Passive income
- To echo many other entrepreneurs in this thread, successful passive income does contain a healthy portion of timing and luck.
- Passive income also requires a lot of optimization and making slight changes to improve performance, adjusting to new trends over time.
- Passive income is a lot about running a business and exploiting opportunities. For example, cold-calling a non-tech-savvy mom & pop store to become a partner in your online venture.
- One good passive income generator is not enough for the long-haul. One will need 3 - 5 different niches to be comfortable for many years to come. There is lots of volatility and some niches will eventually fail.
- The only real passive thing about passive income is that your websites are running while you sleep. There is always day-to-day work.
Finding new opportunities
- Once you find a good niche and quit your day job, you will try to create new businesses in other niches and fail dozens of times. It may take 2 - 3 years to find or create another viable niche or business. This can be soul-crushing if your expectations are not set. However, all of the tech created in those failures will come in use in the future.
- My [current] most successful way of finding new opportunities is to do contracting work for small businesses. They always have lots of problems and deep knowledge of their niche. Keep a conversation going with those small businesses and start creating solutions for them.