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I was looking at the top 10 jobs, but I'm most likely to be disrupted by AI.

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And I really do worry about this.

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So the nature of the economy is changing.

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For a long time, blue-collar work like climbers, electricians, brick layers, has been devalued.

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But it could be in the next couple of years, these are the roles that are elevated the most,

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and that climbers regularly earn more than lawyers.

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And for the last 25 years, I've been building companies from scratch,

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and I've been through the global financial crisis and COVID,

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but I have never experienced what we're experiencing right now.

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I've never seen more fear for the disruption that is coming.

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And my real bad case for AI is that every time you go on AI,

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your request is going off to a big computer in a warmer size building somewhere,

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and those big, ginormous computers, they last three to four years before they need to be replaced.

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And this year ahead, we're going to spend 650 billion,

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and that could cause a massive financial collapse.

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That's the thing that I'm worried most about.

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However, I've never seen more excitement for the opportunities that are in front of us.

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So let's talk about in a world of AI, what are the skills that survive?

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So I really believe that everyone should build a little bit of a personal brat,

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not like to become an influencer,

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but position yourself with a group of people who know who you are and know what you do,

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and could enroll you in their opportunity.

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Second one, if there's one skill set that everyone should be learning at the moment,

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it's how do entrepreneurs think, how do entrepreneurs behave?

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What are the skills that make it entrepreneur successful?

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And entrepreneurs just simply follow six steps,

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and we do it over and over and over again,

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and we'll go through the six steps.

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So are there any particular opportunities that you think that anybody listening right now

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could pursue to make money?

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So I think one of the best opportunities is...

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That is such good advice that we don't hear enough.

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Guys, I've got a favour to ask before this episode begins.

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69% of you that listen to the show frequently haven't yet hit the follow button.

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And that follow button is very smart, because it means you won't miss the best episodes.

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The algorithm, if you follow a show, will deliver you the best episodes from that show

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very prominently in your feed.

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So when we have our best episodes on this show,

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the most shared episodes, the most rated episodes,

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I would love you to know, and the simple way for you to know that

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is to hit that follow button.

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But also, the fact that I think what 41% of you have chosen to follow this show,

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that listen to it regularly, is the reason why we've been able to improve everything.

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It's the simple, easy, free thing that you can do to help us make this show better.

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I would be hugely grateful if you could take a minute

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on the app you're listening to the song right now and hit that follow button.

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Thank you so, so, so much.

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Daniel, I think we're living in the most interesting, opportunistic,

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terrifying time to be an entrepreneur, a professional, to really be anybody,

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because this is a moment of such fundamental change.

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And I really want to have this conversation with you today,

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because I want to understand how you're thinking about AI,

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from an opportunity standpoint as an entrepreneur.

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But also just for everybody that's working in a normal job,

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and who is at risk of having their career, their livelihood,

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their identity, their qualifications,

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made redundant because there is now an alien amongst us that can do so much.

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So, this conversation really is about giving people answers,

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it's about being honest with them about what's coming,

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and it's about preparing them, setting them up,

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so that they have an advantage in the face of the future we face.

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So, give me the 30,000 feet view.

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Well, my background for the last 25 years has been building companies from scratch,

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and I've been through the .com, and I've been through global financial crisis,

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and I've been through Brexit and COVID.

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I have never experienced what we're experiencing right now.

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I've never seen more excitement for the opportunities that are in front of us,

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and I've never seen more fear for the disruption that is coming.

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We are living through transformational times

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that is very similar to 250 years ago,

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where the end of the agricultural age ended,

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and the beginning of the industrial age began.

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I would argue that it's more significant,

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because there's two forces that kind of keep me up at night.

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The first force is AI,

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which is, you can think of it as just the replacement of the human brain

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from this sort of productivity standpoint.

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And then the other is robotics,

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and the problem is, they're coming in at the same time.

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And I was watching, I don't know if you saw this the other day.

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I don't know.

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So I'll put this on the screen for anyone that's watching the video right now.

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But this is a demonstration that took place in China

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of how advanced their robots are.

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And I had to check multiple times to make sure that this wasn't fake.

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They are doing back flips and landing perfectly on their feet.

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And so when you combine intelligence with the disruption of our physical form,

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our muscles, our body, our ability to pick things up and move them through time and space,

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it begs the question like, where do we?

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Where do we fit in to all of that?

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Strangely, there's something called the Jevons Paradox.

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And the Jevons Paradox is a paradox where

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when we think something is going to completely disrupt the way that we live and work,

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it often has the opposite effect.

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We thought that YouTube was going to completely wipe out television.

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And it's true that Hollywood lost tens of thousands of jobs,

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but YouTube created 500 to 600,000 jobs at the same time.

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And it used to take 150 people to make a TV show or a movie.

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And now it's five to ten people making YouTube videos as a little team

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and they can have a wildly successful YouTube channel.

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With the Jevons Paradox, if we currently said that in order to have a successful software

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company right now today or in the last few years,

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you needed to have 10,000 customers and you needed to have a team of 50 people

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and you needed to raise one to five million dollars to get a software company off the ground.

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If all of a sudden the cost and the commitment drops dramatically

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to have a software company and you only need 500 customers to work to make it work.

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And you only need two people on a team to make it work

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and you only need a tiny bit of funding to make it work.

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What happens is like YouTube channels,

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you can end up with literally millions of tiny little software businesses

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that are super successful for five to ten people

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and they do something niche and they do something special.

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They don't look like traditional software companies either.

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So a traditional software company would just do the software.

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Whereas these little software companies might do software plus they might do dinner parties

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where the clients get together.

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They might have an annual ski retreat.

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They might have a podcast and a YouTube channel that goes with it

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and all of that could be done by five to ten people using AI tools.

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So the Jevons Paradox would basically say that there are as millions of unmet needs

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and that those unmet needs are not explored because the cost to explore them is too high.

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But because the cost to explore those has come down.

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Then now we can actually have millions of businesses that never existed

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that we didn't even know we needed to exist.

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I was sat here the other day with Dara, who is the CEO of Uber.

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He turned around Expedia, made it super profitable,

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turned around Uber that was losing two billion,

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made it generate about nine billion in revenue, 10 billion in revenue.

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And he sat there and said to me that their 9,000 careers and drivers

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won't have jobs in the future.

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And so I said and go, okay, so what are they going to do?

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Are they all going to start businesses somewhere?

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I think one of the interesting things about AI is the speed of transition.

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With the Industrial Revolution there's a little bit of a delay

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because infrastructure took time to build.

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It takes a long time to build.

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But this is the first innovation that I've lived through that is built on...

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It's instantaneous.

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The internet.

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The minute an AI learns how to be a lawyer in one place,

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it can be a lawyer in every place.

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You're minute it learns how to diagnose a disease in one location,

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in one hospital, it can diagnose a disease in every hospital in the world.

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So it's this instantaneous rollout

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because it sits on top of a network that already exists.

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This is what actually Boston Dynamics said to me.

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I was watching a video of their new robot that's working in factories.

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It's a humanoid robot can work in factories,

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pick things up, move things around.

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They said the great thing about robotics

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is if one of our robots on a shop for a Boston learn something,

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all of our robots learn it.

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It's wild.

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I'm so fucking out.

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So yesterday Tesla built and they took this wonderful photo

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because they built the world's first Tesla cyber cab.

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And if anyone doesn't know what a Tesla cyber cab is,

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it's the first ever fully autonomous car

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that doesn't have a steering wheel and it doesn't have pedals.

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Yeah, you just hop in and there's no steering wheel,

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no pedals, you can't take control even if you wanted to.

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The cyber cab is the company's answer to vehicles like the Waymo,

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the two C2C2 coupé unveiled in 2024,

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comes without steering wheel or pedals.

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It's guided by AI and they're now making them.

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The first one was made yesterday.

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Again, over 100 million people's job is to drive.

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You can get one of these now for Elon's saying $30,000.

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You can rent them, lease them.

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You can buy a bunch of investment assets and set them out.

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Set up your own fleet and connect them to different networks like Uber

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and all of those sorts of things.

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And the cost to move around is going to go through the floor

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because my Uber to come here today was probably $50.

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And that will probably be $6 or $7 once that is rolled out.

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So the thing that with the Javans paradox

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is it doesn't mean that everyone gets the same job

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and that they get like there's just more of exactly the same jobs.

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It means that the transformation creates an exponential growth

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as a result of the transformation in an unexpected way.

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So growing up, my mum worked in newspapers

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and there was probably half a million people working in newspapers

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as journalists and all of those sorts of things.

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And that has dropped by 80% in the last 25 years.

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But at the same time, the number of people who are bloggers,

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the number of people who have substacts,

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the number of people who are doing the kind of work of journalists

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and actually making money as a result of content creation

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has gone 100x.

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So I think it's something like three to four times more people now

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make their money in a way that kind of looks like a journalist

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than there ever were journalists prior to the technology

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that disrupted journalists.

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So it's not that those exact same jobs are replicated.

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It's that something similar emerges as a result.

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I understand this and when I read about the Germans paradox,

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I ran it through my head multiple times

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to understand how it fits in different industries.

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But there is a part of me that still thinks this is slightly different

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because in the example you gave where there was a content creation industry

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that was then disrupted by a content creation industry,

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I go, yeah, this skill of intelligence

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was still, of human intelligence, was still rare and scarce

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and only humans had it.

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So the disruption of a content creation industry

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to a different content creation industry

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was still owned by humans.

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That transition was still a human one.

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But in such a world where AI agents can make,

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if you go on a lot of social media platforms,

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I shan't name which ones, it's just pure AI slop now.

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Yes.

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It's just people's agents churning out content

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that they haven't touched or done anything about.

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And then I was, I think I started saying to you

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before we started recording that what we're going to experience

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and what I think a lot of people don't fully embrace

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about this idea of becoming a content creator for a living

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or building a personal brand

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is when you look at some of the graphs

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and I'll throw the graphs from the Financial Times article on the screen,

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there's now a plateau of people spending time online

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and the first time in history, well, in the first time in internet history,

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Gen Z especially were the first generation to plateau in their time spent.

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But the amount of content, the amount of AI agents,

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the amount of people that are now choosing to make to do content as a living

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is exploding.

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Yes.

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So you have a supply and demand issue

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where there's a set amount, really like a set amount of hours,

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can sort of consumption hours.

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And then you have this huge exponential explosion in available content

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because a kid in Mumbai can produce a limited resource.

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But content isn't.

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And content is unlimited.

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No.

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Yeah, and also, so AI slop is just rolling in

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and also AI slop doesn't do it justice.

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Some of my favorite things to watch is AI agent.

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I mean, doing AI.

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So think about it when it comes to personal brand,

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think about it a little bit like an airport

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that the airport has got this fog that is rolling in.

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If your airplane is already above the fog,

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then you can continue to fly.

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But if your airplane is not taking off already,

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then the fog is going to keep you on the ground.

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So like, for example, you've invested so much into your personal brand

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and people will come along to see you live and they would love to go to dinner party

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series that involves you.

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And there's a whole community around Doaac.

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So all of those things means that your airplanes

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already up in the air, you can continue to fly.

254
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But if you are starting two years from now or a year from now

255
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or maybe even six months from now and you weren't smart about it,

256
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there's just too much AI generated content.

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You won't get traction.

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You won't get that lift off moment the same way.

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That opportunity is coming to an end

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because of that AI generated content.

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What I'm seeing in the algorithms,

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we do some data analysis every year

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on the variance of performance of pieces of content.

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We produce on different channels.

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Now, I've been making social media content for 15 years.

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So I have a bit of a sort of a mental history.

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I've like every year us doing this this particular data analysis

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to see the variance between the worst thing we post

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and the best thing we post.

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And this year we did the same,

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we ran the same analysis with my data science team,

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led by Austin and my team,

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to see if the variance between the worst thing we post

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and the best thing we post is getting bigger.

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Because what that kind of is a proxy of

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is the algorithm carrying less and less and less

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about how many followers I have.

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And is it carrying more and more and more

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about whoever posts the most interesting thing today,

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which is if I was building a social media company

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and my primary objective was to retain people,

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I wouldn't care if you have two followers

283
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and Stephen has 500 followers,

284
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I would just care about who posts the best thing.

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So we did that analysis and it's an almost perfect graph

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that looks like this.

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And this is the variance increasing.

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Which actually means that,

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okay, Stephen's taken off from the sky,

290
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but every day I weigh up increasingly,

291
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it doesn't matter what I did yesterday.

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What we've seen is the end of social media

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and the birth of algorithmic media.

294
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Interest algorithms, we call them.

295
00:13:49.760 --> 00:13:53.040
Yeah, so social media was all about connecting with your friends

296
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and finding out what your friends are doing.

297
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And algorithmic media is just finding out

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what the algorithm thinks that you should be watching today.

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But with that said, there's this multi-dimension to it,

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which is you've got books, you've got live events,

301
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you've got the podcast,

302
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and it's the multi-dimensional angle

303
00:14:08.320 --> 00:14:10.080
that actually really sets you apart.

304
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The creators that just simply want to put a piece of content

305
00:14:13.280 --> 00:14:15.680
on YouTube and get paid through AdSense revenue

306
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and that really simple, that one-dimensional model,

307
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that's coming to an end.

308
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But the creators that have a community

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and they meet up in the real world,

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all of that is part of an overall ecosystem

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that is very defensible.

312
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Because people want all of that packaged up together.

313
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Why is it fundamentally defensible

314
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from if we think about first principles

315
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or human misleviant needs?

316
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Let me give you a big answer to that,

317
00:14:37.280 --> 00:14:40.320
which is if we go back in time to the agricultural age,

318
00:14:40.320 --> 00:14:44.160
farmers had to know when was a good time to plant the crops.

319
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And then they had to go out and toil the soil

320
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and put the seed in the soil.

321
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And the soil did most of the value creation in the economy.

322
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At the end of that process, the farmer had to know

323
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this is the data harvest,

324
00:14:55.360 --> 00:14:56.800
and then we need to harvest that

325
00:14:56.800 --> 00:14:59.040
and we need to turn it into something and take it to market.

326
00:14:59.840 --> 00:15:01.520
And AI is very similar,

327
00:15:01.520 --> 00:15:04.560
which is that it's very good at doing the middle to the middle.

328
00:15:04.560 --> 00:15:08.320
It's not good at knowing what to do in the very first instance

329
00:15:08.320 --> 00:15:11.120
or knowing when to stop and how to take it to market.

330
00:15:11.120 --> 00:15:14.160
So the entrepreneur's job is to do step one and two,

331
00:15:14.720 --> 00:15:16.640
let AI do steps three to eight,

332
00:15:16.640 --> 00:15:18.160
and then do steps nine and ten.

333
00:15:18.800 --> 00:15:21.920
And to basically have a coherent, cohesive view

334
00:15:21.920 --> 00:15:24.320
as to what you're trying to get the AI to create.

335
00:15:24.320 --> 00:15:26.320
Theoretically though, I could ask an AI agent

336
00:15:26.320 --> 00:15:28.160
to think about the goal that will benefit me the most

337
00:15:28.160 --> 00:15:31.200
and make as many AI agents as it needs to to fulfill that goal.

338
00:15:31.200 --> 00:15:32.880
And then it would make start one business

339
00:15:32.880 --> 00:15:33.840
and then would start another business.

340
00:15:33.840 --> 00:15:34.880
Start lots of different businesses.

341
00:15:34.880 --> 00:15:35.520
Start another business build.

342
00:15:35.520 --> 00:15:37.840
Another website, contact a supplier.

343
00:15:37.840 --> 00:15:41.440
I think what you're into here is two or three steps ahead of yourself

344
00:15:41.440 --> 00:15:44.720
where all of this is theoretically possible,

345
00:15:44.720 --> 00:15:47.120
but we haven't seen those kind of examples happening yet.

346
00:15:47.120 --> 00:15:50.960
We haven't seen whether that will ultimately unfold.

347
00:15:50.960 --> 00:15:52.160
I'm not saying it won't.

348
00:15:52.160 --> 00:15:54.480
I think we are moving into a completely new economy.

349
00:15:54.480 --> 00:15:58.480
Like when you lived in the agricultural age,

350
00:15:58.480 --> 00:16:01.440
it was completely unbelievable to you

351
00:16:01.440 --> 00:16:03.040
what the industrial age would have looked like.

352
00:16:03.040 --> 00:16:05.680
Like it's beyond all comprehension

353
00:16:05.680 --> 00:16:08.000
if you had an agricultural age mindset

354
00:16:08.000 --> 00:16:11.120
to imagine factory production or coal production.

355
00:16:11.120 --> 00:16:12.480
And the thing the principle there

356
00:16:12.480 --> 00:16:14.400
that allows you to see what the future might look like

357
00:16:14.400 --> 00:16:16.160
when it's exponentially not linear

358
00:16:16.160 --> 00:16:18.480
is imagining any rate of improvement.

359
00:16:18.480 --> 00:16:21.280
And so this is how I think always in my businesses,

360
00:16:21.280 --> 00:16:23.280
when I'm thinking about which bet to make,

361
00:16:23.280 --> 00:16:25.360
I imagine if there's just five percent

362
00:16:25.360 --> 00:16:29.440
rate of improvement per quarter, eventually this happens.

363
00:16:29.440 --> 00:16:32.160
And so with some things we've done on the show,

364
00:16:32.160 --> 00:16:33.760
we started two years ago.

365
00:16:33.760 --> 00:16:36.160
And for the first 18 months, it didn't work.

366
00:16:36.160 --> 00:16:38.320
And then six months ago, it exploded.

367
00:16:38.320 --> 00:16:40.080
Because eventually the rate of improvement

368
00:16:40.080 --> 00:16:41.600
got to the point where it was viable.

369
00:16:41.600 --> 00:16:43.120
And now it's the single most important

370
00:16:43.120 --> 00:16:44.800
destructive thing we've ever done.

371
00:16:44.800 --> 00:16:47.120
And I think about what the example I just gave there of agents,

372
00:16:47.120 --> 00:16:49.040
I'm like, if you just imagine any rate of improvement,

373
00:16:49.040 --> 00:16:50.960
just imagine 1% a year.

374
00:16:50.960 --> 00:16:52.080
And obviously it's way more than that,

375
00:16:52.240 --> 00:16:54.480
but imagine 1% a month, eventually we get to a point

376
00:16:54.480 --> 00:16:55.440
where a team of agents can lose.

377
00:16:55.440 --> 00:16:57.280
If nothing, if nothing disrupts it,

378
00:16:57.280 --> 00:16:59.920
one thing that is very likely to happen

379
00:16:59.920 --> 00:17:02.400
in the next three years is the whole thing comes crashing down.

380
00:17:03.440 --> 00:17:05.680
It doesn't financially to make any sense

381
00:17:05.680 --> 00:17:07.520
to build the data centers that we're building.

382
00:17:07.520 --> 00:17:09.680
But you're not saying that AI is going to disappear.

383
00:17:09.680 --> 00:17:11.760
The technology itself is remarkable,

384
00:17:12.400 --> 00:17:15.520
but the financial model just makes no sense whatsoever

385
00:17:15.520 --> 00:17:16.240
at the moment.

386
00:17:16.240 --> 00:17:19.120
At the moment, which is kind of typical of bubbles, right?

387
00:17:19.440 --> 00:17:21.440
So over the last 180 years,

388
00:17:21.440 --> 00:17:23.440
there have been infrastructure buildouts

389
00:17:23.440 --> 00:17:25.920
that have bankrupted the economy consistently again

390
00:17:25.920 --> 00:17:26.640
and again and again.

391
00:17:27.200 --> 00:17:28.240
In fact, there's a pattern.

392
00:17:28.880 --> 00:17:33.200
Whenever we spend more than 3% of the overall GDP of the economy

393
00:17:33.200 --> 00:17:34.480
on an infrastructure buildout,

394
00:17:34.480 --> 00:17:37.760
it bankrupts the economy briefly for 10 years.

395
00:17:37.760 --> 00:17:38.560
Right?

396
00:17:38.560 --> 00:17:40.960
So this happened when we did railway tracks.

397
00:17:40.960 --> 00:17:42.560
In fact, it happened twice in the UK

398
00:17:42.560 --> 00:17:44.880
and twice in the USA.

399
00:17:44.880 --> 00:17:48.320
Then we bankrupt ourselves putting the electrification grid in place.

400
00:17:48.320 --> 00:17:51.200
We bankrupted ourselves putting highways in place.

401
00:17:51.200 --> 00:17:54.240
Now, there's something that makes this worse than ever before.

402
00:17:55.120 --> 00:17:57.360
And that is that when we built train tracks,

403
00:17:57.360 --> 00:17:59.040
they lasted for 100 years.

404
00:17:59.040 --> 00:18:02.000
When we built roads, they lasted 50 plus years.

405
00:18:02.000 --> 00:18:03.280
A telecommunications,

406
00:18:04.080 --> 00:18:05.520
fiber optics, 30 years.

407
00:18:06.080 --> 00:18:08.880
All of these investments were multi-decade investments

408
00:18:08.880 --> 00:18:12.720
that we could get benefit from and leverage for decades.

409
00:18:13.360 --> 00:18:15.280
Data centers last three to four years

410
00:18:15.280 --> 00:18:16.560
before they need to be replaced.

411
00:18:17.200 --> 00:18:20.960
So we are building something that has a three to four-year life cycle

412
00:18:20.960 --> 00:18:22.960
that costs hundreds of billions

413
00:18:23.840 --> 00:18:25.920
and it has to be replaced every few years.

414
00:18:25.920 --> 00:18:29.760
And there is no financial model attached to this that justifies it at all.

415
00:18:29.760 --> 00:18:32.560
So one thing that I'm predicting

416
00:18:32.560 --> 00:18:35.440
is that in 2029, 100 years after the Great Depression,

417
00:18:36.080 --> 00:18:38.560
we will see a massive financial meltdown

418
00:18:38.560 --> 00:18:40.240
based off the back of these data centers

419
00:18:40.240 --> 00:18:41.920
that have been developed at the moment.

420
00:18:42.560 --> 00:18:44.800
And for someone that doesn't know what a data center is?

421
00:18:44.800 --> 00:18:48.480
So it's like a big Walmart or an airport filled with computers

422
00:18:49.200 --> 00:18:51.440
and those computers are running AI.

423
00:18:52.320 --> 00:18:53.840
So every time you go on AI,

424
00:18:53.840 --> 00:18:57.600
your request is going off to a big computer

425
00:18:57.600 --> 00:18:59.600
in a Walmart size building somewhere.

426
00:19:00.160 --> 00:19:03.360
But those GPUs, those computer stacks,

427
00:19:03.360 --> 00:19:04.960
those big ginormous computers,

428
00:19:05.680 --> 00:19:07.360
they are like iPhones.

429
00:19:07.360 --> 00:19:10.160
They last about three years before they get superseded.

430
00:19:10.160 --> 00:19:12.800
This year ahead, we're going to spend 650 billion.

431
00:19:13.280 --> 00:19:16.400
650 billion sounds like so abstract.

432
00:19:16.400 --> 00:19:19.680
It's the equivalent of giving every single person in America

433
00:19:19.680 --> 00:19:21.840
an iPhone pro with AirPods.

434
00:19:22.480 --> 00:19:23.920
But here's the crazy thing.

435
00:19:23.920 --> 00:19:28.000
95% of people who are being given the free iPhone

436
00:19:28.800 --> 00:19:29.840
are not willing to pay for it.

437
00:19:30.560 --> 00:19:33.280
And the tiny number of people who are willing to pay for it,

438
00:19:34.000 --> 00:19:37.360
they're only willing to pay $20 a month, most of them.

439
00:19:37.360 --> 00:19:38.720
So this $20 a month,

440
00:19:38.720 --> 00:19:40.960
everyone's getting a free iPhone effectively.

441
00:19:41.040 --> 00:19:44.400
And then a small 5% of people are willing to pay $20 a month,

442
00:19:44.400 --> 00:19:47.280
the numbers are just astronomically out of balance.

443
00:19:47.840 --> 00:19:49.440
The numbers are astronomically out of balance.

444
00:19:49.440 --> 00:19:50.240
So what happens next?

445
00:19:50.240 --> 00:19:52.800
You're predicting in 2029, there's a financial crash.

446
00:19:52.800 --> 00:19:55.600
There's not a 0% chance that the financial model

447
00:19:55.600 --> 00:19:59.360
around what we've launched with AI is catastrophic.

448
00:19:59.360 --> 00:20:02.720
It's a huge financial problem that very few people are talking about.

449
00:20:02.720 --> 00:20:04.880
So let's talk about in a world of AI,

450
00:20:05.760 --> 00:20:09.760
what are the skills that survive?

451
00:20:09.760 --> 00:20:13.120
And what are the professions that you believe survive?

452
00:20:13.120 --> 00:20:14.640
You've got children, Daniel.

453
00:20:15.200 --> 00:20:16.480
When they come to you and they say,

454
00:20:16.480 --> 00:20:18.560
that I'm hearing about all this AI stuff

455
00:20:18.560 --> 00:20:20.560
and I've seen these robots in China doing backflips.

456
00:20:21.600 --> 00:20:23.520
What should I be learning now

457
00:20:23.520 --> 00:20:26.800
to make sure that the next 20, 30, 40 years of my career is prosperous?

458
00:20:26.800 --> 00:20:30.320
It's the entrepreneurial skill set that is the most important skill set.

459
00:20:30.320 --> 00:20:34.640
It is essentially the skills of identifying an opportunity,

460
00:20:35.200 --> 00:20:37.440
prototyping fast and cheap experiments

461
00:20:37.440 --> 00:20:39.200
to see if you've got something that people want,

462
00:20:40.160 --> 00:20:42.800
taking it to market, making your initial sales,

463
00:20:42.800 --> 00:20:45.360
scaling up to your addressable market,

464
00:20:45.360 --> 00:20:48.080
and then exiting and then coming up with a new idea.

465
00:20:48.080 --> 00:20:50.320
Because even if you're in a big corporate,

466
00:20:50.320 --> 00:20:51.920
they're going to want to prototype things.

467
00:20:51.920 --> 00:20:53.840
They're going to spin out new products.

468
00:20:53.840 --> 00:20:55.920
They're going to want to come up with new initiatives.

469
00:20:55.920 --> 00:20:58.160
And we need to step through that process.

470
00:20:58.160 --> 00:21:00.160
Is this a good idea or not?

471
00:21:00.160 --> 00:21:01.440
Can we validate it?

472
00:21:01.440 --> 00:21:02.800
Can we scale it?

473
00:21:02.800 --> 00:21:04.320
And you want to go through that process

474
00:21:04.320 --> 00:21:05.920
as fast and as cheap as possible

475
00:21:06.000 --> 00:21:07.440
the way an entrepreneur would?

476
00:21:07.440 --> 00:21:09.680
At all that first point of identifying a good idea.

477
00:21:10.880 --> 00:21:15.280
Now, is there any way to know if the idea that I have

478
00:21:15.280 --> 00:21:16.960
is a good idea or a bad idea?

479
00:21:17.520 --> 00:21:20.000
Yeah, this is a step that entrepreneurs call validation.

480
00:21:20.000 --> 00:21:22.880
And the rookie entrepreneurs that fail,

481
00:21:22.880 --> 00:21:24.320
they don't do this step very well.

482
00:21:24.320 --> 00:21:26.160
So they don't do market validation.

483
00:21:26.160 --> 00:21:27.680
They don't do product validation.

484
00:21:27.680 --> 00:21:29.680
They simply get excited about an idea

485
00:21:29.680 --> 00:21:31.520
and then they go all in on the idea.

486
00:21:31.520 --> 00:21:34.800
And what really experienced entrepreneurs do

487
00:21:34.880 --> 00:21:38.640
is that we come up with ways to do fast cheap experiments.

488
00:21:38.640 --> 00:21:41.840
So for example, last year I had two ideas.

489
00:21:41.840 --> 00:21:45.200
And I actually kind of liked one a lot

490
00:21:45.200 --> 00:21:46.960
and I liked one a little bit.

491
00:21:46.960 --> 00:21:49.760
And what I did is I set up a waiting list campaign

492
00:21:49.760 --> 00:21:52.560
and I basically invited people to join the waiting list

493
00:21:52.560 --> 00:21:53.440
for idea number one.

494
00:21:54.000 --> 00:21:56.960
And about 750 people joined that waiting list

495
00:21:56.960 --> 00:21:58.880
and they filled in a set of questions

496
00:21:58.880 --> 00:22:01.840
so that I knew that 750 people were interested

497
00:22:01.840 --> 00:22:02.400
in this idea.

498
00:22:02.400 --> 00:22:03.440
This was my favorite idea.

499
00:22:04.000 --> 00:22:06.800
And then the second idea I invited people

500
00:22:06.800 --> 00:22:07.840
to join that waiting list

501
00:22:08.480 --> 00:22:11.200
and four and a half thousand people joined that waiting list.

502
00:22:11.200 --> 00:22:14.000
So even though this wasn't my favorite idea,

503
00:22:14.000 --> 00:22:16.320
it was way more exciting for people

504
00:22:16.320 --> 00:22:19.120
and it was sitting on top of a much bigger need.

505
00:22:19.760 --> 00:22:22.400
So off the back of collecting four and a half thousand people

506
00:22:22.400 --> 00:22:23.200
on the waiting list

507
00:22:23.200 --> 00:22:25.360
and collecting all the data and the information,

508
00:22:25.360 --> 00:22:27.120
we went to some angel investors

509
00:22:27.120 --> 00:22:29.040
about a week later after doing that

510
00:22:29.040 --> 00:22:30.880
and we raised quarter of a million pounds

511
00:22:30.880 --> 00:22:32.560
so about three or four hundred thousand dollars

512
00:22:33.280 --> 00:22:34.880
and all of that took about a week or two.

513
00:22:35.600 --> 00:22:38.560
With that example, how do you know

514
00:22:38.560 --> 00:22:40.080
that the business itself

515
00:22:40.720 --> 00:22:42.400
and the delivery of that idea

516
00:22:42.400 --> 00:22:43.680
actually meets their expectation?

517
00:22:43.680 --> 00:22:45.200
Because I can think of multiple examples

518
00:22:45.200 --> 00:22:49.520
where someone clicked on an idea that I had

519
00:22:49.520 --> 00:22:51.680
but actually the delivery of that idea

520
00:22:51.680 --> 00:22:53.200
fell short of expectation.

521
00:22:53.760 --> 00:22:55.920
Because sometimes things can sound good

522
00:22:55.920 --> 00:22:58.720
when you see the flyer or the poster or whatever.

523
00:22:58.720 --> 00:23:00.240
But the reality of the experience

524
00:23:00.240 --> 00:23:01.760
is actually not that great.

525
00:23:01.840 --> 00:23:04.160
So let me walk you through the six steps quickly.

526
00:23:04.160 --> 00:23:07.360
Step one is called Founder Opportunity Fit

527
00:23:07.360 --> 00:23:09.360
and Founder Opportunity Fit is finding something

528
00:23:09.360 --> 00:23:10.240
that you want to do.

529
00:23:10.240 --> 00:23:11.920
Step two is validation.

530
00:23:11.920 --> 00:23:14.000
So this is where we actually try and see

531
00:23:14.000 --> 00:23:14.880
is there a market?

532
00:23:14.880 --> 00:23:16.240
Could we build something?

