"Think small. Think cheap. Think fast."

I’d like to add "Fail fast." because that’s what you likely will do thinking "cheap" and "small". Enough of this "it’s so easy"-posts already.

He seems to be an intelligent guy but this post has just no content. (Except those 25 occurrences of "ship it").

Fail fast, for sure. Give yourself one year to prove it. If you can't prove it in a year, move on. There are plenty of other interesting problems to solve.

Anything with low entry barriers has many players and low profit margins.

Also, you might want to offer a compelling product...