Most entrepreneurs chase new, untested ideas, which is a mistake. I evaluate every opportunity by three factors: competition strength, profit margins, and failure rate. The best businesses have weak competitors, healthy margins, and few failures, like self-storage. The worst, like app startups, have the opposite. I also reject the Blue Ocean Strategy. I'd rather enter an existing market where demand is proven and the competition is easy to beat. Go where money is already being made.

Second and third generation rich kids often screw up. But some get it right. My goal? Raise humble, hardworking kids with strong values. How? I asked those who've done it well.

Jay Schuminsky inherited his father's small real estate business at 30 and went all-in on self-storage, building massive facilities from the ground up. Treating real estate as an active, operations-driven business, he scaled to 8 million square feet across 52 facilities before selling the portfolio for $1.5 billion. Rather than retiring, he immediately reinvested through 1031 exchanges, prioritizing tax-efficient compounding. The piece also briefly touches on raising children responsibly with generational wealth and the long-term value of content creation.

I believe the best businesses to start today are service businesses with recurring revenue, especially in areas like pest control, lawn care, or the trades. I avoid crowded and speculative sectors like AI, crypto, retail, and influencer businesses. Service companies are easier to scale, harder to disrupt, and can eventually lead to valuable real estate opportunities.

Early in my career I delayed hiring and tried to do everything myself to save money. This kept me stuck in low-value work and slowed business growth. I learned that when you become the bottleneck or spend time on tasks others can handle, hiring and delegation become necessary to scale a business.

I focus on spending money on things that meaningfully improve my daily life, health, and productivity. From small everyday items to larger investments, each purchase is chosen because it creates real value, saves time, or improves how I live and work.

Clear, concise emails drive business results. Keep messages short, direct, and focused on one clear ask. Remove filler and unnecessary pleasantries to increase response rates and efficiency.