0:00:00 - 0:00:25 On the last video, which was they have the same title side. I had some, some echoes about entrepreneurship. I don't want to leave it as I did because it, I could come off too overly, I guess too heavy handed about entrepreneurship. And I just wanna give you a crash course on this with entrepreneurship 0:00:24 - 0:00:48 . What you're seeking for is you're seeking to offer a product or a service that is worth more to other people than it is to you and you might be you or it might be you and your team so you can produce things, whether it be product or service for quote unquote, less than other people are willing to pay 0:00:47 - 0:01:17 for it. Now, that sounds great. It's a win, win. The problem lies in the problem. What problem are you solving? What need are you fulfilling? Because you have to find one and then you have to, you have to um what cross what I call the impact feasibility divide. And it turns out this is one of many things 0:01:17 - 0:01:43 that I've independently discovered that people who have far greater accolades and income than me have talked about. But I don't remember what the Harvard Business School version of this is called but someone, someone got famous with it. Um But I like my version better the impact feasibility divide and 0:01:43 - 0:00:00 basically what this is is that the problems that are easy to solve usually don't have a very high impact. And the ones that have a high impact are really difficult to solve with entrepreneurship. You're really asking yourself what are you going to do that? 8 billion people could not figure out. Now, 0:00:00 - 0:02:27 there are all sorts of little hacks hacks that are like bridges over this impact feasibility divide where somehow you and or a couple of your teammates can provide something or solve some problem that no one else has. So one of these hacks that's very valuable is looking at your, your unique resources 0:02:26 - 0:02:46 because maybe you grew up in a place that none of those people grew up in with a set of skills that they don't have. And if you chain together enough of these, these singularities, which any one of, which is not too unique. You know, there are 2 million people who live in Montana, for example, I think 0:02:46 - 0:03:11 that's what we're up to. Um, but if you chain together these things like, oh, how many people who live in Montana are over 6 ft tall? And, um, I don't know, can dead lift twice their body weight or more and know how to type really quickly and, um, can build a chicken coop or something, right? So you 0:03:10 - 0:03:32 chain together all these things about you and your team and all of a sudden you do have a very unique fingerprint. And then the question is, can you translate that into the solution to a problem that no one else has figured out? And more often than not, by the way, the problem isn't the problem. People 0:03:31 - 0:03:53 are almost always the problem whether they're on the giving or receiving end. But in, in the case of the unique attributes of your combined team, maybe your team is the solution to the problem. So you say like, well, I'm trying to build a product that does XYZ. Well, why hasn't it been built? Because 0:03:52 - 0:04:13 the people who are capable of solving that problem have not yet emerged and maybe you're the people. So anyway, you have to be able to tell this compelling story or else it's probably not gonna work. Now, what I really wanna tell you about entrepreneurship is this, it's easy to look at your present employment 0:04:12 - 0:04:33 situation in a, a large nasty company and say this is crazy. I'm surrounded by idiots. I do stupid things, but I'm not stupid and I'd like to do better things and surely with as much dysfunction as I see around me every day and unnecessary drama and waste, surely I could do something and make at least 0:04:33 - 0:05:03 as much money as I do here. And this is where we get back to injustice this is what I talked about at the beginning of the other video. And then we sort of went a slightly different direction. Modern companies that are profitable, do not tend to be profitable for just reasons. So maybe at the end of 0:05:03 - 0:05:24 the day, the only reason that your company is profitable is because they're doing stock share buybacks on a regular basis. And the whole thing is just a smoke and mirror show. Maybe the only reason you get a paycheck is because the government printed tons of money at a really low interest rate and it 0:05:24 - 0:05:44 ended up in the hands of investors and they ended up investing in your company. Or maybe you make a product that sells to such companies or maybe you're somehow involved in the military industrial complex that just got nearly a trillion dollars for the latest annual military budget. Maybe you're somewhere 0:05:44 - 0:06:09 in that food chain. Well, guess