(dramatic inspirational music)
- For those people who are thinking
about starting their own business-
- Don't.
(crowd laughs)
Seriously, don't.
- Can you explain that a little bit more?
- Seriously, don't.
It's a funny answer, but it's a true answer.
First of all, if I say, "don't,"
and if that stops you,
you're not an entrepreneur. Okay?
If I say, "don't," and your mind says,
"Oh yeah, maybe I shouldn't," you're not there yet.
If I say, "don't," and your mind says,
"Well, let me show you, Dan!
"Who do you think you are?"
That's good. Then you have the first step what it takes.
But second thing is, believe or not,
over the years I've learned now
I've started all these businesses,
I've invested in companies,
I've turned around companies.
(Mumbles) Now doing them all over again,
I actually would not start a business.
You ask me now, I would not start a business.
I would either invest in one, partner in one, or buy one.
Because the business, the failure rate is so high.
You've all heard of it, right?
90, 94%, 92% of the small business
fail in their first five years.
And then, whatever 5% left, 95% of those
fail in the next five years. It's very true.
So knowing that most businesses don't make it,
so the chances, imagine that you are
getting involved in a game that the longer you stay,
the more likely you're gonna die.
And chances are you dying, it's high.
It's like, very, very high.
So then, why would you take that odds?
So nowadays, my approach is, either I will invest in one,
so you know the first 10 years, right?
Most of them die.
Well, then I just get involved with a company
that has been around more than 10 years.
Now it's accelerating my success rate this high.
So I'm finding myself, at this current state,
it's much easier, let's say a company's doing,
it's been around for 10 years and they're doing,
let's say a million dollars a year.
I go in there and I help them out,
help them with their grow, help them with their growth,
help them with strategies, help them with my network.
I take them to five or ten million,
and I get a share of that profit.
Well, that, the chances of that
succeeding is much, much higher.
So that's just my current, what I've learned.
So I would say, if you're gonna start your own business,
just know what you're getting into.
Sometimes it's best to partner in one, or work for one.
There's nothing wrong with that.
When Microsoft went public,
then they could've had a lot of millionaires.
You don't necessarily have to be the founder,
you can be the, one of the founding people.
You will do very, very well.
So you may not always be the CEO material,
you may not have to be the founder.
That's what I've learned.
So that's why I said don't start.
There are many, many options.
- So it seems like if you, in the beginning,
if you get, have so much resources,
this may be something you wanna do.
But you have to be careful.
- Yeah and it's, cause nowadays,
you see one person, like you know
(mumbles) some of these names of people
that come to you, that, "Oh, they made it!"
Well anyone who, one person who made it,
you don't know that one million have died.
- [Interviewer] Yeah. The survival of-
- Yeah. They don't feature them on ink cover.
(crowd laughs)
Oh, the entrepreneur just lost a million dollars.
They don't feature that.
The guy who has made a ton of money.
I would say, just be very selective.
And knowing that that's where you're going.
Because it's like, I always say,
entrepreneur is like a,
it's like a prisoner. It truly is.
Once you go in, you can't get out.
It's once you have the entrepreneurial bug,
once you start the business,
you can't go back to your company.
It's impossible.
You can't just, it just doesn't,
your mind has expanded.
You can't go back to the same company.
So knowing that that's the decision
you have to make and that's something
that you truly, truly want to do.
That you want it so bad,
that you're willing to risk,
you're willing to sacrifice,
you're willing to hustle,
then I would say go for it.
If you don't want it, if it's not 10 out of 10,
then you have to ask yourself
is that what you wanna do.
Because it's a tough, it's a tough, tough thing to do.
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(dramatic music)