Latest / Success Story with Scott Clary / Guest Podcast: The Secrets to Entrepreneurial Success (Rich Dad Cash Flow Academy)

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Guest Podcast: The Secrets to Entrepreneurial Success (Rich Dad Cash Flow Academy) · Success Story with Scott Clary

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  Today you're going to hear me on the Rich Dad Cash Flow Academy podcast with Andy Tanner.
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  Make sure you subscribe on YouTube or go listen wherever you get your podcast.
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  Welcome to the Cash Flow Academy podcast. I'm your host, Andy Tanner.
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  Great show setup. This is where we make investing simple and we're going to make
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  entrepreneurship simple today. Have a wonderful guest. We have Scott DeClairey with us.
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  And we're going to talk about entrepreneurship, starting a business, starting from square one,
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  some of the traits for success. Remember to like and subscribe. Hit your notification bell
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  to get updates when we release new material. And don't forget to drop by your investing class.com
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  where we have great education, great goodies and lots of fun stuff there. Scott, first of all,
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  welcome to the program. This is going to be a great interview. I'm excited to learn.
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  So let's just start off here. You're the host of a success story podcast. So you get to tell stories
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  about, you know, you interview a lot of people who found success and learned from that. And you
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  also have your own background in business, you know, real estate venture capital. So let's just
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  start by introducing you to the listeners and tell us a little bit about your journey.
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  Yeah. So I appreciate you having me on. So thank you very much. I'm going to be a lot of fun.
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  I'm also a kindred spirit of fellow podcaster and that's sort of where I spend most of my time now.
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  My background is in tech. I've also invested in a variety of different things. I'm successfully
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  some not so successfully as most people who are probably listening to this podcast and can relate to.
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  I think that you mentioned something that's interesting. You said, well, this is the this is a cash flow
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  academy podcast we're focusing on teaching you about investing and obviously cash flow and you know
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  finding ways to make money. But I think that people that are interested in investing are inherently
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  entrepreneurial. They are trying to find ways to make money secure their futures, secure freedom
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  in a way that is maybe a little bit outside the the way that our education system or even our
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  parents have taught us, right? So people are looking for new ways to do things to make money to
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  create well. So I think that I think that entrepreneurship and investing are two sides of the
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  same coin. I think that people are usually interested in both. And if you aren't interested in
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  entrepreneurship, you should at least be a little bit because it's going to massively inform your
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  investment decisions if you go into certain categories because you'll be betting on entrepreneurs.
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  So my background, I started off in tech from a very young age actually from a very risk adverse
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  family. So going to tech was a little bit of a stretch, but I always consider myself a little bit
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  of like a like a black sheep in my family because my my parents, my dad worked for government,
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  my mom worked for universities and I decided to go into tech. That's still nine to five, but that was
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  still a little bit of a little bit outside the norm for coming from my family, but I enjoyed a lot
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  and I was good at tech sales and I made a lot of money and I sort of spent a lot of my early career
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  in tech. Then I moved in, well, the sort of light bulb moment for me when I understood equity and
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  ownership and entrepreneurship is when I moved from one very large company, it was a company called
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  Bell Canada, which is like one of AT&T Verizon's size company in Canada for Telecom.
