Ideal business model

The whole world is your customer
Product/service has a non-elastic demand
Product cannot easily be replaced or duplicated
Hardly any need for personnel
Hardly any overhead costs
No large investments (e.g., no machines)

Strong, free cash flow
Relatively limited government interference and regulation
Easy to re-locate
The ideal company offering you intellectual satisfaction
The ideal company offering you lots of spare time
Your income is independent of working hours

SOURCE: Warren Buffett

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