533
00:23:16.240 --> 00:23:17.200
Could we sell something?

534
00:23:17.200 --> 00:23:18.800
So that's two validation.

535
00:23:18.800 --> 00:23:19.440
Can we build it?

536
00:23:19.440 --> 00:23:20.400
Can we sell it?

537
00:23:20.400 --> 00:23:22.800
Step three is called Product Market Fit

538
00:23:22.800 --> 00:23:25.440
and this is the next step where you're actually trying to figure out

539
00:23:25.440 --> 00:23:28.080
can we actually make this live up to people's expectations

540
00:23:28.080 --> 00:23:29.120
so that they really like it?

541
00:23:29.120 --> 00:23:30.560
Is there a group of people who buy this

542
00:23:30.560 --> 00:23:32.000
and they're happy with the purchase?

543
00:23:32.000 --> 00:23:34.880
And we want to do that carefully and cheaply.

544
00:23:34.880 --> 00:23:37.600
And then finally, once people sell or the next step,

545
00:23:37.600 --> 00:23:39.440
once people say, yes, we can do that.

546
00:23:40.000 --> 00:23:43.200
We go to market and go to market is making sales.

547
00:23:43.760 --> 00:23:45.920
And then after going to market, we scale up.

548
00:23:46.480 --> 00:23:47.840
Right? Step five.

549
00:23:47.840 --> 00:23:49.520
And then the final step is we exit.

550
00:23:50.080 --> 00:23:51.920
So we go through those six steps

551
00:23:51.920 --> 00:23:54.080
and we call that a value creation loop.

552
00:23:54.080 --> 00:23:56.960
And that value creation loop goes through those six steps

553
00:23:56.960 --> 00:23:58.960
and each step has its own little job.

554
00:23:58.960 --> 00:24:02.640
And what we're trying to do is just validate, go to the next step,

555
00:24:03.200 --> 00:24:05.360
achieve the milestones, go to the next step.

556
00:24:06.160 --> 00:24:07.920
And that's how we do it as entrepreneurs.

557
00:24:08.480 --> 00:24:11.440
So in a world of AI, are there any particular opportunities

558
00:24:11.440 --> 00:24:14.400
that you think are new and exciting

559
00:24:14.960 --> 00:24:17.280
that anybody listening right now could pursue to make money,

560
00:24:17.280 --> 00:24:19.040
whether it's passive income on the side

561
00:24:19.040 --> 00:24:22.480
or to leave their current role and pursue entrepreneurship for?

562
00:24:22.480 --> 00:24:25.600
Well, the starting point is that everything is an opportunity.

563
00:24:25.600 --> 00:24:26.960
Because what do entrepreneurs do?

564
00:24:27.760 --> 00:24:30.000
We find things that could be done better faster cheaper

565
00:24:30.000 --> 00:24:31.440
or with more emotional benefits.

566
00:24:31.440 --> 00:24:34.800
But has AI created any particular interesting opportunities in your view

567
00:24:34.800 --> 00:24:37.440
that you think that's a huge arbitrage opportunity?

568
00:24:37.440 --> 00:24:40.080
I think one of the best opportunities is a small SaaS company.

569
00:24:40.560 --> 00:24:44.160
So software as a service was an elite-level business opportunity

570
00:24:44.160 --> 00:24:46.480
that very, very few people could enter.

571
00:24:46.480 --> 00:24:49.440
That was something that only maybe tens of thousands

572
00:24:49.440 --> 00:24:52.560
or hundreds of thousands of founders at most globally

573
00:24:52.560 --> 00:24:54.160
could have a software company.

574
00:24:54.160 --> 00:24:55.840
So it was very, very elite.

575
00:24:55.840 --> 00:24:58.640
And the reason it was elite is because it was very, very hard

576
00:24:58.640 --> 00:25:02.240
to mobilize the talent required to build a software company.

577
00:25:02.240 --> 00:25:06.480
You probably needed maybe 10, 20 or 30 developers

578
00:25:06.480 --> 00:25:09.520
to build a software product that would actually be a good software product.

579
00:25:09.520 --> 00:25:11.360
You needed to raise millions of dollars

580
00:25:11.360 --> 00:25:14.480
to get through the costs of developing software companies.

581
00:25:14.960 --> 00:25:16.960
And you probably needed 10,000 customers

582
00:25:16.960 --> 00:25:18.560
to have a break-even software company.

583
00:25:19.200 --> 00:25:23.360
Now, because of AI, all of those costs have massively come down.

584
00:25:24.000 --> 00:25:26.560
And there are software companies that are wildly profitable

585
00:25:26.560 --> 00:25:29.200
that have 500 customers or a thousand customers.

586
00:25:29.200 --> 00:25:30.960
They service a tiny little niche.

587
00:25:31.680 --> 00:25:33.840
They attach a community and some media

588
00:25:33.840 --> 00:25:36.480
and some training to those little software niches.

589
00:25:36.480 --> 00:25:39.920
So one of the most exciting things is that if you essentially said

590
00:25:40.800 --> 00:25:45.200
that I would like to take what I know, turn it into a playbook,

591
00:25:45.200 --> 00:25:49.120
take that playbook, ask AI to advise me on what software we could create

592
00:25:49.120 --> 00:25:51.520
and then use AI tools to build out that software.

593
00:25:52.160 --> 00:25:56.880
You're able to get very deep into that journey for almost no money.

594
00:25:57.600 --> 00:25:59.360
I was thinking about this the other day,

595
00:25:59.360 --> 00:26:03.680
because in my company, we're rebuilding our entire ATS ourselves.

596
00:26:04.240 --> 00:26:07.760
So an ATS is basically the system you use when you recruit people.

597
00:26:07.760 --> 00:26:09.200
Everyone's name goes into the ATS.

598
00:26:09.200 --> 00:26:10.800
It's kind of like a search engine.

599
00:26:10.800 --> 00:26:11.600
Like a tracking system.

600
00:26:11.600 --> 00:26:13.280
Yeah, like a database of where candidates

601
00:26:13.280 --> 00:26:15.120
who have applied for your company currently are.

602
00:26:15.120 --> 00:26:16.480
And over the last couple of years,

603
00:26:16.480 --> 00:26:19.040
I've paid tens of thousands of dollars every year

604
00:26:19.040 --> 00:26:20.880
for an ATS for my companies.

605
00:26:20.880 --> 00:26:22.240
And this year, I thought, you know what, actually,

606
00:26:22.240 --> 00:26:24.640
I reckon we could build an ATS in a couple of weeks ourselves.

607
00:26:24.640 --> 00:26:25.200
Of course.

608
00:26:25.200 --> 00:26:26.160
And it could be bespoke to us.

609
00:26:26.160 --> 00:26:27.200
So we started that project.

610
00:26:27.200 --> 00:26:28.880
I saw the first version of it yesterday.

611
00:26:28.880 --> 00:26:29.680
We started a week ago.

612
00:26:30.480 --> 00:26:33.360
And the first version of it, I saw it was like,

613
00:26:33.360 --> 00:26:36.000
oh, this is significantly better than what we're using before,

614
00:26:36.000 --> 00:26:36.880
because it's bespoke.

615
00:26:36.880 --> 00:26:37.360
Yeah.

616
00:26:37.360 --> 00:26:40.880
And this made me think about the opportunity of creating software,

617
00:26:40.880 --> 00:26:43.680
generally, which is that in a world where it becomes, as you say,

618
00:26:43.680 --> 00:26:48.080
like cheaper, easier, faster, we're all going to be using more software,

619
00:26:48.800 --> 00:26:52.240
but we're probably not going to be paying other people

620
00:26:53.120 --> 00:26:57.280
for their software, especially when it's these kind of tools,

621
00:26:57.280 --> 00:26:58.800
productivity tools and systems.

622
00:26:58.800 --> 00:27:00.000
It's purely a tool.

623
00:27:00.000 --> 00:27:01.600
It's very easy to replicate.

624
00:27:01.600 --> 00:27:03.920
But if it's a tool that comes with a community,

625
00:27:03.920 --> 00:27:06.000
if it comes with education and training,

626
00:27:06.000 --> 00:27:09.040
if it comes with agents like education and training.

627
00:27:09.040 --> 00:27:09.360
Yeah.

628
00:27:09.360 --> 00:27:11.760
So like, for example, if you were to do an ATS,

629
00:27:11.760 --> 00:27:14.960
right, an applicant tracking system, a hiring tool,

630
00:27:14.960 --> 00:27:18.320
and you had the DOAC system and method

631
00:27:18.320 --> 00:27:20.000
that I can go and attend to the training

632
00:27:20.000 --> 00:27:22.800
as to how you onboard people, how you create culture,

633
00:27:22.800 --> 00:27:24.720
how you do things at DOAC,

634
00:27:24.720 --> 00:27:26.240
I'm now interested in the software

635
00:27:26.240 --> 00:27:28.400
because it comes with that exciting training.

636
00:27:28.400 --> 00:27:31.040
If there was also a bootcamp that I could go to

637
00:27:31.040 --> 00:27:32.640
that was attached to that product,

638
00:27:32.640 --> 00:27:35.360
if there was also an annual retreat or a dinner series,

639
00:27:35.360 --> 00:27:39.280
if there was also some funding opportunities that came with that.

640
00:27:39.280 --> 00:27:41.200
So once upon a time,

641
00:27:41.200 --> 00:27:44.720
you were just simply going to focus on creating a software tool,

642
00:27:44.800 --> 00:27:47.040
because that was so labor-intensive,

643
00:27:47.040 --> 00:27:50.480
and also it had a natural moat or protection around it

644
00:27:50.480 --> 00:27:52.160
that you didn't have to get creative.

645
00:27:52.160 --> 00:27:54.880
But now we live in a world where the AI lets you

646
00:27:54.880 --> 00:27:56.480
build the product pretty quickly.

647
00:27:56.480 --> 00:27:59.280
It helps you to do all these other things that we talked about.

648
00:28:00.000 --> 00:28:02.640
And suddenly it's actually quite a fun product

649
00:28:02.640 --> 00:28:04.400
that you can spin up.

650
00:28:04.400 --> 00:28:09.760
What you've already created would have probably cost 500,000 and six months.

651
00:28:09.760 --> 00:28:11.440
Oh my god, six months, I wish.

652
00:28:11.440 --> 00:28:12.240
Not that long ago.

653
00:28:12.240 --> 00:28:13.200
Yeah, it would probably cost,

654
00:28:13.200 --> 00:28:15.760
it would have probably taken about 18 months total end-to-end.

655
00:28:15.760 --> 00:28:17.120
And you've done it in a week?

656
00:28:17.120 --> 00:28:20.320
Yeah, and so everyone else can do it in a week.

657
00:28:20.320 --> 00:28:23.680
And in fact, if that's anyone's business right now,

658
00:28:23.680 --> 00:28:27.280
there's going to be 1,000 new ATS systems a day.

659
00:28:27.280 --> 00:28:28.640
One's going to trend on Twitter.

660
00:28:28.640 --> 00:28:29.680
You know, people are going to download that,

661
00:28:29.680 --> 00:28:30.640
and then they're going to jump shit

662
00:28:30.640 --> 00:28:32.240
because a new one emerges and it's better.

663
00:28:32.240 --> 00:28:33.760
It's more agentic, whatever.

664
00:28:33.760 --> 00:28:37.360
And so again, I think are we seeing software generally become a commodity?

665
00:28:37.360 --> 00:28:39.200
What we're going to see is we're going to see

666
00:28:39.200 --> 00:28:42.160
all business opportunities be like YouTube content.

667
00:28:42.160 --> 00:28:45.520
I mean, if I went back 25, 30 years ago and said

668
00:28:45.520 --> 00:28:49.520
there's going to be 10 person unfunded little TV studios

669
00:28:49.520 --> 00:28:52.800
that produce content every single week for almost no money,

670
00:28:54.320 --> 00:28:55.760
you would think that's crazy.

671
00:28:55.760 --> 00:28:58.240
I mean, Seinfeld used to cost 5 million in episode,

672
00:28:59.360 --> 00:29:01.120
The Simpsons and Friends.

673
00:29:01.120 --> 00:29:03.200
These were all multi-million dollars per episode.

674
00:29:03.760 --> 00:29:06.240
And we've now replicated that that can be done

675
00:29:07.040 --> 00:29:09.280
like by a tiny little team for free every week.

676
00:29:09.440 --> 00:29:11.680
It's interesting because the minute we say

677
00:29:11.680 --> 00:29:13.120
that the answer is to do these things

678
00:29:13.120 --> 00:29:15.280
that are now easy and free and cheap to do,

679
00:29:15.280 --> 00:29:17.680
it's almost like we then don't acknowledge the fact

680
00:29:17.680 --> 00:29:19.040
that if everyone's doing it,

681
00:29:19.040 --> 00:29:20.960
it's no longer a valuable thing to do.

682
00:29:20.960 --> 00:29:22.080
It's less valuable.

683
00:29:22.080 --> 00:29:23.520
Yeah, as it becomes easier,

684
00:29:23.520 --> 00:29:26.240
the other axis is the decline in the value.

685
00:29:26.240 --> 00:29:29.200
So we're saying people go be a content creator,

686
00:29:29.200 --> 00:29:31.520
but the very fact that they can without needing

687
00:29:31.520 --> 00:29:34.160
a CNN-sized skyscraper production equipment

688
00:29:34.160 --> 00:29:35.840
also means everybody can,

689
00:29:35.920 --> 00:29:39.360
which means that that actually is losing value

690
00:29:39.360 --> 00:29:42.480
at the same rate that is becoming easy theoretically.

691
00:29:42.480 --> 00:29:46.000
And so what I continually think about from first principles is,

692
00:29:46.000 --> 00:29:50.080
what is it that I can bet on that is irreplaceably human,

693
00:29:50.080 --> 00:29:53.440
which only I can do and a kid in Mumbai cannot do?

694
00:29:53.440 --> 00:29:55.680
And so when we say software, I go kid in Mumbai.

695
00:29:55.680 --> 00:29:57.760
And then we say content, I go kid in Mumbai.

696
00:29:57.760 --> 00:30:00.880
Well, physical experiences in the real world.

697
00:30:00.880 --> 00:30:01.680
I agree with you.

698
00:30:01.680 --> 00:30:05.360
So standing on a stage and telling your story

699
00:30:05.440 --> 00:30:08.000
is something, I mean, you already see

700
00:30:08.000 --> 00:30:10.320
that thousands of people show up to see this

701
00:30:10.320 --> 00:30:12.480
and to be part of, to be in a room with other people

702
00:30:12.480 --> 00:30:13.920
who are sharing an experience.

703
00:30:13.920 --> 00:30:16.960
So the thing that the AI version of you can't do

704
00:30:16.960 --> 00:30:18.080
is turn up to an event.

705
00:30:18.080 --> 00:30:18.880
I agree.

706
00:30:18.880 --> 00:30:23.600
So I say what I say because I genuinely want to be challenged here.

707
00:30:23.600 --> 00:30:26.800
I sit here with these AI experts and CEOs

708
00:30:26.800 --> 00:30:30.240
because I genuinely, I hope that they say something

709
00:30:30.240 --> 00:30:33.520
that tilts the current belief that I have

710
00:30:33.520 --> 00:30:35.760
and like makes me go, oh, actually, you know, that's a good point.

711
00:30:35.760 --> 00:30:38.160
I'm in search of good points on the subject matter.

712
00:30:38.160 --> 00:30:41.040
So when I said what I just said about content software

713
00:30:41.040 --> 00:30:42.800
becoming increasingly commoditized

714
00:30:42.800 --> 00:30:44.240
and because becoming commoditized,

715
00:30:44.240 --> 00:30:46.160
we're like tempting people to go do more of it

716
00:30:46.160 --> 00:30:47.920
without acknowledging the fact that the very fact

717
00:30:47.920 --> 00:30:50.400
that people are doing more of it means it's less valuable

718
00:30:50.400 --> 00:30:51.680
and it's more of a commodity.

719
00:30:51.680 --> 00:30:54.880
What I'm saying though is that these things have to go together.

720
00:30:54.880 --> 00:30:58.560
So simply like anyone who's doing real world experiences,

721
00:30:58.560 --> 00:31:00.960
I think what's going to happen is you'll go to a conference

722
00:31:01.120 --> 00:31:03.520
and that conference will come with custom software

723
00:31:03.520 --> 00:31:05.200
that lasts two or three weeks

724
00:31:05.200 --> 00:31:07.200
that is really, really interesting

725
00:31:07.200 --> 00:31:08.960
and it relates to that conference

726
00:31:08.960 --> 00:31:11.680
and that software was created as a SaaS product

727
00:31:11.680 --> 00:31:13.840
for the attendees of that conference

728
00:31:13.840 --> 00:31:16.480
and it kind of pops into existence very briefly.

729
00:31:16.480 --> 00:31:18.080
These things used to be separate

730
00:31:18.080 --> 00:31:19.760
and now they all clustered together, right?

731
00:31:19.760 --> 00:31:22.480
So it's a buffet of things that you all put together.

732
00:31:22.480 --> 00:31:25.520
If we take most successful businesses now,

733
00:31:25.520 --> 00:31:27.520
they do social media.

734
00:31:27.520 --> 00:31:29.400
That used to be a standalone business.

735
00:31:29.400 --> 00:31:32.360
It was crazy to think that a hair salon

736
00:31:32.360 --> 00:31:33.840
could also be a media business.

737
00:31:33.840 --> 00:31:36.080
I've met with tens of thousands of entrepreneurs

738
00:31:36.080 --> 00:31:39.280
and the number of people who want to go big is tiny.

739
00:31:39.280 --> 00:31:41.720
It's a fraction of the entrepreneurial community.

740
00:31:41.720 --> 00:31:44.240
What most people want is a business

741
00:31:44.240 --> 00:31:46.040
that provides an amazing lifestyle.

742
00:31:46.040 --> 00:31:48.000
They want to live and work from anywhere.

743
00:31:48.000 --> 00:31:49.360
They want to be able to travel.

744
00:31:49.360 --> 00:31:50.880
They want to do three or four days a week.

745
00:31:50.880 --> 00:31:53.000
They want to drop their kids off at school.

746
00:31:53.000 --> 00:31:57.600
They want to do non-monotonous, interesting work

747
00:31:57.640 --> 00:32:00.640
that is a little chaotic, a little creative,

748
00:32:00.640 --> 00:32:02.320
a little bit fun, a little bit challenging.

749
00:32:02.320 --> 00:32:03.920
They want to work with a small group of people

750
00:32:03.920 --> 00:32:05.720
that they get to know and enjoy

751
00:32:05.720 --> 00:32:07.600
and travel through life together.

752
00:32:07.600 --> 00:32:08.640
And those are the types of things

753
00:32:08.640 --> 00:32:10.800
that the majority of people actually want.

754
00:32:10.800 --> 00:32:12.800
Very few people actually want big.

755
00:32:12.800 --> 00:32:16.200
So one thing that I'm noticing is that it's probably

756
00:32:16.200 --> 00:32:18.320
harder than ever to build a big business,

757
00:32:18.320 --> 00:32:21.560
but it's easier than ever to build a small successful business.

758
00:32:21.560 --> 00:32:23.640
So if we were to say that a business

759
00:32:23.640 --> 00:32:25.240
that does one to five million of revenue

760
00:32:25.240 --> 00:32:26.800
with a team of 10 people,

761
00:32:26.800 --> 00:32:31.800
that is totally super possible.

762
00:32:32.680 --> 00:32:34.200
But once you go beyond that,

763
00:32:34.200 --> 00:32:35.400
it's becoming harder and harder

764
00:32:35.400 --> 00:32:37.320
because you get disrupted more frequently.

765
00:32:37.320 --> 00:32:40.000
So you have to be an elite athlete of entrepreneurs

766
00:32:40.000 --> 00:32:42.160
to withstand the constant disruption

767
00:32:42.160 --> 00:32:45.800
and the constant change that's coming.

768
00:32:45.800 --> 00:32:50.280
So because your natural mindset is to think really, really big,

769
00:32:50.280 --> 00:32:54.240
you're probably missing that for many people

770
00:32:54.240 --> 00:32:57.600
who are working in a annoying corporate environment

771
00:32:57.600 --> 00:32:59.440
and their job is monotonous

772
00:32:59.440 --> 00:33:01.640
and they feel tethered to a desk

773
00:33:01.640 --> 00:33:02.840
or they feel tethered to a team

774
00:33:02.840 --> 00:33:04.760
that doesn't really care about them.

775
00:33:04.760 --> 00:33:06.520
A lot of those people are going to actually end up

776
00:33:06.520 --> 00:33:09.160
in small dynamic little businesses that will never be big,

777
00:33:09.160 --> 00:33:11.440
but they'll be great, they'll be fun.

778
00:33:11.440 --> 00:33:13.800
And people have flexibility

779
00:33:13.800 --> 00:33:18.800
and they'll have great opportunities of it as a result.

780
00:33:19.040 --> 00:33:19.880
I think you're right.

781
00:33:19.880 --> 00:33:22.760
I do have a bias towards trying to find big opportunities,

782
00:33:22.760 --> 00:33:26.840
but actually, I think the big blue ocean opportunity,

783
00:33:26.840 --> 00:33:28.440
which is for anyone that doesn't know,

784
00:33:28.440 --> 00:33:30.120
I think of red oceans from the book

785
00:33:30.120 --> 00:33:32.880
called Blue Ocean Strategy as very competitive.

786
00:33:32.880 --> 00:33:34.320
Hyper competitive.

787
00:33:34.320 --> 00:33:36.560
Horrible markets way, it's like a race to the bottom.

788
00:33:36.560 --> 00:33:38.000
You're all doing the same thing.

789
00:33:38.000 --> 00:33:41.480
Like you're saying the same thing, doing the same thing

790
00:33:41.480 --> 00:33:44.640
and you all think that your unique positioning is unique,

791
00:33:44.640 --> 00:33:45.480
but it's actually not.

792
00:33:45.480 --> 00:33:47.040
The market doesn't value it any differently.

793
00:33:47.040 --> 00:33:49.680
Like a wine company saying that their wine is a year older

794
00:33:49.680 --> 00:33:51.640
or that using a fancier word on the label,

795
00:33:51.640 --> 00:33:53.440
it's red ocean, a bloodbath.

796
00:33:53.440 --> 00:33:55.960
A blue ocean is an uncontested waters

797
00:33:55.960 --> 00:33:59.400
where you have room to grow, much less competition,

798
00:33:59.400 --> 00:34:01.320
and there is actually something fundamental

799
00:34:01.320 --> 00:34:03.400
to your proposition, your business idea,

800
00:34:03.400 --> 00:34:05.080
the value you're giving to the world.

801
00:34:05.080 --> 00:34:06.280
That is unique.

802
00:34:06.280 --> 00:34:08.160
I'm looking for blue oceans.

803
00:34:08.160 --> 00:34:11.800
And yes, I will try and build a big boat in the blue ocean.

804
00:34:11.800 --> 00:34:13.080
Because that's my nature.

805
00:34:13.080 --> 00:34:16.840
But also life is easier when you sail in blue oceans

806
00:34:16.840 --> 00:34:18.960
for everybody, even if you want a lifestyle business.

807
00:34:18.960 --> 00:34:20.880
I think one of the great examples at the moment

808
00:34:20.880 --> 00:34:22.440
is if you started a marketing agency

809
00:34:22.440 --> 00:34:24.200
when I started one in 2014,

810
00:34:24.200 --> 00:34:25.840
especially a social media agency,

811
00:34:25.840 --> 00:34:26.760
you were in the blue ocean.

812
00:34:26.760 --> 00:34:27.760
You were briefly?

813
00:34:27.760 --> 00:34:28.600
Briefly.

814
00:34:28.600 --> 00:34:30.640
And they say blue oceans often last for 10 years.

815
00:34:30.640 --> 00:34:35.360
In 2024, my best friends, I'd say 70% of them

816
00:34:35.360 --> 00:34:38.000
run marketing or brand agencies.

817
00:34:38.000 --> 00:34:39.840
I'm having the same therapy session

818
00:34:39.840 --> 00:34:41.320
with them once a month at the moment.

819
00:34:41.320 --> 00:34:44.440
And if you look at the big four, big five agencies in the world,

820
00:34:44.440 --> 00:34:48.320
the WPPs and Martin Surrell's business, they're all...

821
00:34:48.320 --> 00:34:49.600
They're all competed the way they're

822
00:34:49.640 --> 00:34:51.440
margins and they're struggling, yeah.

823
00:34:51.440 --> 00:34:53.400
They're losing their profit, they're losing their market share.

824
00:34:53.400 --> 00:34:55.240
An AI and digital technology

825
00:34:55.240 --> 00:34:58.880
means that this disruption cycle happens in months, not years anymore.

826
00:34:58.880 --> 00:35:01.360
So you said a blue ocean can last for years or decades,

827
00:35:01.360 --> 00:35:02.880
not in the world of AI.

828
00:35:02.880 --> 00:35:06.160
In the world of AI, as soon as we've identified that you've got a blue ocean,

829
00:35:06.160 --> 00:35:07.840
we can replicate that real fast

830
00:35:07.840 --> 00:35:11.760
and we can come and fly out to your blue ocean with lots of competition.

831
00:35:11.760 --> 00:35:13.520
Here's something that's interesting.

832
00:35:13.520 --> 00:35:15.320
Throughout all of history,

833
00:35:15.320 --> 00:35:18.920
whenever you find societies that have low social mobility

834
00:35:18.920 --> 00:35:21.000
and hypercompetition,

835
00:35:21.000 --> 00:35:23.480
there's lots and lots of festivals.

836
00:35:23.480 --> 00:35:25.640
So you go into medieval times,

837
00:35:25.640 --> 00:35:27.280
they've got a festival for every season,

838
00:35:27.280 --> 00:35:29.560
they've got a festival for every life event.

839
00:35:29.560 --> 00:35:30.880
There's just constant festivals.

840
00:35:30.880 --> 00:35:33.360
You go into rural Africa, rural India,

841
00:35:33.360 --> 00:35:35.320
and it's festivals, festivals, festivals, right?

842
00:35:35.320 --> 00:35:38.200
Weddings, funerals, seasonal festivals.

843
00:35:38.200 --> 00:35:40.560
It's a huge part of human culture

844
00:35:40.560 --> 00:35:42.920
that we have lost in big cities,

845
00:35:42.920 --> 00:35:44.200
like we don't do a lot of festivals,

846
00:35:44.200 --> 00:35:46.200
or it's rare that we do a lot of festivals.

847
00:35:46.200 --> 00:35:48.080
These real world experiences.

848
00:35:48.080 --> 00:35:49.880
But I don't necessarily think it's a blue ocean,

849
00:35:49.880 --> 00:35:52.920
because as soon as people realize

850
00:35:52.920 --> 00:35:54.680
how much people want to do festivals

851
00:35:54.680 --> 00:35:56.800
and want to do real world experiences,

852
00:35:56.800 --> 00:35:59.120
a lot of companies can also add this to the mix.

853
00:35:59.120 --> 00:36:04.040
I think what is defensible is community, experience,

854
00:36:04.040 --> 00:36:06.800
and embracing the constant chaotic change

855
00:36:06.800 --> 00:36:08.600
and coming up with new stuff all the time.

856
00:36:08.600 --> 00:36:10.200
One of the bets I'm making

857
00:36:10.200 --> 00:36:11.720
and goes back to what again,

858
00:36:11.720 --> 00:36:14.040
reasoning up from first principles.

859
00:36:14.040 --> 00:36:17.760
If the question is, what can I do that an AI agent or AI could not do?

860
00:36:17.760 --> 00:36:22.200
And especially in the context of what humans will continue to need.

861
00:36:22.200 --> 00:36:24.360
When you're born, dying, you're born with a bunch of needs.

862
00:36:24.360 --> 00:36:26.360
And those needs like fundamentally haven't changed.

863
00:36:26.360 --> 00:36:28.040
One of them is like connection.

864
00:36:28.040 --> 00:36:29.320
I think you'll always be able to discern

865
00:36:29.320 --> 00:36:33.240
what is real human connection from artificial connection.

866
00:36:33.240 --> 00:36:34.600
I remember being 16 years old

867
00:36:34.600 --> 00:36:36.200
in my psychology class at the back

868
00:36:36.200 --> 00:36:38.600
when they told me about the recess monkey's experiment,

869
00:36:38.600 --> 00:36:39.760
where they got a recess monkey.

870
00:36:39.760 --> 00:36:41.200
This looks small little monkey.

871
00:36:41.200 --> 00:36:44.320
They pretended that it's mother was a wire mesh.

872
00:36:44.320 --> 00:36:46.000
So they made a wire mesh mother.

873
00:36:46.000 --> 00:36:48.440
The recess monkey grows up to be a psychopath

874
00:36:48.440 --> 00:36:52.080
because it's fundamental human need of connection is not met.

875
00:36:52.080 --> 00:36:54.040
They then did it with a cloth

876
00:36:54.040 --> 00:36:57.200
and the recess monkey grew up to be a bit more stable.

877
00:36:57.200 --> 00:36:58.520
And then obviously they showed the examples

878
00:36:58.520 --> 00:37:02.520
where the recess monkey actually had a physical flesh mother

879
00:37:02.520 --> 00:37:04.160
and it was fine.

880
00:37:04.160 --> 00:37:05.720
So I say this to illuminate the fact

881
00:37:05.720 --> 00:37:06.840
that we have fundamental needs

882
00:37:06.840 --> 00:37:09.440
that if not met, there will be consequences.

883
00:37:09.440 --> 00:37:10.440
One of ours is connection.

884
00:37:10.440 --> 00:37:12.960
So as a content creator, I can sit here

885
00:37:12.960 --> 00:37:14.720
and I can tell you what happened today.

886
00:37:14.720 --> 00:37:16.560
I can say at six o'clock,

887
00:37:16.560 --> 00:37:19.160
this guy broke into this bank and then he left.

888
00:37:19.160 --> 00:37:20.920
I think that's a commodity now.

889
00:37:20.920 --> 00:37:22.320
I think the thing that I can do

890
00:37:22.320 --> 00:37:25.320
is a podcaster as a behind-the-scenes content creator

891
00:37:25.320 --> 00:37:27.120
as a streamer.

892
00:37:27.120 --> 00:37:29.080
This is why I'm so bullish on streamers.

893
00:37:29.080 --> 00:37:31.440
Is there making irreplaceably human content?

894
00:37:31.440 --> 00:37:33.080
There's no AI that can,

895
00:37:33.080 --> 00:37:36.000
an AI can tell you what happens in menopause.

896
00:37:36.000 --> 00:37:38.320
An AI can't tell you its experience of menopause.

897
00:37:38.320 --> 00:37:39.600
Yes, we need to find something

898
00:37:39.600 --> 00:37:41.680
that only we can say as humans.

899
00:37:41.680 --> 00:37:44.000
And every single person has this by the way.

900
00:37:44.000 --> 00:37:46.960
But a lot of us overlook what we can say as a human.

901
00:37:46.960 --> 00:37:50.120
I recently came across a financial planner

902
00:37:50.120 --> 00:37:52.320
and his name is Matt Pitcher.

903
00:37:52.320 --> 00:37:54.160
And he gave a TED talk.

904
00:37:54.160 --> 00:37:56.400
And the TED talk is about what it was like

905
00:37:56.400 --> 00:38:00.840
for him to meet 100 people who won the lottery.