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  Moved into a smaller company that was also in Telecom tech IT that was acquired by private equity
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  and I saw that transaction play out and in my mind I'm like, wow, if I could only have had a piece
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  of this company look at what kind of check I'd be getting and that pushed me down the rabbit hole
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  of entrepreneurship, starting something from scratch, taking equity position, ownership,
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  all of it. I found it so exciting, super high risk, but also at the time in my career I was young
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  and that season of my life I was okay with that type of risk and I think that there's a lot of
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  parallels between career risk and the season of your life that you're in and how much risk you
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  want to put into your career working in a startup as well as investment risk. I mean if you are
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  looking to invest you all have risk profiles and you are trying to figure out what season of your
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  life you are in and how that ties into your personal risk profile. So a lot of parallels between
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  entrepreneurship and investment. Anyways, so sort of dove into startup land, had a lot of failures,
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  tried to do consulting work for startups, taking equity positions, I tried to start a couple of
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  my own companies. There was one that was successful where I joined a company because I'm on the sales
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  and marketing side that's sort of been my forte in my whole career. I joined a company, helped them
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  scale up, helped them get acquired and that was a great success and that was sort of my entire
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  career summed up in about a minute and a half. That's pretty good. After that, that's when my
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  investment journey started because I now had a little bit of money to play with and I
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  think like most entrepreneurs once they've achieved some level of success or even most people that
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  have achieved some success in their career, they sometimes equate their operational success in
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  companies to some sort of proficiency in investing which is not the case. Just because you can know
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  just because you built one company or you know how to build a company or you know how to sell a
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  product does not mean that you're going to be a great investor and I think that that's a journey
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  that a lot of people go on especially exited entrepreneurs. They go on that journey and try and
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  figure out okay what's next. Do I start another company? How do I make my money work for me? Do I
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  you know I do I do the VC thing? Do I do the angel thing? Do I put money into real estate? Do I put
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  money into private equity? I've basically tried all of it to some degree and we can talk about what
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  I like and what I don't like about different types of investment categories but yeah that was
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  sort of my journey so as employee to operator entrepreneur to investor and and now I podcast
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  invests still mentor companies and and I love it. I love I love the entrepreneurial ecosystem. I
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  love the investment ecosystem because there is never a day that is boring so that's what I can
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  say about that. So I often catch myself maybe saying this too often maybe the listeners tire of
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  it but I think it bears repeating into every conversation is there's a when you use talk about
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  moving from you know from employee to to being an entrepreneur and starting up a business
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  or investing either one there's a I often say that the moment you make that choice what you've
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  really done is you've embarked on a journey of personal development and often in a you know
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  a podcast like this one I think listeners are craving a practical how-tos you know I step
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  a like like a recipe for bacon cookies you know step A step B this what you do and and yeah it's
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  great but I don't know anyone we were talking before we you know went on the air you know
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  as it is and it was funny because you said yeah I've had enough mistakes you know I could teach you
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  a lot of stuff for the mistakes I made and I thought you know I think of the businesses I started
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  and failed in and it was so interesting in your story is as I said you tell your story you said
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  yeah I did some stuff and failed and then you moved on it was kind of a show of shoulders and that
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  idea of failure and and what it takes emotionally mentally and and the toughness frankly that it takes
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  to move on I don't think people realize that you know you're just like all the other entrepreneurs
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  myself to yeah I had some failures and then you move on to the other stuff those failures when
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  you're in the middle of them and the blood and the sweat and the tears and the dragons you're you're
