America's Dangerous Obsession with Entrepreneurship

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I don’t need to tell you about all of the problems with celebrity culture, but America has a more damaging obsession that most people instinctively root for.
Entrepreneur culture is costing everybody a lot of money even if they never start a business of their own.
Last year Americans started five MILLION new businesses a forty two percent [42%] increase from pre pandemic levels. Despite job market uncertainties and rising interest rates, more people than ever believe that now is the right time to start a business.
The pressure from online though leaders has pushed the narrative that trying to start a business has never been easier, never been more profitable and even if you fail you will be right back to where you started anyway. In a survey conducted by the HR and payroll platform Gusto, one thousand six hundred [1,600] new entrepreneurs were questioned about their motivation for starting a business. Being burned out at work and feeling the pain of inflation were the top responses. This is a dangerous trend that will leave most new business owners worse off than when they started, but entrepreneurship is still promoted as something that is a responsible way to fix these problems. Unsurprisingly that’s causing three big issues that will be costing you money, even if you aren’t personally on your hashtag grindset yet, and there are two reasons why it’s becoming more popular every year.
The first problem is that most people simply suck at business. The largest demographic increase in new business owners was young people between eighteen and thirty-five. According to a study by the Harvard Business Review using U.S. Census Bureau data the average age of a SUCCESFUL start-up founder at the time of LAUNCHING their company was FORTY-TWO [42] years old. Founders below the age of thirty had a significantly higher rate of failure and yet the top google suggestion below this article was “is it too late to start a business after thirty?”. A founder’s experience and industry connections will play a big part in a new businesses success. Between one in five to one in three start-ups fail within the first year but there are some businesses started by people with decades of industry experience that are almost guaranteed to be successful.
A well-respected expert with a long list of clients that they can bring into their new business on day one will have a much higher likelihood of success than someone who started a business because they wanted to be their own boss and make a lot of money. Experts going into business for themselves to provide a service in a field they have worked in for decades represent a significant percentage of new businesses, so that means the people that just want to be businesspeople doing business things are going to have even worse odds. Businesses in trendy fields like tech, ecommerce, hospitality and fashion have a significantly higher failure rate than finance, construction and healthcare where business owners are required to have industry experience and accreditations before they are even allowed to start operating. But if you are thinking about starting a business you probably already know the failure rate and you are still willing to give it a go either because you DO have a solid business plan, or because every piece of media has told you how amazing business owners are.
What you might not know, is why it’s so important that you think this way…
So, it’s time to learn How Money Works to find out why most people shouldn’t be entrepreneurs even when everybody says it’s the greatest thing ever.

[@HowMoneyWorks]

Check out The 2023 State of Marketing Report → clickhubspot.com/c2q

[@dariostabletopminatures]

WHAT IS UP YOUR CHANNEL??? IT Talks Down the Spirit of Free Entrepreneurs. Sure there are Dangers and PITFALLS but DOES THIS CHANNEL want their AUDIENCE TO BE WAGESLAVES? Bankrupt Souls? Lesser than their True Self?

[@blitzkreig4887]

I am sorry, but you don't know what you are talking about. Ofcourse you need to be skilled and have some experience to succeed. An ideal startup founder learns on the fly, and starts small. Also, you don't need accreditation in tech, hospitality etc. That is why you have more startups in these domains, and by extension more failure. The real issue is most people do startups for money and to fuel their ego. The ideal mindset is to create products and experiences that serve unserved or underserved niches. You need to be passionate about what you do.

[@dariostabletopminatures]

@@blitzkreig4887 Well Passionate and people should want or need it.

[@synonys]

Becoming an entrepreneur because of “burnout” at your 9-5 seems like the most self defeating decision.

[@Lonovavir]

Go to work 40 hours plus ten commuting, total, to working at least 60 hours weekly and having to answer to more people. Pure genius 😒.

[@ithaca2076]

to many, even a good job for their area or even 2 cannot pay the bills. people recognize how much their many of their higherups make and see that, if they want to feed their family while take care of medical bills / insurance / etc, they dont have much else choice. theres only so many 60-80 hour work weeks you have till you die early

[@abyesilyurt]

The reason for burnout is usually bullshit tasks, rather than hardwork.

[@SmallSpoonBrigade]

As a KZbin video I watched pointed out, when you make a change like that, you had better prefer the problems of the change to the problems you have, or it's probably not going to work. I'm going to be starting a business soon due to burnout, but I have good reason to think it's the right move for me. For one thing, I'm going to have a 2-year accounting degree to help me guide the planning process, which for a small startup with just one person and probably no inventory is plenty of education on that. And, the burnout is from all the interactions with people at work and the general chaos, I'm autistic, and a lot of us wind up starting businesses because we're burned out from the pointless BS that shouldn't even be a part of the job. But, that being said, it is often times self-defeating as small business owners tend to work longer hours than they would have if they worked for somebody else, and the business has to grow before you can afford to offload much onto employees or independent contractors.

[@SmallSpoonBrigade]

@@abyesilyurt Yep, I probably wouldn't be looking to get a reduction in my hours at work to start a business if there wasn't so much BS. I had my job down to the point where I could get the ridiculous amount of stuff that they wanted done done, and with decent quality. But, now I've got a ton of time to fill because I don't have the materials to make my stuff, and I'm trying to stay out of the crossfire of the office politics. I get most of the stuff that was part of my job done an hour or two earlier, but I get little done after that just because of the BS that's been added over the last few months.

[@ladyseeker2927]

I worked for a startup for two years. My mental and physical health took a huge downturn. After a burnout, I quit and I promised myself to never work in another startup again. It's the worst working environment I saw in my life.

[@octanegamer1576]

The thing with start ups, is that the certain type of people that run them have a very ambitious attitude which is not a bad thing but snowball into a big ego trip that harm their business long term by the starters thinking that their the next "big" hit without looking at the shortcomings of their company.

[@samsonsoturian6013]

I ran a fireworks stand on commission this year. I paid my workers the same they'd get at a grocery store and afterwards I did the math and after expenses my pay was comparable a shift manager. I was drawn in by the small chance I'd get 4 times that if we had a good year, but I'd rather work at a factory than run a store. More money, fewer headaches, no insanely long hours.

[@luisfilipe2023]

It is tough no doubt but it can make you a lot of money if you are smart about it

[@BroudbrunMusicMerge]

​@@luisfilipe2023and lucky

[@kael7953]

But sadly, it will be your only way up.

[@MisterNightfish]

Nearly every time someone introduced him- or herself as an entrepreneur to me, that person was actually quite broke and putting money they didn't have into a "business" that wasn't making money now nor in the future. People love highlighting the very few that made it but conveniently nobody looks at all the ones that don't. Similar to all the people trying ot be internet famous. Yep, some few make it. Many more do not and have nothing to show for it.

[@dannydanny865]

That's what drives innovation. Many failures, but the success piles up.

[@Lonovavir]

I see this in my community, a few real estate guys are very wealthy, so all the teenagers want to skip college and go into real estate all the while ignoring the high failure rate in that field.

[@kristianjensen5877]

It's just survivorship bias People love to point to the many whose businesses/ideas succeeded, unconsciously or even consciously disregarding the hundreds, thousands or millions whose didn't and their time and money (and possibly lives) ended up in a big, black hole.

[@Tiernan422]

The issue is that people start business to make money without working but 1. It takes a lot of work 2. They don’t even have a good product or service they just barely get by

[@gidd]

Bro just told everyone he's around bums

[@GlitchedVision]

I think an important point that drives this might be missing here. People are feeling more and more exploited by their bosses every day, so a part of this drive to start businesses might be to break away from feeling like their time doesn't mean anything. It doesn't help that their are people just waiting in the wings to exploit that feeling too, pushing people down more financially dangerous paths when they should definitely not be walking those paths.

[@AchedSphinx]

getting tired of being exploited by their bosses so they can be their own boss in order to be the one doing the exploiting.

[@GlitchedVision]

@@AchedSphinx yup, those seem to be the "successful" ones who write the courses that lead people down the path of failure lol

[@theshunzun]

Yeaaaaah, people who think the answer to work exploitation is being your own boss don’t yet understand that it’s a systemic problem, not a ‘job’ problem.

