22. Entrepreneurs and Workers

[@efrain3939]

7:00 Who is an entrepreneur? 10:50 Risk 11:28 Key part of being an entrepreneur 15:45 Who is and isn't an entrepreneur? 20:00 12% of the rich countries are self-employed 20:10 Higher % in the poor countries 24:12 Why is this surprising? 24:49 What are disadvantages of the poor with respect to the entrepreneurship? 35:10 What are advantages of the poor with respect to the entrepreneurship? 39:22 Why are the poor entrepreneurs? 53:00 Mexico's poor 54:07 Do the poor feel entrepreneurial? 59:10 Are these profitable businesses? 1:04:13 Graph 1:07:26 Implications of this shape 1:09:43 why are they in businesses?

[@NazriB]

Lies again? WWE WWW Belts

[@0mnm]

there are these loooong breaks of silence when the students are just minding their own business on their own devices and the Prof. is revisiting his life decisions that led him to this moment!

[@ankushtiwari5951]

Those students searching alternative answers what he was questioning.

[@nkosinathilinda904]

I think the Prof uses those long pauses strategically to get the students to dig a bit deeper. Have you ever spoken to a person and they pause for a while and in that moment you felt like you had to say something? I think it's an effective way of getting someone to open up more without directly telling them to.

[@kbshrivastav8539]

@@ankushtiwari5951 whats the use of this knowledge I'd in end all they will do is write bank ssc

[@manuvns]

@@kbshrivastav8539 not 100% of college kids can be Entrepreneurs but they need/can to apply the concept in the walk of life

[@JeremiahL]

I think when you have security, the pressure is off... You can afford to ignore the pressure... The pressure is the imperative to survive... To quote Marvin Haggler, "It's tough to get out of bed to do roadwork at 5 am when you've been sleeping in silk pajamas."

[@anindyadasgupta4244]

No wonder he got Nobel prize. Profound concepts so simply explained.

[@asinh1100]

Shut up..theres difference between an instructor and researcher

[@mohamedismail6273]

@@asinh1100 when did he got noble prize

[@agurzilniisrghinn5007]

@@asinh1100 an professor also do researches

[@emmanuelramos6470]

@@asinh1100 the way you comment indicates your level of intelligence (civility). yuck

[@asinh1100]

@@emmanuelramos6470 shut up

[@jackmiddleton2080]

How the hell do you get into MIT then get into a really interesting class where you don't even have to think very hard and the material should be of your chosen career interest, but then you decide to play video games on your 4 inch iPhone screen.

[@eduardorabassallo3717]

they have no idea how lucky they are, its just like that

[@lileandro]

no judgment, I bet you do school down the phone in the work or even at class sometimes.

[@kvnrthr1589]

You can't stay at 100% all the time lol. You're watching this video at a time you choose because you're searching for it, you can pause and resume it as you like, but sometimes you're just plain tired, distracted or out of it. Doubly so if you're forced to be there.

[@jackmiddleton2080]

@@kvnrthr1589 I agree with you. I actually can't stand homework for that reason. It interrupts my own personal study schedule. But like I said this isn't an engineering or a calculus class, he is just talking about what should be interesting to the students if they have decided to study in this field.

[@awesomebearaudiobooks]

@@jackmiddleton2080 Maybe the person who had the phone on was looking for some info and just got distracted for a moment. By the way, you can play and listen at the same time. I listened to most of these lectures while farming mobs in SWTOR. I can afford to do that because if I lose a tiny bit of information, it won't matter as much. But the brain will associate the lecture with fun and will want to listen to it more in the future.

[@sergueymelnikov7977]

Thank you so much for making this comment available for the rest of the world. You are doing a priceless job!

[@JeremiahL]

We are confusing the idea of being an entrepreneur with being creative... Sometimes working while your competitor sleeps, or just out performing the market is your only advantage....

[@ramjiYahoo]

Beautifully explains business starting process, entrepreneurship, I am now addicted to your Lectures Sir

[@jermaineconcern1539]

An entrepreneur is someone who creates a need in consumers they didn’t know they need.

