Customer friction is a huge part of running a biz.

How hard is it to engage a company to work with you?

Data-driven companies obsess over reducing this friction.

Mom-and-pop operators SUCK at this and it’s costing them millions.

Here’s what I’ve learned 👇👇👇

Entrepreneurship culture in America is all messed up and it’s a shame.

TechCrunch. Product Hunt. Shark Tank.

It’s all about new ideas. Changing the world. Innovation. 0 to 1. Blue ocean. Venture capital and exits and scalability.

And ITS ALL A LIE.

You ask the average american who a real entrepreneur is they’ll say Jobs, Musk or Zuck.

We read their books and idolize them and hang on their every word.

So the brightest among us think they need a moat. A new idea. Something revolutionary.

Were setting them up for FAILURE.

I took an entrepreneurship course at Cornell in 2011. 24 kids with new ideas. Big plans. Pitch decks looking for series As.

I was #25 with a regular old-fashioned business.

When professors asked me what my differentiator was I didn’t have an answer.

I saw a company out there doing sweaty, non scalable work. They were terrible at it.

I started by trading my time for money. Bought a $1500 cargo van. Used the things I had in my life to make some profit.

I wasn’t trying to educate a customer base.

I wasn’t following my passion.

I didn’t need funding or a network.

I wasn’t competing against brilliant folks from Stanford.

I want trying to prove a concept.

I wasn’t emotionally attached to anything except adding value.

The hardest thing about entrepreneurship, real estate, or anything else worth doing:

You have to be able to look at incomplete information...

Or a complicated problem without a clear-cut solution...

And make a good decision on which way to proceed.

A thread 👇👇👇

There is nobody who can take you by the hand and lead you through a step by step guide to win.

Everybody's journey is different.

The 1,000 important decisions I made to win will look nothing like yours.

This is why success is so hard to teach..

Because there is one skill you need to have to win:

Resourcefulness.

The ability to find what you need and figure out solutions to problems that there are no correct answers to.

Life isn't a textbook.

You can't turn three pages back and look up the answer. You can't ask a teacher.

When you are an entrepreneur there is nobody out there who can help you answer problems except YOU.

And this is the opposite of what most people are used to doing.

High school and college teach you to comply and look up the answer and memorize. Google gives us answers to any question we have at our finger tips.

Except what to do when a problem in your business arises.

On Sep 3rd 2020 we closed on a 120k sf glove factory built in 1890 in a small NY town.

Has 45k sf of self storage inside and had $14k a month of net operating income at closing.

Let's breakdown this deal.

A THREAD on creating $2 million out of thin air in 18 months...

👇👇

First saw the property on Loopnet in mid 2018. I ignored it. Who wants to try to operate a business in an old factory in a dying NY town.

A few months later I reached out. Broker sent me financials. They were good. $24k a month in revenue and $10k in expenses.

So I visited the property. It was old. Needed a new roof. Full time manager. Only accessible to customers 9am-5pm M-S. No autopay. A lot of folks paying 1/2 market rent.

I loved everything about it.

But I knew they were going to have trouble selling this thing no matter the profitability, so on July 1 2018 I made a low offer. $750k + seller pays for new $250k roof + $20k in environmental work.

Countered at asking price + $100k credit towards roof.

I ignored the response.

Broker called me back mid September of 2018. Make another offer, he urged.

I knew it was a good biz so I got more aggressive - $1MM + seller pays for roof / environmental.

Declined. Countered with $1.2MM but they'd give me a new roof and do the environmental.

I’ve gotten a lot of bad advice in my career and I see even more of it here on Twitter.

Time for a stiff drink and some truth you probably dont want to hear.

👇👇

College isn’t worthless for everyone.

All of the successful folks who tell you college is worthless went to college.

What does that tell you?

It’s not about the learning, though.

It’s about growing and learning how to sell yourself and your ideas.

Miami isn’t the next tech hub.

It’s surrounded by a swamp.

Construction costs are insane because of hurricane codes. Vacant land doesn’t exist.

Property insurance has risen on average 20% per year for 5 years.

Plus it’s hot AF. Ever been there in July?

Starting a business isn’t right for everyone.

95% of folks are better off getting a job.

It’s hard AF. Decisions are critical and plentiful. Risk is for real. Stress can be crippling. Delegation can be impossible for poor communicators.

Most folks don’t have what it takes.

Technology isn’t as far along as the media makes you think it is.

