chiming in yep for the second time you know how

like we're gonna go to entrepreneurship sure you know how uh

it feels like anyway that it's kind of become like a trendy thing

to be an entrepreneur whereas a lot of times like you might even notice people

they don't know what they want to do they don't know what problem

they want to solve or product they want to develop they just want to be an

entrepreneur because it it seems like it's like this cool the

cool thing now do you find that to be the case and if

so is that a good thing ah

yes entrepreneurship i think that it is highly romanticized and uh

it's easy to believe all you got to do is drop out of college and next thing

you know you're a zuckerberg yeah and you have a

company with billions of dollars but that's not how it works folks

and uh i so i do think that entrepreneurship

is a mindset you don't have to start a company to be an entrepreneur

it's a and if you were to look at the spanish equivalent you know like

emprender to like undertake it is someone who makes something happen

and you can innovate within a company that is not your own

within an organization that is not your own or you can create a company

so it's someone who makes things happen at the end of the day so

who is it is it in a are we in a boom cycle i think if we're looking at tech

entrepreneurship absolutely i think that there are certain

experiences every human being should have even if they fail

i do think that starting a business or enterprise even if it's a side gig that

they moonlight is worth the education

but there's a huge survivorship bias out there meaning

so you open a barrens let's say and lo and behold you see all these

mutual funds advertising oh my god they've had incredible returns for 10

years straight well uh maybe they're just the mutual

funds that happen to survive by luck for 10 or 20 years they happen

to place the right bet so of the 500 well the other 490 are no longer

advertising so you're getting if you're getting a false sample size

and you see that a lot with entrepreneurship they don't talk enough

about the failures they don't talk enough about

the vast majority who will fail is it good

i think that it's good for certain groups

it's certainly good for investors if they can play the game well

because even if there are a thousand shitty ideas

that might mean if more people a higher percentage of

say high schoolers or college students or otherwise are going into

entrepreneurship that you get an extra five that change the world

at the end of the day so i am i am a big fan

of entrepreneurship even though much like anything else

that is perceived as high risk and therefore

treated sometimes with reckless abandon where people are throwing hail mary's

when they should be doing risk management

you're going to have a high fatality rate yeah

and i don't view that as a bad thing necessarily uh but i do think that

and this is actually uh a question that brian johnson

who's a friend of mine he started a company called braintree it was sold for

i think 800 million cash to ebay and uh he settled huh

yeah he said he uh say he shows up in uh in tools titans as

well but a question that he has because he's

constantly flooded with various questions from entrepreneurs who

want to make 800 million dollars let's say oh what should i do this

should i do that what about this idea what about that idea and he just asks

them is it an itch or is it a burn and he's

like if it's just a little itch don't do it you're going to fail

because for the other people out there where it's a burn

they can't not do it they're going to rip your face off

and uh that i think is a very good question

and you know the other one uh which i think originally

came from let me think about this now evander holyfield's first coach

told him that he could be heavyweight or at the time a probably cruiserweight

champion of the world and he asked amanda if he wanted to do

it and uh he said he didn't know he had to

ask his mom so he went back asked his mom yes i would like to do it

he said well is that is that a is that a dream or is that a

goal those are two very very different things

so i think that uh if you feel like you can't not do it or

on the flip side as i would probably approach it if you

can look at it as a short-term experiment where you're doing a phase

one to see if you can develop any traction

or get 10 friends to buy whatever it might be

and you can cap the downside i always think about this first i don't think

about the 800 million i might make how can i cap the downside

then by all means you're taking in my opinion the measured intelligent

approach hey yeah throw a bunch on the wall and

see if anything sticks yeah because it's not really

like the the trend the fad you know that i

mentioned um that's not really what it says

um it's like saying i mean now we kind of have this emergence of like

the grind work hard and that's now that's kind of cool

you know the the working sure 20 hours a week like that's kind of becoming like

you know uh who is it a gary vee how he you know grinding 20

hours a day yeah yeah yeah yeah yeah it's it's it can

work i think that you just have to be careful what i would

suggest everybody do and i'm not sure if it's still on

wikipedia i believe it is study cognitive biases yeah humans get

themselves into a lot of trouble with cognitive biases whether it's sunk cost

fallacy you've put x amount of money or time into something

and therefore you continue to put good money after bad because you feel

like you have to make it back the same way you lost it

or the survivorship bias that i talked about you have there's a big difference

between correlation and causation things that happen at the same time

things that for instance and things that cause

something else to happen so you you just have to ask like

of a thousand people who do x how many are going to get the outcome that is

being showcased and if the answer is i don't know then

you should be really careful about assuming