906
00:38:00.840 --> 00:38:02.800
So he had a partnership as a financial planner

907
00:38:02.800 --> 00:38:04.400
with the British lottery.

908
00:38:04.400 --> 00:38:06.520
And every week someone wins the lottery

909
00:38:06.520 --> 00:38:09.000
and he goes in and meets them a week later

910
00:38:09.000 --> 00:38:11.760
after they've discovered they've won the lottery.

911
00:38:11.760 --> 00:38:13.720
But what he did is he looked back

912
00:38:13.720 --> 00:38:15.600
at his history and he had lots of different things

913
00:38:15.600 --> 00:38:16.440
that he was doing.

914
00:38:16.440 --> 00:38:18.720
But he looked back at his history and he connected some dots.

915
00:38:18.720 --> 00:38:19.880
And he said, hey, wait a second,

916
00:38:19.880 --> 00:38:21.560
there's something that only I can talk about.

917
00:38:21.560 --> 00:38:23.680
There's something that is my thing

918
00:38:23.680 --> 00:38:25.640
that I've experienced that I lived through

919
00:38:25.640 --> 00:38:27.000
that I've sat in those living rooms.

920
00:38:27.000 --> 00:38:28.800
I've sat eye to eye with those people.

921
00:38:28.800 --> 00:38:30.720
And only I can talk about that.

922
00:38:30.720 --> 00:38:31.840
And because of that TED talk,

923
00:38:31.840 --> 00:38:34.560
he's had half a million views in the first few weeks.

924
00:38:34.560 --> 00:38:36.920
And his business is obviously going to explode

925
00:38:36.920 --> 00:38:38.120
and all of those kind of things

926
00:38:38.120 --> 00:38:40.560
because he found something that only he could say.

927
00:38:40.560 --> 00:38:43.400
I believe that every person has something that's human

928
00:38:43.400 --> 00:38:45.640
that only they can say that's highly relatable.

929
00:38:45.640 --> 00:38:48.320
You shared with me an interesting philosophy

930
00:38:48.320 --> 00:38:49.280
when we first met.

931
00:38:49.280 --> 00:38:51.120
I did my first episode on Diary of CEO

932
00:38:51.120 --> 00:38:53.000
and it got millions of views.

933
00:38:53.000 --> 00:38:56.560
And I said to you, why is it that my episode got millions of views?

934
00:38:56.560 --> 00:39:00.080
But a few weeks ago there was a billionaire CEO

935
00:39:00.080 --> 00:39:01.960
who only got a few hundred thousand views.

936
00:39:01.960 --> 00:39:04.560
And a few weeks before that there was a billionaire CEO

937
00:39:04.560 --> 00:39:06.360
who only got a few hundred thousand views.

938
00:39:06.360 --> 00:39:09.080
And you said Daniel, relatable beats impressive.

939
00:39:09.080 --> 00:39:09.920
Yeah.

940
00:39:09.920 --> 00:39:11.960
And a lot of people think that they have to

941
00:39:11.960 --> 00:39:14.240
cure cancer or launch a rocket to Mars

942
00:39:14.240 --> 00:39:16.080
or that they have to win a Nobel Peace Prize

943
00:39:16.080 --> 00:39:17.520
or float a company on the NASDAQ.

944
00:39:17.520 --> 00:39:21.160
And actually, each individual person, we have to discover

945
00:39:21.160 --> 00:39:23.640
what I would call your personal intellectual property

946
00:39:23.640 --> 00:39:25.720
or your personal intellectual capital.

947
00:39:25.720 --> 00:39:29.200
And your personal story, your personal playbooks,

948
00:39:29.200 --> 00:39:31.880
your triumphs and your disasters,

949
00:39:31.880 --> 00:39:33.600
the things that you've done that are interesting

950
00:39:33.600 --> 00:39:35.960
to a certain group of people that you can quantify,

951
00:39:35.960 --> 00:39:38.760
that you can describe, that you can give me what it was like.

952
00:39:38.760 --> 00:39:40.760
Those are your personal playbooks.

953
00:39:40.760 --> 00:39:42.920
Now, once you have personal playbooks,

954
00:39:42.920 --> 00:39:44.960
you have the ability to turn that into

955
00:39:44.960 --> 00:39:47.520
all sorts of products and services through AI.

956
00:39:47.520 --> 00:39:49.840
But it starts with having personal playbooks.

957
00:39:49.840 --> 00:39:51.040
I think this is the key mistake

958
00:39:51.040 --> 00:39:53.840
that a lot of content creators are making,

959
00:39:53.840 --> 00:39:56.000
which is because it's easy to make stuff now.

960
00:39:56.000 --> 00:39:58.320
Well, it's tempting just to churn stuff out,

961
00:39:58.320 --> 00:40:02.560
whereas I'm making less content now in a world of AI.

962
00:40:02.560 --> 00:40:05.320
If you look at my LinkedIn, I used to post,

963
00:40:05.320 --> 00:40:06.840
if you go back like three or four years,

964
00:40:06.840 --> 00:40:08.320
I was just churning stuff out,

965
00:40:08.320 --> 00:40:10.480
and it's clopped just anything, like just fluffed.

966
00:40:10.480 --> 00:40:11.960
Bit of data. Yeah.

967
00:40:11.960 --> 00:40:13.600
Now I go, if everyone can do it,

968
00:40:13.600 --> 00:40:15.480
the reason why my LinkedIn, you'll see,

969
00:40:15.480 --> 00:40:17.240
almost every post I post now,

970
00:40:17.240 --> 00:40:19.160
is a human story about something I've gone through.

971
00:40:19.160 --> 00:40:20.440
You'll see photos of me,

972
00:40:20.440 --> 00:40:22.040
you'll see photos of my family.

973
00:40:22.040 --> 00:40:23.640
You're saying stuff that only you can say.

974
00:40:23.640 --> 00:40:25.200
Only I can say. Yeah.

975
00:40:25.200 --> 00:40:28.640
So we all have to find what is the thing that only you can say.

976
00:40:28.640 --> 00:40:33.080
And no robot, no AI could ever say that

977
00:40:33.080 --> 00:40:34.960
because it hasn't lived that experience.

978
00:40:34.960 --> 00:40:36.680
Yeah, it's got all the data, it's got all the knowledge,

979
00:40:36.680 --> 00:40:38.240
but it's got no lived experience.

980
00:40:38.240 --> 00:40:40.360
And also, from a business perspective,

981
00:40:40.360 --> 00:40:42.480
an AI can never stand on a stage,

982
00:40:42.480 --> 00:40:44.640
an AI can never host a dinner party,

983
00:40:44.640 --> 00:40:47.200
an AI can never meet someone face-to-face

984
00:40:47.200 --> 00:40:48.440
and put their hand on their shoulder

985
00:40:48.440 --> 00:40:50.320
and say, hey, I've been through what you've been through,

986
00:40:50.320 --> 00:40:52.000
and you're going to be okay, right?

987
00:40:52.000 --> 00:40:54.560
So all of those things AI can't do.

988
00:40:54.560 --> 00:40:57.160
So once you discover something that only you can say,

989
00:40:57.160 --> 00:40:58.640
it becomes a superpower.

990
00:40:58.640 --> 00:40:59.880
I think my best performing process here

991
00:40:59.880 --> 00:41:01.360
was actually me proposing to my...

992
00:41:01.360 --> 00:41:02.360
Of course I was.

993
00:41:02.360 --> 00:41:03.360
Congratulations.

994
00:41:03.360 --> 00:41:06.360
A prime example of something that is irreplaceably human.

995
00:41:06.360 --> 00:41:07.360
Yeah.

996
00:41:07.360 --> 00:41:09.000
Which is getting down on me and telling another human being

997
00:41:09.000 --> 00:41:10.000
that you love them.

998
00:41:10.000 --> 00:41:11.000
There's no AI.

999
00:41:11.000 --> 00:41:12.000
That is ever...

1000
00:41:12.000 --> 00:41:13.000
I mean, listen.

1001
00:41:13.000 --> 00:41:14.000
Never experienced it.

1002
00:41:14.000 --> 00:41:15.000
Yeah, exactly.

1003
00:41:15.000 --> 00:41:16.000
And there's something so human about that.

1004
00:41:16.000 --> 00:41:17.000
That's relatable.

1005
00:41:17.000 --> 00:41:18.000
It's not impressive.

1006
00:41:18.000 --> 00:41:19.000
It's relatable.

1007
00:41:19.000 --> 00:41:22.480
From first principles, I ask myself,

1008
00:41:22.480 --> 00:41:24.200
which type of content am I making

1009
00:41:24.200 --> 00:41:27.400
is creating the strongest parosocial relationship

1010
00:41:27.400 --> 00:41:29.000
with the person on the other end?

1011
00:41:29.000 --> 00:41:32.200
If I post on my LinkedIn, everything happens for a reason.

1012
00:41:32.200 --> 00:41:35.440
And how much have I moved the needle on our relationship?

1013
00:41:35.440 --> 00:41:37.960
My relationship with you, probably zero.

1014
00:41:37.960 --> 00:41:40.520
If I talk about something more human,

1015
00:41:40.520 --> 00:41:43.640
some struggles that I'm having from a human perspective,

1016
00:41:43.640 --> 00:41:46.400
if I'm more honest, authentic, and open, or vulnerable

1017
00:41:46.400 --> 00:41:48.520
about the experience I'm going through,

1018
00:41:48.520 --> 00:41:51.200
like streamers who sit there for seven hours.

1019
00:41:51.200 --> 00:41:52.640
I think, did I say this last time

1020
00:41:52.640 --> 00:41:54.040
that I asked a streamer a couple of times?

1021
00:41:54.040 --> 00:41:55.040
Yeah, yeah, yeah.

1022
00:41:55.040 --> 00:41:56.200
And I asked the streamers, like, what do you do?

1023
00:41:56.200 --> 00:41:57.000
And he was like, oh, nothing.

1024
00:41:57.000 --> 00:41:58.000
I just...

1025
00:41:58.000 --> 00:41:59.000
You sit there.

1026
00:41:59.000 --> 00:42:00.200
For seven hours and watch Judge Judy with the audience

1027
00:42:00.200 --> 00:42:01.520
and we chat, I sit...

1028
00:42:01.520 --> 00:42:03.640
And this is a prime example of parosocial.

1029
00:42:03.720 --> 00:42:05.680
They actually talk to you, they go chat.

1030
00:42:05.680 --> 00:42:08.720
Let me know if you think XYZ, chat.

1031
00:42:08.720 --> 00:42:10.000
Drop doubles in the chat.

1032
00:42:10.000 --> 00:42:11.280
That's a friend.

1033
00:42:11.280 --> 00:42:13.080
That's the closest thing to a friend.

1034
00:42:13.080 --> 00:42:14.920
It's the strongest parosocial relationship.

1035
00:42:14.920 --> 00:42:16.200
You said about the football game

1036
00:42:16.200 --> 00:42:18.400
where the loudest cheers in the audience

1037
00:42:18.400 --> 00:42:19.440
came for those streamers

1038
00:42:19.440 --> 00:42:21.160
who were just connecting with people.

1039
00:42:21.160 --> 00:42:22.960
They've built friendships, basically, with their audience.

1040
00:42:22.960 --> 00:42:26.560
So, I think in a world of AI where just informational content,

1041
00:42:26.560 --> 00:42:27.880
which is this thing happened,

1042
00:42:27.880 --> 00:42:30.400
or this is what the gut microbiome is,

1043
00:42:30.400 --> 00:42:31.640
is going to become commoditized.

1044
00:42:31.640 --> 00:42:33.360
The thing that isn't commoditized

1045
00:42:33.360 --> 00:42:36.880
is content that creates relationships with audiences.

1046
00:42:36.880 --> 00:42:39.200
And then, as you say, then converts that relationship

1047
00:42:39.200 --> 00:42:43.520
into stronger experiences like IRL events and so on and so forth.

1048
00:42:43.520 --> 00:42:44.800
I've got a couple more ideas

1049
00:42:44.800 --> 00:42:47.160
that I haven't fully shared with the world yet,

1050
00:42:47.160 --> 00:42:49.240
but I'm just, I'll wait for the right time

1051
00:42:49.240 --> 00:42:50.560
about all of this stuff.

1052
00:42:50.560 --> 00:42:52.640
So it's not one piece that is adding the value.

1053
00:42:52.640 --> 00:42:54.400
It's the ecosystem of pieces.

1054
00:42:54.400 --> 00:42:57.000
So it's having something to say that only you can say,

1055
00:42:57.000 --> 00:42:58.400
let's call that your personal playbooks,

1056
00:42:58.400 --> 00:43:00.600
let's call that your personal intellectual property.

1057
00:43:00.600 --> 00:43:02.760
It's having the people or your community

1058
00:43:02.760 --> 00:43:04.360
that you're going through life with, right?

1059
00:43:04.360 --> 00:43:05.840
That's called that your ideal customers,

1060
00:43:05.840 --> 00:43:07.000
your ideal personas,

1061
00:43:07.000 --> 00:43:09.120
if you want to make it a clinical definition

1062
00:43:09.120 --> 00:43:10.840
of in marketing speak.

1063
00:43:10.840 --> 00:43:13.520
That gives rise to a personal brand.

1064
00:43:13.520 --> 00:43:15.200
When those two things touch,

1065
00:43:15.200 --> 00:43:16.960
you then end up with a personal brand, right?

1066
00:43:16.960 --> 00:43:18.840
As if by magic, you end up with a personal brand

1067
00:43:18.840 --> 00:43:20.080
because you've got intellectual property

1068
00:43:20.080 --> 00:43:22.320
and you've got an ideal customer who connects with that.

1069
00:43:22.320 --> 00:43:24.240
And then you are the person who embodies it.

1070
00:43:24.240 --> 00:43:25.920
So you give rise to that.

1071
00:43:25.920 --> 00:43:28.720
And then the question is, well, how do you make money from that?

1072
00:43:28.720 --> 00:43:30.160
Well, you productize it.

1073
00:43:30.160 --> 00:43:31.920
You create products and services.

1074
00:43:31.920 --> 00:43:34.080
And it's the product and service ecosystem

1075
00:43:34.080 --> 00:43:34.920
that makes money.

1076
00:43:34.920 --> 00:43:36.120
It's not one product or service.

1077
00:43:36.120 --> 00:43:38.520
It used to be that you could just have a product or service

1078
00:43:38.520 --> 00:43:39.400
that you offer.

1079
00:43:39.400 --> 00:43:41.440
And now it's the product and service ecosystem.

1080
00:43:41.440 --> 00:43:44.800
The people that I see making the most money at the moment,

1081
00:43:44.800 --> 00:43:46.040
they don't do one thing.

1082
00:43:46.040 --> 00:43:47.600
You don't do one thing, right?

1083
00:43:47.600 --> 00:43:51.000
So if I look at your personal P&L,

1084
00:43:51.000 --> 00:43:53.240
you've probably got 27 different ways

1085
00:43:53.240 --> 00:43:55.440
that money came and hit you bank account last month.

1086
00:43:55.440 --> 00:43:57.040
They're speaking, there's podcasting,

1087
00:43:57.040 --> 00:43:59.400
there's ad sense revenue, there's sponsors,

1088
00:43:59.400 --> 00:44:02.840
there's share holdings in different companies that you've got,

1089
00:44:02.840 --> 00:44:05.880
there might be some one-to-one coaching that you might have done,

1090
00:44:05.880 --> 00:44:07.000
there might be an appearance fee,

1091
00:44:07.000 --> 00:44:08.240
there might be some book royalties,

1092
00:44:08.240 --> 00:44:09.680
there's multiple books,

1093
00:44:09.680 --> 00:44:11.600
there might be some software that you've launched.

1094
00:44:11.600 --> 00:44:15.800
So there's all this stuff that sounds crazy and chaotic

1095
00:44:15.800 --> 00:44:17.240
in a pre-AI world.

1096
00:44:17.240 --> 00:44:18.280
But in a post-AI world,

1097
00:44:18.280 --> 00:44:20.080
it's not that hard to create all these different products

1098
00:44:20.080 --> 00:44:22.400
and services and to be launching different things

1099
00:44:22.400 --> 00:44:23.840
and to be going on a journey with people

1100
00:44:23.840 --> 00:44:25.760
and having a product and service ecosystem.

1101
00:44:25.760 --> 00:44:26.800
I'm the same, by the way.

1102
00:44:26.800 --> 00:44:28.080
I've probably got 20 different things

1103
00:44:28.080 --> 00:44:31.200
that I'm involved in at any given time.

1104
00:44:31.200 --> 00:44:33.920
I was reading yesterday that the, for the first time,

1105
00:44:33.920 --> 00:44:34.920
I mean, I was reading a few things.

1106
00:44:34.920 --> 00:44:36.200
One of the interesting things I read is that

1107
00:44:36.200 --> 00:44:37.960
Spotify said their best developers

1108
00:44:37.960 --> 00:44:40.120
haven't written a line of code since December.

1109
00:44:40.120 --> 00:44:42.760
Thanks to AI, which again is a whole nother conversation.

1110
00:44:42.760 --> 00:44:44.240
Maybe we should touch on that.

1111
00:44:44.240 --> 00:44:48.640
What are the occupations that you genuinely believe

1112
00:44:48.640 --> 00:44:52.080
won't exist five years from now as we knew them?

1113
00:44:52.080 --> 00:44:54.360
People say lawyers are going to be disrupted.

1114
00:44:54.360 --> 00:44:56.840
Well, I recently had a legal case

1115
00:44:56.880 --> 00:44:58.320
that I had to resolve.

1116
00:44:58.320 --> 00:45:01.040
And it was going to cost us 50,000 pounds,

1117
00:45:01.040 --> 00:45:05.960
so $60,000 as a start the process with a law firm.

1118
00:45:05.960 --> 00:45:08.360
We took matters into our own hands and we used Claude

1119
00:45:08.360 --> 00:45:09.960
and we actually fixed the process

1120
00:45:09.960 --> 00:45:12.640
and resolved the process by spending 20 a month,

1121
00:45:12.640 --> 00:45:15.920
$20 a month and Claude gave us a coaching session

1122
00:45:15.920 --> 00:45:17.120
on how to handle it,

1123
00:45:17.120 --> 00:45:20.000
gave us multiple decision-tree pathways,

1124
00:45:20.000 --> 00:45:22.000
gave us the documents that we would need,

1125
00:45:22.000 --> 00:45:23.840
gave us an Excel spreadsheet of,

1126
00:45:23.840 --> 00:45:26.680
do say this, don't say this in the negotiation.

1127
00:45:26.680 --> 00:45:30.040
And it made me realize my goodness what a lawyer's going to do

1128
00:45:30.040 --> 00:45:33.400
because if all they do is charge for time for money

1129
00:45:33.400 --> 00:45:37.200
to regurgitate contracts, I don't need that anymore, right?

1130
00:45:37.200 --> 00:45:40.360
Multiple reports say legacy legal tech and data firms

1131
00:45:40.360 --> 00:45:43.800
have lost roughly 20% of their value so far in 2026.

1132
00:45:43.800 --> 00:45:47.240
280 billion was wiped off the value of publicly traded companies

1133
00:45:47.240 --> 00:45:48.480
like that in the last week.

1134
00:45:49.480 --> 00:45:53.360
Like it's wild because we're not going to need that.

1135
00:45:53.360 --> 00:45:56.120
I don't believe we're going to need these business models

1136
00:45:56.120 --> 00:45:57.640
as they currently stand.

1137
00:45:57.640 --> 00:45:59.280
I think they're going to have to change and adapt.

1138
00:45:59.280 --> 00:46:02.200
I think a lawyer needs to take a completely different shape,

1139
00:46:02.200 --> 00:46:05.560
part business coach, part lawyer, part prompt engineer.

1140
00:46:05.560 --> 00:46:08.280
They're going to be the key person of AI in the room

1141
00:46:08.280 --> 00:46:12.080
who the lawyers job will be to work with you on your AI prompting

1142
00:46:12.080 --> 00:46:14.200
and help you get the resolution.

1143
00:46:14.200 --> 00:46:17.200
You're probably going to need a lot less of a lawyer's time.

1144
00:46:17.200 --> 00:46:19.320
Blue collar work has been devalued

1145
00:46:19.320 --> 00:46:21.480
and we've seen people who work with their hands

1146
00:46:21.480 --> 00:46:24.960
and people who turn up to your house and fix your house

1147
00:46:25.000 --> 00:46:27.040
in a devalued role.

1148
00:46:27.040 --> 00:46:30.760
And it could be in the next couple of years,

1149
00:46:30.760 --> 00:46:33.200
these are the roles that are elevated the most

1150
00:46:33.200 --> 00:46:36.200
and that plumbers regularly earn more than lawyers.

1151
00:46:36.200 --> 00:46:38.480
Simply because the nature of the economy has changed.

1152
00:46:38.480 --> 00:46:40.640
One thing I've learned over the last 25 years

1153
00:46:40.640 --> 00:46:42.720
is the pendulum swings.

1154
00:46:42.720 --> 00:46:45.160
Things that very few things stay the same.

1155
00:46:45.160 --> 00:46:46.880
There is always this swinging pendulum

1156
00:46:46.880 --> 00:46:48.560
and the swinging pendulum is like,

1157
00:46:48.560 --> 00:46:50.840
oh yeah, white collar work behind a screen

1158
00:46:50.840 --> 00:46:51.760
is the high value thing.

1159
00:46:51.760 --> 00:46:54.560
Oh no, it's actually blue collar work with your hands.

1160
00:46:54.560 --> 00:46:56.640
You talked about supply and demand.

1161
00:46:56.640 --> 00:47:00.640
We dis, the government disrupted the natural way children

1162
00:47:00.640 --> 00:47:02.560
go out and find opportunities in the world

1163
00:47:02.560 --> 00:47:05.480
by making university loans come along.

1164
00:47:05.480 --> 00:47:07.840
And they said, oh, everyone can just take out a university loan

1165
00:47:07.840 --> 00:47:08.680
and go to university.

1166
00:47:08.680 --> 00:47:11.160
In fact, you must and you should go to university,

1167
00:47:11.160 --> 00:47:13.640
get yourself in debt or else you'll never get a job anywhere

1168
00:47:13.640 --> 00:47:15.600
if you don't do a university degree.

1169
00:47:15.600 --> 00:47:18.520
And lots of young people who should have been plumbers,

1170
00:47:18.520 --> 00:47:21.320
electricians and concreters and brick layers

1171
00:47:21.320 --> 00:47:24.280
went off and became a master's degree

1172
00:47:24.280 --> 00:47:25.960
in the mating habits of butterflies

1173
00:47:25.960 --> 00:47:29.400
and some random degree that doesn't have a job attached

1174
00:47:29.400 --> 00:47:32.160
and they ended up in $60,000, $80,000 worth of debt

1175
00:47:32.160 --> 00:47:34.720
to get this degree that no one was asking for.

1176
00:47:34.720 --> 00:47:37.560
That market distortion means that we now don't have

1177
00:47:37.560 --> 00:47:39.280
many plumbers and electricians

1178
00:47:39.280 --> 00:47:42.760
and the blue ocean is now being a trade person.

1179
00:47:43.960 --> 00:47:45.560
There's a phase a lot of companies here

1180
00:47:45.560 --> 00:47:47.440
where they're no longer doing the most important thing

1181
00:47:47.440 --> 00:47:50.360
which is selling and they get really bogged down with admin.

1182
00:47:50.360 --> 00:47:52.560
And it's often something that creeps up slowly

1183
00:47:52.560 --> 00:47:54.560
and you don't really notice until it's happened.

1184
00:47:54.560 --> 00:47:56.800
Slowly, momentum starts to leak out.

1185
00:47:56.800 --> 00:47:58.880
This happened to us and our sponsor pipe drive

1186
00:47:58.880 --> 00:48:00.840
was a fix I came across 10 years ago.

1187
00:48:00.840 --> 00:48:03.080
And ever since, my teams across my different companies

1188
00:48:03.080 --> 00:48:04.400
have continued to use it.

1189
00:48:04.400 --> 00:48:07.080
Pipedrive is a simple but powerful sales CRM

1190
00:48:07.080 --> 00:48:09.840
that gives you the visibility on any deals in your pipeline.

1191
00:48:09.840 --> 00:48:12.360
It also automates a lot of the tedious repetitive

1192
00:48:12.360 --> 00:48:14.720
and time-consuming parts of the sales process

1193
00:48:14.720 --> 00:48:17.040
which in turn saves you so many hours every single month

1194
00:48:17.040 --> 00:48:18.680
which means you can get back to selling.

1195
00:48:18.720 --> 00:48:20.600
Making that early decision to switch to pipe drive

1196
00:48:20.600 --> 00:48:22.000
was a real game changer

1197
00:48:22.000 --> 00:48:24.280
and it's kept the right things front of mind.

1198
00:48:24.280 --> 00:48:26.320
My favorite feature is pipe drives ability

1199
00:48:26.320 --> 00:48:29.120
to sync your CRM with multiple email inboxes

1200
00:48:29.120 --> 00:48:32.120
so your entire team can work together from one platform.

1201
00:48:32.120 --> 00:48:33.800
And we aren't the only ones benefiting.

1202
00:48:33.800 --> 00:48:37.240
Over 100,000 companies use pipe drive to grow their business.

1203
00:48:37.240 --> 00:48:38.880
So if something I've said resonates,

1204
00:48:38.880 --> 00:48:42.160
head over to pipedrive.com slash CEO

1205
00:48:42.160 --> 00:48:44.880
where you can get a 30 day free trial,

1206
00:48:44.880 --> 00:48:47.000
no credit card or payment required.

1207
00:48:49.680 --> 00:48:51.200
Steve, what are you doing?

1208
00:48:51.200 --> 00:48:53.400
Just making myself a delicious coffee.

1209
00:48:53.400 --> 00:48:55.040
From the freezer?

1210
00:48:55.040 --> 00:48:56.680
From the freezer, you're not bad about counting it?

1211
00:48:56.680 --> 00:48:57.520
No.

1212
00:48:57.520 --> 00:49:00.120
Oh my gosh, this is gonna change your life.

1213
00:49:00.120 --> 00:49:00.960
A couple of months ago,

1214
00:49:00.960 --> 00:49:02.480
the founder of this business called Matt

1215
00:49:02.480 --> 00:49:06.720
sent a big shipment of this coffee to our office in London.

1216
00:49:06.720 --> 00:49:08.720
What most people don't know is that the processing of coffee

1217
00:49:08.720 --> 00:49:10.520
takes out a lot of the taste.

1218
00:49:10.520 --> 00:49:12.880
So what they do is they flash freeze it

1219
00:49:12.880 --> 00:49:16.360
at the optimal moment when it's most tasty

1220
00:49:16.360 --> 00:49:18.360
and they send you in the post the coffee

1221
00:49:18.360 --> 00:49:20.440
in these little frozen ice cubes.

1222
00:49:20.440 --> 00:49:22.240
Now Matt sent a big shipment to my office.

1223
00:49:22.240 --> 00:49:23.200
I moved it to the kitchen.

1224
00:49:23.200 --> 00:49:24.760
I said to the team, knock yourselves out.

1225
00:49:24.760 --> 00:49:27.160
And then I saw so many messages in our Slack channel

1226
00:49:27.160 --> 00:49:30.120
of people going, oh my God, what the hell is that?

1227
00:49:30.120 --> 00:49:31.280
It's so delicious.

1228
00:49:31.280 --> 00:49:33.280
All I have to do is pop it out in the morning

1229
00:49:33.280 --> 00:49:35.160
using the little button on the back of this thing.

1230
00:49:35.160 --> 00:49:38.360
I pour my hot water in and I mix it.

1231
00:49:39.480 --> 00:49:40.320
And that is done.

1232
00:49:40.320 --> 00:49:44.600
You can get $30 off your first order of comment here coffee

1233
00:49:44.600 --> 00:49:47.600
if you go to comatier.com slash Stephen.

1234
00:49:47.600 --> 00:49:50.760
Try it and please Instagram DM me, link to me

1235
00:49:50.760 --> 00:49:54.120
and let me know if you love it as much as I do.

1236
00:49:54.120 --> 00:49:58.120
I was looking at the top 10 jobs according to AI

1237
00:49:58.120 --> 00:49:59.520
that I'm most likely to be disrupted.

1238
00:49:59.520 --> 00:50:00.760
And it's had things like drivers

1239
00:50:00.760 --> 00:50:03.200
with McKinsey estimating 30% of them will be automated

1240
00:50:03.200 --> 00:50:04.960
by 2030 customer service,

1241
00:50:04.960 --> 00:50:06.320
representative and call center reps,

1242
00:50:06.320 --> 00:50:07.840
which I used to be.

1243
00:50:07.840 --> 00:50:08.680
Same.

1244
00:50:08.680 --> 00:50:10.720
50% had count reductions after AI rollout

1245
00:50:10.720 --> 00:50:11.680
according to some estimates,

1246
00:50:11.680 --> 00:50:14.200
some up to about 80% actually saw a tour

1247
00:50:14.200 --> 00:50:17.680
on my timeline yesterday that is real human voice

1248
00:50:17.680 --> 00:50:19.160
indistinguishable from humans.

1249
00:50:19.160 --> 00:50:21.440
That's just launched and is causing a huge stir.

1250
00:50:21.440 --> 00:50:23.360
So that they're thinking that will replace

1251
00:50:23.360 --> 00:50:26.040
even more of the customer service roles.

1252
00:50:26.040 --> 00:50:28.160
I did speak to the sea of Klaner.

1253
00:50:28.160 --> 00:50:31.720
Tailed the IRS, he said we currently have 7,000 employees.

1254
00:50:31.720 --> 00:50:33.480
We're going to be able to get down to 3000.

1255
00:50:33.480 --> 00:50:37.320
He said after summer because of AI

1256
00:50:37.320 --> 00:50:40.640
and we'll be using our existing team members

1257
00:50:40.640 --> 00:50:42.280
that are in customer service roles

1258
00:50:42.280 --> 00:50:44.960
to do more sort of bespoke white glove VIP.

1259
00:50:44.960 --> 00:50:47.120
VIP stuff will go up in fact,

1260
00:50:47.120 --> 00:50:49.400
Evelyn's paradox would suggest

1261
00:50:49.400 --> 00:50:53.200
that a lot of the dehumanizing repetitive work

1262
00:50:53.200 --> 00:50:54.440
will go away.

1263
00:50:54.440 --> 00:50:57.320
But actually, if there are AI bots

1264
00:50:57.320 --> 00:50:59.520
that are really good at setting appointments

1265
00:50:59.520 --> 00:51:02.600
for a VIP human person to have a conversation,

1266
00:51:02.600 --> 00:51:04.440
then that work will go through the roof

1267
00:51:04.440 --> 00:51:07.400
because one of the reasons that people like right now,

1268
00:51:07.400 --> 00:51:10.480
most companies wish they could have more VIP conversations,

1269
00:51:10.480 --> 00:51:11.400
that the appointment setting,

1270
00:51:11.400 --> 00:51:13.880
they don't have a lot of the low level appointment setting

1271
00:51:13.880 --> 00:51:14.880
stuff happening.

1272
00:51:14.880 --> 00:51:16.080
And if the appointment setting stuff,

1273
00:51:16.080 --> 00:51:17.520
if the cost of that goes to zero,

1274
00:51:17.520 --> 00:51:22.360
then the affordability of the VIP level treatment

1275
00:51:22.360 --> 00:51:26.160
becomes, you know, becomes much more feasible.

