Chapter
Don't Start a Company Solely to Solve a Problem
57:58 - 1:02:34 (04:35)
The idea of solving a problem shouldn't be the sole reason for starting a company as people have flaws, and it may isolate those who don't feel a strong sense of purpose. Some individuals start businesses because they relish the process of starting a business and then attempt to find different issues to tackle.
Clips
Performance-based pay can lead to big earnings if you knock it out of the park, but in most jobs, including sales, quotas keep rising to keep you from earning at the same rate.
57:58 - 58:54 (00:55)
Summary
Performance-based pay can lead to big earnings if you knock it out of the park, but in most jobs, including sales, quotas keep rising to keep you from earning at the same rate. Your best bet to build wealth is to get lucky, start a business or become a salesperson who is paid based on performance.
ChapterDon't Start a Company Solely to Solve a Problem
Episode#29 - Powder Diets, Instagrammable Experiences & Distribution First
PodcastMy First Million
The speaker shares their opinion on how they don't judge someone's philosophies or wisdom based on their entirety as a person, and how the "Rich Dad, Poor Dad" philosophy resonates with them despite controversy around the author.
58:54 - 59:40 (00:45)
Summary
The speaker shares their opinion on how they don't judge someone's philosophies or wisdom based on their entirety as a person, and how the "Rich Dad, Poor Dad" philosophy resonates with them despite controversy around the author.
ChapterDon't Start a Company Solely to Solve a Problem
Episode#29 - Powder Diets, Instagrammable Experiences & Distribution First
PodcastMy First Million
While starting a business to solve a problem is ideal, many people do the opposite by finding profitable opportunities.
59:40 - 1:00:29 (00:49)
Summary
While starting a business to solve a problem is ideal, many people do the opposite by finding profitable opportunities. One can also become successful by starting a small business that generates a significant amount of profit.
ChapterDon't Start a Company Solely to Solve a Problem
Episode#29 - Powder Diets, Instagrammable Experiences & Distribution First
PodcastMy First Million
The speaker bets money on the success of a restaurant owner he just met, highlighting the high earning potential in the industry based on a survey of 600 people.
1:00:29 - 1:01:01 (00:32)
Summary
The speaker bets money on the success of a restaurant owner he just met, highlighting the high earning potential in the industry based on a survey of 600 people.
ChapterDon't Start a Company Solely to Solve a Problem
Episode#29 - Powder Diets, Instagrammable Experiences & Distribution First
PodcastMy First Million
The podcast discusses whether starting a business because of an intrinsic desire to solve problems is better than starting one to make money.
1:01:01 - 1:02:34 (01:32)
Summary
The podcast discusses whether starting a business because of an intrinsic desire to solve problems is better than starting one to make money. The speaker shares his perspective and argues that building a successful business is about providing value to others.