Billionaires Should Not Exist: Entrepreneurs Should Not Become Billionaires by Solving Real Problems

Closed Captioning:

good morning good afternoon good evening

folks michael zuber one rental at a time

back with his monday guest mr greg

dickerson how you doing sir doing great

michael good to see you and i see you as

well so one thing i know about your

story right your story made it to my

second book 15 conversation with

millionaires real estate millionaires uh

you’re trucking a toolbox story hit me

hard i still go back and watch that

probably once every six to nine months

our very first video together

is that you are an entrepreneur and what

that means to me is you are willing to

identify a problem you were willing to

risk time energy and dollars to go after

it and then if it worked out uh you know

there was just desserts but what is

clear to me is you were paid last

lots of other people were paid first you

were paid and rewarded last and where

i’m going with this is

there is a growing

noise echo chamber out there that

billionaires shouldn’t exist

and you know elon musk and jeff bezos

and all of these folks and when i step

back and i you know i take your story

your experience your awesomeness look at

what they’ve done they’ve all tackled

amazing problems they took a bunch of

risk capital i mean elon musk was 48

hours away from going bankrupt when

tesla almost didn’t make payroll

and they’ve tackled big problems so i’m

not sure i agree with this whole

billionaires shouldn’t exist idea but i

wanted to ask you

yeah yeah bezos has been through it you

know he uh you know back in the dot com

bust i mean the company just got torn

down and you know people

uh

never thought he would make it with his

you know aws uh business and all of that

kind of stuff and

uh you know he’s overcome a lot of

challenges but i think

the you know so i can agree on some

points but you know at the end of the

day yeah if you’re willing to risk

everything you have get out do the work

create opportunities for other people i

mean there should be no limit to the

upside that you can generate now where i

can

you know kind of agree with what people

are talking about is if you’re using the

public’s funds you know and you’re

taking money from investors and you’re

now a ceo of a public company that you

do not own and you’re not taking any

more risk you know you’re risking

investor capital and company capital

then yeah i can see where people get a

little upset because oh for sure you

have you know people that you know get

billions to hundreds of billions or

whatever the other people along the way

aren’t sharing to that degree

you know so i can i can sort of

understand you know that to that level

because you know you’re taking public

money yeah you’re being allowed to abuse

that you know by

uh you know the things that that that

they do to increase wealth from that

standpoint but you know if you’re a

private company and you started it and

you’re taking the risk and it’s your

your money on the line and you know if

it goes down you lose everything well

then there should be no limits on what

you can do

uh you know or achieve to to accumulate

that and it’s you know it’s funny i mean

you know i’ve got a modest level of

success in the business world compared

to those things you know but um you know

the upside is unlimited if you find a

big problem to solve like amazon did i

mean yeah you know you can get on your

phone and punch a button and have

something at your house

that day or the next day or whatever you

know almost anything you want that’s a

big problem that you know obviously

what we recently went through with the

pandemic that that company solved so

yeah for sure you know should there be

limits to what jeff bezos you know

earned in that regard like i said

if if he owned it and he risked all his

capital and he did everything to you

know get that that’s one thing but you

know when you start taking other

people’s money yeah and you’re not

sharing that with the people around you

that built it i can see an argument

there sure you know for that but

at the end of the day no you don’t want

to limit opportunity because then you

limit innovation yeah i think there’s a

couple of things there i want to hit so

first and foremost i totally agree with

you

you and i experienced the great

recession which really was a financial

bubble there were people that clearly

were with cdos and all of these other

toxic dead on dead and you know these

layers of just nonsense

that that blew it up so big

that the only outcome was they had to

get bailed out

and i think like only one person went to

jail if i remember the story right

and um that’s not okay

that’s that that hopefully never happens

again yeah and you have the bernie

madoff you know that are taking people’s

money and he’s a millionaire you know

lifestyle and you know illegally

uh abusing that but there’s legal ways

to abuse that as well that’s kind of

what i’m talking about me too yeah me

too absolutely right when when uh when

you’re just leveraging public capital uh

to the benefit and basically you don’t

have a downside right kind of heads you

win tails you don’t lose totally agree

with you but on the bigger front

i think at least my opinion is is if

you’re gonna go after and solve

huge problems

right again i’m not a huge elon musk fan

at all right i don’t own tesla stock i

just never would i’m not a big musk fan

but i have to give him credit right what

did he do

he went out and basically made ev’s

electric vehicles cool

right before tesla we had these ugly

boxes and just

you know these ugly cars he made them

cool i don’t think evs are where they

are today without his

pushing leaps and bounds

um

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you know spacex the the idea that you