1276
00:51:26.160 --> 00:51:28.760
Retail cashers, admin assistants, bookkeepers,

1277
00:51:28.760 --> 00:51:30.840
and payroll clerks, sales, development reps,

1278
00:51:30.840 --> 00:51:34.160
warehouse workers with Amazon and others

1279
00:51:34.160 --> 00:51:36.320
reporting that robots now assist or replace labor

1280
00:51:36.320 --> 00:51:38.200
in a roughly 40% of fulfillment tasks

1281
00:51:38.200 --> 00:51:39.320
and that Boston Dynamics video,

1282
00:51:39.320 --> 00:51:40.480
which I'll put up on the screen,

1283
00:51:40.480 --> 00:51:42.800
shows a humanoid robot working in a factory.

1284
00:51:42.800 --> 00:51:46.320
What's nice about some of this is that many of the jobs here

1285
00:51:46.320 --> 00:51:48.760
are jobs that a lot of people don't actually like doing.

1286
00:51:48.760 --> 00:51:51.360
They are repetitive and dehumanizing,

1287
00:51:51.360 --> 00:51:53.560
they're late night, they're early mornings.

1288
00:51:53.560 --> 00:51:57.480
So potentially, provided there is a javelins paradox

1289
00:51:57.480 --> 00:51:59.480
that something happens that's more fun,

1290
00:51:59.480 --> 00:52:01.960
more humanizing, more interesting, more VIP,

1291
00:52:01.960 --> 00:52:05.000
more chaotic and, you know, all of that sort of stuff,

1292
00:52:05.000 --> 00:52:06.760
it could be a very positive thing.

1293
00:52:06.760 --> 00:52:08.360
Fast food workers,

1294
00:52:08.360 --> 00:52:09.840
I used to be a fast food worker.

1295
00:52:09.840 --> 00:52:11.720
So did I, in McDonald's, I think it was two days.

1296
00:52:11.720 --> 00:52:13.000
I did two, is it McDonald's?

1297
00:52:13.000 --> 00:52:13.840
Well, really.

1298
00:52:13.840 --> 00:52:17.120
Because this disruption is happening at record speeds,

1299
00:52:17.120 --> 00:52:18.680
where do all these people go?

1300
00:52:18.680 --> 00:52:20.040
Because, you know, even in examples,

1301
00:52:20.040 --> 00:52:21.160
how they could do AI labeling,

1302
00:52:21.160 --> 00:52:23.640
they need to be up-skilled and trained.

1303
00:52:23.640 --> 00:52:25.640
And I worry that the rate of disruption

1304
00:52:25.640 --> 00:52:29.040
isn't going to meet the rate of creation of new opportunities.

1305
00:52:29.040 --> 00:52:30.200
And I really do worry about this.

1306
00:52:30.200 --> 00:52:32.040
Like, I think people wonder why I have these conversations

1307
00:52:32.040 --> 00:52:33.400
on this podcast over and over again.

1308
00:52:33.400 --> 00:52:35.320
My philosophy to talking, having conversations

1309
00:52:35.320 --> 00:52:36.840
on this podcast is basically,

1310
00:52:36.840 --> 00:52:37.600
I'll say to my team,

1311
00:52:37.920 --> 00:52:39.760
do you have a conversation about,

1312
00:52:39.760 --> 00:52:40.760
you know, this particular subject,

1313
00:52:40.760 --> 00:52:42.000
the gut microbiome?

1314
00:52:42.000 --> 00:52:44.640
I'll say, we've covered it.

1315
00:52:44.640 --> 00:52:46.760
Which basically means I'm no longer curious.

1316
00:52:46.760 --> 00:52:47.600
Yep.

1317
00:52:47.600 --> 00:52:48.480
I have the answers.

1318
00:52:48.480 --> 00:52:50.280
I know about the trillions of gut microbiome.

1319
00:52:50.280 --> 00:52:52.280
And I know how the gut brain acts is less than we've won.

1320
00:52:52.280 --> 00:52:53.120
Yep.

1321
00:52:53.120 --> 00:52:54.520
I keep having these conversations about AI,

1322
00:52:54.520 --> 00:52:56.920
because I feel like I'm getting no good answers.

1323
00:52:56.920 --> 00:52:59.040
Okay, so here's what's interesting.

1324
00:52:59.040 --> 00:53:02.280
There is something which you have,

1325
00:53:02.280 --> 00:53:04.320
which is this elite mindset,

1326
00:53:04.320 --> 00:53:07.480
which is, how do I organize society?

1327
00:53:07.480 --> 00:53:10.560
So that everyone gets a job and everyone does stuff, right?

1328
00:53:10.560 --> 00:53:14.400
And this is the trap that many people have fallen into.

1329
00:53:14.400 --> 00:53:16.720
And it's actually at the root cause of socialism.

1330
00:53:16.720 --> 00:53:21.320
So the root of socialism is that I know better than everybody else.

1331
00:53:21.320 --> 00:53:24.560
And I will come up with a way of running society

1332
00:53:24.560 --> 00:53:25.880
so everyone gets looked after.

1333
00:53:25.880 --> 00:53:28.120
That's the top down mindset.

1334
00:53:28.120 --> 00:53:32.400
The crazy mindset that actually works is,

1335
00:53:32.400 --> 00:53:35.000
if we give people education and training

1336
00:53:35.000 --> 00:53:37.520
and we make opportunity transparent,

1337
00:53:37.520 --> 00:53:39.640
and we actually let people know what's actually happening

1338
00:53:39.640 --> 00:53:42.320
in the market and we give them price signal data,

1339
00:53:42.320 --> 00:53:45.200
they will self-organize and reorganize,

1340
00:53:45.200 --> 00:53:47.200
and they will have a bottom-up revolution,

1341
00:53:47.200 --> 00:53:50.040
and they'll find amazing, interesting things to do.

1342
00:53:50.040 --> 00:53:51.680
The money is in the economy.

1343
00:53:51.680 --> 00:53:53.240
You think that's true?

1344
00:53:53.240 --> 00:53:54.560
That's called capitalism.

1345
00:53:54.560 --> 00:53:55.400
I know that.

1346
00:53:55.400 --> 00:53:56.360
Capitalism works.

1347
00:53:56.360 --> 00:53:57.920
In the UK, let's take the UK as an example,

1348
00:53:57.920 --> 00:54:00.040
because we're all just screaming at each other about brown people.

1349
00:54:00.040 --> 00:54:01.760
We're not talking about the real alien,

1350
00:54:01.760 --> 00:54:04.800
which is like the fundamental economic disruption of AI.

1351
00:54:05.240 --> 00:54:06.720
There's a report that came out yesterday

1352
00:54:06.720 --> 00:54:09.800
showing that unemployment in the UK has hit.

1353
00:54:09.800 --> 00:54:11.000
It's 25% up.

1354
00:54:11.000 --> 00:54:13.760
And youth unemployment has grown by more than 25%.

1355
00:54:13.760 --> 00:54:16.840
It's like 16.1% of people that are between 60 and 24,

1356
00:54:16.840 --> 00:54:18.440
unemployed now.

1357
00:54:18.440 --> 00:54:20.440
And we're still not talking about the economy.

1358
00:54:20.440 --> 00:54:21.960
We're talking about brown people.

1359
00:54:21.960 --> 00:54:23.720
When people feel that they can't get ahead,

1360
00:54:23.720 --> 00:54:25.440
they look for somebody to blame.

1361
00:54:25.440 --> 00:54:28.360
And this is historically consistent.

1362
00:54:28.360 --> 00:54:30.760
What is really happening is that the government

1363
00:54:30.760 --> 00:54:32.920
has become so big in the economy.

1364
00:54:33.080 --> 00:54:35.360
The UK government is now 45% to 50%

1365
00:54:35.360 --> 00:54:36.960
of all spending in the UK economy.

1366
00:54:36.960 --> 00:54:38.680
That's essentially a socialist,

1367
00:54:38.680 --> 00:54:40.400
where it's getting socialist.

1368
00:54:40.400 --> 00:54:44.320
Every amount of government spend is a market distortion.

1369
00:54:44.320 --> 00:54:45.360
And regardless of what it's for,

1370
00:54:45.360 --> 00:54:46.400
and I'm saying there are plenty of things

1371
00:54:46.400 --> 00:54:48.080
government should be spending money on,

1372
00:54:48.080 --> 00:54:50.160
but all government spending is a market distortion.

1373
00:54:50.160 --> 00:54:51.520
It's not market driven,

1374
00:54:51.520 --> 00:54:53.160
and there is a monopoly on spend.

1375
00:54:53.160 --> 00:54:55.600
So therefore, it is a market distortion.

1376
00:54:55.600 --> 00:54:57.280
The more government spending you have,

1377
00:54:57.280 --> 00:54:58.920
the more market distortions you have.

1378
00:54:58.920 --> 00:55:00.480
What do you mean by market distortions?

1379
00:55:00.560 --> 00:55:02.880
So a market distortion is where the markets

1380
00:55:02.880 --> 00:55:04.920
are not really able to function

1381
00:55:04.920 --> 00:55:07.640
because there is some big organization

1382
00:55:07.640 --> 00:55:09.120
like the government spending money

1383
00:55:09.120 --> 00:55:10.360
and taking away price signals

1384
00:55:10.360 --> 00:55:12.440
and taking away the realities of the market.

1385
00:55:12.440 --> 00:55:16.040
So a great example is what happened with student loans.

1386
00:55:16.040 --> 00:55:18.480
So rather than what in a capitalist society,

1387
00:55:18.480 --> 00:55:22.120
what would have happened is that young people would have heard,

1388
00:55:22.120 --> 00:55:24.320
oh my goodness, there's a shortage of brick layers.

1389
00:55:24.320 --> 00:55:27.400
Have you heard that brick layers are making 300 pounds a day?

1390
00:55:27.400 --> 00:55:29.760
Wow, I would love to make 300 pounds a day.

1391
00:55:29.800 --> 00:55:31.520
I'm gonna go be a brick layer.

1392
00:55:31.520 --> 00:55:32.360
Guess what?

1393
00:55:32.360 --> 00:55:33.400
It's a brick layer as a apprentice.

1394
00:55:33.400 --> 00:55:34.560
I'm gonna go and be an apprentice.

1395
00:55:34.560 --> 00:55:36.440
I'm gonna get paid to learn this trade

1396
00:55:36.440 --> 00:55:38.720
and there would be a market driven pull

1397
00:55:38.720 --> 00:55:40.680
towards being a brick layer.

1398
00:55:40.680 --> 00:55:43.120
A young person would get a job at a bank

1399
00:55:43.120 --> 00:55:44.520
and the bank would say,

1400
00:55:44.520 --> 00:55:47.600
hey, can we please pay for you to do a finance degree

1401
00:55:47.600 --> 00:55:50.040
because we need more people who've got a finance degree

1402
00:55:50.040 --> 00:55:52.520
and we will actually pay for you to go through that.

1403
00:55:52.520 --> 00:55:53.800
So that's a functioning market.

1404
00:55:53.800 --> 00:55:56.480
It's basically based on needs and wants

1405
00:55:56.480 --> 00:55:59.240
and things that are needed within the economy.

1406
00:55:59.240 --> 00:56:00.600
What the government did is they created

1407
00:56:00.600 --> 00:56:02.440
a what's called a market distortion.

1408
00:56:02.440 --> 00:56:04.120
They said to all young people,

1409
00:56:04.120 --> 00:56:07.840
we are going to give you as much lending as you like

1410
00:56:07.840 --> 00:56:11.240
to go out and take whatever university courses you want.

1411
00:56:11.240 --> 00:56:13.640
There's no price data, there's no signaling data.

1412
00:56:13.640 --> 00:56:16.120
It's just, if you want to borrow 50,000 pounds,

1413
00:56:16.120 --> 00:56:17.600
you can go to any course.

1414
00:56:17.600 --> 00:56:20.520
If you're really interested in the breeding habits

1415
00:56:20.520 --> 00:56:23.240
and butterflies, go and do a master's degree in that

1416
00:56:23.240 --> 00:56:25.920
and you know, happy days, right?

1417
00:56:25.920 --> 00:56:28.320
You could, it doesn't matter whether there are jobs

1418
00:56:28.600 --> 00:56:31.840
associated with it, you must go and get a university degree.

1419
00:56:31.840 --> 00:56:35.200
So they set up an entire system that pushed young people

1420
00:56:35.200 --> 00:56:37.200
to go get 50,000 pounds worth of debt

1421
00:56:37.200 --> 00:56:39.320
and do a degree that no one was asking for.

1422
00:56:39.320 --> 00:56:40.800
That's a market distortion.

1423
00:56:40.800 --> 00:56:45.040
We now have a bubble of over 280 billion pounds worth of debt

1424
00:56:45.040 --> 00:56:47.120
that will probably never be repaid.

1425
00:56:47.120 --> 00:56:50.160
We have an entire generation of young people

1426
00:56:50.160 --> 00:56:54.600
who are saddled with this debt that takes away all motivation.

1427
00:56:54.600 --> 00:56:55.920
There's no point in working

1428
00:56:55.920 --> 00:56:58.040
because they pay such high taxes.

1429
00:56:58.040 --> 00:56:59.920
Every single time they make a payment

1430
00:56:59.920 --> 00:57:01.880
to pay off their student loan,

1431
00:57:01.880 --> 00:57:06.520
they pay 600, but the debt goes up by 650, right?

1432
00:57:06.520 --> 00:57:08.400
It's absolutely insane.

1433
00:57:08.400 --> 00:57:11.160
And that's a classic example of governments meddling

1434
00:57:11.160 --> 00:57:13.240
with the markets, creating a market distortion.

1435
00:57:13.240 --> 00:57:15.640
And now we have hundreds of billions of dollars worth

1436
00:57:15.640 --> 00:57:18.640
of people who are very angry, very upset

1437
00:57:18.640 --> 00:57:20.560
because they are trapped in a student debt

1438
00:57:20.560 --> 00:57:22.560
that will not go away for decades.

1439
00:57:22.560 --> 00:57:25.720
I wish you soon act the former Prime Minister of the UK

1440
00:57:25.720 --> 00:57:27.840
wrote an article last week, which you might have seen,

1441
00:57:27.840 --> 00:57:29.920
where he said that if the UK fails

1442
00:57:29.920 --> 00:57:31.680
to fix its productivity problems

1443
00:57:31.680 --> 00:57:34.000
and seize the area of opportunity,

1444
00:57:34.000 --> 00:57:38.080
the country risks becoming a tourist theme park.

1445
00:57:38.080 --> 00:57:41.000
Yeah, not even a good tourist theme park.

1446
00:57:41.000 --> 00:57:45.840
There's not a lot, at least a lot of other countries

1447
00:57:45.840 --> 00:57:48.240
have beaches and mountain ranges and ski resorts.

1448
00:57:48.240 --> 00:57:50.680
And the UK doesn't have a lot of that.

1449
00:57:50.680 --> 00:57:52.800
We have to let markets function.

1450
00:57:52.800 --> 00:57:53.800
The issue that we have,

1451
00:57:53.800 --> 00:57:56.800
and this is actually a trap that you're falling into,

1452
00:57:56.800 --> 00:57:58.840
is trying to figure out top down,

1453
00:57:58.840 --> 00:58:02.200
how do we organize society, which is socialism, right?

1454
00:58:02.200 --> 00:58:04.360
The top down approach of trying to fix this problem

1455
00:58:04.360 --> 00:58:07.480
for everybody is the socialist mindset.

1456
00:58:07.480 --> 00:58:08.640
And it doesn't work.

1457
00:58:08.640 --> 00:58:10.080
If they were the Prime Minister.

1458
00:58:10.080 --> 00:58:10.920
Yeah.

1459
00:58:10.920 --> 00:58:12.680
And you can see the future that's coming.

1460
00:58:12.680 --> 00:58:13.520
Yeah.

1461
00:58:13.520 --> 00:58:14.360
What would you do?

1462
00:58:14.360 --> 00:58:16.080
So the number one thing that you can need to do

1463
00:58:16.080 --> 00:58:18.000
is reduce government involvement, right?

1464
00:58:18.000 --> 00:58:21.920
We need to get the government spending down less than 35%.

1465
00:58:21.920 --> 00:58:22.760
Where'd you cut?

1466
00:58:22.760 --> 00:58:23.600
Right.

1467
00:58:23.600 --> 00:58:25.920
So the key thing that you need is that you need,

1468
00:58:25.920 --> 00:58:28.120
well, there's loads of places to cut, right?

1469
00:58:28.120 --> 00:58:30.640
They're getting involved in trying to do wind farms

1470
00:58:30.640 --> 00:58:32.520
and solar farms and all of this,

1471
00:58:32.520 --> 00:58:34.040
40 billion and all this stuff.

1472
00:58:34.040 --> 00:58:36.760
Preventing companies from accessing natural gas

1473
00:58:36.760 --> 00:58:39.960
that is just sitting under a feet is a crazy thing to do.

1474
00:58:39.960 --> 00:58:42.480
Spending 20 billion trying to give away one about islands

1475
00:58:42.480 --> 00:58:44.520
to someone is a crazy thing to do.

1476
00:58:44.520 --> 00:58:46.240
There's all sorts of crazy things

1477
00:58:46.240 --> 00:58:47.600
that the government is spending money on.

1478
00:58:47.600 --> 00:58:49.400
Bureaucracy is a crazy spend.

1479
00:58:49.400 --> 00:58:52.080
Do you know the Birmingham City Council?

1480
00:58:52.080 --> 00:58:56.680
They wanted to migrate from SAP to Oracle.

1481
00:58:56.680 --> 00:58:57.680
What's that?

1482
00:58:57.680 --> 00:58:59.000
And from a CRM system with SAP

1483
00:58:59.000 --> 00:59:01.400
to a CRM system with Oracle, a software system, right?

1484
00:59:01.400 --> 00:59:03.720
So they wanted to migrate from one software system

1485
00:59:03.720 --> 00:59:05.320
to another software system.

1486
00:59:05.320 --> 00:59:07.520
They thought that it would cost 19 million pounds,

1487
00:59:07.520 --> 00:59:09.400
which in itself is a very high amount

1488
00:59:09.400 --> 00:59:11.640
to migrate from one software to another software.

1489
00:59:11.640 --> 00:59:13.560
It costs 220 million pounds.

1490
00:59:13.560 --> 00:59:15.200
So you think that you think the government

1491
00:59:15.200 --> 00:59:16.560
just do less stuff?

1492
00:59:16.560 --> 00:59:17.880
They should be involved in less stuff

1493
00:59:17.880 --> 00:59:19.840
because what's happening right now

1494
00:59:19.840 --> 00:59:24.560
is that there is so much government spending

1495
00:59:24.560 --> 00:59:26.640
that the benefits for succeeding

1496
00:59:26.640 --> 00:59:28.160
are being eroded by taxation

1497
00:59:28.160 --> 00:59:30.000
and people are just leaving.

1498
00:59:30.000 --> 00:59:31.400
See, here's the thing.

1499
00:59:31.400 --> 00:59:33.440
There's with capitalism,

1500
00:59:33.440 --> 00:59:35.760
the only benefit of capitalism

1501
00:59:35.760 --> 00:59:38.440
is the creative entrepreneurial process, right?

1502
00:59:38.440 --> 00:59:39.880
That creative entrepreneurial process

1503
00:59:39.880 --> 00:59:41.840
that produces amazing companies

1504
00:59:41.840 --> 00:59:43.440
and amazing innovations

1505
00:59:43.440 --> 00:59:45.560
and it creates stuff that is better faster and cheaper

1506
00:59:45.560 --> 00:59:47.000
for everybody's lives.

1507
00:59:47.000 --> 00:59:48.880
That comes from capitalism.

1508
00:59:48.880 --> 00:59:51.920
But if you take away the incentives for doing that,

1509
00:59:51.920 --> 00:59:54.640
you essentially don't have that happen within your country

1510
00:59:54.640 --> 00:59:55.840
and then as soon as you don't have that,

1511
00:59:55.840 --> 00:59:57.520
you don't have any economic growth.

1512
00:59:57.520 --> 00:59:59.760
And then as soon as you don't have any economic growth,

1513
00:59:59.760 --> 01:00:01.760
all you're left with is the debt.

1514
01:00:01.760 --> 01:00:05.560
And the debt erodes your economy and kills your economy

1515
01:00:05.560 --> 01:00:06.640
and you don't have any growth

1516
01:00:06.640 --> 01:00:07.720
to counterbalance the debt

1517
01:00:07.720 --> 01:00:09.200
so you enter a downward spiral.

1518
01:00:09.200 --> 01:00:11.320
And that is basically the same socialist scam

1519
01:00:11.360 --> 01:00:13.240
that happens over and over again,

1520
01:00:13.240 --> 01:00:14.520
everywhere that it's tried.

1521
01:00:14.520 --> 01:00:15.680
You're essentially trying to get rid

1522
01:00:15.680 --> 01:00:17.640
of the worst elements of an economy,

1523
01:00:17.640 --> 01:00:20.040
which is cronism and extraction,

1524
01:00:20.040 --> 01:00:21.680
but that happens under socialism.

1525
01:00:21.680 --> 01:00:23.920
You just simply lose the one thing

1526
01:00:23.920 --> 01:00:25.720
that doesn't happen under socialism,

1527
01:00:25.720 --> 01:00:27.200
which is the creative process,

1528
01:00:27.200 --> 01:00:28.280
the entrepreneurial process,

1529
01:00:28.280 --> 01:00:29.880
the innovative process

1530
01:00:29.880 --> 01:00:32.480
that creates new value in the economy.

1531
01:00:32.480 --> 01:00:35.400
So what we've currently done in the UK,

1532
01:00:35.400 --> 01:00:38.160
we've taken away all incentives

1533
01:00:38.160 --> 01:00:40.920
for people to be in the UK and to succeed.

1534
01:00:40.960 --> 01:00:42.720
I'm sure you know people personally

1535
01:00:42.720 --> 01:00:44.920
who are no longer in the UK's tax residence,

1536
01:00:44.920 --> 01:00:46.920
who should be in the UK's tax residence.

1537
01:00:46.920 --> 01:00:49.440
They like the UK, they enjoyed living in the UK,

1538
01:00:49.440 --> 01:00:50.920
but what happened?

1539
01:00:50.920 --> 01:00:54.600
They left, you and I had a debate with a guy a year ago

1540
01:00:54.600 --> 01:00:57.400
and he said, oh no, people are not going to leave the UK,

1541
01:00:57.400 --> 01:00:59.240
we can tax them as high as we possibly can,

1542
01:00:59.240 --> 01:01:00.680
we can ramp up the taxes.

1543
01:01:00.680 --> 01:01:01.520
Gary Stevenson.

1544
01:01:01.520 --> 01:01:04.160
Gary Stevenson, and Gary's prediction was

1545
01:01:04.160 --> 01:01:05.960
that rich people are not going to leave

1546
01:01:05.960 --> 01:01:08.080
and he also predicted that the house prices

1547
01:01:08.080 --> 01:01:09.040
are going to explode

1548
01:01:09.040 --> 01:01:11.120
and that we're going to have these horrible house prices,

1549
01:01:11.120 --> 01:01:13.760
what's happened, housing market has gone flat

1550
01:01:13.760 --> 01:01:15.360
because people are leaving.

1551
01:01:15.360 --> 01:01:18.400
The economically active producers, providers,

1552
01:01:18.400 --> 01:01:20.360
they have left in their droves

1553
01:01:20.360 --> 01:01:22.240
and the economy is now in real trouble.

1554
01:01:22.240 --> 01:01:23.840
If you ask anyone who has left,

1555
01:01:23.840 --> 01:01:26.040
what do they tell you is the reason that they left the UK?

1556
01:01:26.040 --> 01:01:27.040
It's one of two things.

1557
01:01:27.040 --> 01:01:29.800
It's generally, I think they feel a sense of pessimism

1558
01:01:29.800 --> 01:01:31.680
about building their future in a place

1559
01:01:31.680 --> 01:01:36.320
that feels like it's unmanaged decline to some people

1560
01:01:36.320 --> 01:01:39.080
and then the other cohort will say tax reasons.

1561
01:01:39.080 --> 01:01:42.000
Hi, taxes and it just feels like you can't get ahead.

1562
01:01:42.000 --> 01:01:43.760
And also the third I'd say is they think

1563
01:01:43.760 --> 01:01:45.400
that talent is elsewhere.

1564
01:01:45.400 --> 01:01:46.520
So I think they have a chance

1565
01:01:46.520 --> 01:01:48.320
of getting capital in talent employees

1566
01:01:48.320 --> 01:01:50.640
if they move to America or Dubai or whatever else.

1567
01:01:50.640 --> 01:01:53.320
Yep, and if you go to Dubai, low taxes

1568
01:01:53.320 --> 01:01:57.640
and if you go to America, lower taxes, more opportunities.

1569
01:01:57.640 --> 01:02:01.280
So we are living in a time where a lot of countries

1570
01:02:01.280 --> 01:02:03.280
are exploring this socialism thing

1571
01:02:03.280 --> 01:02:04.880
and unfortunately it's a scam.

1572
01:02:04.920 --> 01:02:08.000
But even what's interesting is even your mindset

1573
01:02:08.000 --> 01:02:09.520
is we need to fix this top down

1574
01:02:09.520 --> 01:02:11.880
as opposed to fix a bottom up with AI.

1575
01:02:11.880 --> 01:02:14.120
We need to give people price data, price signals.

1576
01:02:14.120 --> 01:02:14.960
What does that mean?

1577
01:02:14.960 --> 01:02:16.000
It means that they need to be able to see

1578
01:02:16.000 --> 01:02:17.720
what's happening in the economy.

1579
01:02:17.720 --> 01:02:19.560
A young person needs to know

1580
01:02:19.560 --> 01:02:21.120
that someone's making a lot of profit.

1581
01:02:21.120 --> 01:02:24.400
They need to be able to see there is opportunities to do this.

1582
01:02:24.400 --> 01:02:25.880
There's opportunities to do that.

1583
01:02:25.880 --> 01:02:28.680
They need to also see, oh, this is no longer an opportunity.

1584
01:02:28.680 --> 01:02:31.360
So this was a great opportunity five years ago,

1585
01:02:31.360 --> 01:02:33.560
but it's not such a great opportunity now.

1586
01:02:33.560 --> 01:02:35.480
A lot of young people are going to discover,

1587
01:02:35.480 --> 01:02:38.880
oh, wait a second, I could get into house renovations

1588
01:02:38.880 --> 01:02:40.440
because a lot of houses need renovating

1589
01:02:40.440 --> 01:02:41.280
and they go, oh, cool.

1590
01:02:41.280 --> 01:02:43.120
I've heard about someone who's making money doing that.

1591
01:02:43.120 --> 01:02:44.000
I'm going to go do that.

1592
01:02:44.000 --> 01:02:46.800
So that's just having access to price data.

1593
01:02:46.800 --> 01:02:48.160
When I look back over the last couple of years,

1594
01:02:48.160 --> 01:02:51.040
data from Henley and Partners in 2023,

1595
01:02:51.040 --> 01:02:56.040
it says 3,200 millionaires net left the UK in 2024,

1596
01:02:56.040 --> 01:02:58.880
9,500 millionaires net left the UK.

1597
01:02:58.880 --> 01:03:03.440
In 2025, projected 16,500 millionaires

1598
01:03:03.440 --> 01:03:07.320
are expected to leave the UK, which is a record outflow.

1599
01:03:07.320 --> 01:03:10.240
And predictions that have not yet been published,

1600
01:03:10.240 --> 01:03:14.640
warn that the trend is likely to continue into 2026.

1601
01:03:14.640 --> 01:03:16.880
When you think about this, I guess there's two questions,

1602
01:03:16.880 --> 01:03:19.000
which is, why does this matter?

1603
01:03:19.000 --> 01:03:21.360
And then the next question is, what should I do about it

1604
01:03:21.360 --> 01:03:22.600
on an individual level?

1605
01:03:22.600 --> 01:03:24.800
So why does it matter is because 1% of people

1606
01:03:24.800 --> 01:03:26.440
pay for 30% of the bills.

1607
01:03:26.440 --> 01:03:29.600
And 10% of people pay 60% of the bills.

1608
01:03:29.600 --> 01:03:32.920
So if those people leave, then those bills get passed

1609
01:03:32.920 --> 01:03:34.200
on to everybody.

1610
01:03:34.200 --> 01:03:35.440
We've seen this here in New York.

1611
01:03:35.440 --> 01:03:37.280
So we're at the moment we're in New York.

1612
01:03:37.280 --> 01:03:40.360
And this socialist mayor, Mandani,

1613
01:03:40.360 --> 01:03:43.200
has basically just come out today and said,

1614
01:03:43.200 --> 01:03:45.360
we need to put everybody's taxes up

1615
01:03:45.360 --> 01:03:47.480
because we need to spread the bills of the city

1616
01:03:47.480 --> 01:03:51.440
across all the residents because people are leaving.

1617
01:03:51.440 --> 01:03:55.840
So he wants to propose a 9.5% tax rise on all people

1618
01:03:55.840 --> 01:03:58.880
who own homes, regardless of the value of those homes.

1619
01:03:58.880 --> 01:04:01.800
So essentially, when rich people leave,

1620
01:04:01.800 --> 01:04:05.440
they leave behind a lot of bills that everybody else

1621
01:04:05.440 --> 01:04:07.840
has to pay that they were previously paying.

1622
01:04:07.840 --> 01:04:12.360
In his February 2026 preliminary budget, New York mayor,

1623
01:04:12.360 --> 01:04:16.720
Zorhan Mandani proposed a 9.5% property tax increase

1624
01:04:16.720 --> 01:04:20.120
to address a projected 5.4 billion budget shortfall.

1625
01:04:20.120 --> 01:04:22.800
This proposal acts as a last resort alternative

1626
01:04:22.800 --> 01:04:24.920
to his preferred plan, which was increasing taxes

1627
01:04:24.920 --> 01:04:28.160
on top earners and corporations to fill the revenue gap.

1628
01:04:29.520 --> 01:04:31.280
He promised free stuff and he promised

1629
01:04:31.280 --> 01:04:33.920
that everything was going to be paid for for free.

1630
01:04:33.920 --> 01:04:34.760
Nothing is free.

1631
01:04:34.760 --> 01:04:36.080
Someone has to pay for everything.

1632
01:04:36.080 --> 01:04:38.440
If the rich people leave, there is not people

1633
01:04:38.440 --> 01:04:40.280
who can pay for all the free stuff.

1634
01:04:40.280 --> 01:04:42.720
And that's what New York is suddenly discovering.

1635
01:04:42.720 --> 01:04:44.240
So why does it matter?

1636
01:04:44.240 --> 01:04:46.960
Because rich people essentially create the growth.

1637
01:04:46.960 --> 01:04:48.920
They are the high tax payers.

1638
01:04:48.920 --> 01:04:52.480
Whichever way you want to say it or discover it or discuss it,

1639
01:04:52.480 --> 01:04:55.200
it is a small group of people who pay a lot of the taxes.

1640
01:04:55.200 --> 01:04:57.160
You don't want those people to leave the economy.