[@GlitchedVision]

@@theshunzun pretty much

[@iliketrees8708]

(To the ones that commented) Happy to announce to you, that it's possible to know that you're being exploited - and - that you might have to play by the rules of capitalism if you want to temporarely break free. Doesn't make it any better. Why don't you just tell people to inform themselves on worker coops instead of "no that's shitty too because". Yes the system's shitty. We know that.

[@maryjohnson9337]

I worked at a 15 year old company that was still in the startup mentality. So much of it sucked, but seeing the owners come in first and leave last made me lose any interest in entrepreneurship

[@fanban2926]

Come in/leave last???? Wdym??

[@Erutan409]

@@fanban2926 That's not what they said.

[@fanban2926]

@@Erutan409 I am asking what they meant with that sentence, I did not quote what they said.

[@johnl.7754]

The owner is probably aiming to retire earlier than most people by making a lot of $$$$ now.

[@Luis-Torres]

​@@fanban2926Just means that they were the first to go in the building to work, and the last to leave as owners of the business. This is very common among business owners.

[@cavejohnson8665]

One of the biggest lies of small business is that you will be your own boss. Whether it's a distributor, a critical client, a bank or the franchise, it doesn't matter. One way or another, you are still working for the man.

[@user-bi2by7rf8m]

and who is this man you are working for.... the customer?

[@cavejohnson8665]

See above. If you are a farmer, you probably have a production contract where one of the big three agricultural conglomerates specify in minute detail everything that you do. Small retailers are becoming more dependent on Amazon every day for distribution. Amazon holds all their pricing and volume data and uses their market leverage to use their shipping and other services. These are just a few examples of how major corporations use their power to extract concessions from small businesses. If you are a gig worker who relies on Uber or door dash, it's even worse. @@user-bi2by7rf8m

[@maxt1617]

Absolutely- your boss is your client. Even if you're a CEO, your boss is your chairman and Board and shareholders. Everyone receiving an income has someone as their 'boss'.

[@sheldoncooper0]

You're completely right. At the end, follow where the money goes to know who is the true "boss". It's the owners/major shareholders of the banks and investment firms, and these are the historical banking families with wealth passed down from generation to generation. Goldman family, Sachs, Lehman, Rothschilds and so on. if you're a small business owner, you are serving the ***big financial firm*** (bank) that gave you your business loan, to start your company, as well as your clients. If you are the clients (say a big company) of small business owners , you serve your major shareholder investors as a publicly traded company, who are the ***big financial firms***. If you are a startup business owner, you are serving the ***big financial firm*** that gave you your seed or series financing... The banks are the winners in the end.

[@ianmackenzie686]

And ultimately, the "man" is the customer who will be paying for your product or service.

[@Atsumari]

I've ran my own businesses for awhile and you hit the nail on the head; even though I do small time stuff and do it as a hobby (running people's websites and doing tech consulting) I can't leave the business and have to have managers who know what they are doing if I ever take a break unless I want to shut down; which I can't do as people rely on it and I would lose the customers, reputation, contracts and investment I have put into it. My primary day job is with the airlines and I can take vacation, have sick time and get other benefits that I don't get with running my business. Being my own boss while I can set my own hours really isn't all it is cracked up to be as even that is an illusion because my customer's needs and system outages are really what sets my hours; my "ability to set my own hours" is actually itself also an illusion.

[@mikelovesbacon]

If you want to be free you need to sell a service with as much automation as possible. Selling your time is really no different to employment. You're still trapped.

[@Kelyanz]

Read the E-Myth book, it’ll solve your problem

[@PossumsDont69]

@@mikelovesbaconwell obviously but almost nothing can be effectively automated.

[@terrisserose]

Bingo I own my own locksmithing business *Les sigh*

[@la6136]

That’s because you set up your business model wrong. You did not figure out how to leverage employees and technology to take your hands out of the business yet. It could be something inherently wrong with the business you chose to go into

[@DrDiabolical000]

I personally agree. Hustle culture can be quite dangerous. People with the best life stories, hardwork and perseverance can STILL con you. Everyone in it for themselves. Always have been. Always will be.

[@davidgreen5278]

God this, out of 5 different companies I've worked for, only my experience as a start-up has been soul crushing. From lack of structure, to issues with my migration status and a complete lack of career development given my skills. Not to mention a massive toxic culture everywhere, despite having a great team in place. And this in Sweden... Where work culture is much more flat. Never again

[@Drmikekuna]

Truth. I started a business 30 years ago, but I was in one of the groups you mentioned that had expertise before starting. I started my business with two other partners, each with a different skill set. The business is still running today (I'm retired). However, there were years when the partners gained nothing from the business, and other times, we cleaned the bathrooms and vacuumed the rugs. I taught myself web design so we could save on web development, hunted down the best deals for technology, and spent many weekends working on projects that did not impact my personal bottom line. Anyone who thinks a business will make millions while they sit by the pool is delusional. I also knew several small business owners who projected an air of effortless success. However, in most cases, it was simply an illusions projects by exaggeration and debt.

[@Orlando_P]

It's the same with the obsesion with only "IT/office jobs" and later you get a shortage of cualificated personal in areas like electrician plumber carpenter mechanic etc.

[@samsonsoturian6013]

Statistically the jobs that pay the highest relative to skills required are jobs no one wants to do. I.E. Butcher, plumber, and garbage man. Second place goes to industries perceived as terminally old that are very much not like carpenter, boilermaker, and farmer.

[@grigorkyokuto7546]

Average trade don't pay well

[@taylorshin]

There won't. The shortage of workers will be negated by illegals or refugees because they don't need to be paid with labor regulations.

[@TheGreatWasian_]

There is still a shortage and a great need for IT workers tho mainly just because there’s always something new to work on or something old to maintain

[@luisfilipe2023]

@@samsonsoturian6013garbage man is a trash job at least where I live. Easy jobs that anyone can do pay the worst. Jobs that very few people can do pay the best

[@PrincessAndJuan]

I've been self employed for close to three years now, developing a video marketing company. I can completely understand why people prefer a 9-5. The amount of uncertainty, stress and work it requires cannot be emphasized enough. Although it's the hardest thing I've ever done/pursued, it's the best lifestyle choice for me. There's no better feeling than having control of your own time and decisions, and being directly responsible for the outcomes in your life. Not everyone is born to be an entrepreneur, and that's a good thing because we need each other - both business owners and valuable employees. If you're thinking of starting your own business, just be ready to give your everything towards something that you don't even know is going to work.

[@Servantofthearts]

lol 3 years and all you have is a amateur KZbin page to show for it

[@Servantofthearts]

& this was 9 months ago 😂😂😂

[@me0101001000]

I'm in the startup sphere. I really don't care about the money, or anything external at all. I'm just really proud of the tech we're making, and I'm hoping that it'll make a real difference. Granted, my business is very technical- we're making scientific research instruments for chemists, and diagnostic tools for doctors. What matters to me is that the machines actually do their job. My biggest nightmare is becoming the second coming of Theranos.

[@KLondike5]

If you have the skills, it's great you're developing new things. I'm a bit amazed how much gets done on this planet technically & engineering wise that we barely think about in everyday life.

[@me0101001000]

@@KLondike5 we have lots of extremely smart and hardworking people tackling all kinds of problems. The fact that we don't think about certain things as problems anymore is a testament to how thorough of a job people have done. It's incredible.

[@iraklimgeladze5223]

I have same altitude, i just want to do something meaningful. Money is not my goal, just having enough for food and place to sleep and work.

[@ravneetsingharora]

Is there a website or more info on yoyr company?

[@calisongbird]

@@iraklimgeladze5223*attitude

[@BradThomas]

I've been an entrepreneur for many years. It's incredibly challenging and sometimes a downright miserable experience. I wonder how many people commit suicide each year due to their failed businesses. There needs to be more real talk about how hard it really is and the potential dangers associated with it.

[@stephaneaderca7948]

Largely the fault of the media, which lionises successful entrepreneurs and their wealth. But they never talk about the dashed dreams and wasted years of effort (and monies) for no reward for those who don't make it.

[@BradThomas]

@@stephaneaderca7948 100%. Wasted efforts, mental illness, ruined families & relationships, PTSD. It's no joke.

[@yesand5536]

I guess there will never really be a union for entrepreneurs. A lot of them are arrogant and believe they know it all. Also, time is illusionary, as you work up to the point you hit the bed. Thinking about mental health which may mean you can't go at the speed you want to go at, means mental health gets thrown in the bin. It all comes back to bite. In a way, if you want to chart a different path to one that is laid out, it will take more work and even more stress. Although meditation done seriously will help reduce that stress, as well as workouts.

