As some of you know, I love giving away money. But unfortunately, I don’t have enough money to give to all of you.. so here is my advice on how to make money for yourself. This advice is not meant to be easy but I hope it is useful.
I’m going to write about how to think of an idea for a startup. When you are poor, you have limited money but lots of time. In my opinion, it makes sense to make money risking your abundant amount of time working on a startup rather than to risk your limited money investing. You can still succeed either way, but if you don’t succeed — it will be a lot easier to recover and get back up if you lost time rather than losing money instead.
Let’s first define a startup. Startups are an extension of self discovery. “Change is the only constant in life” and with change, society has to adapt. Old business models might not make as much sense or new needs are created. Being passionate in a space lets you notice these trends about your space earlier than everyone else. And when you notice these trends before others, it gives you an opportunity to innovate.
So what are you passionate and what do you identify as? For me, that’s being an entrepreneur, a gamer, a chinese american, and being a good boyfriend.
And as we know from Y Combinator, a famous startup accelerator based in Silicon Valley — you start with a problem, not an idea.
So what’s hard or broken about the things you’re passionate about? I added potential solutions in parentheses.
What’s hard about being an entrepreneur?
- Finding a good idea (this blog post), finding teammates (potential startup idea), raising money (apply to y combinator), etc.
What’s hard about being a gamer?
- Getting clout (my idea at common.gg, a gaming social network or Twitch if you prefer to stream), getting better (coaching websites/guides), meeting other gamers (potential startup idea), staying in touch with other gamers (discord), finding new fun games to play (potential startup idea),
What’s hard about being chinese american?
- Learning chinese (potential startup idea), figuring out where you fit into society (potential startup idea)
What’s hard about being a good boyfriend?
- Thinking of new date ideas (potential startup idea), learning what your partner needs (potential startup idea), resolving arguments (potential startup idea), etc.
After you find what’s broken, think about why the changes in the world have made now a perfect time for a solution. For example, the quarantine has brought about a lot of opportunities with a significant lifestyle change or our new president in America may be working on a lot of innovations in healthcare or climate change that you’re passionate about.
Figure out what’s broken for you.
- Travis Kalanick couldn’t call a cab in New York and started Uber
- Mark Zuckerberg couldn’t find a way to know what his classmates at Harvard were up to and started Facebook
- Drew Houston couldn’t share files with his co-founder on projects easily and started Dropbox
- Eric Yuan from Zoom couldn’t find a good way to call his girlfriend in China.
Best of luck to all of us in making something great and valuable to society. And remember us when you become successful!
- Society is always changing.
- Find out what you identify as.
- List the problems that you feel within the groups you identify as.
- Ask whether the constant change in our world has made now the right time to fix your problems.
- Get started, and I’ll write more about next steps if people want it!