[@seekSpirit]

Well, that's one of the main reasons why our civilisation is going to a wall and our planet will be destroyed soon. Think about it, entrepreneurship should be about making a living (that matters) by solving (not creating) real problems for beings (not consumers). But since the widespread definition of entrepreneurship is all about getting money (in the sense of becoming rich, not just making a living), those who have money become the main targets, and since they don't have 'real problems', well 'creating needs' becomes the norm (having an iPhone is definitely not a real problem, but it become an accepted one with time...). And it's a pity.

[@Philitron128]

I would disagree. An entrepreneur meets an existing demand in a market. An innovator creates and entrepreneur sells.

[@jermaineconcern1539]

@@Philitron128 I feel like your definition of an entrepreneur is only half

[@Philitron128]

@@jermaineconcern1539 I don't believe it is. Steve Jobs was clearly an entrepreneur but he never built anything.

[@nanilama7016]

@@Philitron128 well he built the connection between the upcoming demand and the customer.

[@jjpp1993]

All those quantum mechanics make this guy seem like a god

[@NoMamonos]

It's the click bait. I clicked because I was wondering what sort of microeconomics had to be developed with those kind of equations.

[@rschoudhary108]

Book purchased, fortune at the bottom of the pyramid :)

[@banamalipanigrahi9972]

Genuinely great learning.... trying to teach from the real world problem and Case studies.... very sad to see the students are browsing in the class...... anyway that is so called MIT....

[@jpvzstpl]

1:05:56 They can't grow the technology fast enough. With the one they can have, they can't grow; the one that would make them grow, they can't have it.

[@moisesdelcastillo6703]

Play at 2x speed.

[@_nightowl263]

1/2 speed is even better😉 thank me later

[@sameerkhadkatkar6788]

10x would be better

[@mohammedismailka3720]

Amazing. A real genius

[@theamici]

why is 23. and 18. missing? Please can I get full course?

[@pradeepbhatt8960]

Give a lecture in India and students will treat you as guru.

[@mohit_malya_0]

very insightful lecture

[@Vignana_Pradarshana]

Why is quantum mechanics on the board?

[@mikolowiskamikolowiska4993]

Phew. For a moment I was scared I would never understand economic math

[@abhradeepgoswami9872]

@@mikolowiskamikolowiska4993 to be frank It looks somewhat like that when you do higher level economics/econometrics et al

[@davyroger3773]

It is MIT after all

[@sameerkhadkatkar6788]

Show off

[@luciusoglesby2469]

If you’ve been to college you would know that these rooms are shared by many professors who maybe need to leave stuff on the board for the next session or for students to see later. He didn’t write that stuff, some other professor did, probably for an advanced math course.

[@subhampaul9255]

স্যার, দারুন লাগলো, from Dept of Economics(IGNOU)

[@mohshinmia2165]

ভাইয়া

[@mohshinmia2165]

আমি আপনার সাথে যোগাযোগ করতে চাই!

[@tw2800]

Many self employed people in poorer countries are following in their parents footsteps....if their parents own a restaurant the children worked in the restaurant, if their parents farm they farm too...they learn these businesses and they stay w what they know to earn a living.

[@tw2800]

Especially wo a formal education their best opportunity is to do what their parents do. If my parents owned a business and I grew up working in that business and that business was the best option for me I would undoubtedly follow in their footsteps 👣

[@soundar_natarajan]

When people buy stock and hold it for long time, do they entrepreneur ?

[@ptrgr72]

I assume so, considering they are taking financial risk for future profit.

[@fernandocortes1187]

1:06:30 no quieren ser entrepreneurs porque lo único que saben hacer NO deja dice profesor

[@franklinvp]

Erase the blackboard.

[@fernandocortes1187]

53:00 México. 85% no tiene negocio

[@nagen78]

such an interesting topic and yet there is a student prefer to spend the time on social media while the class is running. 🤔

[@ks-dd7gv]

Why is there quantum mechanics on the board?

[@nothing5779]

They used the same room

[@amankishore3512]

Yea it gave me anxiety

[@JeremiahL]

Is a pick pocket an entrepreneur?

[@ambrishkamdar5203]

Why weren't those women getting dry sand from the beach? No drying, less weight to carry?