[@theicebooky]

The guru people makes it sounds so easy to lure people in to buy their course... pathetic.

[@talos1279]

It's survivor bias. Those who survived are praised but those who are dead are not mentioned.

[@bighoss8793]

If a person can't handle a nine-to-five job and is burnt out from it. They are definitely not going to be able to handle being an entrepreneur.

[@mecanuktutorials6476]

Not true. They’re probably burnt out because they don’t have any interest in the 9-5. But are willing to work on something where they control decisions.

[@ianmackenzie686]

This 👆is probably the best post ever!

[@Viviko]

Meanwhile, I started a software company that grew out of my freelance work which I started doing since no one would hire me out of college. I don’t call myself an entrepreneur. I call myself an immigrant trying to build a retirement fund because I don’t have a 401K or anything like that. We need entrepreneurs. But, the culture today is “i’m gonna sell to the bigger idiot” instead of building a sustainable company. On top of that, the focus on short term profit is quite unhealthy. Reality is you company needs money to grow. So you can’t be flexing in the first 2 years… it’ll take probably 10.

[@Wyldboy]

What is your Software Company doing exactly I like to see some inspiration for myself because I want to build a software Company too

[@Curling_Rack]

flipping storage lockers

[@HaimRich94]

Same here, living on cheap places also help a lot because our type of work doesn't really need expensive places since everything is done from a computer

[@HaimRich94]

@@Wyldboy It depends on what you like, focus on the thing you like and are good at. Is not the same a company targeting regular stores than a company targeting specific apps for specific use cases... Be aware that you will work A LOT if you want to succeed, I work around 80-90 hrs per week. It is worth it depending on what you want, for me is worth it but not everybody will agree with that

[@Viviko]

@@Wyldboy our main business is creating/mentioning websites and apps for local businesses. So, basically, an extension of what I used to do freelancing. We also have some subscription SaaS-like services we offer. But they are not as big. It’s something we are transitioning to though… just easier to grow a SaaS type company than it is to hire more devs. I wouldn’t really start with “I want to start a software compsny” though. Look around you for problems and pain points people have, and try to solve those problems. Just start by doing it yourself. If you see there is a lot of demand for what you are offering, build a business around it. Contrary to popular believe, you don’t need a lot of money to start a business. You can start one with like $2K. Sometimes, even without money. The trade off is if you aren’t putting money in the business you will put in time. So start small. See if you can get one customer first before committing to making it a “business”.

[@traderzzz123]

Ive been owning restaurants for past 5 years and its funny how now 9-5 with good pay actually doesnt look that bad now. Especially when it comes to responsibilities. Those who know, know.

[@planeeasyai]

well ur in the food industry what do you expect

[@ffwast]

"with good pay" never looked bad,our chance of actually getting it does.

[@NiaArifah-br6cr]

food industry is hell dude, what are you doing there?

[@traderzzz123]

@@NiaArifah-br6cr lol it was hell for the first 2 years. slept in the car. sold my soul to the restaurant. Now it's finally settled and running smooth.

[@NiaArifah-br6cr]

this is what these video never tell, as long as you dont run after infinite growth, bussiness can settle@@traderzzz123 Bankrupt? 9-5 have layoff stress? Toxic 9-5 exist

[@Motoboo_Marine]

I don't know about everyone else, but I was actually pitched the opposite message growing up. In high school, we were pretty much told that no one should ever start their own business because of the high likelihood of failure, and that if we didn't immediately go for a bachelor's degree after graduating, we were doomed to flipping burgers at McDonald's for the rest of our lives. The problem I have with this discussion, just like a lot of other topics, is that everyone wants to convince you that starting your own business is either the greatest decision you could possibly make, or the worst. Starting your own business is a *you* decision; no one else can make it for you. Yes, there is a high likelihood of failure, but it's not all just luck; as he says in the video, most people just aren't cut out for it. It doesn't matter how good of an idea you have; you have to be organized, competent, and know how to work with people. You have to work pretty much all the time (especially at the beginning) and you're not even going to make that much money for yourself until much later, and only if you get all the steps right along the way. As long as you fully understand all that, are realistic about your research (don't just look at the stuff that is trying to convince you it's a good idea, you need to fully understand why what you're going for can be an extremely bad idea as well), and you've taken an honest look into your own abilities, only then should you decide.

[@4.1132]

Yes, however realistically the amount of people that can be that honest with themselves, do appropriate research, properly weigh risks and chances and make good decisions under pressure or when faced with unforeseen circumstances is very likely a minority of all the people that think about going into business. People are emotional, social and often times quite irrational because of it, which leads them to make big decisions based on very limited or skewed information. It’s human and unless the environment those decisions are made in changes, a lot of people will keep making decisions that aren’t necessarily in their best interest. Perception is key and right now, a lot of people perceive Startups and entrepreneurship in a very glorified, very skewed way.

[@victorinprogress]

​@@4.1132I've seen this with people who want to start KZbin channels. Many start for the wrong reasons and don't bother to improve their product and give up after just 3 videos. Your chances of winning go higher if you're willing to educate yourself and have patients. Most people have neither of those.

[@victorinprogress]

My school never even mentioned the idea of starting a business. It was always "when you go to high school" then "when you go to university" then "when you get a job" I had to discover entrepreneurship on the internet

[@tunebeat3809]

@@victorinprogress My dad told me that schools want us to be dependent on the government while depriving us of skills tp better adapt in the real world.

[@sealplayz9329]

“People are willing to spend a lot of money on products that they think will help them start or improve their business.” Said right after a sponsorship to subscribe to a service for the latest business trends

[@LuisSoto-fw3if]

Well, he gets the money and at the same time gets to warn you about it hehe

[@ThatOneDreadHead]

fr tho. This channel is taking a nosedive with it's ads.

[@baltimorebjj]

He clearly did that as an in joke.

[@azizkash286]

​@@ThatOneDreadHeadnever buy anything sponsored on KZbin. Just let the creator get his check and learn from his content

[@ThatOneDreadHead]

@@azizkash286 I'm aware of that fact. But is everyone else who watches his videos aware of this? Why would a sponsor promote to us, if no one is buying their product or service? They have a specific market in mind and we're that market.

[@matth8924]

Everyone is trying to make enough money so that societies problems don’t apply to them, instead of just trying to fix society’s problems.

[@thomasbarchen]

Very insightful!

[@JimStanfield-zo2pz]

Well if enough people make enough money then there won't be enough people left where society's problems apply for society to still have problems

[@artificialaceattorney6822]

This is exactly how I feel. I've seen plenty of video channels and commenter who, for example, lament that company loyalty is a thing of the past(if it ever existed) and that people won't get adequate raises staying with a company, so they suggest switching jobs every few years to get raises- the problem is still there and the solution only betters your standard of living. Call me an idealist, but I'd like to actually solve those societal problems.

[@mmathulosejake]

Profound

[@joshuawatts9040]

I think we've got a shortage of small businesses. When there's only a handful of companies to work for you don't have much negotiation power for decent wages, that and new small businesses are where the innovation happens, not at the established giants that buy them out. We should continue to encourage people to start businesses. It's not the best end goal career path for everyone but gaining an understanding of the business side of your work is priceless, even if you decide to stay as an employee.

[@JohnnySnappleseed]

There's a difference between starting a business and creating a company that will actually add sustainable value. The main point of the video is that people are starting businesses without experience, solution validation, or even decent roadmaps based on different legitimate possibilities. We need more people to start businesses, yes, but not with this type of culture and mentality. We need the right people to start the right businesses the right way, not average people starting a business because they're desperate or disillusioned.

[@ItsJoKeZ]

100% agree! Thank you for supporting the growth of individuals beyond offices and shifts.

[@MrFastFarmer]

No Govt is interested in small business. The west is about oligopolies.

[@ffwast]

They get put out of business in droves by the government.

[@JonBrase]

The big problem is that we've lost the societal environment that made sustainable small business possible. Between the regulatory environment, investment expectations, the patent environment, and so forth, "success" for a small business isn't generally thought of anymore as finding a niche in an existing market and operating in that niche at a consistent scale for decades, it's pathfinding a completely new niche and constantly expanding until a corporation buys you out. If you're one of the lucky few, maybe instead of getting bought out you become a large corporation, but there seems to be no endpoint anymore where you remain an independent small business without failing completely.

