When starting a company, choosing your industry is 10% of the work but determines 50% of the outcome

"Picking the right market is really one of those durable pieces of advice. Even if you build the wrong product in the right market, that& #39;s many times better than building the right product in a wrong market."

— Jeff Meyerson, Software Engineering Daily https://twitter.com/david_perell/status/1252666770579525632?s=20">https://twitter.com/david_per...

A top-10 tennis player makes 10-20 times more money than a top-10 player in any other racket sport.

In business, here& #39;s what the data says: One study found that "50% of a firm’s performance compared to the broader corporate universe is driven by what’s happening in its industry"

This is a good quote from a McKinsey report.

"The role of industry in a company’s position is so substantial that you’d rather be an average company in a great industry than a great company in an average industry." https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-strategy-and-corporate-finance-blog/could-roger-federer-be-as-successful-playing-badminton">https://www.mckinsey.com/business-...

"The average economic profit of airlines is a loss of $99 million, while suppliers in the aerospace category average a profit of $453 million. In fact, the 20th percentile aerospace supplier, Saab AB, earns more economic profit than the 80th percentile airline, Air New Zealand."

The Cool at a Bar Principle: The cooler you sound when you tell other people about your work, the more competition your industry will have.

Example: Health bars