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  slaying talk a little bit about before we get into you know practicality of maybe some ideas
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  and things to think about in practice and starting a business how to type stuff talk about that
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  I mean did you find that that for me investing in and especially entrepreneurship it basically
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  was able to just immediately pick out huge weaknesses I had and put them on display for the world
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  to see it had a way of rooting out yeah I had some strengths wasn't a complete idiot but I was close
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  because it's just it's just pinpointed areas where I didn't know ignorance places I didn't know
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  what I was doing also just resilience and and dealing with people and failure and betrayal and
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  everything else talk a little bit about that if you would yeah I think that so first of all
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  failure is a prerequisite to whatever your definition of success is doesn't matter it doesn't
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  matter who you look at or or which entrepreneur you look up to or which investor you look up to
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  they've all failed a million times I think that what has allowed me to fail repeatedly I mean the
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  you're right when you're going through it it sucks but I have never two two thoughts I've never
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  completely attached my identity and myself worth to the thing that I'm building or the thing that
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  I'm investing in and I've also always learned to bet on myself those are two I think very important
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  mindsets that I think can be taught to a degree but it's something that I've had to work on and
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  something that I've you know hindsight is 2020 looking back those two minds have served me probably
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  more than any other because if I attach my whole identity to a business and it fails I feel like
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  I failed as a person and that will have more of a negative impact on the next thing that I do
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  than just the fact that this particular business failed or I lost X amount of dollars on this
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  venture or this this startup that I put money into so I try to not attach my personal identity
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  to a failure because I truly do believe as long as I'm breathing on this planet I have another
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  chance of being successful at the next thing and the second thing yeah oh go ahead sorry no I was
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  going to I was going to mention the second the second idea just quickly it's it's true belief in
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  myself so there's a concept called a locus of control and what that concept is teaching is do you
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  have an internal locus of control or an external locus of control do you believe that the world
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  happens to you or you happen to the world it do you have self agency in your decision and I believe
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  that when I bet on myself I have an internal locus of control meaning that I believe that if I
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  want something to happen it is on me I have extreme ownership I have extreme self agency in that
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  situation and if something doesn't work I'm not going to attach it to my identity but I do take
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  ownership for the failure but I also know that any success is also because of me and I can trust
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  myself to figure out that problem going forward so those two ideas yeah really just help me get
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  through any failure that's I think those are probably the two most important concepts that I've
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  internalized you know I I really hope that that I'm going to share what I
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  learn from that in listening to you and I hope people don't miss miss what I think you said
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  you know as an athlete you know even though I don't you know I was never a professional athlete but
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  I was able to play um a division one basketball college a little bit I wasn't even a standout
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  athlete but I'll tell you this a loss of a game I didn't I didn't say well I'm no longer a good basketball
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  player because I lost the game I did not let a loss at any time that I can remember translating
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  into my own identity as a player those were separate things and the loss of a business is kind
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  of like that it's a long came and sometimes it hurts and gain losing hurts but it doesn't speak
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  to who you are inside necessarily but I'll tell you what I the other thing you said that I
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  briefly liked particularly in in my home country the United States is the locus of control
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  you know we we just finished uh you know if you're in Canada and you're looking over the border
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  at the United States you just got to grab a bunch of popcorn and watch the show and just shake
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  your head and say you know you know I'm Canadian but I'm in Miami right now right well
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  you know but it's got to be an interesting perspective right from from wherever you are
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  and so uh when you talk about the locus of control you know politics and politicians want to frame