1641
01:04:57.160 --> 01:04:58.680
What do you do about it?

1642
01:04:58.680 --> 01:05:01.000
The number one thing to do about it is you need

1643
01:05:01.000 --> 01:05:03.160
to identify the opportunity that's right for you.

1644
01:05:03.160 --> 01:05:04.800
That's called founder opportunity fit.

1645
01:05:04.800 --> 01:05:07.040
What you're looking for is an opportunity

1646
01:05:07.040 --> 01:05:11.120
where you can earn money no matter where you are in the world.

1647
01:05:11.120 --> 01:05:13.720
If you're somewhere that you don't perhaps like being

1648
01:05:13.720 --> 01:05:16.600
for any reason, you can pick up and move.

1649
01:05:16.600 --> 01:05:18.360
So the best kind of businesses and the best kind

1650
01:05:18.360 --> 01:05:19.720
of opportunities at the moment are the ones

1651
01:05:19.720 --> 01:05:22.440
that are not geographically limited to a particular city.

1652
01:05:22.440 --> 01:05:25.760
It says that a New York personal tax income remains pretty strong,

1653
01:05:25.760 --> 01:05:28.160
but business tax collections have started to soften.

1654
01:05:28.160 --> 01:05:32.280
Recent reports show they are roughly 378 million lower

1655
01:05:32.280 --> 01:05:34.640
than initially projected as business formation

1656
01:05:34.640 --> 01:05:36.040
slows down in New York.

1657
01:05:36.040 --> 01:05:37.520
Yeah, it's the same story.

1658
01:05:37.520 --> 01:05:40.280
We've seen this over and over again.

1659
01:05:40.280 --> 01:05:41.840
Socialism is like a hot stove

1660
01:05:41.840 --> 01:05:44.440
that every generation has to touch for themselves.

1661
01:05:44.440 --> 01:05:47.320
That essentially every generation of young people,

1662
01:05:47.320 --> 01:05:49.160
they think they've discovered something new.

1663
01:05:49.200 --> 01:05:50.560
They think, oh my goodness,

1664
01:05:50.560 --> 01:05:53.080
what if we just go to the rich people and take it off them

1665
01:05:53.080 --> 01:05:56.760
and give it to everybody else and we'll redistribute the wealth?

1666
01:05:56.760 --> 01:05:59.960
And even though it's been tried for 180 years

1667
01:05:59.960 --> 01:06:03.520
since Karl Marx came along, it just doesn't work.

1668
01:06:03.520 --> 01:06:06.040
It is a disaster and it ruins economies

1669
01:06:06.040 --> 01:06:07.400
over and over and over again.

1670
01:06:07.400 --> 01:06:10.080
And trying to offer lots and lots of free incentives

1671
01:06:10.080 --> 01:06:13.560
without any productivity gains is a downwards viral.

1672
01:06:13.560 --> 01:06:16.440
What's your bear case for the future of AI?

1673
01:06:16.440 --> 01:06:18.120
Well, the bear case is that we have something called

1674
01:06:18.120 --> 01:06:19.120
the Engels Paws.

1675
01:06:19.120 --> 01:06:21.800
The Engels Paws is what happened in the industrial age

1676
01:06:21.800 --> 01:06:25.160
where for 50 years, all the wealth went to the top

1677
01:06:25.160 --> 01:06:27.760
because of the new technology of the industrialization.

1678
01:06:27.760 --> 01:06:30.800
When we went from agriculture to industrial age,

1679
01:06:30.800 --> 01:06:33.240
that new technology displaced so many people

1680
01:06:33.240 --> 01:06:35.000
that there were revolutions off the back of it.

1681
01:06:35.000 --> 01:06:37.200
I mean, this is going to be even faster and more disruptive.

1682
01:06:37.200 --> 01:06:39.520
Yeah, it's very disruptive, yeah.

1683
01:06:39.520 --> 01:06:41.640
I said this once before on a conversation I had about AI,

1684
01:06:41.640 --> 01:06:45.360
but I went to my friends accelerator in San Francisco,

1685
01:06:45.360 --> 01:06:47.320
which used to be a software accelerator.

1686
01:06:47.320 --> 01:06:48.840
And when I walked in there and went around,

1687
01:06:48.840 --> 01:06:51.440
he has so hundreds of entrepreneurs in their building stuff.

1688
01:06:51.440 --> 01:06:53.240
I was like, why is everyone building robots?

1689
01:06:53.240 --> 01:06:54.840
And he was like, oh, and he showed me this,

1690
01:06:54.840 --> 01:06:56.360
I said this on a couple of episodes ago,

1691
01:06:56.360 --> 01:06:58.000
showed me this frying pan,

1692
01:06:58.000 --> 01:06:59.800
which had an on a robotic arm attached to it.

1693
01:06:59.800 --> 01:07:01.320
He was like, cook should dinner for you.

1694
01:07:01.320 --> 01:07:02.160
Yeah.

1695
01:07:02.160 --> 01:07:04.760
And he was like, so 10 years ago,

1696
01:07:04.760 --> 01:07:08.760
the expensive thing wasn't actually the robot to come.

1697
01:07:08.760 --> 01:07:09.760
He was like, all these pieces,

1698
01:07:09.760 --> 01:07:11.960
all these, they've been around for decades.

1699
01:07:11.960 --> 01:07:13.960
He goes, the expensive thing was the intelligence.

1700
01:07:13.960 --> 01:07:15.200
He goes, now it costs sense.

1701
01:07:15.200 --> 01:07:17.600
Back then, it would have cost me tens of thousands

1702
01:07:17.600 --> 01:07:22.200
to buy the intelligence that would know how to make your omelette for you.

1703
01:07:22.200 --> 01:07:23.760
So he goes, what you're seeing now is we're actually

1704
01:07:23.760 --> 01:07:26.240
in the Renaissance age of robotics.

1705
01:07:26.240 --> 01:07:27.440
And I looked around and I was like, oh, there's

1706
01:07:27.440 --> 01:07:28.440
what's that machine over there?

1707
01:07:28.440 --> 01:07:30.640
He goes, that makes your perfume for you in the morning.

1708
01:07:30.640 --> 01:07:32.200
You tell it how you want to smell today.

1709
01:07:32.200 --> 01:07:34.520
It makes it, has all the sense loaded in and it'll make you,

1710
01:07:34.520 --> 01:07:36.280
and you can see the, make all the way.

1711
01:07:36.280 --> 01:07:38.400
Everything that is currently got a Bluetooth in it

1712
01:07:38.400 --> 01:07:39.760
will have intelligence in it.

1713
01:07:39.760 --> 01:07:43.120
So your toothbrush will tell you whether you've brushed your teeth

1714
01:07:43.120 --> 01:07:44.920
well enough and book it'll probably be

1715
01:07:44.960 --> 01:07:47.160
the thing that books an appointment for your dentist

1716
01:07:47.160 --> 01:07:48.600
and all that sort of stuff.

1717
01:07:48.600 --> 01:07:49.440
I'll give him further.

1718
01:07:49.440 --> 01:07:51.600
I'd say even things that don't like my bedsheet,

1719
01:07:51.600 --> 01:07:54.000
my bedsheet, my pillows, my mattresses.

1720
01:07:54.000 --> 01:07:57.160
And they will all have access to agents and all that sort of stuff.

1721
01:07:57.160 --> 01:08:00.160
My bare case for AI is not about the intelligence side of things.

1722
01:08:00.160 --> 01:08:02.320
I generally believe that more intelligence

1723
01:08:02.320 --> 01:08:03.800
means a better society.

1724
01:08:03.800 --> 01:08:06.320
There's never been a situation where lots of intelligence

1725
01:08:06.320 --> 01:08:07.640
was a bad thing.

1726
01:08:07.640 --> 01:08:10.680
So I think intelligence has a pretty strong bull case to it.

1727
01:08:10.680 --> 01:08:13.280
But financial bubbles are a real thing

1728
01:08:13.280 --> 01:08:14.840
and I've lived through a couple of them

1729
01:08:14.840 --> 01:08:17.480
and what I've discovered is that they have widespread

1730
01:08:17.480 --> 01:08:20.240
massive impacts on all sorts of areas of society

1731
01:08:20.240 --> 01:08:21.880
that you wouldn't even expect.

1732
01:08:21.880 --> 01:08:25.760
And my real bare case for AI is that we over invest

1733
01:08:25.760 --> 01:08:26.920
in these data centers.

1734
01:08:26.920 --> 01:08:29.480
We cause a massive financial collapse

1735
01:08:29.480 --> 01:08:31.240
and that we wipe out pension funds.

1736
01:08:31.240 --> 01:08:32.480
I don't know if you know this,

1737
01:08:32.480 --> 01:08:36.280
but they're packaging up the debt for these financial assets

1738
01:08:36.280 --> 01:08:40.760
and they're selling that to pension funds as private credit.

1739
01:08:40.760 --> 01:08:43.120
So all of these huge data centers,

1740
01:08:43.120 --> 01:08:45.800
what they're doing is paying 6% above inflation

1741
01:08:45.800 --> 01:08:47.720
as a packaged up debt.

1742
01:08:47.720 --> 01:08:48.720
They send it over.

1743
01:08:48.720 --> 01:08:50.000
Now when they go to the pension funds,

1744
01:08:50.000 --> 01:08:51.440
they say, oh, this is backed by Google

1745
01:08:51.440 --> 01:08:54.960
and backed by Microsoft and backed by Amazon.

1746
01:08:54.960 --> 01:08:56.360
And then they say, oh, you know,

1747
01:08:56.360 --> 01:09:01.080
it's a 6% financial instrument backed by these huge companies.

1748
01:09:01.080 --> 01:09:05.200
But unfortunately, the mathematics of spending 600 billion a year

1749
01:09:05.200 --> 01:09:08.080
on something that only has a three or four-year lifespan,

1750
01:09:08.080 --> 01:09:10.720
every single time in the last 180 years

1751
01:09:10.720 --> 01:09:13.000
that we've spent more than 3% of our economy

1752
01:09:13.000 --> 01:09:14.440
on an infrastructure buildout,

1753
01:09:14.440 --> 01:09:16.120
we've ended up with either a massive recession

1754
01:09:16.120 --> 01:09:17.160
or a depression.

1755
01:09:17.160 --> 01:09:19.720
Did you hear the Anthropic CEO?

1756
01:09:19.720 --> 01:09:20.520
For anyone that doesn't know,

1757
01:09:20.520 --> 01:09:23.040
Anthropic is one of the large AI companies.

1758
01:09:23.040 --> 01:09:24.640
Yeah, they're the maker of Claude.

1759
01:09:24.640 --> 01:09:25.920
Did you hear what he was saying the other day

1760
01:09:25.920 --> 01:09:28.960
in the article he wrote about his concerns?

1761
01:09:28.960 --> 01:09:31.840
Yeah, yeah, I saw at Davos.

1762
01:09:31.840 --> 01:09:34.600
Yeah, he wrote it just after he left Davos.

1763
01:09:34.600 --> 01:09:37.800
And Daria Amede, he said,

1764
01:09:37.800 --> 01:09:41.840
humanity is about to be handed almost unimaginable power,

1765
01:09:41.840 --> 01:09:44.360
and it is deeply unclear whether our social,

1766
01:09:44.360 --> 01:09:46.280
political, and technological systems

1767
01:09:46.280 --> 01:09:48.560
possess the maturity to wield it.

1768
01:09:48.560 --> 01:09:51.080
I believe we are entering a right of passage,

1769
01:09:51.080 --> 01:09:53.440
both turbulent and inevitable,

1770
01:09:53.440 --> 01:09:56.200
which will test who we are as a species.

1771
01:09:56.200 --> 01:09:59.480
We are considerably closer to real danger in 2026

1772
01:09:59.480 --> 01:10:01.880
than we were in 2023.

1773
01:10:01.880 --> 01:10:05.680
If the exponential continues, which is not certain,

1774
01:10:05.680 --> 01:10:08.600
but now has a decade-long track record supporting it,

1775
01:10:08.600 --> 01:10:10.680
then it cannot possibly be more than a few years

1776
01:10:10.680 --> 01:10:13.240
before AI is better than humans,

1777
01:10:13.240 --> 01:10:16.280
at essentially everything, everything.

1778
01:10:16.280 --> 01:10:18.640
The same AI-enabled tools that are necessary

1779
01:10:18.640 --> 01:10:22.760
to fight autocracies can be turned inward

1780
01:10:22.760 --> 01:10:25.680
to create tyranny in our own countries.

1781
01:10:25.680 --> 01:10:28.120
There is an alarming possibility

1782
01:10:28.120 --> 01:10:30.720
of global totalitarian dictatorship.

1783
01:10:30.720 --> 01:10:34.680
AI is so powerful, such a glittering prize,

1784
01:10:34.680 --> 01:10:37.480
that it is very difficult for human civilization

1785
01:10:37.480 --> 01:10:40.800
to impose any restraints on it at all.

1786
01:10:40.800 --> 01:10:42.920
And he said this remarkable thing about,

1787
01:10:42.920 --> 01:10:45.280
in that essay, about imagining

1788
01:10:45.280 --> 01:10:50.280
if there was an island with 50,000 geniuses on it.

1789
01:10:50.440 --> 01:10:53.600
Or billion geniuses on it.

1790
01:10:53.600 --> 01:10:55.520
What would happen to society?

1791
01:10:55.520 --> 01:10:57.320
And I think there's, I don't know,

1792
01:10:57.320 --> 01:10:59.600
like you know what, I hope I'm really wrong about this,

1793
01:10:59.600 --> 01:11:01.120
but when I think about this idea

1794
01:11:01.120 --> 01:11:05.160
that there's 50 million geniuses on this brand new island,

1795
01:11:05.160 --> 01:11:06.160
and I ask myself,

1796
01:11:06.160 --> 01:11:07.720
I'm willing to work for free.

1797
01:11:07.720 --> 01:11:08.960
willing to work for free,

1798
01:11:08.960 --> 01:11:11.840
when one learns something, they all learn something.

1799
01:11:11.840 --> 01:11:14.040
You just take that as a first-prince where you go,

1800
01:11:14.040 --> 01:11:17.120
society is going to be very, very, very different.

1801
01:11:17.120 --> 01:11:19.200
And maybe all of the advice we've been giving

1802
01:11:19.200 --> 01:11:20.480
for the last five, 10 years

1803
01:11:20.480 --> 01:11:21.520
about how to be successful,

1804
01:11:21.520 --> 01:11:23.680
how to be an entrepreneur, how to succeed in business.

1805
01:11:23.680 --> 01:11:26.400
Maybe it's for an economy that no longer exists.

1806
01:11:26.400 --> 01:11:30.480
Yeah, we're going from a fundamental industrial age economy

1807
01:11:30.480 --> 01:11:32.680
to an AI age economy, right?

1808
01:11:32.680 --> 01:11:34.360
That is different.

1809
01:11:34.360 --> 01:11:36.320
We will have different economic models.

1810
01:11:36.320 --> 01:11:38.200
We also have a problem of aging.

1811
01:11:38.200 --> 01:11:39.360
For all of human history,

1812
01:11:39.360 --> 01:11:41.600
we've had a small number of old people at the top

1813
01:11:41.600 --> 01:11:43.000
and a lot of young people at the bottom.

1814
01:11:43.000 --> 01:11:46.200
And we now have 65% of all wealth in the economy

1815
01:11:46.200 --> 01:11:48.200
is held by people over 65.

1816
01:11:48.200 --> 01:11:50.520
And then you've got the financialized economy

1817
01:11:50.520 --> 01:11:53.480
and the government economy, which is inflationary,

1818
01:11:53.480 --> 01:11:56.520
and that they pump money in as stimulus.

1819
01:11:56.520 --> 01:11:59.240
So while the entrepreneurs are making everything cheaper,

1820
01:11:59.240 --> 01:12:01.920
even free, the governments are actually

1821
01:12:01.920 --> 01:12:03.880
inflating the economy and the financial systems

1822
01:12:03.880 --> 01:12:06.680
inflating the economy slightly faster

1823
01:12:06.680 --> 01:12:08.600
than productivity gains, right?

1824
01:12:08.600 --> 01:12:10.520
So what's happening is the entrepreneurs

1825
01:12:10.520 --> 01:12:12.000
bring down the cost of everything

1826
01:12:12.000 --> 01:12:13.880
and the governments and the financial system

1827
01:12:13.880 --> 01:12:15.600
top it up with new stimulus.

1828
01:12:15.600 --> 01:12:19.240
According to the rules that the government runs by,

1829
01:12:19.240 --> 01:12:22.760
as AI creates huge deflationary impacts,

1830
01:12:22.760 --> 01:12:25.760
they can actually just inflate the economy unbelievably.

1831
01:12:25.760 --> 01:12:28.960
They can pump huge amounts of stimulus into the economy.

1832
01:12:29.000 --> 01:12:33.640
So this whole idea of UBI, universal basic income,

1833
01:12:33.640 --> 01:12:37.360
it actually stacks up from the economic fundamentals,

1834
01:12:37.360 --> 01:12:41.480
basics principles, where you can actually

1835
01:12:41.480 --> 01:12:43.160
provide it, you're getting the productivity gains

1836
01:12:43.160 --> 01:12:45.800
where things are costing zero because of AI,

1837
01:12:45.800 --> 01:12:47.880
you can actually just pump money into the economy

1838
01:12:47.880 --> 01:12:51.000
and give money away for a period of time

1839
01:12:51.000 --> 01:12:52.800
while we're going through that transition.

1840
01:12:52.800 --> 01:12:57.080
Hopefully that prevents massive craziness from unfolding.

1841
01:12:57.120 --> 01:12:58.720
And hopefully, as a result of having

1842
01:12:58.720 --> 01:13:00.840
a huge amount of intelligence,

1843
01:13:00.840 --> 01:13:04.520
we find really interesting fun ways to structure society

1844
01:13:04.520 --> 01:13:05.320
and do things.

1845
01:13:06.400 --> 01:13:08.840
We're not necessarily leaving Utopia.

1846
01:13:08.840 --> 01:13:12.640
We shouldn't necessarily be grieving the loss of shitty jobs

1847
01:13:12.640 --> 01:13:17.640
and grieving the loss of dehumanizing low connectivity jobs.

1848
01:13:18.320 --> 01:13:21.640
We have ruined the way that we pair bond.

1849
01:13:21.640 --> 01:13:23.880
We've ruined the way that we do community.

1850
01:13:23.880 --> 01:13:26.720
We've ruined the way that families run.

1851
01:13:26.720 --> 01:13:31.000
We've got people working two jobs just to survive.

1852
01:13:31.000 --> 01:13:33.560
Like that's not something to be grieving the loss of.

1853
01:13:33.560 --> 01:13:34.760
We need a new system.

1854
01:13:34.760 --> 01:13:37.200
Maybe AI is going to actually give us

1855
01:13:37.200 --> 01:13:40.280
the breathing room that we need to actually create a system

1856
01:13:40.280 --> 01:13:42.720
that gets us back to a little bit towards

1857
01:13:42.720 --> 01:13:44.360
the way that humans have flourished.

1858
01:13:44.360 --> 01:13:46.280
Are we going to go to what's UBI?

1859
01:13:46.280 --> 01:13:47.400
It seems like in the short term,

1860
01:13:47.400 --> 01:13:48.480
that would have to be the case.

1861
01:13:48.480 --> 01:13:51.080
So Sam Altman's over here working to build open AI,

1862
01:13:51.080 --> 01:13:53.920
working 24 hours a day, let's just say theoretically.

1863
01:13:53.920 --> 01:13:57.080
We're going to have to take some of his hard work away

1864
01:13:57.080 --> 01:13:59.280
and give it to theoretically.

1865
01:13:59.280 --> 01:14:03.480
We're going to have to give it to someone who is maybe not working.

1866
01:14:03.480 --> 01:14:04.800
And I mean, Sam Altman, funnily enough,

1867
01:14:04.800 --> 01:14:08.800
he actually backed a study called Open Research in 2024

1868
01:14:08.800 --> 01:14:11.960
that looked at the impact of UBI and it showed

1869
01:14:11.960 --> 01:14:14.760
that recipients who received UBI,

1870
01:14:14.760 --> 01:14:16.600
which is money basically given to them,

1871
01:14:16.600 --> 01:14:19.760
worked fewer hours and less money than the control group.

1872
01:14:19.760 --> 01:14:21.480
Instead of using the freedom to find better jobs

1873
01:14:21.480 --> 01:14:22.960
and improve their education,

1874
01:14:22.960 --> 01:14:25.560
many participants simply dropped off the workforce

1875
01:14:25.560 --> 01:14:27.720
or reduced their hours for leisure,

1876
01:14:27.720 --> 01:14:29.680
resulting in a net decrease in household income

1877
01:14:29.680 --> 01:14:30.680
despite cash payments.

1878
01:14:30.680 --> 01:14:32.720
Yeah, humans want stuff to do.

1879
01:14:32.720 --> 01:14:34.720
We need a meaningful struggle.

1880
01:14:34.720 --> 01:14:37.160
We need something that we're up to in the world.

1881
01:14:37.160 --> 01:14:39.720
And that is a very difficult thing.

1882
01:14:39.720 --> 01:14:41.920
The likely thing that I think will probably happen

1883
01:14:41.920 --> 01:14:43.840
is that these data center investments

1884
01:14:43.840 --> 01:14:45.560
will be so catastrophic financially

1885
01:14:45.560 --> 01:14:47.440
that governments will have to bail them out.

1886
01:14:47.440 --> 01:14:49.400
And then the governments will have to own all the data

1887
01:14:49.400 --> 01:14:50.440
and all the data centers.

1888
01:14:50.440 --> 01:14:52.720
And then the tech companies will have

1889
01:14:52.720 --> 01:14:54.840
to essentially pay royalties back to the government

1890
01:14:54.840 --> 01:14:56.800
over long periods of time to manage

1891
01:14:56.800 --> 01:14:59.080
this kind of infrastructure buildout.

1892
01:14:59.080 --> 01:15:00.640
So you will have to have something

1893
01:15:00.640 --> 01:15:03.520
where the government actually owns the primary asset

1894
01:15:03.520 --> 01:15:05.440
and that is the thing that pays for the UBI.

1895
01:15:05.440 --> 01:15:08.000
I mean, we're kind of theorizing and just kind of...

1896
01:15:08.000 --> 01:15:08.840
We're going to find out.

1897
01:15:08.840 --> 01:15:09.680
We are going to find out.

1898
01:15:09.680 --> 01:15:10.680
It's going to be on the internet.

1899
01:15:10.680 --> 01:15:14.640
And the mathematics bend reality at about 2029.

1900
01:15:14.640 --> 01:15:17.000
Once you, the financial engineering required

1901
01:15:17.000 --> 01:15:18.240
to make this thing work,

1902
01:15:18.280 --> 01:15:21.400
you need something like a 45 times growth

1903
01:15:21.400 --> 01:15:23.840
in the number of people paying for subscriptions

1904
01:15:23.840 --> 01:15:25.360
and the number of businesses.

1905
01:15:25.360 --> 01:15:30.360
Like you take something that is over the last five, 10 years

1906
01:15:31.160 --> 01:15:33.920
there's been a product that has gone exponential

1907
01:15:33.920 --> 01:15:37.800
which is a ZMPIC and GLP1 weight loss drugs.

1908
01:15:37.800 --> 01:15:41.280
The amount of spend to build out and satisfy that demand

1909
01:15:41.280 --> 01:15:43.360
is actually pretty minimal.

1910
01:15:43.360 --> 01:15:46.160
Those companies spend about 20% of their revenues

1911
01:15:46.160 --> 01:15:49.280
building new factories to produce new GLP drugs, right?

1912
01:15:49.280 --> 01:15:52.160
So capex is about 20% of revenue.

1913
01:15:52.160 --> 01:15:53.800
We're seeing with the AI staff,

1914
01:15:53.800 --> 01:15:57.040
capex is hundreds of percent of revenue, right?

1915
01:15:57.040 --> 01:16:00.880
So it is a financial feat that we've never attempted before.

1916
01:16:02.000 --> 01:16:04.440
I've had so many founders speak to me and say,

1917
01:16:04.440 --> 01:16:06.040
why didn't this particular ad that I ran

1918
01:16:06.040 --> 01:16:08.080
on this platform work for me?

1919
01:16:08.080 --> 01:16:10.360
Maybe the copy wasn't good, the creative wasn't strong,

1920
01:16:10.360 --> 01:16:11.720
but usually the problem is they're not having

1921
01:16:11.720 --> 01:16:14.080
the right conversation because that ad never reached

1922
01:16:14.080 --> 01:16:15.080
the right person.

1923
01:16:15.080 --> 01:16:18.200
And if you're in B2B marketing, that is much of the game.

1924
01:16:18.200 --> 01:16:21.680
And this is where LinkedIn ads solves that problem for you.

1925
01:16:21.680 --> 01:16:23.840
Their targeting is ridiculously specific.

1926
01:16:23.840 --> 01:16:26.400
You can target by job title, seniority,

1927
01:16:26.400 --> 01:16:29.920
company size, industry, and even someone's skillset.

1928
01:16:29.920 --> 01:16:32.960
And then network includes over a billion professionals,

1929
01:16:32.960 --> 01:16:36.240
about 130 million of them are decision makers.

1930
01:16:36.240 --> 01:16:37.440
So when you use LinkedIn ads,

1931
01:16:37.440 --> 01:16:40.240
you're putting your brand in front of the right people.

1932
01:16:40.240 --> 01:16:42.600
And LinkedIn ads also drive the highest B2B return

1933
01:16:42.600 --> 01:16:45.640
on ad spend across all ad networks in my experience.

1934
01:16:45.640 --> 01:16:47.200
If you want to give them a try,

1935
01:16:47.200 --> 01:16:50.760
head over to LinkedIn.com slash diary.

1936
01:16:50.760 --> 01:16:54.360
And when you spend $250 on your first LinkedIn ads campaign,

1937
01:16:54.360 --> 01:16:58.960
you'll get an extra $250 credit from me for the next one.

1938
01:16:58.960 --> 01:17:01.600
That's LinkedIn.com slash diary,

1939
01:17:01.600 --> 01:17:03.760
terms and conditions apply.

1940
01:17:03.760 --> 01:17:06.080
We have finally caved in.

1941
01:17:06.080 --> 01:17:08.880
So many of you have asked us if we could bundle

1942
01:17:08.880 --> 01:17:10.960
the conversation cards with the 1% diary.

1943
01:17:10.960 --> 01:17:12.440
For those of you that don't know,

1944
01:17:12.440 --> 01:17:14.640
every single time a guest sits here with me in the chair,

1945
01:17:14.640 --> 01:17:16.640
they leave a question in the diary of a CEO.

1946
01:17:16.640 --> 01:17:18.960
And then I ask that question to the next guest.

1947
01:17:18.960 --> 01:17:22.280
We don't release those questions in any environment other than

1948
01:17:22.280 --> 01:17:24.240
on these incredible conversation cards.

1949
01:17:24.240 --> 01:17:27.280
These have become a fantastic tool for people in relationships,

1950
01:17:27.280 --> 01:17:29.920
people in teams, in big corporations,

1951
01:17:29.920 --> 01:17:31.840
and also family members to connect with each other.

1952
01:17:31.840 --> 01:17:34.000
With that, we also have the 1% diary,

1953
01:17:34.000 --> 01:17:37.240
which is this incredible tool to change habits in your life.

1954
01:17:37.240 --> 01:17:38.920
So many of you have asked if it was possible

1955
01:17:38.960 --> 01:17:40.600
to buy both at the same time,

1956
01:17:40.600 --> 01:17:43.000
especially people in big companies.

1957
01:17:43.000 --> 01:17:45.840
So what we've done is we've bundled them together

1958
01:17:45.840 --> 01:17:47.640
and you can buy both at the same time.

1959
01:17:47.640 --> 01:17:49.000
And if you wanna drive connection

1960
01:17:49.000 --> 01:17:51.360
and then still habit change in your company,

1961
01:17:51.360 --> 01:17:53.200
head to the diary.com to inquire

1962
01:17:53.200 --> 01:17:55.400
and our team will be in touch.

1963
01:17:55.400 --> 01:17:57.800
Let's bring this back to reality.

1964
01:17:57.800 --> 01:17:59.320
The reality of the person listening

1965
01:17:59.320 --> 01:18:02.280
and the pressing questions they have about all this stuff

1966
01:18:02.280 --> 01:18:03.120
and what they should do.

1967
01:18:03.120 --> 01:18:05.280
Is there anything else that you would give people

1968
01:18:05.280 --> 01:18:07.480
that are listening right now in terms of advice

1969
01:18:07.480 --> 01:18:10.440
to be able to weather the incoming turbulence

1970
01:18:10.440 --> 01:18:13.200
that the CEO of Anthropic describes there?

1971
01:18:13.200 --> 01:18:14.040
Yeah.

1972
01:18:14.040 --> 01:18:16.280
The things that I know are good for people

1973
01:18:16.280 --> 01:18:19.840
is I really believe that everyone should build

1974
01:18:19.840 --> 01:18:21.720
a little bit of a personal brand.

1975
01:18:21.720 --> 01:18:24.760
So a personal brand means that two to 20,000 people

1976
01:18:24.760 --> 01:18:26.880
know who you are, they know what you do,

1977
01:18:26.880 --> 01:18:29.640
they know what your experiences are like.

1978
01:18:29.640 --> 01:18:31.480
They could approach you about an opportunity.

1979
01:18:31.480 --> 01:18:33.120
It would be a good opportunity.

1980
01:18:33.120 --> 01:18:34.920
So build a bit of a personal brand.

1981
01:18:34.920 --> 01:18:37.360
Don't be invisible in this particular time

1982
01:18:37.360 --> 01:18:40.400
because it is one of your assets,

1983
01:18:40.400 --> 01:18:41.960
which is to take some of your knowledge,

1984
01:18:41.960 --> 01:18:44.080
some of your playbooks and to let people know

1985
01:18:44.080 --> 01:18:45.200
that that exists.

1986
01:18:45.200 --> 01:18:46.960
So I think build a bit of a personal brand.

1987
01:18:46.960 --> 01:18:51.720
Second one is have a go at entrepreneurship, right?

1988
01:18:51.720 --> 01:18:53.600
Join an entrepreneurial team,

1989
01:18:53.600 --> 01:18:55.440
do an entrepreneurial side hustle,

1990
01:18:55.440 --> 01:18:57.440
read some entrepreneurial books,

1991
01:18:57.440 --> 01:19:00.880
watch some entrepreneurial videos that are out there,

1992
01:19:00.880 --> 01:19:03.080
start the process of thinking, okay,

1993
01:19:03.080 --> 01:19:07.000
the school system taught me to be a standardized employee,

1994
01:19:07.000 --> 01:19:08.880
a standardized labor,

1995
01:19:08.880 --> 01:19:10.440
the school system wanted me to fit in

1996
01:19:10.440 --> 01:19:12.120
with an office or a factory,

1997
01:19:12.120 --> 01:19:14.640
but actually there's this whole other way of creating value

1998
01:19:14.640 --> 01:19:16.960
which is non-standardized called entrepreneurship.

1999
01:19:16.960 --> 01:19:18.800
This is spotting opportunities and coming up

2000
01:19:18.800 --> 01:19:20.200
with solutions to it.

