-startup-fab-died-2015-2

Funded startups: save yourself the pain, and hire a bootstrapper early-on.

We’d be happy to take your $200M and tell you that you have no business model. 🤣

As a bootstrapper, this 2013 post-mortem from the founder of Fab is 🤯

“In 2 years, we’ve spent $200M and we have not proven that we know what customers want to buy.”

Just got a walkthrough of @userlist by @benediktdeicke.

If you’re looking to send automated (triggered) campaigns to your customers, it looks like a great choice.

Some nice pre-made templates to choose from too. 👍

http://userlist.com/?via=justin

@oktuned Exactly.

@ideaeconomy I agree. 👍 https://twitter.com/mijustin/status/1255872582101819393

When you’re surfing, the wave you choose determines the quality of your ride.

Even the best surfer can’t make a flat swell amazing.

In business, the market you choose will determine the upward potential for revenue and enjoyment.

https://justinjackson.ca/surfing

@garrytan Your cadence, tone, and storytelling remind me a lot of Derek Sivers. I dig what you’re doing here. 👍

RT @HuffmanLabDU: Exasperating this is still a thing, after a year of constant messaging that plexiglass partitions do not block viral aero…

@dvassallo @JoshConstine (Put another way: the best audiences are portable)

@dvassallo @JoshConstine Why are people leaving Substack?

The best rooms in Clubhouse aren’t being discovered in Clubhouse; people find out about them through emails, Twitter, SMS (sent by the host).

Related: increasingly, the best Clubhouse rooms are just live podcasts.

(I heard about @JoshConstine’s from his email notification)

My prediction: in the future, the top creators will leave Clubhouse (much in the same way they’re leaving Substack now).

From @JoshConstine’s Clubhouse chat:

https://www.joinclubhouse.com/room/ma6vNQkL

“The word ‘influencer’ extracts the one thing advertisers care about from creators: their influence. Most creators don’t want to be influencers! They want to make stuff.” – @jackconte

RT @mathewi: From @ntnsndr just now: "If you want public goods, you need to create public infrastructure. Thank goodness the government fun…

Yes, your ability to execute matters too, but that ability is largely determined by the time you start building.

It's the culmination of all your practice, skill development, experience, assets, and network.

Ability to Execute x Potential = Outcome

@erwblo You'd be surprised by the number of engineers and tech folks who secretly want to start a restaurant/cafe. 😉

@jivebot yes! https://justinjackson.ca/surfing

If you're going to take a risk, and start a business, it makes sense to ask yourself first:

- if you're the right player for this game (as a founder)
- if the potential return (in a given category) is reasonable for the level of investment that's required (time and/or money).

Obviously, it's not enough to choose a good category and build a good product.

But, the category you choose determines most of the potential upside. Every category has a floor and ceiling when it comes to outcomes, and requires varying degrees of investment and risk.

RT @mijustin: I should modify this slightly:

"The product category you choose will determine most of your business' *possible trajectory*…

I should modify this slightly:

"The product category you choose will determine most of your business' *possible trajectory*"

If you open a coffee shop, that decision will determine the shape & potential for your business.

Alternatively, SaaS has a different shape & potential.

@earthlingworks Yup, we agree on that.

Part of what makes a category “good” is also whether it’s a good fit for *you* (as the founding team).

There’s a difference between what’s a good wave for Kelly Slater, and what’s a good wave for me. BUT: good waves need a baseline size and shape.

@earthlingworks Product categories have numerous attributes.

(Founders, and founding teams also have attributes that are important).

These all matter.

Yes, most of this is "unproven future potential," but when you're placing bets, you're trying to place the bets that have the best chance.

@earthlingworks It's similar to: "the car you choose to buy will greatly affect your enjoyment of driving."

Naturally, not everyone who buys a Tesla loves it; but for a certain customer, it's the best fit.

(It's not a perfect comparison, but illustrates the general thrust of what I'm saying)

So, the category you choose matters (a lot).

Want to enjoy running your business?
Want the business to help you achieve your goals?

A fulfilling, profitable business is highly dependent on:

👩‍🔧 who your customers are,
🔧 and what product you're offering them.

Every category has attributes that affect the shape of your business:
- how aware are customers of the category?
- how price-sensitive is the customer?
- how much overall demand is there?
- how slow is the buying process?
- what type of scale is required?
- how competitive is it?

The product category you choose will determine most of your business' momentum.

@dohertyjf @dominicstpierre 👍

Cheering for @dominicstpierre and his new SaaS: https://parle.io 🎉

I believe there is a bunch of opportunity in the "live chat widget" space.

It's already a big category with lots of momentum, and there's also growth potential (many businesses don't have live chat yet)

@pjrvs It must be nice for you to have a fellow-Canadian as co-founder (@JackEllis).

The other day I had to explain what a “toque” was.

@KarlLHughes Nice! I’ll give this a listen. 👍

@_middlesister I had a chance to look it over last night. Looks great! Eager to start the process. 👍

@pjrvs Should I blow dry my hair today, or just wear a hat?

@mubashariqbal It was great! I learned a lot.

@JackEllis @earthlingworks ❤️

@JamesCridland 🙌

@JamesCridland Glad you came on stage at the end. Great thoughts. 👍

@darian_parrish Thanks for your thoughts!

@JamesCridland We gotta cover all the ground!

And... we’re already talking about Bitclout. 😂

Ok, @TwitterSpaces wins.

Join here!

https://twitter.com/i/spaces/1gqxvoXWBBBKB

I feel like doing a live audio sesh (in about 5 minutes). I want to chat bootstrapping, creator economy, etc

Should I do it on Clubhouse or @TwitterSpaces?

@GoodMarketingHQ @harrydry Love this one. 👍

✅ Mixpanel removed from http://Transistor.fm. It already feels faster! 🎉

(Tomorrow I’ll remove it from the web app)

@andreas_codered @noahwbragg @jonbuda @TransistorFM Thanks! 🙌