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  every election I put this in chat GTP and said give me all the matchups in US history all of them
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  you know every single election and then I said find me I had to talk about their what they said
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  and without exception even in you know guys like we're saying the guy run against Thomas Jefferson
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  he says this guy's an existential threat to the history you know to the future of the country
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  in other words they want to take the locus of control and say it's about who you vote for
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  yeah and and it's an external thing and if if we get the right person in the White House
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  things are gonna be fine but boy if we don't your life is gonna and and that locus of control moves
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  from what I can do in my own personal policy and that's what politics comes from is policy
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  you know I have a personal monetary policy I have a personal fiscal policy I have a personal
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  you know rules and standards that I don't bow to rules I raise to standards in my home
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  and those rules and that that control uh is inside my house and inside of my mind and my heart
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  it's got very little to do when I wake up in the morning of who the hell the president is
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  they've never bought they've never bought me an asset they've never paid a bill of mine uh you know
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  they they they really have a tremendously limited impact on my life warrant buffet has invested
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  since 1940 whatever and he's always been in stocks he says half the time I've had a president
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  vote for but it's never kept me out of stock so yeah that locus of control that you said that's
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  a mindset that is so rare and and I'll I'll even add to that you know risk is related to control
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  you know the more control I have over a system the less risk I take the less control I have you
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  know the outcome will be what it is externally so that idea I love that phrase um the locus of control
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  is it within you or is it within your boss or is it within your wife or your children or your spouse
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  or or is it with your government and uh what a what a great diamond to I don't know the people
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  can hear that and if they think their locus control I mean I was watching not to be too verbose on
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  this but I was on the Twitter feed and someone's making fun of people that were uh that you know
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  their candidate lost and they were in hysterics you know and they're making fun of these people
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  and of course it's emotional but the reason they were in hysteric is their locus of control is
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  there and they felt they had no control over things they felt the frustration where maybe you think
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  you know I can get up tomorrow morning and I can learn anything I want to learn with a Google I
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  can start a journey I can start a business I can buy a company I can develop myself and I love
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  that thought when we come back from break uh I'm going to talk to you we're going to move into more
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  practicum we'll talk about you know the meaning of success you do have the success story podcast so
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  I love to speak about the meaning success there's a lot of definitions which is different than a
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  meaning but we'll talk about that uh when we come back uh speaking with Scott DeClery they make
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  different topics that could be complex very simple you're going to learn at your own pace the more
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  that you want to learn the more you can learn it's been amazing for me personally as well as
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  me taking the subject matter and teaching it to my children they're all very passionate about what
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  it is they're teaching and how they teach it and it just comes across as so genuine if it's
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  something that you're interested in then certainly they're the best teachers that I've run across
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  in terms of teaching fiscal education welcome back to the cash flow academy podcast this is where
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  we make uh all things investing simple we're speaking about investing and entrepreneurship with the
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  host of the success stories podcast uh Scott DeClery welcome uh welcome back and uh looking to dive
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  into the to the next half here tell me about this if a person says I want to start a business
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  they come to you say I'm sick of my nine to five I live in the United States I have the freedom
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  to start a business today uh I want to start where would you tell them to begin I think that first
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  of all they have to understand that starting a business is inherently risky so we're going to try
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  and do risk it as much as possible but it is inherently risky so they have to understand before
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  they even decide to start a business where is their personal north star so is it focused on
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  spending as much time with my kids and my wife or my husband as possible or am I 25 and I literally