[@BookMarkDavis]

00:00 🧠 America's entrepreneur obsession costs money as people start businesses without necessary skills. 01:23 💡 Pushed into entrepreneurship, neglecting problem-solving and value creation. 04:11 📚 Glamorized entrepreneurship leads to ill-prepared entrants. 07:00 ⌛ Seeking control, but entrepreneurship demands more time and work. 11:13 🔒 Obsession ignores bad practices, fraud, and safety risks.

[@peaceout6359]

Thank you!!!! This is so helpful

[@BookMarkDavis]

Happy to help! @@peaceout6359

[@sor3999]

The real MVP

[@lui__v]

Currently a 23yo founder trying to make his business work. One thing I will say is privilege sadly plays a big part in a lot of younger founder success. I am very fortunate to come from a middle class family and live in a good city. We have a entrepreneurial think-tank/co-work space that for $1000 a year you have access to a bunch of entrepreneurs and start ups. In HS they also offer a 1 week business boot camp for free as they are a non-profit. It was 8 hours a day listening to presentations and at the end of the week you got a paid internship opportunity with a local startups and established companies in tech and pharma. At 23yo I’m very fortunate to have had early business education, real world practice, and a lot of networking opportunities, but it’s also sad that that type of knowledge and access is not so readily available. I remember when I was going to the business boot camp in HS it was only available to people in my city. If you weren’t from here, you couldn’t get in:/

[@Kuruseiru]

Can you say the name of the think tank? Is complicated to find reliable networking groups

[@lui__v]

@@Kuruseiru Launch Fishers, it’s based in Fishers Indiana. Don’t know if they have an online thread, but it’s an actual 30,000 sq ft facility

[@Barrel4336]

I'm a big believer that part of the issue is the lack of societal emphasis on paths alternative to a college degree, not everyone is well suited for college and we need tradespeople. But because that doesn't feel like an option to people, they join the bandwagon of starting a company without being the right type of person that can handle running a company.

[@alliu6562]

Starting your own business is extremely hard. People have no idea. You either need to be super passionate about the actual thing you’re doing, or you need to be three times as passionate about -gambling- getting rich. For example I’d consider myself a small business owner, but I do it out of passion, not because I want to earn oodles of money. I’m an illustrator and I love making designs to print. To support my love for printing my artwork, I make a few extra and sell them (plus, most printing companies require you to buy more than just 1 item at a time). Whatever extra money I earn, I use on other hobbies or other ventures. I know my small business, despite my passion and the time/energy I put into it, is likely never going to be profitable enough to be my sole source of income. That’s why I work a regular 9 to 5 to support the rest of my needs, and I live with others to save on housing costs.

[@joe_zupko]

Designers charge insane amount for businesses. I wanted a simple box design and someone (with a good portfolio) from Egypt was trying to charge me $1k for it. There a huge demand for designers out there, especially with the increase in e-commerce

[@JodyBruchon]

12 years ago I had 5 people working for me. Today I work the same business alone. I realized I was not making more money for myself and I was taking on all the extra annoying problems that employees bring.

[@alliu6562]

@@joe_zupko I think that designer and I do something a little different from each other. My stuff is mostly like, selling stickers on Etsy. That person is probably a professional freelancer, and they were probably going to sell you the rights to license and reproduce their work, which has a naturally higher asking cost. If someone asked me to make a personal use wedding invite, I’d charge far less than if a corporation asked me to design a wedding invite they plan to print and sell to various engaged couples looking for a wedding invite card. That being said, designing for others isn’t really in my wheelhouse, as I prefer to draw what I love and not what other people tell me to,,, which unfortunately doesn’t earn a lot of money, haha. So it’s more just for fun, and any money I earn from it is a bonus.

[@TopFlightSecurity415]

what people need to realize is owning a business isn't for everyone, not everyone is built to handle that pressure of being the boss and being responsible for hundreds of people, and like you said its not easy, i hate all these scamming hustle influencer's on youtube making it seem like its the easiest thing to do , when it takes a lot of time and sacrifice

[@MrMarinus18]

I think the main reason is because in the US workers are treated like crap and are looked down on. Most people start a businesses mainly to avoid having the label "worker" as that has become a badge of shame.

[@jamesrichmond-tz5ot]

My graduate school business courses pushed entrepreneurship on us constantly. Professors loved pumping up the class by citing examples of people who sold their start ups for millions and challenged us to pitch our ideas in competitions. It never made sense to me why they’d knowingly push us toward a high risk career situation with potentially high financially damaging consequences right out of school. Perhaps the University was hoping they’d produce the next 30 under 30 and wanted their name attached without considering the harm.

[@Lonovavir]

Did they explain where the 9 to 5 workers needed as employees would come from? The old too many chiefs, too few Indians problem.

[@jamesrichmond-tz5ot]

They taught us nothing of the sort. They glossed over the difficulty of starting a business and actually made it seem like a piece of cake with “Just Start It Up!” slogans on posters. They really only taught us how to pitch an idea to convince investors to give us money. I always wished they give us examples of failed startups rather than the exciting success stories.

[@treznorify]

@@jamesrichmond-tz5ot professors? If they'd know anything they'd spend their whole time on creating and fueling their own businesses, not getting state money for talking about it

[@themanifestorsmind]

​@treznorify exactly. As the old saying goes: "Those who can, do. Those who can't, teach."

[@BassForever44]

I thought it was "those who can't, criticize" 😅

[@KamikazeMedias]

To be honest, the tradesman have a biggest chance of being a multimillionarie in 10-15 years on the low-end, than a buisness owner

[@samsonsoturian6013]

A trademen could easily invest in long term bonds and let his children inherit a small fortune.

[@IL_Bgentyl]

The benefits alone get you into that millionaire bracket now days

[@biguattipoptropica]

Especially a unionized job with a pension.

[@samsonsoturian6013]

@@biguattipoptropica union jobs don't pay better

[@Peter-du5gw]

And most successful tradesman are small businesses or work for themselves. So not sure how that goes against the thesis of small businesses being a great path for many people.

[@mobias1616]

Before I started the video I thought "Dangerous" is more accurately described as "Risky." Don't be afraid to take your shot, but know that working for yourself has the highest rewards and punishments. I speak from experience.

[@samsonsoturian6013]

How much did you lose?

[@johnl.7754]

That’s why I couldn’t do now what I did in my 20’s (started a tech startup that eventually failed) even with more experience.

[@ItsJoKeZ]

people act like it is supposed to be easy mode, it is literally making a job for yourself. so yes I agree it is risk! and be ready to fail for about 20 years.

[@merefinl6914]

Great timing, I've gotten comments from family about how I should pursue my business ideas and they're always surprised when I say that I think I'll be more successful at it when I'm older. I've gotten laid off from a startup, and am currently working for a company that successfully got bought out by a bigger corporation. There's a ton of nuances to business and it's worth it to just watch and learn for a while until you actually know what's going on.

[@kolossis8283]

it's not great timing, bro. Your phone actually heard the conversations. You are lucky that you got recommended a How Money Works video. Not the magically the phone hearing those, but it's a built in system where algorithm hears every single thing you say with the mic, and it will choose videos and other recommendations for/to you.

[@KylesGuide]

Interesting comments here. As a founder of an engineering and manufacturing company, some things that need to be considered: 1. Are you bringing a better value to market (hopefully much higher value)? 2. Can you capitalize said above value? 3. What is your level of risk and have you calculated that into your capitalization requirements in #2? 4. Do you have a business development plan to move from "start-up" to "planned growth"? 5. Are you ready for war? In all seriousness with #5, war usually involves a high rate attrition of capital, time, energy and mental anguish. A new business will envelop your life. You'll need to be nimble, continually learning and know when to jump on an opportunity. You'll also fail often. Just try to mitigate those failures as much as possible, make improvements and keep trucking. It's certainly not for everyone, but for some, it's the only way.

[@ItsJoKeZ]

I appreciate this comment deeply. The ending even more so. It has become a trend. Also most people complaining WORKED AT start ups and didn't make one.