what? You're not doing anything that matters. You're not actually providing anything that's valuable, but you're getting paid a ton of money to do it. And this is we could go on and on adding more work situations into this ecosystem of uselessness. So now you find yourself 0:06:09 - 0:06:28 in that disillusion because you climbed high enough up the tree or you just have a strong enough heart that it's screaming at you every day that you're wasting your time. And there's gotta be something better than this. And you say, well, maybe the solution is entrepreneurship. Here's the thing, how 0:06:27 - 0:07:00 are you in an unjust system? How are you going to generate as much income as you make in an unjust job? Almost all the time? The answer is going to be, you can't. That's the bitter pill that you have to swallow. That's the bitter pill that you have to swallow. So the second you get down to things that 0:07:00 - 0:07:28 people actually need that they could actually use that will actually make their lives better. You start looking at jobs that don't really exist anymore. Like maybe you're going to manufacture some thing like some tool that makes it uh some labor saving tool for homesteaders to thresh grain. Well, that 0:07:27 - 0:07:51 is actually an incredibly valuable thing. Take it from someone who would love to have such a thing right now. There are many places in the world where you can get such small scale farming equipment, but not in the United States anything you want to buy that's on the order of that is either tiered towards 0:07:50 - 0:08:11 hand tool and still insanely expensive. Like one of those push behind seed seed, um, planters. If you wanna, if you wanna plant rows of seed and you don't wanna bend down 5 billion times, you just set the depth, put on the right disk and then you walk and it plants the seed and buries the seed for you 0:08:11 - 0:08:35 and they cost like $400 or something. And uh that's probably never gonna pay itself back for whatever your application is. And then, and then when you go to the mechanized versions of this, like, what, what can I attach onto a compact tractor? Which a compact tractor is something between that, that uh 0:08:34 - 0:09:00 ride on mower that your neighbor has to cut his grass and the full size tractor you see on a, on a full size farm, which those are ex insanely expensive. They are compact tractors in the middle and it is also very expensive. But um that's, that's what you need for, say, 10 acres of work or even if you 0:09:00 - 0:09:23 just have a long driveway and you need to snow, blow it or plow it anyway. For a homestead. That's, that's basically what you need. So in India and China, they have machines that are built for this size of a tractor because they have farms that are about 10 acres or five acres or 20 acres. And or maybe 0:09:23 - 0:09:43 you hire your neighbor who has one of these to come plow your land or whatever. But in the United States, I forgot, I looked it up a couple of months ago, what the average farm size is. But these commercial farms are like 4000 acres, 7000 acres. And so they have economies of scale where they build or 0:09:43 - 0:10:07 buy rather huge tractors and huge tractor implements and they have giant grain combines and everything else. So there is no market for the medium size labor saving machines and, and the only ones you can buy are imported from India or China and they're exorbitantly expensive if you can source them at 0:10:07 - 0:10:31 all without getting scammed. And then if they break, then God help you. Right. Because how are you gonna replace a part on that? So, manufacturing used to be this decent, honorable job that you could go do as a normal person and make decent money and all of those jobs are gone. Some people tell you they 0:10:31 - 0:10:56 got shipped out to China. Um China does manufacture an awful lot, but in addition to those jobs appearing in China, they went away uh not to get too complicated in economic terms, but they just stopped being profitable for the standard of living that was increasingly enjoyed in the United States. Uh 0:10:56 - 0:11:18 because there's overhead, it's a complexity issue. It's like a space race. When you go down the road of Babylon, you need cheaper energy and fake your money more and more fake money and cheaper and cheaper energy. Or else the whole thing just explodes. It's a, it's a race condition, not race, like like 0:11:17 - 0:11:42 uh human race race like space race. So the overhead just keeps increasing and to feed the system, you need more and more and more energy. And eventually the cheap energy runs out and eventually the heroin dose of fake money printing, you can't print it fast enough and it becomes terminal and that's where 0:11:41 - 0:12:08 we are as a society, that's what's happening right now in real time. That's the real cause