that a leads to b right uh and for me it also comes back to the adherence so

if i'm trying to coach a hundred

entrepreneurs and if i'm talking to three entrepreneurs it's very case by

case but if i'm talking to a class which i did for a long time

class of high-tech entrepreneurs 100 students hypothetically

i want the advice i give them to apply to

the greatest percentage of people in the class as possible or to be usable

and if i say 20 hours a day there might be one or two mutants who

can do that and sustain it the rest are going to flame out and

for me in that environment it's about finding

first the the good program you can follow

as opposed to the best program that will knock out 99

but environment dependent now if we're in buds okay that might be

a different situation if you're training dogs for say military

or police utilization probably a different story

if you are looking for athletes for ultra endurance competition or 24 hour

plus competitions you are looking for mutants make no

mistake about it but if i'm trying to encourage the

greatest number of people to attempt entrepreneurship and succeed

then i'm going to adjust my advice accordingly hey do you

ever i get a lot of sleep for instance people are like oh my god that ferrous

guy is a four hour you must get two hours of sleep a night

i've done all sorts of weird stuff with sleep deprivation i've done

polyphasic sleep where i've gotten whatever it is two to four hours

a night for ages on end but my default is eight to nine hours a

night i love sleep i'm sorry jacko but i just love it

hey do you ever get um like you know how like entrepreneurship

as like this the trendy thing to do do you ever get annoyed when you see like

posers you know you know how they subscribe to all the things

and then they always want to talk about it and they use all the jargon

you know

i would say i'll tell you what annoys me more i don't mind people who

are blissfully unaware and extremely enthusiastic because quite

frankly well i shouldn't speak for everybody but i think everybody's been

there like i remember graduating in 99 oh my god was i excited

to get into tech and entrepreneurship because i remember this fact i we

i kind of knew a friend of a friend who sold the company for some ungodly sum of

money 340 million i was like what that guy's smart but he's not that

smart yeah and it was a very exciting time and i i

don't think in that in that world that excitement

can be undervalued really i think it's the fuel i think

it's it's a big part of the fuel the people who bother me are

the b players who think they're elon musk

or the or the once you're lucky couldn't pull

it off twice or didn't attempt like once you're lucky twice you're good the

people who had good timing and now think they walk on water yeah

like like they can they start like a course now those kind of guys oh they're

a million different varieties and i mean i'd like i'd love to see them

all run off a cliff like lemmings i mean they make me

absolutely insane because the best of the best of the best when you meet them

they don't act like dicks well i should take it back there are

probably a few but in general they have nothing to prove

they have nothing to prove like marcelo garcia he doesn't walk around with

invisible lat syndrome yeah yeah like mean mugging people in

the street are you kidding me he could he could destroy all he just doesn't

he's so far above it he doesn't care he's a nice guy to begin with but uh

yeah the folks walk around with a lot of

attitude and are acting here's the here's the description

entitled people who feel like the world owes them something

those people make me insane and there's a lot of in silicon valley that's part

of the reason i stopped all of my early stage tech investing two years ago

i was like i'm out i'm out this is no fun anymore for a lot of

reasons but that was one of them i was like i'm sick of sitting down with

people who have something sketched out on a

piece of paper and now they're asking for 20 million

dollars or a 20 million dollar valuation i'm just like what have you done

hey good on you great plan i know you want to change the world like

everybody i've talked to today with your photo sharing app

fantastic what have you built before because you walked in here like you're

you know levitating because you walk on water

and i appreciate the confidence slash arrogance but what have you actually

built the entitlement is what i can't stand

and

one of my favorite answers i ask people a lot of the time if you could put

anything on a billboard what would your answer be so there are a

few favorites discipline equals freedom that's one

another is no one owes you anything that's good no

one owes you anything it's from a multiple time world

champion and uh yeah i think that

by hooker crook a lot of the entrepreneurs and otherwise

who feel entitled will get served humbled by whether it's by competition

or by the universe so i don't have to do it myself yeah i was

going to say i don't think this even has anything to do with entrepreneurs

you know you just get people that are actually yeah that's tough that's just

the way it is yeah yeah it's interesting it is

interesting to be that guy yeah my uh my brother he goes to san

francisco from time to time he has a tech company

um and they uh he he he said it's interesting that it's this

fad now like you have like groupies of tech entrepreneurship like you have

fanboys you have posers to be a business person you know it's

not like you know like a rock star anymore it's like

i'm a tech entrepreneur oh yeah it's uh it's a weird environment but

i'm very much of the opinion that as perverse as it might seem

or as perverse as it is on many levels and weird

and unsustainable there's good that will come from it yeah

um the more entrance you have in the race it's just like the more freaks and

mutants you're gonna find and those those people are interesting

so i'm cool with it i'm just gonna wait until there's blood in the streets and

the game's a little easier for me