My First Million cover image

My First Million

Scott Galloway Tells All - $100M Net Worth, $4 Trillion Business Opp & Career Advice

Oct 24, 2023
52:18
Snipd AI
Scott Galloway shares his scarcity mindset despite a $100M net worth and gives advice on how young people can get rich slowly. They discuss seller-financed boomer businesses and working for big companies. They also explore the trillion-dollar opportunity of AI for healthcare and the economics of obesity.
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Podcast summary created with Snipd AI

Quick takeaways

  • Young entrepreneurs can find opportunities in small businesses owned by baby boomers and negotiate terms to enter and eventually buy them out.
  • Young entrepreneurs with a college degree should consider working for big companies to leverage their market power and build wealth over time.

Deep dives

Opportunities for young entrepreneurs without a college degree

For young entrepreneurs without a college degree, there are numerous opportunities in small businesses that are owned by baby boomers and in need of a transition. These businesses, ranging from carpet cleaning to gas stations, have no succession strategy and present opportunities for young entrepreneurs to buy them out over a period of time using the owner's capital. Taking the initiative to approach the owners and negotiate the terms is key to entering these businesses.

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