[@Aidan-ZA]

Whilst in a different field (Finance, tax, advisory) - this is spot on. All aspects of it is difficult. From starting out with 2 people, to growing to 80+ employees and then having to deal with COVID decimating your client base. I wouldn't trade it for anything, but I like working at least 70 hours a week on novel projects. Having your own business is hard, it only gets more complicated with scale.

[@pauljanicek1872]

I've lived the entrepreneurial life for over 6 years now and am now Franchising my company. I work every single day and have had roughly 24 days "off" in that timeframe. There is a "work life balance"..but not one most people would be willing to sacrifice for. What is boils down to is this...most people simply cannot maintain the momentum and there are far more rough patches than good. With all of that being said, would I ever go back to a 9-5? No. Because even with the above mentioned items (and hundreds more..lol) I have never been more free. Just my .02 that's worth less with inflation. I wish everyone the best in whatever ventures they undertake.

[@Sully_Iqbal]

As someone who quit their job because they were burnt out this makes so much sense. People keep saying “start a business, it’s so easy now” I’m like… I quit for burn out and now you want me to work 60+hours on an idea I don’t even have yet…? I just want a break before training for a new field

[@mikelovesbacon]

Eh? You only quit work and start a business once you have an idea, not before.

[@tunebeat3809]

Not only that, if I have to start a business, I need a lot of planning and resources to make it work long term.

[@torak456]

I tried to start an MSP (managed service provider) business, but it failed for one obvious and glaring reason - I hate business. I loved doing the work, and my customers were happy. But finding new customers, writing invoices, documenting my time, dealing with Government documents (taxes) were all things I hated doing, so I put them off (yes, including sending invoices). But most importantly, not being accountable to anyone but myself meant that my business was doomed from the start. Some people are good at those things, but I was basically only good at doing the work that made me an MSP. Not sure how people manage to become an expert in so many fields when they work for themselves.

[@eruben2]

@torak456 Sounds like you need/needed a partner that would focus more on the business/admin side. Do you think that would have made it more likely to be successful?

[@torak456]

@@eruben2 Yes, it would have - but I don't know anyone that could be that person for me. It requires a lot of trust on my part so I wouldn't want someone from a gig website like Fiverr. I'd want someone at least in the same approximate geographic location as myself. I had a lot more written but lost it when my PC crashed.

[@tomcho8221]

Just a clarification on what you said at 5:48, those data transfer devices are only intended for moving data onto their cloud platforms from more traditional data centers. Cloud platforms are somewhat notorious for making it difficult to move data off their platform without paying a significant amount. They do not want to make it easy to move to competitors, only to make it easier to move to *their platform*, which might be part of the reason why they are going for startups not existing customers of other large cloud providers.

[@crasyperson123]

I've worked with two small businesses during the last three years as an employee, I recognize your advice in this video in their mindsets and practices. Both saw a problem in an area where they had experience and sought to correct it. Then, when time to complete tasks became an issue, they hired me to help carry some simpler and repetitive tasks so that they could grow into new areas or expand in their current ones.

[@BrandonT-bw3qc]

I am currently just a 21 year old software engineering student, I told my supervisor (who is also the programme leader of the bachelor degree programme) about my final year project entrepreneurial title and she absolutely loved it, expressed support, and encouraged me to pitch it to potential investors in an upcoming pitching competition. My title is a simple and comprehensive solution to a problem in my country's education field, faced by students nationwide, and she resonated so well with the problem statement, most likely because she is an educator herself seeing the same problem. I think I might have a better chance of making this happen, instead of being one of the hyped up people, but then, I have to admit that I am pretty lacking in real world industrial experience..

[@thusspokezarathustra1847]

You are young and if you have the convictions (go through multiple rounds of validation) you should start up. Go lean and mean. Find out the part of your comprehensive solution that provides most value. Build it quick. Get real feedback from real customers. Don't wait years to build the perfect product and dont create a product to raise money but provide a solution that people will pay for. Stay frugal and have an obsession with the problems but an open mind about the solutions. All the luck to you.

[@johnkirstein333]

What you fail to mention is that mention is the guy that starts a successful business at age 42 likely failed one or multiple times when they were younger. The failure is an important part of becoming succesful. It's how you learn what works and what doesn't. Eventually you find enough things that work really well and you combine it into an incredibly compelling package for your customers, and that's when you become successful. But that doesn't happen without years of trial and error. It takes time.

[@reprovedcandy]

I had a SaaS business that actually did great, but the workload was intense. I had to manage hundreds of customers while building out new features and maintaining the platform (1 man team). I still had a full time job and it broke me to all hell. I'm still suffering the consequences of burnout 4 months later after selling the business. (I sold for a lot less than it was worth sadly, because I simply couldn't survive another few months of the torturous workload)

[@VarsVerum]

Personally, while I feel like everyone should be taught the basics of entrepreneurship and be given every opportunity to go down that route, there’s a growing mentality that everyone HAS to become one, which has led to glorification of stuff like small businesses and startups. Not a bad thing mind you but startups aren’t the holy grail of businesses. Like big corporate jobs, both have pros and cons and are for different people and different needs.

[@Derekzparty]

If you want to start a business do it part time. If the income it generates per hour gets close to matching your normal job's income per hour then you may be on to something. In addition make sure there is sufficient demand to scale up your part time job.

[@markprothero2666]

I think this is one of your best videos. You are right on point with the ‘fake it till you make it mantra’ and all the other various cultural tumours that some people are choosing to worship. It’s simple greed and narcissism that is driving these people’s short sightedness. It isn’t any desire to actually deliver anything of value, or solve genuine problems. I’ve known f***ing loads of people like this. They are a goddamn liability to our economy, consumers, regulators, and often even to their own families. A good common sense check on the viability of your ‘business idea’ is whether or not you need to exaggerate or bullshit your customers for them to buy your stuff. A lot of people don’t even do that, and see nothing wrong with bullshitting their customers, or are so used to doing it that they don’t even realise they’re doing it.

[@anotheryoutubeaccount5259]

Never had a business, I guess

[@SP-nx8qx]

I have some experience on this because I used to work in an accounting firm that opened (and closed) hundreds of new businesses. What I came to realise is that people fail because they tend to start a business when the time is right for them. That's wrong. The ones that succeeded were the ones that started not when they felt like or when they were ready but when the opportunity actually appeared. And it was so visible that it was literally screaming at them. Case in point, a guy who was a salesperson for 20 years. It never even crossed his mind to start his own thing. At some point his biggest customer told him that they actually hate the company he works for, and they're only there because they like him personally, and if he started his own business they would follow him. Bad timing for him, he just had another kid, no money saved, mortgage and everything. But he did it anyway, and he was one of the few that actually succeeded. For most everyone else it was a meat grinder.

[@davidc8982]

I know of a couple of cases where people working for a company have been told a similar thing by a client. They've taken the risk of buying or leasing very expensive and specialist equipment, going through the rigmarole of setting up a company and so on. And then they've been screwed over by the client deciding actually they'll just stay with the existing supplier or go to a completely different competitor.

[@SP-nx8qx]

@@davidc8982 yep, that's as good as it gets. There is no business that you can't be screwed by people.

[@bolt5564]

My grandfather worked in his industry for almost 10 years and since then started half a dozen companies with various degrees of success. He never really took vacations until he was over seventy and then only for about a week once a year. Most of the time he was working over 60 weeks. And basically every family story on my mother's side has to do with the companies he was starting and how it impacted his family. When he had a heart attack (thankfully he recovered) at age 74, and thought he was going to die, what he said was"I wish I had spent more time at work".

[@calisongbird]

He wished he HAD spent more time at work??? Or hadn’t??

[@bolt5564]

@@calisongbird Had.

[@jasonlib1996]

The problem is Working for someone else as an employee, is never going to pay off for you. you will be reliant on them for your salary, which these days does not keep pace with inflation and the cost of living. being an employee is never going to make you wealthy and able to live a comfortable lifestyle. Your labour is making someone else wealthy, whilst you live pay cheque to pay cheque. This is why so many people are looking at creating their own business. People are fed up of being exploited by bad bosses, and their labour making others wealthy whilst seeing little of that wealth themselves.