[@mumbaiverve2307]

seem students everywhere dont want to bad grades by antagonizing professors.

[@thetasworld]

I suspect that tire pressure combined with heat created the necessary effect (just an assumption though, I may be wrong)

[@kandaharenglish2595]

A professor who doesn’t know what “venture” means is teaching about savings. Most of these college professors have never owned a business and teaching theories, business has emotional aspect attached to it. It’s not just theory and suppositions

[@rranjan3439]

I am just a few minutes into the Lecture. I am not from Economics background ,but th lecture seems to be lousy. Someone please tell if it Is worth to watch the whole lecture (of the Nobel Laureate).

[@MGTOWPsyche]

A poor person has to work 3x harder with 10 times less resources... all the while trying to make a higher profit margin than the rest of the competition in that market.

[@Drganguli]

Very intelligent professor

[@1983premm]

The story about 4 women sitting next to Bombay stock exchange is just a big BS ! I have lived in Bombay for 15 years. One doesn’t need to spread sand in the road to get it dried by running cars! Moreover, the sand will just fly-away when run over by moving vehicles … how could someone cite as an example in a course in MIT!!!

[@mumbaiverve2307]

why do you have to define who is an entrepreneur ?

[@davyroger3773]

Because universities are all about categorizing and coming up with formulae to reproduce something organic

[@priyanshu9513]

I can see guy is using Facebook & photo gallery.😅

[@master6509]

Every drug dealer calls themselves an entrepreneur

[@tw2800]

You definitely should play at 1.25 - 1.5 speed. Professor talks reeel sloooow

[@lavandolouca6630]

how to earn less than a minimum wage: start a business

[@maheiluwang515]

He thinketh

[@lordabhijith]

Schrodinger equation agrees with this 😁

[@_nightowl263]

Play at 1/2 speed😉 Thank me later.

[@fernandocortes1187]

55:00 los mexicanos no quieren poner negocio quieren ser empleados o ser maestros del gobierno

[@endgamefond]

It's kinda surprising why poor countries have more entrepreneurs than rich countries. These poor people have great ideas but they play it small since they have a lack of capital. Yeah, they have no options to do entrepreneurial jobs coz what else can't they do? they can't get higher paying jobs.

[@NikolaGenchev-ov3bp]

Do they make competition? Like who has the heaviest possible accent 😂

[@joshau2346]

despite their research capabilities, these researchers are so bad at presenting their knowledge doesnt get imparted to the world...

[@mikolowiskamikolowiska4993]

How much better can a teacher present knowledge to students?

[@sameerkhadkatkar6788]

If they know so much about poverty.... Why aren't they effing poor?????

[@joshau2346]

@@mikolowiskamikolowiska4993 i’ve seen teachers who can captivate the masses. This lecturer just had a really really big room for improvement

[@mikolowiskamikolowiska4993]

@@joshau2346 go listen to them and see if you win a Nobel prize

[@tw2800]

To be honest I think this wealthy professor is a little out of touch w the poor....but hey if he can lecture to 50 + students who are each paying 50K a year to attend an elite university.....my conclusion is MIT seems to be implementing a business model that is effective for the university....do you concur? Pardon me do you have any Grey Poupon?

[@mikolowiskamikolowiska4993]

How is he out of touch?

[@BAMBAMBAM495]

this is really bad.

[@leanderbarreto6523]

Juggad

[@tw2800]

Its ironic how a professor who probably earns 6 figures is rewarded a nobel prize for his "innovative research" on the poor. How about we have some poor small business owners teach the class...I'm sure they know what motivates them best.

[@mikolowiskamikolowiska4993]

Poor people don't do research

[@MrAngryCucaracha]

By that logic you should have sick people teach medicine. Classes by poor bussiness owners would be interesting but wouldnt neccesarily analyze what motivates them.

[@MaxMckayful]

@@MrAngryCucaracha A key issue in health care right now is lack of patient voice in research and decisions. This doesn't have to be framed as an either-or issue. While experts matter, lived experience also matters. Stakeholder engagement is lacking in so many research studies, and is arguably a methodology failure.