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  am just going to the bars on the weekend so I have unlimited free time and I can invest 80 hours
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  a week because I think that when you start a business you do have to understand your personal
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  north star you have to understand we mentioned this before the season of the life that you're in
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  and there's different ways to start businesses be entrepreneurs in different seasons but
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  know that it's going to be a lot of work and there's going to be a risk associated with it regardless
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  now that being said you can look at a couple different frameworks for figuring out what kind of
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  business you should start you can look at a key guy or some sort of vent diagram of your passions
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  what the world needs what you're good at and what you can monetize which is just a really great
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  framework to start and then once you figure out what that thing is I'm a big fan of again a
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  couple different mindsets towards starting a business because mindsets are what will make or break
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  a business the tactics are very easy to find I can figure out how to run a Facebook ad set
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  getting a 3x row as by going to some YouTube video or I can figure out how to hire the best
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  employer I can go to upwork or top-tal and tap into the gig economy or I can figure out how to
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  find product market fit and post great content on social and build a funnel I can figure out the
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  tactics mindsets very important because mindset will replace the motivation or the fire that you
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  first get when you want to start a business which will 11 out of 10 times fizzle out in about
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  month two or three or four because shit's going to hit the fan it's going to get difficult so
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  a couple different mindset ideas first of all you've done your vent diagram of what you should
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  actually think of building I love the idea of and I'll just rip through them and then you tell me
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  what you want to focus on I love the idea of building your your business between five and nine
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  and you have your nine to five w two and then you build your business between five to nine and on
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  the weekend so you'd be risk you're not going all in immediately I love the idea of reverse
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  engineering success so looking at what someone else has built and reverse engineering how they've
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  built what they've built look at somebody who's built a business that is a year ahead of you
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  that's the same type of business same type of product and then you can reverse engineer the steps
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  you use to take that to markets you can learn from other people I love the idea of commit to
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  something for 10 years meaning that if you are going to build this thing assume it's going to take
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  longer more time or energy more money than you think it's going to take so don't don't quit your
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  job too soon make sure that not only have you built the financial structure and systems in place
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  to allow yourself to afford to build this thing but also the the time commitments is going to take
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  so if you assume something's going to take 10 years of your life okay then maybe I don't want to
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  try and speed run building a business and try and cram it all into six months maybe I can work on
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  it for 10 hours a week that's fine just find a way to play the long game and do it for an unreasonable
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  amount of time and I think that between all of these ideas if you reverse engineer success if you
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  build it in your downtime if you focus on committing to this thing for 10 years and you have this
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  venn diagram of what to take to market based on again your skills at your passion what the market
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  needs what you can monetize I think it's a very good recipe for success a very good practical way
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  to at least start I think that's probably healthier way to start than most entrepreneurs start
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  so those ideas alone I think will be quite good for somebody to start with. That's some really
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  fantastic stuff particularly the the mindset of identifying skills and passion and that combination
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  is a really interesting combination because the greatest entrepreneurs don't stop
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  Buffett and the late Charlie Munger these guys are in their 90s and they get up in the morning
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  and they could go sit at the pool and they could put a drink with an umbrella in it they could
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  travel they could do anything they wanted anything they wanted to do and the thing that they want
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  to do more than anything else is go their office and go to work and so the idea that you know people
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  say well I want to be an entrepreneur so I own my own business and you know I have to work