of inflation and it's not gonna go away. It's gonna get worse and worse and worse until all of a sudden it seems, uh, very lucrative to grow your own food because it only takes however many hours out of your life 0:12:07 - 0:12:28 to do. Whereas it would take much, much more in terms of hours of work at your job to earn the money to pay for it from the grocery store. If you can even get it, that's what we're heading to. I promise you it's going to happen. And then in that day, the people that aren't already on land where you can 0:12:27 - 0:13:01 do that are going to not have enough food to eat. So and that will happen in the United States. So back to entrepreneurship. So you can't compare apples to oranges. The reason the big companies are profitable is because they are at the teat of the whore Babylon and your entrepreneurial gig is not going 0:13:01 - 0:13:28 to be that. See, it's enticing because you think that because you're some whiz bang engineer or whatever that um you're actually quote unquote worth as much money as you earn. But you're not, it's all funny money. That's just your, your entrance pass to the trough where the whore Babylon dumps her milk 0:13:28 - 0:13:52 and you're just one of the piggies and maybe your job gets you more of the trough than the other piggies at the trough, like you get to eat first and they just get what spills out or what's left. But when you take that and you try to bring it closer to the real world, it's not going to work because you 0:13:52 - 0:14:20 have no value in the real world beyond. Um I should say comparable value in terms of dollars, right? So when you go out into the real world and you say, OK, what are actual people willing to pay me for what I do? You know, let's stick with uh your whiz bang engineer. And I I just happen to be talking 0:14:20 - 0:14:39 about things that are near and dear to me. Maybe what you could do is engineer something that I could put on my dang tractor so that I can harvest rye, basically a mini combine that runs on a compact tractor. These do not exist in this country and the ones I've seen videos of overseas, which you can't 0:14:39 - 0:15:01 get here, they, they could probably be a lot better than they are. So say you're gonna start a business where you, you design this thing and then you're gonna pair up with people who can manufacture it here in the US. Somehow. You're gonna have to ship these things across the country. And with that being 0:15:00 - 0:15:21 as crazy as it is, maybe you come up with some really clever way of shipping it yourself, not relying on delivery drivers that are now making 100 and $20,000 a year and still going on strike because it's not enough, uh, and getting held up by gunpoint increasingly exactly as I said, they would years 0:15:20 - 0:15:40 ago. But you're going to have your own people deliver it and, and you're gonna, somehow you're gonna do something else where you can take advantage of that. You can mitigate the, the delivery cost by taking advantage of that transportation to ship something else. Ok. So we're just spitballing here. Where 0:15:40 - 0:16:00 the heck are you going to find enough people that have to pay you what you have to make to be comparable in any way to what you're making? It's your fake job at the fake company. You're not going to find them and, and where are you gonna find the machine shop, manufacturing type folks who are gonna build 0:16:00 - 0:16:25 these machines for you who are making anything close to what they're making right now at their fake companies, you're not going to find them. So by, by and large, your only hope is to find exceptions to the rule and, and that can be done but not in a general way and not by people who aren't really clever 0:16:25 - 0:16:51 , who, who aren't really clever and really good at managing risk and who have exceptional resources, not just money, but but they're connected or somehow have, have lots of resources who also happen to be charismatic enough to rope in some manufacturing folks who happen to know them as well and on and 0:16:51 - 0:17:07 on and on and on and on and who also can do sales because you're not gonna be able to hire a sales person. They're too expensive because you're competing with fake companies where they have a fake job, where they sell something to folks who are probably spending other people's money. You see how this 0:17:07 - 0:17:37 works. So one other pathway that might work with entrepreneurship and I should have led with this because I think this is the most likely bet. I've seen this a lot as companies continue to embrace self destructive policies and culture and are eaten alive by the complete deficit of quality in young people 0:17:36 - 0:18:04 who are coming along, replacing older people who are aging out. There is tremendous opportunity for enterprising intelligent people