How To Start A Successful Business (Backed By Data)

passion comes from Artistry Mastery and economic security so whatever that thing is that gives you the ability to make some good money that you're good at maybe even great at in an industry that's not sexy you're going to be passionate about it most people will never be entrepreneurs because they don't want to risk public failure my superpowers is rejection I've started nine companies four are failed three are kind of a tie two are hits all you need is one what if I told you there was a formula to become financially free and in fact we could steal the homework of a guy who had done it a bunch of times even lost money and then done it again well this YouTube video is a little bit different from anything else we do because I am stealing the homework of a guy by the name of Scott Galloway he is going to teach us his mechanisms for making money despite what's going on in the world around us today buckle up this one's good oh and if you guys want to listen to the full episode go listen to it on the big deal pod Prof G is full of insights if you guys liked this today and want to make more money I highly recommend you head over to that channel what what do you tell a young person today like what is the actionable thing that you can go do now Scott having seen so many different moves and markets what are some words of wisdom you'd have if they want to make money I just start I just wrote a book on creating Economic Security and I do think there's a a formula the first is focus and that is find something find something you're good at people say to follow your passion I think that's anyone who tells you to follow your passion is already rich and the guy telling you to follow your passion made his billions and iron or smelting right be a DJ on weekends play in a soccer league um you know Design jewelry with your friends open a restaurant when you're already rich the vanity Industries are really difficult because there's 180,000 people in Sag Afra these are incredibly it's not easy to get a union card that's the uh Union representing actors and Stage workers or producers 83% of them last year didn't qualify for health insurance CU they didn't make $23,000 so acting might be your passion but unless you're in the top 1% and you're getting bright blinking green signals that you're in the top Bo percent go find something else and I don't want to crush your dreams just have a sober conversation around what's required to make a living in that industry so find something you're good at and the key part of that is find something you're good at in a non-romantic industry the guy who has this studio I've been here twice this week this isn't that romantic he found some shitty Loft space on avenu B and rents it out to podcasters and is probably making really good money that is not he didn't drink of that when he was nine I know I'm going to install sound insulation on a loft in a mediocre area in Manhattan and rent it out to podcasters I don't think he was dreaming that when he was nine but this is a good business now I just opened two more there you go this is a find something you're good at and think I could become great and by the way if you don't know what 20 when I was 17 I thought I was going to be a quarterback when I was 19 I thought I was going to be a pediatrician when I was 22 I thought I was going to be an investment banker I got a job with Investment Bank I ended up in business intelligence and analytics I didn't even know what that meant until I was 25 or 26 so try and find some your job in your 20s is to workshop and find something you're good at and maybe could be in the top 10 or the top 1% and forgive yourself if it doesn't involve College because two-thirds of kids don't end up in college and there's this industrial shaming complex I've been at these parties did you hear you know Max dropped out of ruers and said it's like oh shame shame you know the parents have up the kid is a failure two-thirds of our kids do not end up with a college degree Workshop stuff find something you could be good at maybe great it might be being a tax accountant okay do you understand are you willing to go to college are you willing to get a CPA do you understand numbers do you understand the tax code are you good with clients because if you can become in the top 10% or the top 1% of tax lawyers those people get to fly private and have a broader selection set of mates than they deserve which makes them really passionate about the tax law I am so passionate about analytics because it gave me the ability to take care of my kids take care of my dad have crazy outrageous vacations and remove stress from my key relationships passion comes from Artistry Mastery and economic security so whatever that thing is that gives you the ability to make some good money that you're good at maybe even great at in an industry that's not sexy you're going to be com passionate about it I'm building a home right now in London and there's the soapstone guy or the marble guy and he's this Iraqi immigrant everybody knows him he can tell you everything about the veining and the marble and I was very open with him and he's been open with me he makes 2. 1 million pounds Topline he has a marble company he clears about 800,000 that's pretty good margins yeah he's a guy in his 40s he's been in he's been in he's been in U marble since he was 28 and he's passionate about marble and soapstone because it affords him a really nice life and he's great at it and he gets a lot of camaraderie he gets a lot of prestige relevance um you know Pride ability to take care you know to be economically secure so the first thing is focus second thing is I call it stoicism but the one thing that's in your control is spending you got to develop a savings muscle when you're young and see if you can get alignment with your roommates or your romantic partner and gamify savings money saving money even you got to figure out you got to have a savings muscle that you can Flex when I was a junior in UCLA I wasn't going back for my senior year unless I saved $3,000 through the summer I had 11 weeks to save $3,000 earn and save so everyone in the fraternity knew who the four kids were who didn't have money I went to UCLA I was in a fraternity with mostly Jewish kids in the valley they all had money there were four of us that everybody knew were broke like our parents weren't helping us we moved in together in a room in the in the house and we had a whiteboard and we gamified spending I spent $78 a week including rent and food for 12 weeks I ate top romen bananas and milk my big treat is every Sunday night I'd go to Sizzler you ask your parents and for $4. 99 I was on the crew team the entire cruise team would go and we would go there at 3 p.

m. when it opened and we'd stay till 8:00 p. m.