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  anymore well first of all when you start you don't own it it owns you for sure the amount of work
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  that I really I really appreciate that because the amount of work it takes to do this stuff
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  you have to enjoy it because you are going to work weekends and you are going to work especially
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  in the early times when you get that thing going and you know to to me there's certain if you want
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  if you don't know what your skills are there's a great book called the happiness hypothesis and
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  talks about flow state where flow state is where you have something really legitimately challenging
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  and yet you know it's it's not easy to do and yet you are equal to that task and you're performing
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  it well and you're you're just feeling this type of it's a it's a brand of happiness
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  that is really different than love or even achievement because you're just in the middle of it
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  it's a lot like in athletics when you're just in the zone and if you can find that
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  and get into that uh that's fascinating stuff the other thing that really is interesting
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  where you said commit to 10 years and uh that's an interesting thing I think maybe one of the
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  hardest things yeah I think it's easier as an investor and I think it's very difficult as an
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  entrepreneur I think it's different is as an investor I can pull the plug pretty easy and
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  sell a stock that's not that's not too tough to do because you can look at it and say yeah you
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  know there's just better opportunities over here but man when you put your blood and sweat and
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  and heart you don't know if you're three feet from gold and knowing I think the hardest thing
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  one among top 10 list of being entrepreneur is when I've been in businesses that have failed
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  when to pull the plug or when to say you know never never never give up never never never
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  get up so there's this there's times to divorce like there's marriages that are bad and you should
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  divorce no I agree until that's your part you know you know your KPIs you need to know your KPIs
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  for success that's the thing yes I do agree just just doing the same thing for 10 years and never
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  pivoting and never changing and never iterating and never learning and and you know like
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  what Kevin Ellery says is yeah there's a time when you take your business behind the barn and you
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  shoot it that's that's valid but but I think that more people more people pull the plug for the wrong
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  reasons that's all I'm saying yes there is a time to pull the plug on it but I think that going
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  into it with the mindset of I'm gonna commit 10 years of my life to this thing it sets you up
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  financially energy the amount of energy you got to commit to it the amount of time it just it
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  it sort of creates this perfect framework for you to understand what it's going to take because
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  if you sit if you say that to yourself even if you don't commit to it for 10 years or even if
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  it's successful after three years good for you or if you kill it after two years the point is you
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  understand what most most businesses that are successful they do take around six to 10 years to
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  be truly successful not just a not just a high paying job that takes twice as much of your time
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  but yeah there's the key performance indicators you mentioned that's a huge deal because as I've
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  grown in business those become more and more important to to business to know how to tweak them
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  to get people around you that know how to tweak them well to try not to do the very it's not
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  hard for me I think be hard for some people but this comes very easy to me not to be the smartest
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  person in the room that's just been natural for me easily but you got to have a great team to do
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  this let's pivot a little bit to this great great podcast Scott great insights yeah you can tell pretty
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  quickly when when someone has really been there and when they haven't let's talk a little bit
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  about the meaning of success you have a podcast where you talk about success stories and the
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  success stories and I'll throw this first let's do a definition I don't know if definition
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  mean the same but what what would you say if I say define what is success
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  if I was going to define success based on all the conversations that I've had over the past
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  now six years it's been a minute well um time flies but yeah it's going to define success it would
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  probably be one word to be freedom that's what people that's what people define success as it is
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  freedom it is not it is not a financial number because most people don't actually need as much