2001
01:19:20.200 --> 01:19:23.360
So play around with the game,

2002
01:19:23.360 --> 01:19:24.680
even if it's a small game,

2003
01:19:24.680 --> 01:19:27.000
like you might notice that there are dirty cars on the street

2004
01:19:27.000 --> 01:19:28.000
and you might say, you know what,

2005
01:19:28.000 --> 01:19:30.200
I'm gonna go and knock on doors and watch the cars

2006
01:19:30.200 --> 01:19:32.640
and see if I can make a couple of hundred bucks in the day

2007
01:19:32.640 --> 01:19:34.280
because I've seen an opportunity,

2008
01:19:34.280 --> 01:19:35.400
I've seen something that's wrong

2009
01:19:35.400 --> 01:19:37.320
and I'm gonna go and have a go at fixing it.

2010
01:19:37.320 --> 01:19:38.720
A lot of founders are telling me,

2011
01:19:38.720 --> 01:19:39.640
Mark Cuban said the other day

2012
01:19:39.640 --> 01:19:42.760
that one of the great opportunities now is catering

2013
01:19:42.760 --> 01:19:44.320
for the gap between small business owners

2014
01:19:44.320 --> 01:19:46.200
that don't know how to use AI

2015
01:19:46.200 --> 01:19:48.120
and helping them learn how to use AI.

2016
01:19:48.120 --> 01:19:49.200
Yeah, huge, right?

2017
01:19:49.200 --> 01:19:52.720
Join a founder team and help them do that.

2018
01:19:52.720 --> 01:19:53.920
As I said as well,

2019
01:19:53.920 --> 01:19:58.920
65% of all the businesses by valuation are people over 65 now.

2020
01:19:58.920 --> 01:20:02.000
So there is a mathematical certainty

2021
01:20:02.000 --> 01:20:03.560
that two thirds of the businesses

2022
01:20:03.560 --> 01:20:05.400
that run the economy by valuation

2023
01:20:05.400 --> 01:20:08.000
have to change hands in the next 10, 15, 20 years.

2024
01:20:08.000 --> 01:20:11.400
So this is a massive business opportunity.

2025
01:20:11.400 --> 01:20:13.520
Baby boomers want to get rid of their businesses.

2026
01:20:13.520 --> 01:20:14.640
They want to retire.

2027
01:20:14.640 --> 01:20:17.040
Baby boomers are willing to fund you to buy their business

2028
01:20:17.040 --> 01:20:18.120
if you present yourself well,

2029
01:20:18.120 --> 01:20:19.960
if you've got a little bit of a personal brand.

2030
01:20:19.960 --> 01:20:21.840
So that's a huge opportunity.

2031
01:20:21.840 --> 01:20:23.480
So look into that.

2032
01:20:23.480 --> 01:20:25.280
You know, Cody Sanchez, a mutual friend of ours,

2033
01:20:25.280 --> 01:20:27.000
she talks to people all the time

2034
01:20:27.000 --> 01:20:29.520
about how to buy a baby boomer business

2035
01:20:29.520 --> 01:20:31.240
and take it over and run it.

2036
01:20:31.280 --> 01:20:34.560
So that's a great opportunity.

2037
01:20:34.560 --> 01:20:37.600
Play with these toys called AI tools.

2038
01:20:37.600 --> 01:20:39.760
Someone has given you a free iPhone,

2039
01:20:39.760 --> 01:20:42.160
which you can just use called AI tools

2040
01:20:42.160 --> 01:20:43.120
on the free account.

2041
01:20:43.120 --> 01:20:46.600
That is such good advice that we don't hear enough.

2042
01:20:46.600 --> 01:20:49.280
Because I think people think there's

2043
01:20:49.280 --> 01:20:51.520
where I am right now in my life and what I do.

2044
01:20:51.520 --> 01:20:54.760
And then there's like Sam Altman and Elon Musk.

2045
01:20:54.760 --> 01:20:56.320
And I'm one of the other.

2046
01:20:56.320 --> 01:20:59.120
But actually what I'm seeing as an employer

2047
01:20:59.120 --> 01:21:01.280
who's employing, we probably employ,

2048
01:21:01.280 --> 01:21:03.600
I'd say, 20 people a month, the current rate,

2049
01:21:03.600 --> 01:21:05.640
we're hiring 20 more people a month,

2050
01:21:05.640 --> 01:21:07.640
is increasingly on our culture test

2051
01:21:07.640 --> 01:21:09.480
when we're screening who the right candidates are,

2052
01:21:09.480 --> 01:21:11.720
we're looking for some kind of evidence

2053
01:21:11.720 --> 01:21:14.280
that they're playing or messing around with AI.

2054
01:21:14.280 --> 01:21:18.560
And one of my team members is he was trying to figure out

2055
01:21:18.560 --> 01:21:22.880
how to get 100 different documents

2056
01:21:22.880 --> 01:21:27.120
to synthesize and understand the data within these documents.

2057
01:21:27.160 --> 01:21:29.760
Now, there's two types of people I can hire to do that.

2058
01:21:29.760 --> 01:21:31.800
There's the old fashioned way of doing that,

2059
01:21:31.800 --> 01:21:33.800
where someone might sit there for four or five weeks

2060
01:21:33.800 --> 01:21:36.240
and try to figure out how to get an Excel document

2061
01:21:36.240 --> 01:21:38.280
to have the right formulas.

2062
01:21:38.280 --> 01:21:40.200
And then there's her who we hired,

2063
01:21:41.120 --> 01:21:43.040
even though she doesn't have skills in that particular thing,

2064
01:21:43.040 --> 01:21:44.680
she's no experience in it.

2065
01:21:44.680 --> 01:21:46.400
But because of her mindset and her agency,

2066
01:21:46.400 --> 01:21:50.120
she meant, maybe I could put this into Claude cowork

2067
01:21:50.120 --> 01:21:53.280
and ask, except an agent to run this for me.

2068
01:21:53.280 --> 01:21:55.360
By the time dessert came,

2069
01:21:55.360 --> 01:21:57.440
she pulled her laptop over to me and showed it to me

2070
01:21:57.440 --> 01:22:00.600
and she goes, Stephen, I ran all those hundreds of documents

2071
01:22:00.600 --> 01:22:02.560
into this file and I can see the sentiment

2072
01:22:02.560 --> 01:22:03.880
on every single post you've made

2073
01:22:03.880 --> 01:22:05.040
on every single social platform,

2074
01:22:05.040 --> 01:22:06.760
including every LinkedIn post you've made

2075
01:22:06.760 --> 01:22:08.360
over the last couple of years.

2076
01:22:08.360 --> 01:22:09.520
And we can see that actually,

2077
01:22:09.520 --> 01:22:12.080
even though these point posts get more likes,

2078
01:22:12.080 --> 01:22:14.440
these ones are actually the best posts you're doing.

2079
01:22:14.440 --> 01:22:15.920
She did that by dessert.

2080
01:22:15.920 --> 01:22:16.760
Yeah.

2081
01:22:16.760 --> 01:22:18.800
And I thought, oh, isn't that interesting?

2082
01:22:18.800 --> 01:22:21.480
How do you find people who have that bias

2083
01:22:21.480 --> 01:22:23.720
in the modern world where they lean into change?

2084
01:22:23.720 --> 01:22:24.880
She's not talented, isn't it?

2085
01:22:24.880 --> 01:22:26.080
Yeah, it's curiosity,

2086
01:22:26.080 --> 01:22:27.480
but there's also something which is like,

2087
01:22:27.480 --> 01:22:30.800
I'm being fluid about your identity and what you know.

2088
01:22:30.800 --> 01:22:31.640
Yes.

2089
01:22:31.640 --> 01:22:33.840
Which is she has no experience in that.

2090
01:22:33.840 --> 01:22:35.000
But I can try.

2091
01:22:35.000 --> 01:22:35.840
I can try.

2092
01:22:35.840 --> 01:22:38.440
And the one thing for anyone watching or listening

2093
01:22:38.440 --> 01:22:41.000
is that don't use AI as a search tool,

2094
01:22:41.000 --> 01:22:43.320
don't use it the way you used it a year ago,

2095
01:22:43.320 --> 01:22:46.320
give AI your hardest problem and say,

2096
01:22:46.320 --> 01:22:48.320
hey, help me to solve this problem.

2097
01:22:48.320 --> 01:22:50.040
So for example, you might say,

2098
01:22:50.040 --> 01:22:53.000
I'm really struggling with these areas of my life.

2099
01:22:53.040 --> 01:22:54.880
Here's all the data, here's all the information,

2100
01:22:54.880 --> 01:22:59.080
here's the PDF documents, here's the back story.

2101
01:22:59.080 --> 01:23:00.800
Help me solve this, help me write it.

2102
01:23:00.800 --> 01:23:03.720
What kind of piece of software might I be able to use

2103
01:23:03.720 --> 01:23:05.200
to build here?

2104
01:23:05.200 --> 01:23:06.360
I'll give you a real example.

2105
01:23:06.360 --> 01:23:07.240
One of our team members,

2106
01:23:07.240 --> 01:23:09.280
used AI to analyze all the sales calls

2107
01:23:09.280 --> 01:23:12.760
for the last three months and discovered a huge opportunity.

2108
01:23:12.760 --> 01:23:17.800
What they discovered is that 75% of all of our sales calls,

2109
01:23:17.800 --> 01:23:19.360
the person who we were on the phone to

2110
01:23:19.360 --> 01:23:21.840
mentioned that their spouse was a decision maker

2111
01:23:21.840 --> 01:23:23.480
and that they needed to talk to their spouse

2112
01:23:23.480 --> 01:23:26.160
and that decision making because it was a family business

2113
01:23:26.160 --> 01:23:28.320
and that there was either a spouse or a family member.

2114
01:23:28.320 --> 01:23:30.400
There was no point in our process

2115
01:23:30.400 --> 01:23:33.760
where we invited collaboration with other family members.

2116
01:23:33.760 --> 01:23:35.440
So none of our sales calls said,

2117
01:23:35.440 --> 01:23:37.400
do you want to bring someone along to the sales call?

2118
01:23:37.400 --> 01:23:40.600
Would you like to have someone do that?

2119
01:23:40.600 --> 01:23:43.000
The AI analyzed it, discovered that opportunity,

2120
01:23:43.000 --> 01:23:46.160
wrote a script as to how to invite people onto the call

2121
01:23:46.160 --> 01:23:48.440
so that you get all the decision-bakers on the call.

2122
01:23:48.440 --> 01:23:51.520
And now our sales conversions are going up dramatically.

2123
01:23:51.520 --> 01:23:53.720
I think this is the real biification

2124
01:23:53.720 --> 01:23:55.920
in terms of the employment market of what we're seeing.

2125
01:23:55.920 --> 01:23:59.040
Is certain people have a positive relationship

2126
01:23:59.040 --> 01:24:00.440
to disruption and technology and change.

2127
01:24:00.440 --> 01:24:01.680
They get excited by it,

2128
01:24:01.680 --> 01:24:03.720
whereas others fall into cognitive dissonance

2129
01:24:03.720 --> 01:24:05.800
where they get so concerned that it's going to take out

2130
01:24:05.800 --> 01:24:09.000
their business, that they ostrich head in the sand.

2131
01:24:09.000 --> 01:24:13.920
And then these other people have this inherent figure out ability.

2132
01:24:13.920 --> 01:24:15.680
I could say to a certain team member of mine,

2133
01:24:15.680 --> 01:24:17.240
here's a big problem.

2134
01:24:17.240 --> 01:24:19.280
And they would grab onto this big problem.

2135
01:24:19.280 --> 01:24:22.200
And even though they have no proficiency in data

2136
01:24:22.200 --> 01:24:24.040
or technology or AI or color,

2137
01:24:24.040 --> 01:24:27.280
they will just plug away at it on a computer

2138
01:24:27.280 --> 01:24:28.520
and they'll figure it out.

2139
01:24:28.520 --> 01:24:30.280
And they'll use all available tools,

2140
01:24:30.280 --> 01:24:33.200
not their identity, what they learn in university,

2141
01:24:33.200 --> 01:24:36.080
or their experience as the only tool in the toolbox.

2142
01:24:36.080 --> 01:24:38.200
That's the difference between employee mindset

2143
01:24:38.200 --> 01:24:39.240
and entrepreneur mindset.

2144
01:24:39.240 --> 01:24:41.160
Entrepreneurs see problems as opportunities.

2145
01:24:41.160 --> 01:24:42.560
They get excited by problems

2146
01:24:42.560 --> 01:24:45.240
and they apply the entrepreneurial process.

2147
01:24:45.240 --> 01:24:46.880
And employees say, hey, wait a second,

2148
01:24:46.880 --> 01:24:47.960
I was never trained for this.

2149
01:24:47.960 --> 01:24:49.480
I was never told how to do this.

2150
01:24:49.480 --> 01:24:51.920
I was not given the rulebook for this.

2151
01:24:51.920 --> 01:24:53.160
So therefore, I'll just ignore it.

2152
01:24:53.160 --> 01:24:55.040
I'll stay away from it because problems,

2153
01:24:55.040 --> 01:24:56.200
it's not my problem.

2154
01:24:56.200 --> 01:24:58.240
And this is the big fundamental shift.

2155
01:24:58.240 --> 01:25:00.200
We need to say, hey, problems are great.

2156
01:25:00.200 --> 01:25:01.680
We want problems.

2157
01:25:01.680 --> 01:25:03.760
And is this problem for me?

2158
01:25:03.760 --> 01:25:05.800
How would I test my assumptions?

2159
01:25:05.800 --> 01:25:08.360
How would I build something quickly and cheaply?

2160
01:25:08.360 --> 01:25:09.520
How would I then test that?

2161
01:25:09.520 --> 01:25:11.920
How would I then scale that?

2162
01:25:11.920 --> 01:25:13.640
And it's just those kind of few steps

2163
01:25:13.640 --> 01:25:16.360
that if you embrace those entrepreneurial steps,

2164
01:25:16.360 --> 01:25:18.160
then life becomes great.

2165
01:25:18.160 --> 01:25:21.200
I have a contrarian take that I think writing

2166
01:25:21.200 --> 01:25:23.720
is actually more important now than ever before

2167
01:25:23.720 --> 01:25:26.160
because writing is a proxy of understanding.

2168
01:25:26.160 --> 01:25:27.720
And in the world of AI, what I'm finding,

2169
01:25:27.720 --> 01:25:29.240
when I look at my innovation teams

2170
01:25:29.240 --> 01:25:31.360
or where breakthroughs are coming from in my company,

2171
01:25:31.360 --> 01:25:34.400
it's actually someone had a really good question.

2172
01:25:34.400 --> 01:25:35.240
Yes.

2173
01:25:35.240 --> 01:25:38.720
So they were like, could we theoretically analyze

2174
01:25:38.720 --> 01:25:41.240
all of our sales calls using Claude

2175
01:25:41.240 --> 01:25:43.160
to see if there's something interesting in there?

2176
01:25:43.160 --> 01:25:46.240
Now that starts with someone understanding sales calls

2177
01:25:46.240 --> 01:25:48.040
not understanding the tools that allow you to analyze them.

2178
01:25:48.040 --> 01:25:49.440
They have lots of reference points.

2179
01:25:49.440 --> 01:25:51.840
They understand lots of variant things.

2180
01:25:51.840 --> 01:25:54.040
And that means they ask a really great question.

2181
01:25:54.040 --> 01:25:56.760
So for me, one of the ways that I've been able

2182
01:25:56.760 --> 01:25:59.160
to understand more things is just to write more often about them.

2183
01:25:59.160 --> 01:26:00.160
Can I go one step further?

2184
01:26:00.160 --> 01:26:01.000
Yeah, please.

2185
01:26:01.000 --> 01:26:04.360
And that is a process called pause reflect document.

2186
01:26:04.360 --> 01:26:05.600
And pause reflect document.

2187
01:26:05.600 --> 01:26:09.120
If you do it correctly, you go into nature

2188
01:26:09.120 --> 01:26:11.720
away from noise and away from technology.

2189
01:26:11.720 --> 01:26:14.080
And you take a pen and a paper.

2190
01:26:14.080 --> 01:26:16.680
And you sit in nature on a bench

2191
01:26:16.680 --> 01:26:20.840
and you just pause and just let some boredom set in.

2192
01:26:20.840 --> 01:26:23.520
You reflect on what's going on.

2193
01:26:23.520 --> 01:26:26.240
You try and zoom out to the bigger picture.

2194
01:26:26.240 --> 01:26:29.840
You do some journaling and you do some dot connecting.

2195
01:26:29.840 --> 01:26:31.160
Where you say, what are some of the dots

2196
01:26:31.160 --> 01:26:32.480
that have happened in the last five years?

2197
01:26:32.480 --> 01:26:35.160
What are some of the bigger picture impacts that I've made?

2198
01:26:35.160 --> 01:26:37.720
What are some of the problems that I've struggled with?

2199
01:26:37.720 --> 01:26:38.960
What if this was possible?

2200
01:26:38.960 --> 01:26:40.880
What if that was possible?

2201
01:26:40.880 --> 01:26:43.560
We live in this incredible fast-paced world

2202
01:26:43.560 --> 01:26:47.040
where the one thing that no one allows themselves to do

2203
01:26:47.040 --> 01:26:51.280
is to pause reflect document with a pen and paper.

2204
01:26:51.280 --> 01:26:55.000
And those people who I know who are doing incredibly well

2205
01:26:55.000 --> 01:26:56.320
are doing more and more of this.

2206
01:26:56.320 --> 01:26:57.160
Yeah.

2207
01:26:57.160 --> 01:26:58.160
Same, same.

2208
01:26:58.160 --> 01:26:59.480
I mean, you're one of them.

2209
01:26:59.480 --> 01:27:01.840
You're a person who's, I mean, look at this.

2210
01:27:01.840 --> 01:27:02.960
Yeah.

2211
01:27:02.960 --> 01:27:03.720
This is a lot of books.

2212
01:27:03.720 --> 01:27:04.560
That's my head.

2213
01:27:04.560 --> 01:27:07.440
But you tweet every day, you post every day,

2214
01:27:07.440 --> 01:27:09.840
you're constantly experiencing something

2215
01:27:09.840 --> 01:27:11.880
in the real world, writing it down

2216
01:27:11.880 --> 01:27:14.040
to develop your thinking, which Rich Freeman

2217
01:27:14.040 --> 01:27:15.920
talks about the process of understanding

2218
01:27:15.920 --> 01:27:18.440
where you learn something, condense it so an average person

2219
01:27:18.440 --> 01:27:19.960
can understand it, then you share it with the world

2220
01:27:19.960 --> 01:27:21.560
to click feedback on that thought.

2221
01:27:21.560 --> 01:27:24.800
He said that's the fastest, best way to learn.

2222
01:27:24.800 --> 01:27:26.000
But actually, in a world of AI, where

2223
01:27:26.000 --> 01:27:27.840
a chat GPT can do all of that for me,

2224
01:27:27.840 --> 01:27:30.840
we're deferring our ability to sort of condense,

2225
01:27:30.840 --> 01:27:32.920
compress and understand, to an AI.

2226
01:27:32.920 --> 01:27:35.280
Because we think it's creating an efficiency gain

2227
01:27:35.280 --> 01:27:37.760
or a productivity gain in the near term.

2228
01:27:37.760 --> 01:27:40.920
Maybe today's email will save you 30 seconds,

2229
01:27:40.920 --> 01:27:42.440
but that the tax you're paying, I think,

2230
01:27:42.440 --> 01:27:44.280
is an understanding.

2231
01:27:44.280 --> 01:27:47.160
And understanding is the proxy of, therefore,

2232
01:27:47.160 --> 01:27:48.840
writing great questions.

2233
01:27:48.840 --> 01:27:50.680
I find myself writing more.

2234
01:27:50.680 --> 01:27:52.800
I wrote a memo this, I was up till 2am last night

2235
01:27:52.800 --> 01:27:54.400
writing a memo about my understanding.

2236
01:27:54.400 --> 01:27:56.240
Which means you're up late thinking.

2237
01:27:56.240 --> 01:27:57.080
Yeah.

2238
01:27:57.080 --> 01:27:58.400
You're thinking clearly.

2239
01:27:58.400 --> 01:28:00.160
And that was what you were really doing.

2240
01:28:00.160 --> 01:28:02.360
A great question I want people to reflect on.

2241
01:28:02.360 --> 01:28:04.440
I want them to think about the last five years

2242
01:28:04.440 --> 01:28:08.240
and ask the question, when did I do something special?

2243
01:28:08.240 --> 01:28:10.800
That impacted a certain type of person.

2244
01:28:10.800 --> 01:28:14.440
I can explain how I did it step by step and how it felt.

2245
01:28:14.440 --> 01:28:17.600
And it would be of interest to plenty of people.

2246
01:28:17.600 --> 01:28:21.000
And that question contains what we talked about earlier,

2247
01:28:21.000 --> 01:28:25.600
which is lived experience, feelings, playbooks,

2248
01:28:25.600 --> 01:28:27.960
and connecting the dots looking backwards,

2249
01:28:27.960 --> 01:28:30.960
and actually coming up with some things that only I can do,

2250
01:28:30.960 --> 01:28:32.480
things that only I can say.

2251
01:28:32.480 --> 01:28:35.280
So that particular prompt, that particular question

2252
01:28:35.280 --> 01:28:38.880
to sit in nature and think clearly and memo and document

2253
01:28:38.880 --> 01:28:40.600
and write a memo about it.

2254
01:28:40.600 --> 01:28:42.800
I see so many people, and you and I have done this

2255
01:28:42.800 --> 01:28:45.760
over the last couple of hours, we think so much about the future

2256
01:28:45.760 --> 01:28:47.480
and the uncertainty of the future.

2257
01:28:47.480 --> 01:28:50.000
But a lot of value comes from just looking backwards

2258
01:28:50.000 --> 01:28:52.280
and connecting the dots and then thinking,

2259
01:28:52.280 --> 01:28:55.240
what is it that I now know that I want to take forward

2260
01:28:55.240 --> 01:28:56.840
and add value to others?

2261
01:28:56.840 --> 01:28:58.400
It's sort of adjacent to that, but related

2262
01:28:58.400 --> 01:29:00.600
is another thing I think a lot about, which

2263
01:29:00.600 --> 01:29:04.840
is trying to get more information and experiences

2264
01:29:04.840 --> 01:29:08.480
from a wide set of reference points.

2265
01:29:08.480 --> 01:29:10.280
Because when I think about innovation generally,

2266
01:29:10.280 --> 01:29:14.160
innovation is the connection of two ideas or thoughts

2267
01:29:14.160 --> 01:29:17.000
or principles that someone else hasn't put together.

2268
01:29:17.000 --> 01:29:19.800
So I think about the nonstick frying pan.

2269
01:29:19.800 --> 01:29:22.320
It was a guy who was fishing and was trying

2270
01:29:22.320 --> 01:29:25.000
to make get a material so his tackle, his fishing tackle,

2271
01:29:25.000 --> 01:29:28.600
didn't stick together, and his wife walks past allegedly

2272
01:29:28.600 --> 01:29:31.280
and says, I'd love some of that stuff on our pans.

2273
01:29:31.280 --> 01:29:33.480
And that ends up selling tens and tens of millions

2274
01:29:33.480 --> 01:29:34.320
of nonstick pans.

2275
01:29:34.320 --> 01:29:36.080
And even when you think about the iPhone,

2276
01:29:36.080 --> 01:29:39.480
that was a combination of an internet device,

2277
01:29:39.480 --> 01:29:43.920
a music device, and a telecommunications device put together,

2278
01:29:43.920 --> 01:29:46.240
which you rarely found those three things in one space,

2279
01:29:46.240 --> 01:29:48.400
three different reference points to achieve that.

2280
01:29:48.400 --> 01:29:51.400
Someone would have had to understand music, the internet,

2281
01:29:51.400 --> 01:29:52.560
and phones.

2282
01:29:52.560 --> 01:29:54.600
And even Steve Jobs himself, his skill stack

2283
01:29:54.600 --> 01:29:56.920
contains typography and design, which

2284
01:29:56.920 --> 01:29:58.760
is why he was able to disrupt his career.

2285
01:29:58.760 --> 01:30:02.480
I stumbled into a calligraphy class at university

2286
01:30:02.480 --> 01:30:03.960
and loved calligraphy.

2287
01:30:03.960 --> 01:30:06.560
And he was the first company to ever have fonts.

2288
01:30:06.560 --> 01:30:10.040
And those fonts became a huge differentiator on the first Mac.

2289
01:30:10.040 --> 01:30:15.040
And it was only because he had combined calligraphy with computers.

2290
01:30:15.040 --> 01:30:17.440
He created the font idea.

2291
01:30:17.440 --> 01:30:19.680
So maybe the future's owned by the way, not the narrow,

2292
01:30:19.680 --> 01:30:20.480
in this regard.

2293
01:30:20.480 --> 01:30:21.000
Definitely.

2294
01:30:21.000 --> 01:30:23.640
Become more of a generalist, become more curious,

2295
01:30:23.640 --> 01:30:26.120
and go out of your comfort zones.

2296
01:30:26.120 --> 01:30:29.040
The industrial age asked us to simply specialize

2297
01:30:29.040 --> 01:30:30.600
and do one thing over and over.

2298
01:30:30.600 --> 01:30:33.640
The grandfather of capitalism is a guy called Adam Smith.

2299
01:30:33.640 --> 01:30:35.080
And he said, ultimately, efficiency

2300
01:30:35.080 --> 01:30:38.160
is about doing one thing in the process over and over and over.

2301
01:30:38.160 --> 01:30:40.520
But he said, it's going to destroy the human spirit.

2302
01:30:40.520 --> 01:30:42.520
He actually wrote about the fact that that destroys

2303
01:30:42.520 --> 01:30:45.320
the human spirit, having to just twist this knob over and over.

2304
01:30:45.320 --> 01:30:47.160
That creates the most value in the economy,

2305
01:30:47.160 --> 01:30:49.560
but it's horrible for you as a human.

2306
01:30:49.560 --> 01:30:52.320
And what, and he recognized that problem

2307
01:30:52.320 --> 01:30:55.160
from the very beginning, what we've been trained to do

2308
01:30:55.160 --> 01:30:57.440
is just twist the knob, twist the knob, twist the knob,

2309
01:30:57.440 --> 01:30:58.880
do the same thing over and over.

2310
01:30:58.880 --> 01:31:01.840
What we need to relearn how to do is allow us

2311
01:31:01.840 --> 01:31:04.200
to become more human and say, actually,

2312
01:31:04.200 --> 01:31:05.760
I'm going to explore nature.

2313
01:31:05.760 --> 01:31:07.840
I'm going to explore this weird passion

2314
01:31:07.840 --> 01:31:11.440
that I have for particular theater companies

2315
01:31:11.440 --> 01:31:12.480
and how they run.

2316
01:31:12.480 --> 01:31:13.920
I'm going to go and explore this thing

2317
01:31:13.920 --> 01:31:16.640
about entrepreneur accelerators.

2318
01:31:16.640 --> 01:31:17.880
I'm going to combine things.

2319
01:31:17.880 --> 01:31:19.880
It's those rare combinations.

2320
01:31:19.880 --> 01:31:21.200
And you need to trust your instincts

2321
01:31:21.200 --> 01:31:23.000
that you're actually pulling on a few threads

2322
01:31:23.000 --> 01:31:24.760
and bringing them together.

2323
01:31:24.760 --> 01:31:28.040
I do that while still focusing on a job, et cetera,

2324
01:31:28.040 --> 01:31:30.080
because I do this for living.

2325
01:31:30.080 --> 01:31:31.720
So I get to sit here.

2326
01:31:31.720 --> 01:31:33.720
Someone walked in before you, and they were talking to me.

2327
01:31:33.720 --> 01:31:36.120
Alex Honald was talking to me in that chair.

2328
01:31:36.120 --> 01:31:38.320
Before you, that's why the little Taipei statues

2329
01:31:38.320 --> 01:31:39.640
behind us, you know, about, you know,

2330
01:31:39.640 --> 01:31:41.000
then you've talked to me today about this,

2331
01:31:41.000 --> 01:31:42.080
then the next person will talk to me

2332
01:31:42.080 --> 01:31:44.160
about neuroscience and bringing a human brain.

2333
01:31:44.160 --> 01:31:45.720
And that's allowed me to kind of connect

2334
01:31:45.720 --> 01:31:47.280
these interesting reference points.

2335
01:31:47.280 --> 01:31:49.480
What I'm saying here is you don't need to like

2336
01:31:49.480 --> 01:31:52.000
quit your job and go and live in Peru

2337
01:31:52.000 --> 01:31:54.280
to orchestrate your life in such a way.

2338
01:31:54.280 --> 01:31:56.680
I think you just need to be really intentional

2339
01:31:56.680 --> 01:32:00.280
about resisting the urge to be a narrow person

2340
01:32:00.280 --> 01:32:03.280
and to identify too much with one's identity.

2341
01:32:04.120 --> 01:32:05.800
And so when I left my former business,

2342
01:32:05.800 --> 01:32:07.200
one of the chapters I wrote my book is,

2343
01:32:07.200 --> 01:32:09.360
how do I now resist all my labels?

2344
01:32:09.360 --> 01:32:11.840
Because now I'm a social media CEO,

2345
01:32:11.840 --> 01:32:16.080
and it's so tempting to gather around social media people,

2346
01:32:16.080 --> 01:32:18.240
go to social media parties, put it in my bio,

2347
01:32:18.240 --> 01:32:19.680
get social media opportunities,

2348
01:32:19.680 --> 01:32:21.400
and just go further and further and further down

2349
01:32:21.400 --> 01:32:22.240
that narrow line.

2350
01:32:22.240 --> 01:32:24.800
So that's why I went and worked in psychedelics and biotech.

2351
01:32:24.800 --> 01:32:27.520
I worked in cancer biotech.

2352
01:32:27.520 --> 01:32:28.520
I started to DJ.

2353
01:32:28.520 --> 01:32:30.400
I started a podcast called The Dire of a CEO.

2354
01:32:30.400 --> 01:32:33.320
I tried to do as many things as I possibly could to remain wide.

2355
01:32:33.320 --> 01:32:36.840
Yeah, and your superpowers are extra superpowers

2356
01:32:36.840 --> 01:32:38.480
when you take them somewhere new.

2357
01:32:38.480 --> 01:32:40.920
So if you've got social media superpowers,

2358
01:32:40.920 --> 01:32:42.760
within the social media bubble,

2359
01:32:42.760 --> 01:32:44.360
everyone's got those superpowers.

2360
01:32:44.360 --> 01:32:47.200
But if you go and take them into a completely new place,

2361
01:32:47.200 --> 01:32:50.600
you discover that actually what you learnt over here

2362
01:32:50.600 --> 01:32:53.360
becomes a massive differentiator over here.

2363
01:32:53.360 --> 01:32:54.760
Is there anything else the audience need to know

2364
01:32:54.760 --> 01:32:57.040
about the big opportunities you see

2365
01:32:57.040 --> 01:32:58.960
as we head into the future?

2366
01:32:58.960 --> 01:33:00.600
We all want the future to be bright.

2367
01:33:00.600 --> 01:33:03.040
We all want the future to be amazing,

2368
01:33:03.040 --> 01:33:06.720
and we love the idea of trying to improve the world.

