Grant Cardone's Blunt Advice on Entrepreneurship: Is Starting a Business Worth It?
In a recent video on TikTok, real estate mogul Grant Cardone offered some blunt advice to aspiring entrepreneurs: "I wouldn't go start a new business today — dumbest, most selfish thing a person could do." This statement might come as a shock to many who are drawn to the allure of entrepreneurship due to disillusionment with traditional jobs, rising inflation, and the increasing accessibility of tech tools.
Cardone's skepticism stems from his belief that many aspiring entrepreneurs lack the necessary readiness and practical know-how to succeed on their own. He questions how someone who can't work for somebody else could effectively work for themselves, highlighting issues like financial instability and a lack of business acumen.
According to Cardone, a good business should not only generate substantial cash flow and have the capacity for expansion but also operate independently of the owner's constant involvement. Unfortunately, he believes that the majority of businesses do not possess these desirable traits, labeling them as "s--- businesses" that struggle to scale and turn a profit.
Despite his harsh critique of entrepreneurship in general, Cardone does acknowledge the potential in two sectors: real estate and banking. Real estate, he argues, offers opportunities for consistent income streams through rental earnings. This doesn't necessarily require becoming a landlord; one can invest in publicly traded real estate investment trusts (REITs) or explore crowdfunding platforms for fractional ownership of real estate properties.
In the banking sector, Cardone sees promise for those who can "be the bank." While starting a bank or moneylending business individually might be challenging, participating in the stock market through bank stocks offers a viable pathway. As evidenced by JP Morgan's substantial profits in recent years, being in the banking business can indeed be lucrative.
In conclusion, while Cardone's advice may seem discouraging to some, it's essential to consider the practicalities and challenges of entrepreneurship before diving in. Starting a business isn't for everyone, but for those willing to take the risk and invest in sectors like real estate or banking, there may still be opportunities for success.
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