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  money as they think they do to live the lifestyle that they've imagined and dreamed of it's not
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  it's not accolade it's not notoriety it's usually usually it's
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  being around people that love you doing whatever you want to do with no one telling you what to do
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  and I think that that's the definition of freedom and some people excuse more towards work because
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  they enjoy it some people excuse more towards traveling the world some people excuse more towards
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  being super present with their family and their spouse but it's freedom at the end of the day
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  and it usually is actually ironically enough never directly defined by financial wealth or some sort
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  of amount of money made that's just a precursor for freedom and have to agree that there's a threshold
• 27:46
  I believe where uh where there's a diminishing return in terms of of quality of life
• 27:54
  after freedom's been achieved in other words let's say you you get to a point where you can
• 28:00
  pretty much do what you want to do you wake up the morning and you're doing what you want to do
• 28:04
  um so then maybe you buy a Ferrari uh and then maybe a by Lamborghini and then maybe you buy
• 28:11
  something else and I just really feel that the uh the returns on on a bigger bank account
• 28:18
  after you've got autonomy um it gets tougher and tougher and tougher to get a return on more
• 28:26
  and more and more and more money I don't know I mean I even hit the hundred million dollar marks so
• 28:31
  maybe I'm breaking wrong maybe there's a lot of happiness no I have friends that have exited
• 28:37
  company for over a hundred million dollars I have not but I have I have good friends and I
• 28:42
  and I mean I don't see their lifestyle being significantly different than somebody who has
• 28:48
  exited the company for 20 or 30 or 40 mil I mean these are all large sums of money for for the
• 28:53
  average person uh but I mean for most people I've had this conversation there's a great uh
• 29:01
  finance youtuber Vivian too and we're talking about like what's your number and she's like her
• 29:06
  handles like the rich BFF or something like that she creates a whole bunch of finance kind of like
• 29:09
  this stuff um and I was I had her on the show and I was asking her what's her number and she's like
• 29:15
  it's 20 million because 20 million if I invest it in very low risk I can maybe get four to five
• 29:23
  percent back from that annually and then I'm running out of million dollars every single year
• 29:29
  and I mean that's a that's a fabulous amount of money because think about the things that people
• 29:32
  want they want vacations they want to stay in luxury resorts most people don't care about um like
• 29:40
  buying a sports team or owning a private island or yeah maybe with with a million dollars a year
• 29:46
  by the way you can fly private you wouldn't own your own jet but you fly private if you really care
• 29:51
  about that so you can have a private chef you can have a gardener I mean that's a fair amount of
• 29:57
  money for most people like most people's dreams are actually not that they're not huge they just
• 30:03
  want they just want to not worry about living paycheck to paycheck okay maybe it changed a
• 30:07
  little bit if you want to own a beautiful piece of real estate in Manhattan but I don't even think
• 30:11
  many people want to own a beautiful piece of real estate in Manhattan I think they actually again
• 30:15
  they're optimizing for their family their quality of life they're freedom so well that's a thoughtful
• 30:21
  question yeah it's a thoughtful question because I've thought a lot about that you know that meaning
• 30:26
  or definition success a lot um when I was younger probably 21 22 years old I I listened to a really
• 30:37
  cool audio series was on cassette date from rural night and gale called lead the field and he had
• 30:44
  an interesting definition for success I held on to it for a lot of years it said it was kind of
• 30:50
  worthy he said success is the progressive realization of a worthy goal or ideal that was kind
• 30:57
  of a mouthful at age 21 I had to think a lot about what that might mean as I've gotten older I've
• 31:04
  kind of gravitated towards something actually heard in church when I was even younger than that
• 31:08
  it just never really sunk in was you know to fulfill the measure of your creation and enjoy it
• 31:15
  find joy in that you know a bicycle is not successful until it's assembled and written by a child
• 31:23
  a an apple seed is not successful till it's planted nurtured grows into an apple tree and bears
• 31:31
  fruit in its kind and as I've thought about that gap between you know what I am now and that
• 31:40
  frustration of that gap before I could be the pursuit of closing that gap to to be who I to to
• 31:48
  fulfill potential you know I think one of the saddest saddest things is where you know I had a friend
• 31:55
  I had a friend of mine giving me kind of a strange compliment he was recommending that I work
• 32:00
  with someone and he told this someone so he says you know and this is years ago he says you know
• 32:05
  Andy now there's a guy there's anyone that has potential has them have filled it's that guy
• 32:09
  he meant it as a compliment but then when it came I says oh I think I came the wrong way you know
• 32:14
  but but it's an important thing to think about let let's uh I I'd be remiss this is bit out of order
• 32:21
  a bit of I'd remiss if I didn't talk about this you know in a way I think it'd be easier to be an
• 32:28
  entrepreneur you talked about you know getting a return on your ad spend the the term row as you
• 32:33
  used earlier I think it's yes and no I think it's easier in a lot of ways to be an entrepreneur in
• 32:41
  our day and age than maybe any other time we've ever had you know the the technology to communicate
• 32:49
  to deliver information logistically to deliver products and services and I'd I'd a dear relative
• 32:57
  who had a degree in computer science spent spent 30 years of his career you know trying to figure out
• 33:05
  the code that he could sell the software he could build the app he could come up with you know
• 33:10
  to make it happen and uh you know has a divorce loses you know those are painful emotionally
• 33:16
  financially and right towards the age retirement he starts he goes to Amazon buys a pumice stone
• 33:24
  that's on the end of a stick acquires some rights to that and it's a toilet scrubber and the guy