with skilled jobs to turn into an independent contractor and then sell back basically the same things they were doing before for more money and greater freedom. And that 0:18:04 - 0:18:34 is a viable path for a lot of people. And it's a great idea. So there, there are stacks of benefits to going the independent contractor route um that include tax benefits and uh increases in wages and increases in schedule freedom, we'll say, and usually large increases in productivity. Um Not to mention 0:18:34 - 0:19:00 things like you probably wouldn't have to commute or um you know, things of that nature. And then so the the drawback of that sort of thing is you're still not really getting any more meaning out of your work. But the benefits are, you probably have more time, more money and less nonsense because you're 0:19:00 - 0:19:23 , you're steps closer to pure self employment. So you're still technically working for people because you have clients and those clients may well be your old boss. Now. I think that there's never been a better time for this sort of thing, but there is still definitely a general aversion to it in terms 0:19:22 - 0:19:46 of companies willing, being willing to do this and hire people that used to be their employees or people like their employees. But it's a huge push at several industries in uh with which I am familiar. And so maybe there's an avenue there for you. So I just wanted to give that addendum on entrepreneurship 0:19:45 - 0:20:10 because it's, it's not all bad, but you just have to see it for what it is. I think. Um I, I'll, I'll always remember a quote I read from, there's a book about Spencer W Kimball who was one of the presidents of the L DS church back in the day. He was really a dynamic individual, but uh he went self employed 0:20:09 - 0:20:34 uh relatively young in life and he said something like I'd rather sell peanuts on the corner and work for myself than ever work for anyone else again. And I really understand that sentiment. I do. Um But you gotta understand, you gotta have eyes wide open about the actual costs and the actual benefits 0:20:33 - 0:20:56 and odds are yyy, you're much more likely route of success in this is going to be doing something where you're an independent contractor rather than actually starting your own company per se. So, um you can think about that and, and one thing I, I didn't mention which I should just for due diligence 0:20:56 - 0:21:16 , not that you're getting the whole story here, but just to try to highlight what I think are the biggest bits of this. Um, there's two points more to mention, which is one, I guess three more one when you start your own business and an independent contractor is way easier than this. But if you start 0:21:15 - 0:21:38 a full fledged company with employees, you're gonna find tons and tons and tons and tons of regulations that all make your life a huge asshole and cost lots of money. It's ridiculous and you're hidden from all that while you're working for, for another company. The other thing is your reliance on people 0:21:37 - 0:22:01 . You, but, you know, we all have a tendency to project onto others, our own motives and personality traits. So when there's something we don't know about somebody, we'll just assume we'll fill in the blank from ourselves. We, we all do this. It's a human tendency. So if you're a crummy person, you will 0:22:00 - 0:22:19 assume that everyone's out to get you and, um, that no one would ever do anything good unless they got something out of it and that any time someone's being nice. It's just to get something from them, et cetera if you're a good person, which I don't believe they're ii, I don't like characterizing people 0:22:19 - 0:22:41 as good and evil, but I just broad brushing here. If you're, if you're good, at least in some ways you're going to project those good qua, uh, qualities or traits onto people as combining those words and saying quas qualities and traits and that both of these things will get you into trouble. 11, probably 0:22:40 - 0:23:00 more than the other. But when you hire people, if you're going out on your own to start a business, you're probably a decent person. That's not a hard and fast rule, obviously. But you're going to find that people do not share your traits and it's actually really hard to find decent people to hire and 0:23:00 - 0:23:21 that's just getting increasingly hard today. So if you go this route, I highly encourage you to do something that you can do yourself that you don't need help with. And that shrinks the space of possibilities, but you'll be far happier if you do it that way in general. And then the third thing, third 0:23:20 - 0:23:38 thing, what was the third thing? Um, well, I guess it wasn't all that important. Yep. Ok. So those are things to think about if you're going that path. I hope this is helpful.