>If you're NOT building your business in a legally grey area, the ceiling is pretty low thanks to cronyism and regulation.

Makes it harder but I assure you its very much possible to make good money even in established sectors. Grey areas are tempting if you have a high time pref and aren't properly appraising risk (there is no way to even somewhat accurately appraise political risk but it's usually higher than you think)

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You must be in the USA. Here, established sectors are regulated to within an inch of their lives, and nothing new is contemplated without a government grant...