Is Entreprneurship for the Privileged

[@future1670]

This channel should have 100 million subscribers.

[@DavidCBarnett]

The first rule of this channel is...

[@HardeepSIngh-bu2zn]

@41:45 Minimum wage is just that, “minimum” not “Livable” wage

[@DavidCBarnett]

Yes, we need to challenge this loudly every time we hear someone say this.

[@davidmuse6578]

Great video, better than any show on TV haha. Could you drop a link for the Risk Assessment site for the US. My search turned up no public tax return statistics without a subscription. Thanks and keep entertaining us. Cheers!

[@DavidCBarnett]

In the US you'd have to find RMA data and it's not free. Some big public libraries can give you access or university libraries.

[@JamesChan-j8c]

Awesome analysis, I'm so glad to be a subscriber to your channel!

[@DavidCBarnett]

Thanks WY6

[@icigaby]

As a sales executive I deal with a lot of these lifestyle entrepreneur AND real business owner. What you said is so true!!! I didn't about the industry Canada data you talked about. Keep these videos coming !

[@DavidCBarnett]

Thanks Gabrielle

[@flabbywalrus]

Always 100% spot on as always David, great vid. The amount of times you see people online talking about "If I had 1 million dollars, I'd probably start a business" as if a business's purpose is to spend money rather than make money. A sober look at the numbers would scare most people off from starting, but entrepreneurs don't really go into business because of a deep and considered analysis and risk management, you need a level of experience and maturity to understand and contextualise these sorts of things. The author isn't totally wrong that entrepreneurship in the last 10 years has been all about the "character of the entrepreneur" and the idea of outperforming jobs and investments massively, adding the vague carrot of "financial freedom" and "be your own boss" it's clear to see how people paint themselves a picture that is divorced from reality. Talking about inequalities in business is pointless, do we include technical knowledge or industry knowledge? As if someone who's worked in an industry for 15 years and then spots a gap in the market isn't better placed than someone who is just trying to solve a problem they are not sure exists. In regards to having more resources, I would concede the point that lots of good, profitable businesses get caught by black swans (covid for example) that if they had just been able to hold on for a few more months would have been fine on the other side, in this case, advantages or "privileges" if we're being generous might come into play, but with the author's example this isn't the case at all. Personally, it's been a vast difference between spending money to build up something from scratch (sometimes working very well, other times taking time, others still TBC) vs buying a small business (just last month) that started to generate profit the day after I got the keys to it. Wow, if only I'd known how beautiful this option was. But I would not have been in the position to either access this opportunity or know how to run/integrate it if I hadn't had entrepreneurial experience of my own and all the kicks in the nuts that it's provided (and continues to provide).

[@DavidCBarnett]

Yes. Experience and work improve your luck, for sure. I like what you say about the challenge of integration. You can drive a good business off a cliff if you don't know how to run one.

[@pierrepinkerton2997]

Kudos my friend 💯💯💯 You absolutely NAILED IT on this video... As you do in all your videos 🔥🔥🔥

[@DavidCBarnett]

Thanks Pierre.

[@christiane.c.1852]

Great stuff

[@DavidCBarnett]

Thanks

[@markbrownswe]

Hey David, I was all in on buying vs startup, now I find myself exploring the startup track. My strength is in data engineering/analysis so I narrowed my thoughts to companies with enough data to need that mindset. The problem with that is those companies are expensive due to the math of any number times a big number of transactions is a big number. I heard a story about how a seller got way more than they were planning due to finding a strategic buyer and got thinking I could help with that by analyzing the parts, like product, market, customers, employees etc. to create a pattern of what a strategic buyer might be. Now I am trying to figure out how to validate this and live through the hard part of defining what it is and who is best served by it, basically the build part that you are correct in saying is really hard. Am I way off track or does this make any sense? Thanks for this video, great job as always.

[@DavidCBarnett]

I think about starting businesses all the time. I don't think you can have an entreprneur's mindset without seeing opportunity everywhere. When businesses are just too expensive, many end up exploring startups again. If you pay too much for a good business, it can be as risky as a startup. With respect to your idea... find a business that is growing quickly on one coast, then start a clone on the other coast. Just copy everything you can, even the colour of the decor... when they want to grow fast, they'll come knocking. I've seen it.

[@ThePeterEffect]

Love this video!

[@DavidCBarnett]

Glad you enjoyed it!

[@lapserdak24]

Simply speaking, it's much easier to take risks when you are rich 😁 yeah, we're living in the jungle. Growing from a cat to a lion is hard, risky, and most of us don't make it. We always it, but didn't believe we're one of the 80%. And one last thought. Don't start too small of a business. Slightly bigger ones are easier to run, safer, easier to exit. Harder to fund a startup. But definitely worth overcoming it.

[@DavidCBarnett]

Do you need resources or to be resourceful?

[@tedknudstrup6101]

Great video with very accurate business acumen. Geez you cant have a student loan payment to succeed? Probably better? Especially if it was an artsy degree? :-)

[@DavidCBarnett]

Boom!

[@ThePeterEffect]

To use the article author’s vernacular, “That article triggered me.”

[@DavidCBarnett]

Yeah, triggered me too. I ran to the bookshelf to hold a copy of Atlas Shrugged to console my fast-beating heart.

[@ThePeterEffect]

@@DavidCBarnett 😂 can’t wait for your next one! Headed to your website too!

[@rhuwyn]

I really hope the author sees this article and realizes how disingenuous he is being.

[@DavidCBarnett]

He should give his reaction here in the comments.

[@lapp15]

SJW’s have infiltrated the entrepreneurial world this is hilarious, how hard does this author have to twist the pretzel to make himself a victim in his own mind

[@DavidCBarnett]

Agreed.