[@jess_o]

"I would rather make 50k a year working for myself than 75k-100k working for somebody else" lmfao what horrible advice. Shamless

[@DontUseHack]

I mean its a good idea, if its your first few years, and your business is a legitmate one with the place to grow. You might not be upper class, but just going by the first 2 years? Sure, at that point its not bad advice to all in it, and have it grow. AGAIN ASSUMING your doing something that can grow

[@todoldtrafford]

You may also have write offs for your business, flexibility, and more free time. Key word “may “

[@AnkitBhatt2002]

It's not advice it is his opinion :⁠-⁠)

[@jess_o]

​@@AnkitBhatt2002 Fair point

[@mpotane]

he is right!

[@jamessessions5374]

I grew up with an entrepreneur father and grandfather. There were more times when their businesses owned them than when they owned their businesses. I’m a worker bee for a large corporation who has built some passive income on the side to supplement my eventual retirement. I’ve yet to have my PTO get interrupted by a business emergency.

[@loveandparty4118]

I don't think people realize how hard it is to increase sales and get referrals. In the end businesses are all about sales and referrals. Whoever gets the most sales and referrals gets the most money. The interpersonal skills required to pull this off are insane, since you have to have a deep connection with each customer and/or client otherwise they will stop buying the products.

[@richardcampbell8685]

Starting my own company was literally the best idea I ever had.

[@mrtriffid]

Remember who made the fortune from the gold strikes of the 19th century?!?! NOT the minors, but the people who sold the miners their tools and provisions. (Later some of these guys funded the Transcontinental Railroad.) Same thing today: the people who make the money (by and large) are NOT the 'entrepreneurs,' it's the people who sell them their 'tools.' As P.T. Barnum famously pointed out, there's one of these born every minute . . .

[@Tiernan422]

People don’t understand you can only make as much money as value you provide to society. The people selling tools in the gold rush provided immense value to the miners because they either knew where they COULD get gold and needed the tools or it was people who were hoping they could find it. Same thing like you said here, that’s why there’s so many courses or even full KZbin channels where all they do is talk about business and money and stocks. People watch it and advertisers pay based on the value of all the eyeballs they bring. So there’s a reason that you see so many people sell their dropshipping courses because half these dropshipping products and websites suck and are cheap and look terrible. But they convince you you can do it because “look I’m rich it must be because of dropshipping and not the from the 3000 people who bought my $100 course” A “real” entrepreneur provides value to the market that wasn’t there before, not just sitting back and hoping that people will pay them for this garbage product.

[@calisongbird]

*miners

[@tedbendixson]

I've been working as a mobile app developer for nearly a decade. I saved up a few hundred grand and worked on some video games while working those jobs. I recently left my high paying iphone app developer job because I mostly felt bored with the day to day, like I wasn't learning anything new. Now I am working on my own video game business and doing KZbin content in the process, making video games 100% from scratch and talking about what I learn. It's not to say I wouldn't be open to taking a job, but I would want to feel like there is a genuine upward trajectory in the role. None of my previous roles had much in the way of growth potential. I was always shoehorned into very narrow software developer roles and not given any opportunities to expand beyond that. Last week felt really good for me because one of my KZbin videos started getting tens of thousands of views. It's vindicating for me. I can sort of say, "hey look people, I did a non-coding thing! I did marketing! I talked to people, and they liked it. I am more than just a bunch of JIRA tickets and scrumming." I think it's totally okay to quit if you don't feel like you are growing. You probably should quit. Humans are not meant to be comfortable.

[@5JasonKidd2]

Well said bro, to me starting a business also for the potential that self employment brings. The career and monetary growth of corporate job is too slow. There is certainly a lot of risks with starting your own business but if u have the right plan and willing to sacrifice your time and energy for your business you will have a higher chance of succeeding. Many people thinks starting a business means putting in few hundred thousand and u will get forever “free incoming cash” without much efforts

[@tedbendixson]

@@5JasonKidd2 I get where the author of this video is coming from as well. It probably won't work for most people, but some people just can't stand living the same year ten times over.

[@5JasonKidd2]

@@tedbendixson spot on bro, entrepreneurship is definitely not for everyone! I personally prefer to make less $ and work more hour starting a business but doing things I really enjoy than making more $ and less hour in a office job

[@cryora]

I'm currently learning to trying and figure out a way to use JSON files to give our game RPG-like stat features. Pretty fun. It turns out RPG Maker, which is a program I used when I was a kid, uses JSON files in a similar way.

[@TLSH12]

I love the life of owning a side hustle that you take seriously but don't let all encompass your life. Being a full time owner as your only source of income becomes a 24/7 job, instead of just working from your scheduled 9-5 or whatever. I do not want my youth to be spent working to the bone on a company(even if it were to become successful).

[@johnl.7754]

But many people don’t also want to be working at old age either

[@TLSH12]

@@johnl.7754 yeah, i guess i should have mentioned that the side hustle is a personal passion, so I'd like to do it, doesn't feel like work

[@davidc8982]

It's good you have found something you like to do and can fit it in. But why call it a hussle? I know it is the current trend, but calling it that just makes it look like you are a grifter trying to scam people over. Which I'm sure you are not. So call it what it is, a business you have grown.

[@TLSH12]

@@davidc8982 Call it what you want, you know what I mean. I'm an athlete so the word "hustle" has a positive connotation to me

[@samsonsoturian6013]

Another thing about VC firms is they seem to be run by people who sexualize wealth. Of course there's a preference for young founders.

I consider myself a winner working a 9-5 for the rest of my life. Starting a business has always seemed miserable to me 😂

[@croneyr]

Euntrepreneurualism is a calling. And its not always conducive to family life. It can be a hard grind. If you are just doing it for the money. Dont bother. You will quit...and thats ok. Its not for most people.

[@joepiekl]

You literally never see interviews or videos on KZbin about the people who started a business and failed. Or the more common scenario of starting a business and working much harder for the same income and standard of living as someone who just got a normal corporate job. Starting a business is easy. Getting the business to the stage where it provides enough income to live off comfortably with little oversight is another. There are plenty of 'successful businesses' in the statistics where the owners are still having to (rather than choosing to) work 60 hours a week to keep it going.

[@ItsJoKeZ]

there are so many interviews and conversations of business owners who failed, and many who have businesses now failed beforehand. This comment is so untrue. You literally *never look* for failure stories.

[@joepiekl]

@@ItsJoKeZ I genuinely rarely see anything like that. When they do come up, it's usually someone who is already a millionaire or billionaire failing with one of their ventures, not someone's business failing and having to get a normal job. Sure, there are individual youtubers who will tell the story of their business failures, but when it comes to these finance and money youtubers, it's almost always a single video in a sea of relentless positivity. And even then, it's frequently not presented as a warning, but as a way to learn from their mistakes, so still with the same angle of becoming rich from your own business.

[@ThePallidor]

Most of the success stories have many failure along the way. That's not really covered by this video.

[@ryanash1400]

Man I love ur vids. Me and my wife were 90k in debt (mostly student but some credit cards) and we are almost debt free! Watching these vids gives real advice Americans can use rather than the get rich quick bros! Keep up the good work man!!

[@Quwertyn007]

Small businesses and startups are two very different things

[@samsonsoturian6013]

Yes, but most startups are small businesses that want to be big

[@Quwertyn007]

Yes, I'm just objecting to the relevance of the clip at 0:16

[@cryora]

The two different things are the small business that is generating enough revenue to support themselves, and the startup that has not yet started generating revenue and just has a sexy idea that maybe got them investment funding so they have a sexy idea and investment money, but no revenue. The latter has a good chance of failure.

[@HerbChao14xs]

Have to admit when I first say this channel I wasn't sure if you were someone who was a naysayer/skeptic on certain things (like Social Media Networking Marketing, iCommerce, Investments, etc) but now am starting to appreciate the fact that you're willing to put EVERYTHING under a fair (but critical) microscope. As humans we need more access to things like this, and not always resort to the typical echo chambers that we (naturally) can be drawn to.

[@petercook3143]

I could add that sometimes I move from the entrepreneur world back into the working world. More specifically, I move from being a systems Integrator servicing my own clients to a contractor working within someone else's project, at a larger company. I cant emphasize the amount of relief when I do that. I go in, do my 8 hours, clock out and if there is a problem on the horizon, I make myself blissfully unconcerned with it until 9am the following morning. I dont take anything home with me, not even if the project is on time and on budget, that is the PMs cross to bear. When I was working for myself and more client facing I drove harder and harder sometimes working 80 hours per week.

[@mx338]

Entrepreneurship as the only way out from bad job situation also sucks because it's a hyper individual solution that will only help yourself. Instead you could unionise your workplace and gain better conditions for everyone, improve your work-life balance while retaining a secure job.

