Chapter
The Surprising Advantages of Owning an Independent Creative Business
18:49 - 25:41 (06:52)
Independent creative business owners have a better chance of entering the top 1% and 0.1% by creating a local monopoly, and are more likely to succeed with consistent hustle and networking efforts, according to tax data analysed by economist Tyler Cowen.
Clips
The benefits of owning a local monopoly, particularly for independent creatives, are underestimated in society.
18:49 - 23:02 (04:12)
Summary
The benefits of owning a local monopoly, particularly for independent creatives, are underestimated in society. Legally protected industries such as auto dealerships and beverage distributors prevent price wars and allow for more stability.
ChapterThe Surprising Advantages of Owning an Independent Creative Business
Episode#241: Seth Stephens-Davidowitz – Use Big Data To Transform Your Life
PodcastThe Danny Miranda Podcast
Studies have shown that independent creatives have better odds of success compared to other careers due to factors such as putting work out, traveling widely and networking.
23:02 - 25:41 (02:38)
Summary
Studies have shown that independent creatives have better odds of success compared to other careers due to factors such as putting work out, traveling widely and networking. Despite the reputation of being a risky career choice, it far outweighs businesses like an auto repair shop in terms of local monopoly.