2369
01:33:06.720 --> 01:33:08.840
One of the best ways to improve the world

2370
01:33:08.840 --> 01:33:11.840
is to improve your own situation,

2371
01:33:11.840 --> 01:33:13.400
because the world is made up of people

2372
01:33:13.400 --> 01:33:14.800
who have their own situation.

2373
01:33:14.800 --> 01:33:17.200
You know, when we try and fix every problem on the planet,

2374
01:33:17.200 --> 01:33:18.440
it feels completely crushing,

2375
01:33:18.440 --> 01:33:20.600
and it feels so much weight on your shoulders,

2376
01:33:20.600 --> 01:33:22.680
when you actually say, what's my opportunity?

2377
01:33:22.680 --> 01:33:25.960
Like if I could improve the world by building myself,

2378
01:33:25.960 --> 01:33:28.320
a really great business that helps a few people,

2379
01:33:28.320 --> 01:33:30.760
it helps 500 clients do something,

2380
01:33:30.760 --> 01:33:34.280
and if I'm actually out there adding value in my unique way,

2381
01:33:34.280 --> 01:33:37.400
and I'm finding a way through this AI weird adventure

2382
01:33:37.400 --> 01:33:38.560
that we're going on,

2383
01:33:38.560 --> 01:33:40.520
that's actually helping the world, right?

2384
01:33:40.520 --> 01:33:42.160
So you're bringing yourself forward,

2385
01:33:42.160 --> 01:33:43.800
you're discovering something,

2386
01:33:43.800 --> 01:33:45.920
and really want people to resist the trap

2387
01:33:45.920 --> 01:33:48.240
of trying to fix everyone and fix everything.

2388
01:33:48.240 --> 01:33:50.840
Try and figure out what is your opportunity,

2389
01:33:50.840 --> 01:33:52.760
what is your way of adding value to others,

2390
01:33:52.760 --> 01:33:54.240
what is your way of getting paid,

2391
01:33:54.240 --> 01:33:57.000
what is your way of doing creative entrepreneurship,

2392
01:33:57.000 --> 01:33:58.720
what's your contribution to the world,

2393
01:33:58.720 --> 01:34:00.800
and that is actually a contribution.

2394
01:34:00.800 --> 01:34:03.440
It's not difficult to do,

2395
01:34:03.440 --> 01:34:06.320
because I think it assumes a certain level of self awareness

2396
01:34:06.320 --> 01:34:09.800
that is not always easy.

2397
01:34:09.800 --> 01:34:11.440
If you find it difficult to do,

2398
01:34:11.440 --> 01:34:13.520
find someone who inspires you

2399
01:34:13.520 --> 01:34:15.280
and see if you can join their team.

2400
01:34:15.280 --> 01:34:17.880
So that's totally a valid move as well, right?

2401
01:34:17.880 --> 01:34:22.160
Just get onto a team where someone's figuring this stuff out.

2402
01:34:22.160 --> 01:34:24.080
Follow your inspiration,

2403
01:34:24.080 --> 01:34:25.960
and sometimes your inspiration is to start something,

2404
01:34:25.960 --> 01:34:29.200
sometimes your inspiration is to help propel something forward,

2405
01:34:29.200 --> 01:34:31.720
being part of someone else's team who does inspire you.

2406
01:34:31.720 --> 01:34:33.960
Self awareness is a skill that we all have to learn.

2407
01:34:33.960 --> 01:34:35.480
We're all on a crash course with reality.

2408
01:34:35.480 --> 01:34:38.360
Every single one of us is on a crash course with reality.

2409
01:34:38.360 --> 01:34:40.120
There's a lot of narrative on the internet

2410
01:34:40.120 --> 01:34:43.880
that everybody can live their dream, you know?

2411
01:34:43.880 --> 01:34:51.080
And I wonder whether it's good advice to tell everybody

2412
01:34:51.080 --> 01:34:52.880
to quit their job and pursue their dream.

2413
01:34:52.880 --> 01:34:55.520
I believe that the new size of business

2414
01:34:55.520 --> 01:34:58.480
that makes the most sense is small and dynamic and lean,

2415
01:34:58.480 --> 01:35:01.520
and is probably close to 10 to 50 people.

2416
01:35:01.520 --> 01:35:03.920
And that is the new size of company

2417
01:35:03.920 --> 01:35:06.440
that is really shaking things up and doing stuff.

2418
01:35:06.440 --> 01:35:09.040
In fact, it's probably two to 20 people.

2419
01:35:09.040 --> 01:35:12.840
I think that being part of a small, dynamic,

2420
01:35:12.840 --> 01:35:17.320
vibrant entrepreneurial team is a great place

2421
01:35:17.320 --> 01:35:19.760
for people to go and have a look and explore.

2422
01:35:19.760 --> 01:35:22.200
Does that mean that everyone's suitable to quit their job

2423
01:35:22.200 --> 01:35:23.680
and go start something from scratch

2424
01:35:23.680 --> 01:35:25.080
with a blank piece of paper?

2425
01:35:25.080 --> 01:35:26.360
Probably not, right?

2426
01:35:26.360 --> 01:35:28.600
That's a particular role called the founder.

2427
01:35:28.600 --> 01:35:31.200
Not everyone's ready to be a founder in the same way.

2428
01:35:31.200 --> 01:35:33.160
Everyone could probably get a black belt

2429
01:35:33.160 --> 01:35:35.600
if they joined a martial arts and stuck with it.

2430
01:35:35.600 --> 01:35:37.440
But not everyone can start as a black belt.

2431
01:35:37.440 --> 01:35:38.720
That's not where you start.

2432
01:35:38.720 --> 01:35:40.680
Even in those numbers, so if we said

2433
01:35:40.680 --> 01:35:44.200
everyone's gonna have a team of 10 to 50,

2434
01:35:44.200 --> 01:35:47.120
those numbers suggest that one in 50

2435
01:35:47.120 --> 01:35:49.160
or one in 10 people are gonna be a founder.

2436
01:35:49.160 --> 01:35:51.040
Possibly, a lot more people are gonna be founders.

2437
01:35:51.040 --> 01:35:53.360
I really believe a lot more people are gonna be founders.

2438
01:35:53.360 --> 01:35:55.960
I also don't think it's wildly unnatural to be a founder.

2439
01:35:55.960 --> 01:35:57.560
If you go through all of history,

2440
01:35:57.560 --> 01:36:00.160
most people worked in little family businesses.

2441
01:36:00.160 --> 01:36:02.600
That was actually the vast majority of people.

2442
01:36:02.600 --> 01:36:05.720
But most businesses never got past 30 people.

2443
01:36:05.720 --> 01:36:08.440
The natural way of being is in family groups

2444
01:36:08.440 --> 01:36:09.880
and tribal groups and little groups

2445
01:36:09.880 --> 01:36:12.880
of less than 150 people who have built up this idea

2446
01:36:12.880 --> 01:36:15.200
that to be a founder means Steve Jobs Elon Musk

2447
01:36:15.200 --> 01:36:16.720
or something massive like that.

2448
01:36:16.720 --> 01:36:18.080
And that you're trying to build something

2449
01:36:18.080 --> 01:36:19.200
that changes the world.

2450
01:36:19.200 --> 01:36:21.480
I've got so many friends and clients

2451
01:36:21.480 --> 01:36:24.440
who it's them, they're assistant

2452
01:36:24.440 --> 01:36:27.600
and someone who's like head of customer development

2453
01:36:27.600 --> 01:36:28.800
and there's three or four of them

2454
01:36:28.800 --> 01:36:30.080
and they're having a great time

2455
01:36:30.080 --> 01:36:32.360
and they're doing six, 700 grand worth of revenue

2456
01:36:32.360 --> 01:36:34.000
and they got loads of flexibility.

2457
01:36:34.000 --> 01:36:35.680
Everyone takes their kids to school.

2458
01:36:35.680 --> 01:36:38.600
Everyone finishes up at 4 p.m.

2459
01:36:38.600 --> 01:36:41.920
They can travel, they can live and work anywhere.

2460
01:36:41.920 --> 01:36:42.920
That's really cool.

2461
01:36:42.920 --> 01:36:44.520
This is your most recent book,

2462
01:36:44.520 --> 01:36:45.760
Lifestyle Business Playbooks.

2463
01:36:45.760 --> 01:36:47.720
How to have fun, freedom and fulfillment

2464
01:36:47.720 --> 01:36:49.720
with your own business.

2465
01:36:49.720 --> 01:36:50.720
You've written a lot of books.

2466
01:36:50.720 --> 01:36:52.400
You could have written a book about anything.

2467
01:36:52.400 --> 01:36:54.080
What's this book about them?

2468
01:36:54.080 --> 01:36:55.200
Who is it for?

2469
01:36:55.200 --> 01:36:57.440
This book is about the times that we're living in, right?

2470
01:36:57.440 --> 01:36:59.240
So what I'm trying to do,

2471
01:36:59.240 --> 01:37:01.320
I'm trying to give people some hope.

2472
01:37:01.320 --> 01:37:02.880
There's such a negative narrative

2473
01:37:02.880 --> 01:37:04.600
that AI is gonna wipe out everything

2474
01:37:04.600 --> 01:37:06.520
and that technology is gonna destroy everything

2475
01:37:06.520 --> 01:37:11.520
and that all this negativity about the times that we're in.

2476
01:37:11.520 --> 01:37:13.800
I'm trying to create a counter-narrative

2477
01:37:13.800 --> 01:37:16.960
that actually more than any other time in history,

2478
01:37:16.960 --> 01:37:18.760
you could live and work from anywhere.

2479
01:37:18.760 --> 01:37:21.720
You could have a group of 500 to a few thousand clients

2480
01:37:21.720 --> 01:37:23.000
all over the world.

2481
01:37:23.000 --> 01:37:26.440
You could add value to people in a unique and interesting way.

2482
01:37:26.440 --> 01:37:28.760
You could have a career that's based on randomness

2483
01:37:28.760 --> 01:37:30.880
and creativity and fun

2484
01:37:30.880 --> 01:37:33.280
and that there are some new rules to play by

2485
01:37:33.280 --> 01:37:35.680
and that if you learn the playbooks of entrepreneurship

2486
01:37:35.680 --> 01:37:38.280
and if you learn the trends that are unfolding

2487
01:37:38.280 --> 01:37:41.440
that actually it could work out really, really well for you.

2488
01:37:41.440 --> 01:37:43.080
A lot of people want a side hustle,

2489
01:37:43.080 --> 01:37:44.720
they want passive income.

2490
01:37:44.720 --> 01:37:46.720
What's your general perspective on the reality

2491
01:37:46.720 --> 01:37:48.880
of being able to generate passive income

2492
01:37:48.880 --> 01:37:50.080
and a side hustle?

2493
01:37:50.080 --> 01:37:52.840
I think passive income reflects people's desire

2494
01:37:52.840 --> 01:37:55.880
that they've currently feel that they're working really hard

2495
01:37:55.880 --> 01:37:58.840
and they hate work and they hate going to work

2496
01:37:58.840 --> 01:38:01.680
and that earning money is a horrible thing

2497
01:38:01.680 --> 01:38:03.840
and therefore they just wish it would just kind of take care

2498
01:38:03.840 --> 01:38:04.920
of itself.

2499
01:38:04.920 --> 01:38:06.680
The truth is that when you discover

2500
01:38:06.680 --> 01:38:08.920
what I would call a lifestyle business

2501
01:38:08.920 --> 01:38:12.040
where you work a reasonable amount of time

2502
01:38:12.040 --> 01:38:14.360
and you have a lot of fun with great people,

2503
01:38:14.360 --> 01:38:15.880
you don't necessarily,

2504
01:38:15.880 --> 01:38:19.000
as if by magic the desire for passive income just evaporates.

2505
01:38:19.000 --> 01:38:21.280
You go this is better than passive income

2506
01:38:21.280 --> 01:38:22.440
because I'm on a creative journey

2507
01:38:22.440 --> 01:38:23.360
and I'm making great money

2508
01:38:23.360 --> 01:38:24.320
and I'm having a lot of fun

2509
01:38:24.320 --> 01:38:25.840
and I'm expressing myself,

2510
01:38:25.840 --> 01:38:28.480
I think passive income ultimately comes from assets.

2511
01:38:28.480 --> 01:38:31.520
It's not passive income, it's asset income.

2512
01:38:31.520 --> 01:38:33.160
You're either going to have to create an asset

2513
01:38:33.160 --> 01:38:36.080
which could be a business that is a digital asset

2514
01:38:36.080 --> 01:38:38.920
or you make so much money in your lifestyle business

2515
01:38:38.920 --> 01:38:40.720
that you own traditional assets

2516
01:38:40.720 --> 01:38:43.720
like houses or stocks and shares and all that sort of stuff.

2517
01:38:43.720 --> 01:38:46.280
But I'm not really focusing people on the idea of passive income.

2518
01:38:46.280 --> 01:38:49.240
I'm focusing on the idea of having a lifestyle business

2519
01:38:49.240 --> 01:38:51.840
that supports the way you want to live anyway.

2520
01:38:51.840 --> 01:38:54.120
A lot of people would want that but they're scared, right?

2521
01:38:54.120 --> 01:38:55.560
They're scared that they have to quit their job

2522
01:38:55.560 --> 01:38:57.760
and I've got more kids to have, got kids

2523
01:38:57.760 --> 01:38:59.600
that's easier said than done, Daniel.

2524
01:38:59.600 --> 01:39:01.480
Yeah, so that's why in the playbooks,

2525
01:39:01.480 --> 01:39:04.160
playbook one is called a side hustle or an apprenticeship.

2526
01:39:04.160 --> 01:39:05.600
So an apprenticeship,

2527
01:39:05.600 --> 01:39:09.320
let's say you currently earn $100,000 a year

2528
01:39:09.320 --> 01:39:12.400
for a really big corporate

2529
01:39:12.400 --> 01:39:14.040
but you know that's not your future

2530
01:39:14.040 --> 01:39:16.440
and apprenticeship might be that you join four boards

2531
01:39:16.440 --> 01:39:18.840
for 25,000 each

2532
01:39:18.840 --> 01:39:20.880
and you actually work with some startups

2533
01:39:20.880 --> 01:39:23.200
that are more entrepreneurial

2534
01:39:23.200 --> 01:39:26.200
and you take a position where you have four companies

2535
01:39:26.200 --> 01:39:27.200
that are paying 25 grand.

2536
01:39:27.200 --> 01:39:29.120
So you still earn a hundred grand a year

2537
01:39:29.120 --> 01:39:31.640
but now you've got four smaller startups

2538
01:39:31.640 --> 01:39:32.440
that you're learning from

2539
01:39:32.440 --> 01:39:33.240
and they're learning from you

2540
01:39:33.240 --> 01:39:34.480
and you're learning from them.

2541
01:39:34.480 --> 01:39:37.240
So that's a version of an apprenticeship

2542
01:39:37.240 --> 01:39:39.680
and an apprenticeship could also be that you go

2543
01:39:39.680 --> 01:39:41.640
from working for a big traditional company

2544
01:39:41.640 --> 01:39:43.960
to getting a job that pays almost as much

2545
01:39:43.960 --> 01:39:46.720
but with a smaller, more interesting business

2546
01:39:46.720 --> 01:39:48.520
that you can learn from a founder.

2547
01:39:48.520 --> 01:39:50.800
A side hustle is where you do stuff on the side

2548
01:39:50.800 --> 01:39:51.760
and it's open and shut,

2549
01:39:51.760 --> 01:39:53.920
you build your entrepreneurial confidence.

2550
01:39:53.920 --> 01:39:57.400
So those are like starting points and then after that

2551
01:39:57.400 --> 01:40:01.280
and these are not designed to make a big leap financially.

2552
01:40:01.280 --> 01:40:03.920
After that we talk about a two person scout team

2553
01:40:03.920 --> 01:40:05.360
scouting an opportunity.

2554
01:40:05.360 --> 01:40:08.040
We talk about a four person fire starting team

2555
01:40:08.040 --> 01:40:09.520
getting something started.

2556
01:40:09.520 --> 01:40:12.080
We talk about an eight person core team

2557
01:40:12.080 --> 01:40:14.680
running a really cool little lifestyle business.

2558
01:40:14.680 --> 01:40:17.680
So it's not like people think that they have to go

2559
01:40:17.680 --> 01:40:19.840
from zero to a hundred in one jump

2560
01:40:19.840 --> 01:40:20.680
and it's like no,

2561
01:40:20.680 --> 01:40:21.640
there are little steps along the way

2562
01:40:21.640 --> 01:40:23.720
that make this really easy.

2563
01:40:23.720 --> 01:40:26.000
I think it's really important with all of this advice

2564
01:40:26.000 --> 01:40:28.120
to like know your nature and to know who you are.

2565
01:40:28.120 --> 01:40:30.760
I'm kind of honestly to like know what you want from life

2566
01:40:30.760 --> 01:40:31.680
which a lot of people don't

2567
01:40:31.680 --> 01:40:32.960
and they're handed what they want from life

2568
01:40:32.960 --> 01:40:34.440
from like scrolling on Instagram or LinkedIn.

2569
01:40:34.440 --> 01:40:35.280
Oh, it's cool.

2570
01:40:35.280 --> 01:40:38.240
I need to build a five billion dollar AI company, et cetera.

2571
01:40:38.240 --> 01:40:41.320
I think I've noticed with myself that I started a business,

2572
01:40:41.320 --> 01:40:44.360
I was really ambitious about the goals for that business

2573
01:40:44.360 --> 01:40:47.880
and then around that business for some time,

2574
01:40:47.880 --> 01:40:50.400
I left that business when I was 20,

2575
01:40:50.400 --> 01:40:52.160
maybe 20 years old went to work in Silicon Valley

2576
01:40:52.160 --> 01:40:54.240
as basically a consultant

2577
01:40:54.240 --> 01:40:56.520
and that was okay for a time being.

2578
01:40:56.520 --> 01:40:59.680
But then eventually I realized that the money really doesn't,

2579
01:40:59.680 --> 01:41:02.360
it's really about like doing it with people you like

2580
01:41:02.360 --> 01:41:03.840
and having a challenge.

2581
01:41:03.840 --> 01:41:07.080
So that then led me back into the ambitious

2582
01:41:07.080 --> 01:41:08.840
build of businesses, did that for six years

2583
01:41:08.840 --> 01:41:11.040
but big, big business around the world

2584
01:41:11.040 --> 01:41:12.880
and then left that and then I went through a period

2585
01:41:12.880 --> 01:41:15.440
where I guess I was kind of a consultant,

2586
01:41:15.440 --> 01:41:17.760
freelance, retype guy for a while.

2587
01:41:17.760 --> 01:41:20.600
Again, fundamentally unfulfilling for me

2588
01:41:20.600 --> 01:41:23.080
because going on a mission with a group of people

2589
01:41:23.080 --> 01:41:25.800
on audacious mission, really regardless of what it is,

2590
01:41:25.800 --> 01:41:26.640
that filled me up.

2591
01:41:26.640 --> 01:41:27.800
It was never really about the money.

2592
01:41:27.800 --> 01:41:29.280
A lot of people discover this.

2593
01:41:29.280 --> 01:41:31.840
A lot of people discover that more is not better.

2594
01:41:31.840 --> 01:41:34.600
A lot of people discover that bigger is not more fun.

2595
01:41:34.600 --> 01:41:35.920
Do you know what else they discover?

2596
01:41:35.920 --> 01:41:40.280
They discover that their idea of independence and freedom

2597
01:41:40.280 --> 01:41:41.680
is also not what they thought.

2598
01:41:41.680 --> 01:41:43.240
And this is like a quite a contrarian take

2599
01:41:43.240 --> 01:41:46.640
but I have more responsibility now that I've ever had.

2600
01:41:46.640 --> 01:41:47.480
Yeah.

2601
01:41:47.480 --> 01:41:49.520
I could choose less responsibility and more freedom

2602
01:41:49.520 --> 01:41:50.600
and I would be less satisfied

2603
01:41:50.600 --> 01:41:51.440
unless we're filled with.

2604
01:41:51.440 --> 01:41:52.280
Totally.

2605
01:41:52.320 --> 01:41:53.320
Look at rich kids.

2606
01:41:53.320 --> 01:41:55.000
They've got everything taken care of

2607
01:41:55.000 --> 01:41:57.000
and there's all this financial resource around them

2608
01:41:57.000 --> 01:41:58.520
and there's nothing for them to do.

2609
01:41:58.520 --> 01:42:00.760
They live in a constant state of depression.

2610
01:42:00.760 --> 01:42:02.040
We love responsibility.

2611
01:42:02.040 --> 01:42:04.120
We love creative tension.

2612
01:42:04.120 --> 01:42:06.720
We love being up to something in the world.

2613
01:42:06.720 --> 01:42:08.640
There's nothing greater than being up to something

2614
01:42:08.640 --> 01:42:09.800
to being on a mission,

2615
01:42:09.800 --> 01:42:11.320
especially with a great group of people

2616
01:42:11.320 --> 01:42:12.600
that you're traveling through life with

2617
01:42:12.600 --> 01:42:14.040
that you're on this rock with.

2618
01:42:14.040 --> 01:42:15.840
And you find your group of people

2619
01:42:15.840 --> 01:42:17.800
that you want to be up to something with and you natter

2620
01:42:17.800 --> 01:42:20.280
and you solve and you get curious

2621
01:42:20.280 --> 01:42:22.200
and you run ideas past each other

2622
01:42:22.200 --> 01:42:24.360
and you voice note at two o'clock in the morning.

2623
01:42:24.360 --> 01:42:26.000
You know, that's where the juice is.

2624
01:42:26.000 --> 01:42:27.680
That's where the joy is.

2625
01:42:27.680 --> 01:42:28.760
There's a chapter in there that says,

2626
01:42:28.760 --> 01:42:30.440
no one enough is enough.

2627
01:42:30.440 --> 01:42:32.760
And it says that a huge part of the times that we're in

2628
01:42:32.760 --> 01:42:34.960
is, you know, we live in a time of endless scrolling.

2629
01:42:34.960 --> 01:42:37.840
There's no cue that says you've been scrolling long enough,

2630
01:42:37.840 --> 01:42:39.840
you know, go to bed.

2631
01:42:39.840 --> 01:42:41.280
And it's same with business

2632
01:42:41.280 --> 01:42:43.040
that we think bigger would be better

2633
01:42:43.040 --> 01:42:44.400
having a bigger business.

2634
01:42:44.400 --> 01:42:46.840
Another, you know, another product, another thing,

2635
01:42:46.840 --> 01:42:50.280
another million would make you happier.

2636
01:42:50.280 --> 01:42:53.720
As truth is, it's not, it's normally not the case.

2637
01:42:53.720 --> 01:42:54.800
Well, what is the case though,

2638
01:42:54.800 --> 01:42:57.960
is that we all need increasing levels of challenge.

2639
01:42:57.960 --> 01:42:59.360
It seems to me.

2640
01:42:59.360 --> 01:43:02.200
You know, this is why crosswords get more difficult

2641
01:43:02.200 --> 01:43:03.920
and video games get, have levels

2642
01:43:03.920 --> 01:43:06.360
because they realize through the studies that

2643
01:43:06.360 --> 01:43:08.280
when something becomes incrementally more difficult,

2644
01:43:08.280 --> 01:43:10.200
you drop into a flow state and motivation increases

2645
01:43:10.200 --> 01:43:12.360
and if it doesn't, then you lose motivation.

2646
01:43:12.360 --> 01:43:14.000
And so I think this is why even in my life,

2647
01:43:14.000 --> 01:43:16.720
like I'm striving to make things bigger and better

2648
01:43:16.720 --> 01:43:18.600
because it's actually just a proxy of like,

2649
01:43:18.600 --> 01:43:19.720
I want to be challenged.

2650
01:43:19.720 --> 01:43:21.000
Well, there's a couple of things.

2651
01:43:21.000 --> 01:43:23.600
You can either go really big with one thing

2652
01:43:23.600 --> 01:43:25.520
and just be really, really focused

2653
01:43:25.520 --> 01:43:28.480
or you can have challenge across a portfolio of interests.

2654
01:43:28.480 --> 01:43:31.080
One thing that is happening to your generation,

2655
01:43:31.080 --> 01:43:32.240
if I can be so bold,

2656
01:43:32.240 --> 01:43:34.840
because I'm just 15 years older or whatever,

2657
01:43:34.840 --> 01:43:37.960
is that you've taken all the energy

2658
01:43:37.960 --> 01:43:40.000
that normally went into kids

2659
01:43:40.000 --> 01:43:42.280
and you're putting it into business, right?

2660
01:43:42.280 --> 01:43:46.120
And the normal natural thing that is meant to happen

2661
01:43:46.120 --> 01:43:49.680
around this age is that you're meant to struggle

2662
01:43:49.720 --> 01:43:52.280
with the business or struggle with the way of providing

2663
01:43:52.280 --> 01:43:56.040
and also struggle with raising kids and all that sort of stuff.

2664
01:43:56.040 --> 01:43:58.680
So there's this reservoir of creative energy

2665
01:43:58.680 --> 01:44:02.720
that is meant to be divided amongst a few projects

2666
01:44:02.720 --> 01:44:04.480
and I'm seeing a lot of people

2667
01:44:04.480 --> 01:44:08.240
that that misplaced maternalism or paternalism goes into

2668
01:44:08.240 --> 01:44:11.680
just one thing and then we're expecting to get the joy

2669
01:44:11.680 --> 01:44:15.280
and the fulfillment that would normally come back from family

2670
01:44:15.280 --> 01:44:17.120
and we wonder why that's missing.

2671
01:44:17.120 --> 01:44:19.400
It's like, I'm pouring myself into the creation

2672
01:44:19.440 --> 01:44:22.160
of these companies and they're proxies for kids

2673
01:44:22.160 --> 01:44:24.960
and it's like, why don't I feel this warmth back?

2674
01:44:24.960 --> 01:44:28.360
Because your biology's not wired to receive warmth back

2675
01:44:28.360 --> 01:44:30.520
from something other than a kid.

2676
01:44:30.520 --> 01:44:33.760
So this is happening because we're not having kids.

2677
01:44:33.760 --> 01:44:35.520
So one of the things that,

2678
01:44:36.880 --> 01:44:38.240
well, one of the things I encourage everyone to do

2679
01:44:38.240 --> 01:44:40.200
is have kids because it's the best thing ever

2680
01:44:40.200 --> 01:44:42.080
and to have a portfolio of interests

2681
01:44:42.080 --> 01:44:44.800
that you don't have to struggle to get to a billion,

2682
01:44:44.800 --> 01:44:45.920
you could say, you know what,

2683
01:44:45.920 --> 01:44:48.040
the business bucket's full at three million

2684
01:44:48.080 --> 01:44:49.760
and I'm really, really happy with the revenue

2685
01:44:49.760 --> 01:44:51.640
of three million and a team of 10.

2686
01:44:51.640 --> 01:44:53.720
And now I want to have a portfolio of interests

2687
01:44:53.720 --> 01:44:56.120
that includes health and fitness or travel

2688
01:44:56.120 --> 01:44:59.880
or teaching at a local youth group

2689
01:44:59.880 --> 01:45:02.040
or I want to play a bigger role in my church.

2690
01:45:02.040 --> 01:45:03.960
Like there's all these other things that you say,

2691
01:45:03.960 --> 01:45:05.640
okay, these are the portfolio of interests

2692
01:45:05.640 --> 01:45:08.280
that are more human.

2693
01:45:08.280 --> 01:45:09.800
Lifestyle business playbook.

2694
01:45:09.800 --> 01:45:11.120
Gonna link this book below for anyone

2695
01:45:11.120 --> 01:45:14.840
that wants to give it a read who is compelled by the lifestyle

2696
01:45:14.840 --> 01:45:16.040
that Dan has described there

2697
01:45:16.040 --> 01:45:19.160
where you can have fun, freedom and fulfillment

2698
01:45:19.160 --> 01:45:20.440
with your own business.

2699
01:45:21.520 --> 01:45:22.360
As you know, Daniel,

2700
01:45:22.360 --> 01:45:24.360
because this is, I think, is your seventh time

2701
01:45:24.360 --> 01:45:26.200
being on this book, I think, record breaker.

2702
01:45:26.200 --> 01:45:28.280
We have a closing tradition.

2703
01:45:28.280 --> 01:45:29.720
The question that has been left for you

2704
01:45:29.720 --> 01:45:32.200
is what fear have you overcome

2705
01:45:32.200 --> 01:45:34.240
to become who you are today?

2706
01:45:37.040 --> 01:45:39.360
You know, I grew up on the Sunshine Coast.

2707
01:45:40.560 --> 01:45:44.000
I dropped out of school or I dropped out of university.

2708
01:45:44.000 --> 01:45:45.760
I've got zero qualifications.

2709
01:45:48.000 --> 01:45:51.160
I'm not particularly good at anything in particular.

2710
01:45:51.160 --> 01:45:52.920
I've got no skills.

2711
01:45:52.920 --> 01:45:54.640
Yeah, there's me at 21.

2712
01:45:54.640 --> 01:45:56.000
I tell you, this was a huge fear,

2713
01:45:56.000 --> 01:45:57.720
running my first ad in the newspaper.

2714
01:45:57.720 --> 01:46:00.000
I put everything on a credit card

2715
01:46:00.000 --> 01:46:03.360
just to run an ad in the newspaper for $8,000

2716
01:46:03.360 --> 01:46:06.000
and it had to work or else I was in serious trouble.

2717
01:46:06.000 --> 01:46:08.400
I've had a weird 25 years.

2718
01:46:08.400 --> 01:46:11.240
I've boom busted over and over again.

2719
01:46:11.240 --> 01:46:14.760
So I had a massive boom in my early 20s,

2720
01:46:14.760 --> 01:46:17.280
built a $10 million company rapidly and then lost it.

2721
01:46:17.280 --> 01:46:19.440
And then I built another multi-million dollar business

2722
01:46:19.440 --> 01:46:20.480
and then lost it.

2723
01:46:20.480 --> 01:46:23.720
And then I got wiped out by a COVID experience

2724
01:46:23.720 --> 01:46:24.960
and had to reinvent the business.

2725
01:46:24.960 --> 01:46:26.920
And then I had a negative experience with a co-founder

2726
01:46:26.920 --> 01:46:28.480
and had to reinvent the team.

2727
01:46:28.480 --> 01:46:30.640
So I've had these kind of like huge,

2728
01:46:30.640 --> 01:46:34.760
for the first 15 years, it was boom bust, boom bust, boom bust.

2729
01:46:34.760 --> 01:46:39.160
And the fear was is that it would never feel a sense of fulfillment.

2730
01:46:39.160 --> 01:46:40.480
I'd never get to a place

2731
01:46:40.480 --> 01:46:42.840
where I could actually say it was all worth it.

2732
01:46:44.040 --> 01:46:46.280
And to just keep going and going and going

2733
01:46:46.280 --> 01:46:49.720
when I felt exhausted was a massive thing.

2734
01:46:49.720 --> 01:46:50.720
You have a family.

2735
01:46:50.720 --> 01:46:51.560
Yeah.

2736
01:46:51.560 --> 01:46:54.480
And the fear of will I be able to provide for the family

2737
01:46:54.480 --> 01:46:58.120
and the fear of will my business ideas be valued

2738
01:46:58.120 --> 01:46:59.760
by anyone else other than myself?