[@thecount_1957]

Exactly... it's ME, ME, ME Everyone wants to be the big boss.

[@ItsJoKeZ]

@@thecount_1957 people just want to be autonomous. not a big boss. they just don't want to be told what to do all the god damn time.

[@ronblack7870]

and then go out of business or get closed down because you think that you don't have to compete with the rest of the world.

[@MrFastFarmer]

Yes, it's the only thing they can offer young people. In my day the answer was education, but now everyone has the information and knowledge.

[@Diecastinator]

I have been a union member and it's not as magical as it's projected to be. It was okay and I made a ton of money but they will bus Chuck you just as much as a non-union shop

[@Lonovavir]

Too many aspiring bosses, not enough employees 🤔, this'll go well 😆.

[@samsonsoturian6013]

All chiefs, no Indians.

[@email5023]

The same people who claim 9 to 5 is a scam.

[@samsonsoturian6013]

@@email5023 lazy people

[@victormendoza3295]

Since I was 18, I know I was meant to be an entrepreneur. I spend 10 hours a day chanting my vison board, listening to gary vee and 8 days a week going to my 3 mlm team meetings.

[@danman3542]

Love your videos, keep it up

[@CarrieV9]

I worked for a startup for almost 4 years. Loved the non bureaucratic, just figure it out and get it done mindset. Disliked the overall smoke and mirrors mindset by the founder who perpetuated a false image to raise money and lack of operational and fiscal strategy and discipline. This led to its failure and cost me a great deal of time and money. Would never go back to a start up.

[@ItsJoKeZ]

it sounds like you loved start ups and just had a shitty founder my friend. you are making the wrong thing the issue....

[@rafidmantari]

hi , would you elaborate what you mean by smoke and mirror mindset? I currently work for startup for 3 years now

[@CarrieV9]

@@rafidmantari Sure. An example is paying to be featured in a “magazine” touting the “top 10 tech startup innovations” and then using that to secure more investments from inexperienced investors who don’t understand the magazine is just an advertorial that anyone can pay to be in.

[@rafidmantari]

@@CarrieV9Thank you for your reply! thankfully company where I’m working right now don’t do that kind of stuff, in fact they are really trying to have a good operating financial condition. However, i really hate how the upper level employee abuse the non burecraucy culture to the point where they don’t want to make any decision!

[@MrHav1k]

This video is perfect. Nails all the issues. I think the biggest might be these "lifestyle" grifters online pushing this nonsense of working 20 hours a week (usually less lol) from anywhere on the planet with an online business of some type.

[@christophervelez1561]

I’m opening my first Brazilian Jiu-Jitsu school and the amount of work involved, plus lead time blows my mind. We open on 25 Sept, doing a sublease, but still there are a lot of small things that have eaten time and money to do correctly.

[@BassForever44]

All the best. Martial arts schools are a tough industry. Complement it with as many physical activity services as you can (fitness, conditioning, freeweights, women only lessons, kids, elders, pro-training, amateur/weekend warrior, etc.).

[@KevinMDowney]

Logic makes sense - and points are correct - EXCEPT that if you’re not a mover/shaker/decision-maker as an employee - your value as an employee is going down, while cost of living in the USA is going up. So as a PSTM employee, you are going to LOSE leverage going forward. You had better get shares of a company as an employee (or get aggressive bonus/commission structure), or start your own business / do fractional employment - making sure to solve a genuine problem.

[@Nohandleentered]

I’ve worked for a few startups in two completely different industries and they curiously similar. I have to embarrassingly admit that I did (and still kind of do) want to start my own. I even partnered with a coder to move the idea forward a bit. It was in my industry so we at least checked that box. But I’m like the video said neither of us had any business acumen. Long story short, some dozens of hours were waisted, some meetings were had that didn’t need to be, and a few grand paying contractors to market and help with dev work. We even took out a business line of credit which was a Gaston to get. But I guess I (we) now have a useless line of credit connected to a business that only exists on paper 🤷🏽‍♂️. Success!

[@ItsJoKeZ]

How about people just wanting to at least suffer under their own passion and dreams instead of a cooperation? The man who does not want to work for a landscaping company so he makes his own- is that a dangerous? The person who opens a food spot with special food because they could never find their own option- is that dangerous? What about the want to push in your own artistic or creative regard, which is also an entrepreneurial endeavor- is that a gross obsession? Should I work at a creative studio- let me know how that is going versus online platforms like KZbin Speaking of- what about people who make content? What would you call that? Is this KZbin channel not a small business with a staff and 800k customer base? Are you not selling hoodies under the subscription box and advertising ads with member clubs? Is your platform not just an obsession of moving a business entity forward? Who are you to speak on this? It is hilarious to me when people mock the dream of someone trying to establish their own path in life in country built on that ideal. Obviously it is not easy and many people fail, but that is in the job description. Exactly why more and more people do contract work or are not at a company. And sorry for the rant, I'm just over this doomist everything energy I get from this channel. But whatever keeps the business going I guess. ALSO- DO NOT WORK FOR A START UP AND EXPECT WHAT YOU GET AT AN ACTUAL JOB. YES IT SUCKS. YES YOU DO EVERYTHING. IT IS NOT AN ESTABLISHED COMPANY! OWNERS ARE IDIOTS. PEOPLE SUCK. YOU DO IT TO HOPEFULLY SEE A BUSINESS GROW AND MOVE ON IF IT DOESN'T. IF YOU'RE AT A START UP YOUR WHOLE LIFE, YOU ARE JUST WORKING A JOB.

[@benlime1235]

How many of those 42 year olds who started a new successful business had started others before, failed, learned from those failures, and then used that knowledge to start the successful iteration?

[@Diecastinator]

I think that's a really good point. If he start a business part time and try some things out some will fail. Some will be successful. I've had a number of part-time side businesses and almost all of them it flopped but I warned more each time. Hopefully I'm setting myself up for success for self-employment in my late 30s

[@samsonsoturian6013]

We like them because equity funding hides the insane amount of leverage involved. If we can't see the risk, it must not be there.

[@avicohen2k]

That's probably true for startups and risky entrepreneurships, but not for being your own boss. for me as an Architect I went from a 9-6 job to being a freelancer. I closed a retainer with my former employer that gave me a base income and then added more random jobs for extra income. I set my work limits and had an average of 5.5 work hours a day while earning 25% more than what I made before. I only worked weekends if I didn't work during the week. Since all I needed was 1 computer and 2 softwares my expenses were low. Working for yourself doesn't have to mean taking huge risks and working endless weekends. It does require having some knowledge and experience to be able to offer it outside the realm of normal occupation and income. If I ever have more work than time I will look to sub contract it to another freelancer. I don't see how the risk and effort of opening an office and hearing full time staff is worth it.

[@The_Phantom_Merchant]

Me and my mom run a flea market booth as our main job. It doesn't make us a ton of money but it pays the bills and it's fun. However we aren't really starting our own business, and tbh I don't really have a desire to do so. I am content where I am.

[@anthonymede9216]

My dad did when I was a kid as a helper is hard work.

[@PorkChopify]

I enjoy working for a startup. I get to see all aspects of the business and watch iterations of the product ship. I get to rapidly iterate on customer feedback. It's very rewarding. I guess I'm lucky to work for a good group of founders who don't value 18-hour days and cots in the office as much as other founders.

[@minhdang9540]

Convincing others to start a business is a business in itself.

[@demon2441]

If you have a clear business plan, knowledge, and motivation dont be afraid to shoot your shot. I think may overromanticize entrepreneurship, but I'm still for doing things another way.

[@GiantRobotIdeon]

Lol. As a solo entrepeneur, these videos are giving me second thoughts. I quit my job to dedicate full-time to an android app. Great video, as always

[@Zeeno]

Honestly I don't think anyone has the right to call themselves an entrepreneur until their entrepreneurial endeavours are able to sustain their lifestyle for at least 3 years

[@DontUseHack]

Unless you have the cash to go for it, you really should consider just doing it as a side thing, until it atleast pays for your rent. Might not make you cashflow positive, but just neutral. Then dedicate yourself to full time. Especially if your a good softdev, at that point man. Just go for FAANG, or an alike company. Making 300k a year garentee is just plain better for 99%

[@Mimi-zd8ud]

Well even if you don’t want to create a business, you could always just sell the finished app for profit.

