Wayfair, Stitch Fix, and (Maybe) Peloton Were Always Bad Ideas

The best companies often solve real problems. Amazon (AMZN) , for example, first made it possible to buy books without visiting a bookstore and eventually made it easy to buy anything from virtually anywhere. Netflix (NFLX) initially made it so that you could rent DVDs without going to a video store, then it more or less put an end to the concept of DVDs with its streaming service.

One problem is that many companies start to solve problems that aren’t actually problems. They may seem like big problems, but in reality they are niches at best or the answer to a question no one has asked at worst.

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