Russell Beattie has a follow-up to his post on Ambition in today’s start-ups:
The basics of making money still are the same. You have to create something of value and then find someone who wants to give you money for it. Yes, the concepts of products and services may have munged together a bit, and values for things are completely arbitrary – ringtones which are nothing more than 30 kilobytes of simulated music are a $4 billion market – but the basic tenet is the same.
I think that well know what the next big startup is right away because theyll be generating real value and real cash right off the bat, the founder(s) will insist on it. But theyll also have that big plan as well – a somewhat naive, but in general beneficient attitude towards changing the world. Maybe it wont happen just as they planned, many of the companies profiled in the book Built To Last were started to do one thing, and then went off to do another. But in general I think it takes that special combination of talents to reallly hit it big.