[@cryora]

Maybe consider finding people to help, whether it's just interns or cofounders.

[@erickottke9673]

This vid does a good job describing when it's not a bad idea to start a business as well. In my industry I know several people who succeeded starting their own business. They all were 50+ years old and they set out to solve a problem that was a pain in their ass for decades in a regular job (such as safety documentation). Naturally, if you solve a pain in the ass, you will get customers with little or no marketing.

[@Aviator8rafiq]

Thanks it’s was about time someone brought this up!

[@nilssonerik76]

I agree with the message of the video, but must underscore how nice it is to shift to being your own boss if you, in fact, are a somewhat experienced professional. I shifted from hospital employment to private practice after a decade of being a licensed physician. As a private business owner I once in a while get “golden weekends” (weekends where I don’t do any work between Friday evening and Monday morning). Also, I’ve been able to cut my workload down to about 50 hours per week!

[@AlexKarasev]

All of my bosses in my old jobs were way, WAY nicer to me than when I'd started working for myself.

[@chicitizen]

The truth is most people are average, and lack the discipline to start a business. Most people are going to work for other people, it a safer bet than starting a business.

[@jamestaylor3805]

Small businesses are never called start up. The only things ever called start ups have millions in backing and a built in wealth extraction system.

[@davianoinglesias5030]

I get it if someone wants a higher pay in entrepreneurship but if you are going into it for time flexibility or less pressure you are doomed😅

[@BusterDarcy]

I’ve identified a tech solution to a growing problem that exists today idea that I can’t believe no one else has come up with, I’ve worked at a tech company for nearly a decade so know how I could spool this thing up if I really wanted to, and there’s a good chance I’d be successful at at - the only problem is I don’t know if I want to dedicate the next decade of my life to being fully consumed by this thing. In fact I’m pretty sure that’s the last thing I want.

[@JohnHoltPrimalTraining]

I dropped out of medical school to pursue my entrepreneurial dreams 18 years ago. I made and lost two fortunes in that time due to circumstances outside my control in various ventures. Through it all I also owned a gym that kept me afloat no matter what else happened. We just had to close the gym 5 weeks ago and despite having a degree, CAPM/CPT/CSN/CCWS/CSCC certifications, and experience running a company with 36 employees grossing over 1.8MM annually, I can’t even get an interview. I’m on the verge of losing everything and the more I reflect, the more I regret dropping out of school to “chase my dreams”.

[@KelvinWKiger]

If you hadn't taken that "chase my dreams" path, you might have regretted it too... I'm sure your companies taught you a lot of things during the past 18 years, not only about the business itself, but also about yourself. Many of us (human being) take the default path in life, to later on crash ourself into a middle life crise trying to find what we truly want in what is remaining of our life. Life is not only short, it's also unpredictable and our level of energy decreases with time. What you started 18 years ago might not have been possible for you to start today. You are going trough a lot these day, but you're mentally well equipped and with time I'm sure you can find a way out Take care 🍀

[@pif5023]

No better timing. I have been asking myself a lot lately if it was too late to have my own business. I haven’t found any particular problem nor idea yet worth risking my whole career over to build an entire business upon. I take it as a sign. If that eureka moment will come then it should be more then self evident.

[@mattwhite9046]

I find more job security with a book of clients who can fire me on a whim than I ever did working for one employer. But, yes, there's no real vacation. Ever. They don't put that on the sales pitch. "Find a problem that you can't believe nobody has thought of..." Brilliant! Been riding that one for years. I tell colleagues at my old company what I do with some detail and found out that they just don't get it. Fine by me.

[@bighoss8793]

One of the main reasons people want to start their own business is because they are lazy. And they think they can just hire people to do all the work and then they collect all the profits. I've seen businesses like this where I never see the owner and guess what? They go out of business.

[@Diecastinator]

I'm going to outsource the management and I just want to get all the money without any of the work. That's why I want to be my own boss. Just give me the money if it's not work.

[@mecanuktutorials6476]

The thing is, this totally works if you have enough money coming in. Even stuff like being a landlord fits this model.

[@goldfish3858]

People when they hear “entrepreneur”: King/Queen, Boss, Innovator to build good for society, tech, etc What I hear when they say “entrepreneur”: lazy, hustle bros, scammers, Life Coaches and CEO’s of Nothing on LinkedIn, all talk NO work, paying the employees to do all their dirty work while they reap profit, clout chasers, etc

[@steveg9302]

Immigrants typically started businesses out of necessity because it was so hard for them to find employment. Most people think that running a business means extreme financial success... yet the reality is that most businesses fail. Self employment typically only works in two ways: 1) You worked in an industry so long that you can independently contract with a network of clients that know you or 2) The stars align, you know the right people with the right funding, and you come up with a 1 out of a million product or service that everybody wants/needs

[@williamjacobs]

A book that made sense to me was "The Knack", in it the author argues about the benefits of having lots of small customers for diversity of income and the benefits of opening a mundane business that is not unique. People know what it does and why and when they need it. All you have to do is do a decent job at it and price it competitively. There are lots of great but expensive businesses, and crappy cheap ones. A cheap, good one, will gain market share from both until you have too much business to handle and can raise prices to reduce demand and coincidentally, not intentionally, get progressively better paid.

[@tjbellah349]

I say let ‘em try, I am a proud solopreneur, trying to get busy enough to hire more people. They’re either gonna succeed or get hella humbled.

[@larrytron1992]

As someone who wants to start a business in the future, it’s saddens me how people in America are starting business for the glamour instead of developing and selling an actual product

[@exeggcutertimur6091]

It's because they *are* the product. Of advertising.

[@Lonovavir]

It's about social status, not having a reason to start a business. Can't pass up a chance to flex.

[@ray-mc-l]

aren't you one of those people though? you want to start "a business", not anything specific. it's hard. i don't think there's anything wrong with being motivated by rewards - money, freedom, or recognition

[@ItsJoKeZ]

this is what is missed. it sucks, but the victory is sweet. you are supposed to bring change and innovation. not become some rich internet douche.

[@larrytron1992]

@@ray-mc-l I'm a software developer, so I'm aware that I need to use my programming and business skills to build software that is invaluable to whatever market the app is targeting. I'm in the process of getting my startup off the ground and I'm fully aware of the amount of hard work I will have to put in; wherever I succeed or not remains to be seen but I know I can do it The "money", "freedom" and "recognition" are basically the outcomes of a best-case scenario that's being sold to naive and desperate people by fake gurus on social media. Of course you'd want your business to be profitable above everything else because that's the name of the game instead of pretending to be rich on social media to a bunch of strangers for clout I have several family members who run successful businesses and it is not glamorous at the slightest because of the hard work, long hours, stress, bureaucracy, etc I'm a Brit and I've worked alongside Americans many times in my career. I admire how hardworking, talented and determined they are to succeed at any cost but I do feel genuinely concerned that they put their mental health last for their pursuit of pointless materialism

[@juanjoseazamarespinosa8293]

good content, greetings from mx

[@ronto55]

Love the content. Just facts and no sweettalk

[@themasterteacher]

Another 🔥 video.

[@somerandomguy001]

8:32 couldn't have been said better. btw, I'd really like to see you make a video on iman gadzhi, specifically, his recent platform "educate" and how he advertised he

[@thusspokezarathustra1847]

I am 27 years old and in last 5 odd years of my experience in Entrepreneurship (both first hand and second hand) I learnt that Entrepreneurship, Business or a Product is primarily a Scientific Experience. Most probably your first 5 hypotheses will be wrong. You need the courage, patience, time , enthusiasm and money to find out what hypotheses hold true that is create value. Basically it's science. A lot of people lose here.

[@jonscreen7698]

I'm the financial compliance and performance manager for the company I work for. I would definitely call myself a regulatory expert in certain areas of finance. I've created and implemented a number of highly successful process and procedural changes within the company during my time there. I've contemplated becoming a consultant to parlay this experience and knowledge so I can help other firms meet regulatory requirements. I've stopped short of pulling the trigger because I know, that I could find myself out of my depth very quickly because my experience is still limited. In 5 years time, I might, but I have friends who have gone down this route who have become successful and it's financially lucrative for them. While also, for all intents and purposes ruined their lives in the process. You always have to balance your options before you pull the trigger.