could use a rocket over and over again

is crazy

right he proved that now he’s going to

go to mars and all these other things

he’s tackling amazingly huge problems

and oh by the way employing hundreds of

thousands of people

i think that you’re right i don’t i

don’t know why you would have

put a cap on that yeah yeah he started

well he started what with paypal you

know solving a problem there yeah

exactly that and then you know so i mean

obviously he’s an entrepreneur he’s an

innovator he’s a creator he didn’t start

tesla um he bought that but he made it

what it is

and you know grew that and scaled it but

the other argument to what i’m talking

about too is a lot of his wealth is the

you know artificial inflation of the

markets over the last 18 months and you

know those those numbers are out the

door now we’re seeing a repricing and

rebalancing of that so yeah a lot of

that’s going to go away now starlink

that’s another you know great innovation

um yeah so i’m not you know

i don’t know elon musk so to be a fan or

not but what i’m a fan of is is you know

he’s an entrepreneur he gets after it he

solves problems he makes things happen

gets things done that’s what

entrepreneurs do yeah so you know when

you’re doing that and creating that like

i said you don’t want to limit

opportunity because then you limit

innovation correct yeah and you know um

and that’s what this country was built

on people came here because unlimited

opportunity the ability to create your

own future stake your own claim we’ve

talked about that before in other

episodes no other country on earth is

like this country in that regard people

can come here from anywhere

and educate themselves and apply

themselves and when i say educated i

don’t mean college and all that i mean

whatever you’re going to do you need to

know what you’re doing so people have

come here in textiles they’ve come here

making shoes they’ve come here all kinds

of different things and have created you

know immense wealth fantastic

generational businesses from nothing

with i mean walmart you know walmart

started with sam walton’s you know um

grandfather right or dad or whatever

whoever

saying myself i can’t remember between

him and dollar general might have been

sam that started the whole thing i mean

i don’t think he was you know had much

of an education no dollar general was

started by

um the grandfather of the people that

you know run it today or ran it recently

cal turner junior’s grandfather he had

an elementary school education wow um

you know so you go back and you read

those stories you know colonel sanders i

don’t think he was college educated you

know yeah um harlan sanders and you know

great great stories of people that just

you know applied themselves got after it

and and just made it happen and

especially like i said the people that

come here from other countries that

don’t have opportunity or limited

opportunity where they are because

opportunity is limited therefore it

stifles innovation

and

you know people rely on the government

or whatever

you come here and you can do whatever

you want so it’s it’s it’s pretty

incredible and i think that’s a

dangerous ground that you’re walking on

when you’re trying to limit somebody’s

ability but again if you’re a public

company maybe there should be some

limits yeah and the other thing i just

want to tie in here is a lot of great

innovation a lot of great companies

start in recessions

right it kind of forces uh

entrepreneurship and struggle uh for

example uber and a lot of these

companies that we take for granted today

were started in the great recession

um so i you know i look forward to uh

the innovation in new companies and new

businesses that come out of this

recession has that been your experience

as well oh yeah and opportunities you

know i was thinking about that the other

day for this i was like man we should

really talk about that because

this is a this is a wreath you talk

about the great reset you know

um this is the opportunity coming now

that you that i’ve now been through this

will be the third one in my lifetime

where you have a chance to get into the

bottom of the recovery and really build

something i mean that’s where your best

opportunities are at the bottom of the

recession

and the bottom of these market declines

where you can really exponentially scale

and generate returns that you know can

be generational you know wealth building

opportunities so you know these are the

times when i’ve made some of my biggest

moves you know the bottoms in the depths

of the recessions you know what we have

just found topic video number three uh

we will make the great reset and getting

in at the bottom the topic for number

three but before we do greg where can

people find you yeah gregdickerson.com

that is where all my information lives

go check it out awesome thanks buddy

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