We’re 5+ years away from autonomous vehicles.

Alexa still can’t play the song I want 25% of the time let alone make decisions and “learn”.

Robots fall on their faces when they aren’t on perfectly flat ground.

Too many folks set the bar way too high with entrepreneurship. The next million dollar company. The next sexy startup.

Forget all that.

Why isn’t the goal to build something that pays you good $ every year and requires only a few hours of your time per week to make it happen?

When you start a business your goal shouldn't be to get an article in TechCrunch or raise VC $.

It should be to make $1,000 as quickly as possible with as little risk as possible.

Trade your time for money to test an idea.

Speaking of ideas.....

Business ideas are OVERRATED.

The only thing a brand new, world-changing idea will get you is an interesting Twitter bio and very shitty odds of success.

We only hear about the unicorns like Jobs and Musk.

The successful entrepreneurs in your town all have something in common...

They did common things uncommonly well.

They did something that someone else was already doing and they just did it a little bit better.

Young entrepreneurs hear the same advice over and over again...

Change the world. Do something you're passionate about. Thing BIGGER.

That advice is BULLSHIT.

Shoot for the stars and the odds you'll end up with a JOB.

Pratik Sinha founder of ALT news is trained comrade! He is working on Communist agenda!

Thread

How many fact check he has done about any left party?No he won’t do it!
He will do fact check of Congress and few other non Left parties just to tell the world that he is unbiased!

Mukul Sinha, father of Pratik Sinha was Comrade and her mother is also comrade. They were active member of left parties!

Mukul Sinha tried to pleased Musl!ms after 2002 Riots with his fake evidence for huge donation from Musl!m Countries.

Mukul Sinha contested Gujarat Assembly elections in 2007 from a Muslim-dominated seat Shahpur in Ahemdabad, but got just 255 (0.44%) votes, losing his deposit. 😂🤣

In 2012, Sinha contested as an independent candidate from Sabarmati in Ahemdabad, and lost again, securing just 1860 (1.23%) votes!🤣🤣

As per affidavit in 2007 he had total movable asset of Rs.23,82,309

But shockingly In 2012 he had huge hike in movable assets! He has Rs.1,08,65,799 movable assets as per affidavit.
(this information are available in affidavit. This is not privet information)

Republican North Dakota legislators have introduced #SB2333, a bill that prohibits large tech companies from locking their users into a single app store or payment processor.

https://t.co/PgyhgOhFAl

1/

While his has implications for Android and other large tech platforms, its most immediate and far-reaching effects with be on Apple, whose Ios platform uses lock-in to monopolize both apps and payments (and another domain, not mentioned in the bill: repairs).

2/

Predictably, this has thrown Apple into a fury, with Apple's privacy chief @erikn telling the SD legislature that Apple uses its monopoly over the app store to protect its users' privacy and

Neuenschwander makes a good, but incomplete, point. To the extent that Apple has the same interests as its users, it uses its app store monopoly to lock out bad apps (to the best of its ability).

4/

But when Apple's interests diverge from its users' interests, the prohibition on sideloading apps actively harms those users' privacy and security. Think of how Apple caved to Chinese state demands to remove working VPNs from the Ios app store to facilitate mass surveillance.

5/

Red Bull is a weird and fascinating company.

- $7.4 billion in 2020 revenue
- 43% energy drink market
- Makes nothing

Nope, not even the drinks they sell. Instead, they focus 100% on marketing.

Here's what's going on

1/

Before Red Bull there was Krating Daeng (KD).

Founded by pharmaceutical entrepreneur, Chaleo Yoovidhya, KD was created to serve Thailand's country's working class.

Yoovidhya chose the gaur, a member of the bovine family from the region, as the brand's symbol.

2/

Dietrich Mateschitz was a toothpaste marketer. On a business trip to Thailand he discovered KD and fell in love with the drink.

With Yoovidhya, he decided to bring it to Europe. He made changes:

- Name became "Red Bull"
- Added bubbles
- Used a thin can
- Targeted elites

3/

The deal Mateschitz and Yoovidhya struck outsourced production of the drink to the Thai entrepreneur's pharmaceutical company.

That fundamental structure has remained in place today: Red Bull outsources production and focuses on distribution (marketing).

4/

Mateschitz noticed the rise of extreme sports starting in the 1990s. He thought Red Bull should be a part of it.

The years since have seen the company amass an insane empire across sports, media, and apparel.