Ramit Sethi: Why You Shouldn’t Wait for a ‘Million-Dollar Idea’ To Start Your Business
Ramit Sethi, author of The New York Times Best Seller “I Will Teach You To Be Rich” and founder and CEO of GrowthLab and IWillTeachYouToBeRich.com, recently said that you should not wait for a “million-dollar idea” to start a business, encouraging people to “battle the myth” about how to become rich.
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“Very, very few people sit down to think of a business idea and come up with something that would make Silicon Valley venture capitalists fall all over themselves in a flurry of cash,” said Sethi in a July 10 newsletter.
Instead, he argued, you need just one simple, viable idea.
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Sethi cited three business owners — a publicist, a CrossFit coach and a recording engineer — who are now “all running businesses that bring in seven-figures of revenue.”
And according to Sethi, “Those businesses all started with a simple idea: helping people.”
Alex Windsor, owner and chief marketing officer of Betting Tools — part of Gametime Digital — said he wholeheartedly agrees with Sethi’s advice about not waiting for a million-dollar idea to start your business.
“In fact, [Sethi] played a crucial role in my decision to dive into the world of affiliate websites,” said Windsor.
Windsor added that “I Will Teach You To Be Rich” emphasized the importance of taking immediate action rather than waiting for the perfect moment or idea.
“One of his quotes is, ‘Start now. Optimize later.’ This pragmatic approach inspired me to launch my first sports affiliate site without overthinking the process. I realized that by starting small and focusing on delivering value to my audience, I could gradually build something substantial. Which I did,” he said.
For instance, by focusing on helping sports fans find the best products and information, Windsor tapped into a passionate and engaged audience while also providing safe, credible advice and reviews so people can reduce their betting habits, or just create a safe structure while doing it.
“Not solving world hunger by any means, just doing my bit in an industry with some big issues,” he said.
Windsor followed Sethi’s advice, and instead of waiting for a perfect plan, he decided to “iterate and improve.”
He then built trust and authority in his sector — an approach he said “aligns perfectly with Ramit’s philosophy.”
“It’s not about having the most innovative idea but about executing well on a simple, helpful concept,” he added.
In just a few years, this strategy helped Windsor scale his portfolio of affiliate websites, which are now valued at $15 million, he said.
“This success story underscores Ramit’s point: You don’t need a million-dollar idea; you need to start with a simple idea that helps people and execute it effectively,” he said. “For anyone hesitant to start their business because they’re waiting for that perfect, groundbreaking idea, I can personally vouch for Ramit’s advice. Start small, focus on providing value and the results will follow.”
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