• 33:29
  winds up selling his Amazon business for all this cash where he can now retire and live off in
• 33:35
  the sunset and I said you know when you're in your computer science class as you ever think you'd make
• 33:39
  your your fortune with a pumice stone you know a rock on the end of a stick that cleans toilets
• 33:45
  you know it's amazing it is you know the the world we live in has opportunity with that said AI
• 33:52
  AI is kind of a game changer and it's it's there's more competition now so ease of access means
• 33:59
  more people are going to you know throw their hat in the ring of entrepreneurship what's your take
• 34:04
  your background technology how's AI going to change this for entrepreneurs is it is it uh
• 34:09
  gonna is it going to consolidate around the big guys and the big guys you're just going to make
• 34:15
  more or does the little guy still have a shot I think the little guy always has a shot so a couple
• 34:21
  a couple again a couple ideas on this for sure I one of my favorite graphs that I look at is a
• 34:27
  graph and you can go search this on google and you'll find it it's a graph that shows the amount of
• 34:31
  people required to build a million dollar company over time and if you go back to say 1950 maybe
• 34:37
  it's I'm making up these numbers maybe it's 30 or 40 or 50 people but if you fast forward then
• 34:42
  you look at 2024 to build a million dollar company it only takes one person and I think that
• 34:48
  the barrier to entry for entrepreneurship has never been lower which is great like you mentioned
• 34:52
  in that allows anybody to build and with no code tools and AI even non technical people can build
• 34:57
  technical products fabulous now you asked well what about the big guys are they just going to create
• 35:02
  all these solutions and the answer is no because even with even with access to no code tools and
• 35:09
  all these AI tools and platforms the one thing that big companies will never do is move
• 35:17
  as fast as early stage entrepreneurs or take as many risks as early stage entrepreneurs or build
• 35:23
  a culture of innovation like early stage entrepreneurs so the life cycle of entrepreneurship is small
• 35:28
  company starts to build something maybe it could be one person building code in developing it grows
• 35:33
  it makes a money it grows some more it makes some more money it starts to get some bloat it could
• 35:38
  either be acquired or and sometimes when it's acquired it's killed which is a totally different
• 35:43
  conversation and there's reasons for why companies don't acquire properly but if it keeps growing
• 35:48
  he's getting bloated and then eventually it will no longer be nimble enough to bring new products
• 35:53
  and solutions to market as quickly as again that one solo entrepreneur building at home in their
• 35:59
  parents basement so the cycle of entrepreneurship it allow it the barriers to entry have never been
• 36:05
  lower but again you should still build not because you should still build because of course you have
• 36:12
  the opportunity the barriers to entry are lower there will be competition but you will always have
• 36:16
  the opportunity to build something innovative that's solving a true pain point and you can usually
• 36:19
  do it much quicker than a large company so that's why when when he's an entrepreneur builds a
• 36:26
  solution that it would make sense that meta or Google or Amazon would just build an investors will
• 36:32
  say well you know how do I know that meta or Google or Amazon they're not just going to build that
• 36:38
  thing and then they're going to make you completely irrelevant because it will take them two to five
• 36:43
  years to build it and you can build it in two three four five months and also the thing is that the
• 36:50
  type of employee that gravitates towards a large company great point a collective collective group
• 36:57
  of them over time will be able to build it but companies know that if they want to have the best
• 37:02
  talent they are actually going to acquire the innovators that are trying to break things that have
• 37:07
  built solutions so maybe it's an aquahire maybe it's like maybe they just want you as an entrepreneur
• 37:13
  into their organization and building that thing that makes a million dollars per year in Google's
• 37:17
  eyes is nothing but it's your resume it's your it's your application to become a VP at Google
• 37:23
  pulling a five million dollar per year salary and working on innovative products so I think
• 37:28
  that there's always an argument to be made for somebody to build something fantastic stuff
• 37:35
  how do we how do we find your podcast and tell us a little bit about how people can
• 37:42
  you know like subscribe and and learn from these stories I think you've got one of the greatest
• 37:48
  jobs in the world I I mentioned before the show I I mentioned before we started the show it's like
• 37:53
  I didn't want to do a podcast it's like aren't you just another thing to do the learning
• 37:58
  um I mean it's been better it's been the best school I've ever been to yeah learning from people
• 38:06
  that from all walks of life from academia from business the investing world it's just been
• 38:15
  incredible education so how can people listen to what you do and and stay in touch with you
• 38:22
  yeah it's it's very easy so success story podcast.com you'll see all the audio links
• 38:27
  Spotify Apple YouTube's on there too we got a channel um and then all the social is at Scott
• 38:33
  DeClaire and I talk about entrepreneurship mindset basically if you just like more of what we just
• 38:38
  ripped off of for the past 30 40 minutes then you'll like my content so yeah I mean it's it's you
• 38:46
  find people you'd like to go to dinner with and just pick their brain forever and that's what's
• 38:50
  nice about guys that will share it will broadcast and not only your story but all of those success
• 38:55
  stories that uh there's little nuggets I had several today uh the idea that the little guy is
• 39:01
  always in there the idea that you've got to find a a passion stick with it the idea that uh there's
• 39:08
  a freedom you know that that you're seeking that's probably gonna you find that's worth more than
• 39:14
  than uh any material stuff and there's so much so much great uh great content in there so I
• 39:20
  thank you so much you've been and hang out uh just for a bit so I can thank you properly after the show
• 39:26
  you've been watching and listening to the the cash flow academy podcast I'm your host Andy Tanner
• 39:31
  so we do our best to make this stuff simple and uh don't forget to like and subscribe hit your
• 39:36
  notification bell and drop by your investing class.com for free goodies and and uh all things
• 39:43
  investing education hope you enjoyed our conversation today we'll see you next time