Having launched a few ventures, I've learned that smarts and hard work are not most of the story - having the right venture is.

Tipjoy struck me, from the very first time I heard of it, as the entirely wrong idea. It "solved" a problem that didn't really exist, competed with multiple existing solutions, and I couldn't figure out who the customers were supposed to be.

I will say that ivankirigin came to his senses and abandoned his bad idea far faster than I came to my senses and abandoned various of my bad ideas, so hats off for that.