2739
01:46:59.760 --> 01:47:00.960
Am I doing something stupid?

2740
01:47:00.960 --> 01:47:03.880
Am I doing something that will fail again?

2741
01:47:03.880 --> 01:47:06.400
So it's been a lot of fear.

2742
01:47:06.640 --> 01:47:09.360
But you know what?

2743
01:47:09.360 --> 01:47:10.680
It's been a wonderful journey

2744
01:47:10.680 --> 01:47:12.960
that every time I've pushed through that fear,

2745
01:47:12.960 --> 01:47:14.400
we get to the other side

2746
01:47:14.400 --> 01:47:16.080
and actually it's better on the other side.

2747
01:47:16.080 --> 01:47:16.920
It's even better.

2748
01:47:16.920 --> 01:47:18.560
How'd you know how hard it would be?

2749
01:47:19.600 --> 01:47:21.880
Do you think that 21-year-old Daniel would have done it?

2750
01:47:23.880 --> 01:47:26.040
I don't think I had any other choice.

2751
01:47:26.040 --> 01:47:28.000
But if I had sat that Daniel down and I'd say,

2752
01:47:28.000 --> 01:47:30.360
Daniel, this is what's gonna happen in the next 20 years,

2753
01:47:30.360 --> 01:47:32.160
you're gonna go up and then you're gonna lose it all.

2754
01:47:32.160 --> 01:47:33.000
Then you go up and you lose it all.

2755
01:47:33.000 --> 01:47:34.720
You're gonna feel like this at this moment,

2756
01:47:34.720 --> 01:47:36.000
it's gonna be the worst day.

2757
01:47:36.000 --> 01:47:38.080
And you're gonna feel like this and then this and then this.

2758
01:47:38.080 --> 01:47:39.240
And you're gonna be working hard the whole time.

2759
01:47:39.240 --> 01:47:40.480
Then you're gonna lose faith.

2760
01:47:41.480 --> 01:47:42.480
Would you have done it?

2761
01:47:42.480 --> 01:47:44.640
Secretly, yes.

2762
01:47:44.640 --> 01:47:47.600
And the reason for that is I kind of,

2763
01:47:47.600 --> 01:47:49.640
I kind of like the roller coaster.

2764
01:47:49.640 --> 01:47:51.840
I feel like I needed to go through a boom bust,

2765
01:47:51.840 --> 01:47:53.320
boom bust, boom bust

2766
01:47:53.320 --> 01:47:58.320
because I secretly didn't want a straight line.

2767
01:47:58.440 --> 01:48:02.920
I think I actually want the more interesting story.

2768
01:48:02.920 --> 01:48:06.320
At 24, I was offered $14 million for my company

2769
01:48:06.320 --> 01:48:07.680
and I blew it.

2770
01:48:07.680 --> 01:48:09.560
I screwed up the negotiation

2771
01:48:09.560 --> 01:48:12.160
and we ended up all walking away from the deal.

2772
01:48:12.160 --> 01:48:14.280
I think it would have been the worst thing possible

2773
01:48:14.280 --> 01:48:18.120
had I had $14 million at age 24.

2774
01:48:19.320 --> 01:48:22.000
So I've drawn a little graph here on this iPad.

2775
01:48:22.000 --> 01:48:25.920
One axis is your success and the other axis is time.

2776
01:48:25.920 --> 01:48:28.480
Could you draw for me what your career looks like

2777
01:48:28.480 --> 01:48:30.800
in terms of success over time,

2778
01:48:30.800 --> 01:48:33.000
including the ups, the downs, etc.

2779
01:48:33.000 --> 01:48:35.280
Well, if we just talk objectively

2780
01:48:35.280 --> 01:48:37.360
what other people would have seen,

2781
01:48:37.360 --> 01:48:39.680
I do this nightclub party and that's amazing.

2782
01:48:39.680 --> 01:48:43.080
And then I go and I get a job with a mentor

2783
01:48:43.080 --> 01:48:44.320
and then we build this business

2784
01:48:44.320 --> 01:48:46.400
that's like six million in its first year

2785
01:48:46.400 --> 01:48:47.800
and I'm like right close to it

2786
01:48:47.800 --> 01:48:50.200
and we go from zero to like 60 employees.

2787
01:48:50.200 --> 01:48:52.520
And then I have a fight with my mentor

2788
01:48:52.520 --> 01:48:55.280
and he tells me go start your own business.

2789
01:48:55.280 --> 01:48:58.360
So I go right down to start from scratch again

2790
01:48:58.360 --> 01:49:00.680
and I'm in a really negative place.

2791
01:49:00.680 --> 01:49:02.080
And then we get started

2792
01:49:02.080 --> 01:49:05.000
and suddenly I've got myself a multi-million dollar business

2793
01:49:05.000 --> 01:49:07.120
and then the government changes the law

2794
01:49:07.120 --> 01:49:09.200
and we have to reinvent that business.

2795
01:49:09.200 --> 01:49:12.120
And then we get a new amazing contract

2796
01:49:12.120 --> 01:49:13.440
and now we do a million a month

2797
01:49:13.440 --> 01:49:16.560
and this is by the way, this is only like age 24.

2798
01:49:16.560 --> 01:49:19.120
And then we screw up the negotiation

2799
01:49:19.120 --> 01:49:20.520
and it's right back to the start.

2800
01:49:20.520 --> 01:49:23.240
And then I go to London and I start a new business

2801
01:49:23.240 --> 01:49:25.280
and that goes really, really well, really quickly.

2802
01:49:25.280 --> 01:49:27.800
And like one year in we've got the palladium theater

2803
01:49:27.800 --> 01:49:30.400
and we're doing hundreds of thousands a week worth of sales.

2804
01:49:30.440 --> 01:49:32.240
And then the global financial crisis

2805
01:49:32.240 --> 01:49:33.400
resets the whole business

2806
01:49:33.400 --> 01:49:35.520
and I lose the major contracts that we have.

2807
01:49:35.520 --> 01:49:38.440
And then I relaunch the business

2808
01:49:38.440 --> 01:49:41.480
and then COVID comes along where by this stage

2809
01:49:41.480 --> 01:49:45.840
we're in 11 cities doing a couple of million per city

2810
01:49:45.840 --> 01:49:49.280
and then I relaunch the business as a digital business

2811
01:49:49.280 --> 01:49:50.920
and it goes off the scale again.

2812
01:49:50.920 --> 01:49:52.520
Right, I'm running out of space here.

2813
01:49:52.520 --> 01:49:54.840
And now we've figured out okay, we own the assets,

2814
01:49:54.840 --> 01:49:57.120
we own the brand, we've got a great team,

2815
01:49:57.120 --> 01:49:58.400
we've got multiple businesses.

2816
01:49:58.400 --> 01:50:00.280
And at the moment, and this is around the time

2817
01:50:00.320 --> 01:50:01.320
I have kids as well.

2818
01:50:01.320 --> 01:50:05.480
And it starts to really become more stable

2819
01:50:05.480 --> 01:50:08.120
and more fun and less up and down.

2820
01:50:08.120 --> 01:50:11.040
But that was my starting point, up down, up down, up down.

2821
01:50:12.520 --> 01:50:14.640
And this is over the period of how many years?

2822
01:50:14.640 --> 01:50:16.840
This was from 20 to 35.

2823
01:50:16.840 --> 01:50:20.680
It was just boom bust, boom bust, punch in the face,

2824
01:50:20.680 --> 01:50:23.760
get back up, punch in the face, get back up,

2825
01:50:23.760 --> 01:50:27.240
zero millions, zero millions, zero millions.

2826
01:50:27.240 --> 01:50:31.440
I say all of this because I think it's important

2827
01:50:31.440 --> 01:50:35.400
for people to realize the reality of what it takes

2828
01:50:35.400 --> 01:50:36.400
and how hard it is.

2829
01:50:36.400 --> 01:50:39.720
And often times if we want to have a high performing

2830
01:50:39.720 --> 01:50:41.920
podcast or a great selling book,

2831
01:50:41.920 --> 01:50:43.920
we kind of describe it as a linear journey.

2832
01:50:43.920 --> 01:50:45.160
You're going to do this, then you do this,

2833
01:50:45.160 --> 01:50:46.520
then this is going to happen, they do this,

2834
01:50:46.520 --> 01:50:48.880
stick at it for a long enough and then why?

2835
01:50:48.880 --> 01:50:50.600
But actually in my experience,

2836
01:50:50.600 --> 01:50:52.760
the graph either looks like a boom and bust cycle

2837
01:50:52.760 --> 01:50:54.880
which is kind of what I'm seeing here in your graph

2838
01:50:54.920 --> 01:50:58.600
or it looks like nothing, nothing, nothing, nothing,

2839
01:50:58.600 --> 01:51:00.280
nothing, nothing, nothing, something exponential.

2840
01:51:00.280 --> 01:51:02.520
Yeah, yeah, yeah.

2841
01:51:02.520 --> 01:51:04.440
I mean, even this podcast, if you look at the graph,

2842
01:51:04.440 --> 01:51:06.480
it is nothing, nothing, nothing, nothing, nothing,

2843
01:51:06.480 --> 01:51:07.320
anything exponential.

2844
01:51:07.320 --> 01:51:10.400
Two million, four million, I mean, 16 million book.

2845
01:51:10.400 --> 01:51:11.240
Yeah.

2846
01:51:11.240 --> 01:51:13.840
And so the question for me always becomes like,

2847
01:51:13.840 --> 01:51:16.840
what would it take for you to survive?

2848
01:51:16.840 --> 01:51:20.440
Either in your story, this boom and bust scenario

2849
01:51:21.400 --> 01:51:24.880
or in many of the things I've done in my life,

2850
01:51:24.880 --> 01:51:29.040
this no man's land period of nothing else.

2851
01:51:29.040 --> 01:51:31.840
It takes a certain something in someone

2852
01:51:31.840 --> 01:51:33.880
to be able to weather such a storm.

2853
01:51:33.880 --> 01:51:35.920
And I guess what is that?

2854
01:51:35.920 --> 01:51:38.040
You said you're second to go, I had no choice.

2855
01:51:38.040 --> 01:51:40.400
Yeah, I had no choice because I have no skills.

2856
01:51:40.400 --> 01:51:42.240
I'm not good at anything.

2857
01:51:42.240 --> 01:51:43.960
I've got friends who are good at coding

2858
01:51:43.960 --> 01:51:46.640
or good at editing or the good at designing,

2859
01:51:46.640 --> 01:51:48.760
they've got accounting or they've got dentistry

2860
01:51:48.760 --> 01:51:50.360
or something like that to fall back on.

2861
01:51:50.360 --> 01:51:51.480
I have no qualifications.

2862
01:51:51.480 --> 01:51:54.600
I've got a driver's license is my only qualification.

2863
01:51:54.600 --> 01:51:58.040
And all I'm good at is organizing teams

2864
01:51:58.040 --> 01:52:00.720
and getting people in the room and getting them excited

2865
01:52:00.720 --> 01:52:03.400
essentially encouraging them to work with me

2866
01:52:03.400 --> 01:52:05.200
and build something together.

2867
01:52:05.200 --> 01:52:07.040
So I kind of didn't have a choice,

2868
01:52:07.040 --> 01:52:10.800
but to keep playing the game, keep trying.

2869
01:52:10.800 --> 01:52:13.040
And by the way, I wouldn't change any of that.

2870
01:52:13.040 --> 01:52:15.640
There's no point there where I'd go back and say, actually,

2871
01:52:15.640 --> 01:52:19.640
because where I am now, every single one of those crushing

2872
01:52:19.640 --> 01:52:22.360
drops is where I really learnt something

2873
01:52:22.360 --> 01:52:23.360
that I leveraged today.

2874
01:52:23.360 --> 01:52:26.280
Actually, something I said to someone who works in my team

2875
01:52:26.280 --> 01:52:27.920
as my business partner now, George Gibson,

2876
01:52:27.920 --> 01:52:29.280
when she emailed me two years ago asking me

2877
01:52:29.280 --> 01:52:30.920
to invest in a startup.

2878
01:52:30.920 --> 01:52:32.760
A startup that I myself had failed at.

2879
01:52:32.760 --> 01:52:36.120
I basically was trying to say, this is not gonna work,

2880
01:52:36.120 --> 01:52:39.680
but do it anyway, because the actual thing of value here

2881
01:52:39.680 --> 01:52:41.680
might not be the million dollar exit.

2882
01:52:41.680 --> 01:52:45.160
It's gonna be the lessons you learn from the failure

2883
01:52:45.160 --> 01:52:46.320
are gonna then be leveraged.

2884
01:52:46.320 --> 01:52:48.440
As I did at 20 years old when I went to Silicon Valley

2885
01:52:48.440 --> 01:52:49.880
and started talking to people about this thing

2886
01:52:49.880 --> 01:52:52.480
I'd spent two years failing and was getting paid $70,000

2887
01:52:52.480 --> 01:52:55.000
a month to talk about this thing as a 20 year old

2888
01:52:55.000 --> 01:52:57.160
in localifications, because I was one of the very few

2889
01:52:57.160 --> 01:52:58.920
people who had failed in social media

2890
01:52:58.920 --> 01:53:01.280
and therefore had a deep understanding in a rare skill.

2891
01:53:01.280 --> 01:53:04.520
You're no longer going on BBC Newsnight or in Forbes

2892
01:53:04.520 --> 01:53:06.320
as the person who did this.

2893
01:53:06.320 --> 01:53:08.480
But of all the things you've done in your life,

2894
01:53:08.480 --> 01:53:11.440
this great failing is gonna be the most valuable asset

2895
01:53:11.440 --> 01:53:13.200
you have, and this is what your story proves,

2896
01:53:13.200 --> 01:53:14.760
because every time it goes higher.

2897
01:53:14.760 --> 01:53:15.920
Yeah, it really does.

2898
01:53:15.920 --> 01:53:17.360
Yeah, it was amazing.

2899
01:53:18.360 --> 01:53:21.520
I can tell you what the moments feel like at the bottom

2900
01:53:21.520 --> 01:53:22.640
and they're horrible.

2901
01:53:22.640 --> 01:53:27.640
And alcohol's involved and wanting to just completely hide

2902
01:53:27.640 --> 01:53:30.680
and never be seen by anyone ever again.

2903
01:53:30.680 --> 01:53:32.680
And then suddenly you go, okay.

2904
01:53:32.680 --> 01:53:33.800
I mean, I've got this friend of mine

2905
01:53:33.800 --> 01:53:36.000
who's an entrepreneur who's failed several times

2906
01:53:36.000 --> 01:53:37.960
and he says, you feel like you're on a tightrope

2907
01:53:37.960 --> 01:53:39.120
and then you fall off the tightrope

2908
01:53:39.120 --> 01:53:41.640
and you realize it was only six inches off the ground.

2909
01:53:41.640 --> 01:53:43.720
It's not as bad as you think

2910
01:53:43.720 --> 01:53:46.680
and you can hop back on the tightrope and you can go again.

2911
01:53:46.680 --> 01:53:51.000
But every single time it's just gotten better

2912
01:53:51.000 --> 01:53:53.120
and better and better and bigger and bigger

2913
01:53:53.120 --> 01:53:56.080
and more stable and more like reliable.

2914
01:53:56.080 --> 01:53:59.320
There is another story, which is one

2915
01:53:59.320 --> 01:54:00.760
that doesn't have the survivorship bias

2916
01:54:00.760 --> 01:54:03.840
because now down your, you've been wildly successful.

2917
01:54:03.840 --> 01:54:05.600
People walk down the street, people know who you are.

2918
01:54:05.600 --> 01:54:07.560
They, you know, you've got millions of people

2919
01:54:07.560 --> 01:54:09.600
that tune into what you give advice.

2920
01:54:09.600 --> 01:54:11.120
But there's also a version of reality

2921
01:54:11.120 --> 01:54:12.680
where that wasn't the ending.

2922
01:54:13.680 --> 01:54:16.680
And I actually know someone who has fought

2923
01:54:16.680 --> 01:54:20.200
for 15 years to build businesses all across the world

2924
01:54:20.200 --> 01:54:24.640
and they just don't have that self awareness piece.

2925
01:54:24.640 --> 01:54:25.920
I don't know if I'm self-aware.

2926
01:54:25.920 --> 01:54:26.920
Like none of us can actually know

2927
01:54:26.920 --> 01:54:28.840
because that requires self awareness.

2928
01:54:28.840 --> 01:54:30.000
They've all got our blind spots.

2929
01:54:30.000 --> 01:54:31.600
They'll continue to start businesses

2930
01:54:31.600 --> 01:54:33.760
and it's putting their family at risk now.

2931
01:54:33.760 --> 01:54:35.880
They go through the same boom and bust cycle

2932
01:54:35.880 --> 01:54:37.800
but it never goes higher.

2933
01:54:37.800 --> 01:54:39.920
And if you were to ask me objectively,

2934
01:54:40.000 --> 01:54:43.160
do I think I'll ever have the moment you've had now?

2935
01:54:43.160 --> 01:54:45.120
You have a survivorship bias that I have.

2936
01:54:45.120 --> 01:54:47.320
We did something, it was hard.

2937
01:54:47.320 --> 01:54:48.160
And then it paid off.

2938
01:54:48.160 --> 01:54:49.080
Here's the thing.

2939
01:54:49.080 --> 01:54:50.560
There are no happy endings.

2940
01:54:51.520 --> 01:54:54.920
Life ends abruptly.

2941
01:54:54.920 --> 01:54:57.640
One thing that happens when you get a little older

2942
01:54:57.640 --> 01:55:00.040
is you start discovering that actually,

2943
01:55:00.040 --> 01:55:03.720
when you're under 40, you think everything ends well.

2944
01:55:03.720 --> 01:55:05.200
And then later on you discover

2945
01:55:05.200 --> 01:55:06.160
there are no happy endings.

2946
01:55:06.160 --> 01:55:07.840
Everyone dies.

2947
01:55:07.840 --> 01:55:09.000
You get a phone call one day

2948
01:55:09.000 --> 01:55:12.120
and someone who is an amazing person has a stroke.

2949
01:55:13.320 --> 01:55:15.440
And that's them hit.

2950
01:55:15.440 --> 01:55:16.920
That's it where you thought of that.

2951
01:55:16.920 --> 01:55:18.360
You thought that I'd have 20 more years

2952
01:55:18.360 --> 01:55:21.360
and they don't, you know, their entire life changes.

2953
01:55:22.320 --> 01:55:24.760
You're left with the realization

2954
01:55:24.760 --> 01:55:27.400
that it's just an adventure.

2955
01:55:27.400 --> 01:55:30.800
Sometimes the happy ending that other people would call

2956
01:55:30.800 --> 01:55:33.360
is a happy ending and an objective happy ending

2957
01:55:33.360 --> 01:55:36.040
is actually pretty miserable in the middle of it.

2958
01:55:36.040 --> 01:55:37.640
There are people who have everything.

2959
01:55:37.640 --> 01:55:39.400
You've met them and objectively,

2960
01:55:39.400 --> 01:55:41.720
they have the houses and the cars and the private jets

2961
01:55:41.720 --> 01:55:42.560
and all that sort of stuff.

2962
01:55:42.560 --> 01:55:43.880
And they're not particularly happy.

2963
01:55:43.880 --> 01:55:44.720
They're miserable.

2964
01:55:44.720 --> 01:55:46.800
And then there are some people who,

2965
01:55:46.800 --> 01:55:48.160
they lose all of that stuff,

2966
01:55:48.160 --> 01:55:49.880
but then they reconnect with a group of friends

2967
01:55:49.880 --> 01:55:52.120
and they're like, happier than they've ever been.

2968
01:55:52.120 --> 01:55:54.520
Some things given you this inside.

2969
01:55:56.120 --> 01:55:57.920
Yeah, so someone very close to me,

2970
01:55:57.920 --> 01:56:00.440
it's very dear to me recently had a stroke, you know?

2971
01:56:00.440 --> 01:56:04.760
And yeah, you realize that the happy ending's not guaranteed.

2972
01:56:04.760 --> 01:56:06.240
In fact, the opposite is guaranteed.

2973
01:56:06.240 --> 01:56:09.040
You realize everyone, everyone dies.

2974
01:56:09.040 --> 01:56:10.200
Everyone decays.

2975
01:56:10.200 --> 01:56:11.320
Everyone gets old.

2976
01:56:11.320 --> 01:56:12.760
If you're lucky, you get old.

2977
01:56:12.760 --> 01:56:14.680
And if you're unlucky, you don't get old.

2978
01:56:15.760 --> 01:56:17.760
So you have to, there comes a point

2979
01:56:17.760 --> 01:56:19.280
where you have to release the idea

2980
01:56:19.280 --> 01:56:20.560
that you're going to have this happy ending.

2981
01:56:20.560 --> 01:56:22.440
You're going to have moments of triumph

2982
01:56:22.440 --> 01:56:24.160
and moments of disaster.

2983
01:56:24.160 --> 01:56:25.240
You're going to lose people.

2984
01:56:25.240 --> 01:56:28.880
You're going to have everything taken from you.

2985
01:56:28.880 --> 01:56:29.800
It's guaranteed.

2986
01:56:29.800 --> 01:56:31.920
Everything is taken from you.

2987
01:56:31.920 --> 01:56:33.240
How did that change your perspective,

2988
01:56:33.240 --> 01:56:35.120
this loved one going through this?

2989
01:56:36.920 --> 01:56:38.680
You realize that,

2990
01:56:41.200 --> 01:56:46.200
or I realized that the mental timeline

2991
01:56:46.200 --> 01:56:49.520
of endless decades spreading out ahead,

2992
01:56:49.520 --> 01:56:50.840
endless amounts of health,

2993
01:56:50.840 --> 01:56:54.840
endless amounts of relationships is not,

2994
01:56:55.640 --> 01:56:59.440
it's a nice fantasy that keeps us together,

2995
01:56:59.440 --> 01:57:00.840
but it's not guaranteed.

2996
01:57:00.840 --> 01:57:05.040
And then the impact for me is to treasure relationships.

2997
01:57:06.840 --> 01:57:10.560
There comes a moment where,

2998
01:57:10.560 --> 01:57:13.040
I don't know if this has ever happened to you yet,

2999
01:57:13.040 --> 01:57:14.040
but you go, wow,

3000
01:57:14.040 --> 01:57:16.160
I didn't know that was the last conversation.

3001
01:57:18.280 --> 01:57:20.080
You don't realize this,

3002
01:57:20.080 --> 01:57:23.760
but one of the legacies that you leave behind,

3003
01:57:23.760 --> 01:57:26.560
not you, because you've got this body of work,

3004
01:57:26.560 --> 01:57:28.560
but one of the legacies that people leave behind

3005
01:57:28.560 --> 01:57:31.720
is little voice notes that they leave in your phone,

3006
01:57:31.720 --> 01:57:33.040
they leave in your WhatsApp.

3007
01:57:34.040 --> 01:57:38.240
And you listen back to some of these voice notes

3008
01:57:38.240 --> 01:57:41.040
and you go, wow, I didn't know that was a treasure,

3009
01:57:41.040 --> 01:57:42.840
didn't know that was a special thing.

3010
01:57:44.800 --> 01:57:47.720
And this particular person who got impacted with the stroke,

3011
01:57:47.720 --> 01:57:50.080
he was wonderful at voice notes.

3012
01:57:50.080 --> 01:57:53.480
He had this thing that he would do called,

3013
01:57:53.480 --> 01:57:56.200
it's not lost on me, voice notes.

3014
01:57:56.200 --> 01:57:58.000
And I don't even think he knew he was saying this,

3015
01:57:58.000 --> 01:57:59.520
but it was one of his favorite phrases,

3016
01:57:59.520 --> 01:58:01.360
which is, it's not lost on me.

3017
01:58:01.360 --> 01:58:04.040
So he'd leave a voice note and he'd say,

3018
01:58:04.040 --> 01:58:05.800
Stephen, it's not lost on me

3019
01:58:05.800 --> 01:58:07.440
how much you're dealing with it at the moment

3020
01:58:07.440 --> 01:58:10.800
and it's not lost on me that you are responsible

3021
01:58:10.800 --> 01:58:13.280
for a lot of people's lives and all this

3022
01:58:13.280 --> 01:58:15.240
and I just want to acknowledge you.

3023
01:58:15.240 --> 01:58:18.840
So he would leave these voice notes

3024
01:58:18.840 --> 01:58:21.200
and he did this with everyone,

3025
01:58:21.200 --> 01:58:22.920
like it came out of the woodwork

3026
01:58:22.920 --> 01:58:26.600
that everyone got these lovely voice notes from this guy.

3027
01:58:26.600 --> 01:58:31.040
And yeah, you don't realize it,

3028
01:58:31.080 --> 01:58:34.880
like literally that is a huge part of people's legacies.

3029
01:58:34.880 --> 01:58:36.640
You think you're going to leave behind all this money,

3030
01:58:36.640 --> 01:58:39.440
you think you're going to leave behind all of this big stuff,

3031
01:58:39.440 --> 01:58:41.240
you think you're going to leave behind

3032
01:58:41.240 --> 01:58:44.120
some huge financial structure.

3033
01:58:44.120 --> 01:58:46.040
And in the end, you leave behind

3034
01:58:46.040 --> 01:58:48.200
some really touching voice notes

3035
01:58:48.200 --> 01:58:50.680
as one of the things that will be most treasured.

3036
01:58:50.680 --> 01:58:52.040
If you're lucky.

3037
01:58:52.040 --> 01:58:53.600
You've been listening to the voice notes.

3038
01:58:53.600 --> 01:58:56.360
Yeah, I have, yeah, yeah, really, really nice,

3039
01:58:56.360 --> 01:58:57.520
really, really nice.

3040
01:58:58.520 --> 01:59:01.520
What is that emotion in your face, Daniel?

3041
01:59:01.520 --> 01:59:03.520
What's the range of emotions?

3042
01:59:07.520 --> 01:59:11.520
It's just the deeper awareness that

3043
01:59:12.520 --> 01:59:15.520
we talk a lot about technology,

3044
01:59:15.520 --> 01:59:17.520
we talk a lot about business,

3045
01:59:18.520 --> 01:59:21.520
but the whole game is relationships.

3046
01:59:23.520 --> 01:59:26.520
It's very easy to get that wrong, isn't it?

3047
01:59:27.520 --> 01:59:29.520
Very easy for you to get that wrong

3048
01:59:29.520 --> 01:59:33.520
because you're surrounded by such a whirlwind.

3049
01:59:35.520 --> 01:59:39.520
And people want so much from you.

3050
01:59:39.520 --> 01:59:41.520
You know, a lot of people want a lot from you

3051
01:59:41.520 --> 01:59:44.520
and you think you have to lift people up around you

3052
01:59:44.520 --> 01:59:46.520
and you have to do this heroic effort.

3053
01:59:46.520 --> 01:59:50.520
Actually, little text message, little voice note means a lot.

3054
01:59:50.520 --> 01:59:52.520
It's interesting.

3055
01:59:53.520 --> 01:59:56.520
For me, I figured out that we're on a rock.

3056
01:59:56.520 --> 01:59:59.520
We get a few little laps around the sun.

3057
01:59:59.520 --> 02:00:01.520
That's it.

3058
02:00:01.520 --> 02:00:04.520
We literally pop into existence like an electron

3059
02:00:04.520 --> 02:00:07.520
spinning around a neutron, whatever it is.

3060
02:00:07.520 --> 02:00:10.520
And we get, we're on the rock.

3061
02:00:10.520 --> 02:00:13.520
The most valuable thing is that we're on the rock together.

3062
02:00:13.520 --> 02:00:15.520
You zoom out enough.

3063
02:00:15.520 --> 02:00:17.520
We're all just little dots.

3064
02:00:17.520 --> 02:00:20.520
We're all just little dots trying to figure stuff out.

3065
02:00:20.520 --> 02:00:23.520
We're all trying to make sense of our own lives.

3066
02:00:23.520 --> 02:00:27.520
And we're all trying to ignore how difficult things can be.

3067
02:00:27.520 --> 02:00:30.520
But then you realize that it's just the fact

3068
02:00:30.520 --> 02:00:33.520
that we are moving through time together.

3069
02:00:33.520 --> 02:00:35.520
But yeah, you, as I said, you hit a point

3070
02:00:35.520 --> 02:00:37.520
where you realize that there is no happy ending.

3071
02:00:37.520 --> 02:00:39.520
Unfortunately, there's not.

3072
02:00:39.520 --> 02:00:42.520
You know, the ending is sad.

3073
02:00:42.520 --> 02:00:44.520
When you hit a certain age,

3074
02:00:44.520 --> 02:00:47.520
people that you really love get old and die.

3075
02:00:47.520 --> 02:00:51.520
They lose a big chunk of themselves in one fell swoop.

3076
02:00:51.520 --> 02:00:55.520
So while those moments are happy,

3077
02:00:55.520 --> 02:00:57.520
while you've got those happy moments,

3078
02:00:57.520 --> 02:01:00.520
treasure those happy moments, really, really embrace them.

3079
02:01:00.520 --> 02:01:02.520
Do you have any regrets in this regard?

3080
02:01:02.520 --> 02:01:05.520
That might help me avoid having similar regrets.

3081
02:01:05.520 --> 02:01:07.520
I really don't.

3082
02:01:07.520 --> 02:01:09.520
I'm really, really happy.

3083
02:01:09.520 --> 02:01:13.520
That thing, like, I'm really the biggest relationships

3084
02:01:13.520 --> 02:01:16.520
with my kids and with my wife.

3085
02:01:16.520 --> 02:01:19.520
And family formation.

3086
02:01:19.520 --> 02:01:22.520
I've had unbelievably high highs.

3087
02:01:22.520 --> 02:01:24.520
Like, I've been on the big boats.

3088
02:01:24.520 --> 02:01:26.520
I've flown on the private jets.

3089
02:01:26.520 --> 02:01:28.520
I've had parties in my honor.

3090
02:01:28.520 --> 02:01:31.520
I've had big paydays.

3091
02:01:31.520 --> 02:01:34.520
All of that cool stuff that people dream of.

3092
02:01:34.520 --> 02:01:37.520
Family formation is where, like, the core of it.

3093
02:01:37.520 --> 02:01:40.520
Like, that's the core of happiness for me.

3094
02:01:40.520 --> 02:01:45.520
You know, the intergenerational passing of life.

3095
02:01:46.520 --> 02:01:49.520
Which is kind of like, wow, like that.

3096
02:01:49.520 --> 02:01:52.520
I think we've forgotten how cool that is.

3097
02:01:52.520 --> 02:01:54.520
I think we've forgotten the idea

3098
02:01:54.520 --> 02:01:56.520
that you're passing on consciousness.

3099
02:01:56.520 --> 02:01:58.520
And that this being has their own consciousness.

3100
02:01:58.520 --> 02:01:59.520
They do their own thing.

3101
02:01:59.520 --> 02:02:01.520
They come up with their own ideas.

3102
02:02:01.520 --> 02:02:03.520
They have their own challenges.

3103
02:02:03.520 --> 02:02:05.520
Yeah.

3104
02:02:05.520 --> 02:02:07.520
It's wild.

3105
02:02:07.520 --> 02:02:09.520
Thank you. Thank you.

3106
02:02:09.520 --> 02:02:11.520
That was great.

3107
02:02:15.520 --> 02:02:17.520
Thank you.