• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 40,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

Business Success when there's no Middle Class

Discussion in 'General Entrepreneur Discussion' started by CPisHere, Apr 12, 2018.

  1. CPisHere
    Offline

    CPisHere Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    720
    Likes Received:
    710
    Joined:
    Sep 17, 2011
    Location:
    Louisiana
    Rep Bank:
    $3,693
    The lack of interest in ownership is partially a psychological shift (ownership = higher risk), partially financially driven (people don't have cash to afford down payments/tax incentives), and partially because as businesses have responded to 1 & 2 the options are vastly improving.

    This is the first I've heard about Lincoln, but we will be seeing more and more of this. Tesla's plan is to let you rent out your car while you don't need it utilizing their self-driving technology.

    To take it even further, organizations are no longer wanting to "own" employees - preferring to outsource majority of non-core operations / utilize freelancers and contractors.
     
    Sagemoney and Kak like this.
  2. advantagecp
    Offline

    advantagecp Contributor

    Messages:
    9
    Likes Received:
    22
    Joined:
    Feb 7, 2015
    Gender:
    Male
    Rep Bank:
    $131
    Do you know how long Eternity is in the Fastlane? About 5 years. So stop navel-gazing and stop worrying about 'income equality' 20 years from now.
     
    Last edited: Apr 15, 2018
    Tommo and Kung Fu Steve like this.
  3. mmcconnell1618
    Offline

    mmcconnell1618 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

    Messages:
    19
    Likes Received:
    43
    Joined:
    Apr 2, 2014
    Gender:
    Male
    Location:
    Richmond, VA
    Rep Bank:
    $376
    I've spent a lot of time studying the potential impact of automation and artificial intelligence on workers. My initial thought was that this would be really bad on many workers would no longer have any opportunity. However, past industrial revolutions have ended up creating more jobs than they destroyed.

    Yes, the horse buggy companies were going to go out of business and most decided to ignore the automobile and create fancier buggies. William Durant decided to kill off his buggy business and buy as many failing auto companies as he could. William Durant took this failing auto companies and created General Motors.

    Think about jobs like "social media marketer" or "YouTuber" or "Reality TV Star" and how those things didn't exist just a few years ago. There will be many other new opportunities created that we can't even imagine yet. If Elon Musk continues on the path with SpaceX we may have blue-collar asteroid mining jobs in the near future.
     
  4. mmcconnell1618
    Offline

    mmcconnell1618 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

    Messages:
    19
    Likes Received:
    43
    Joined:
    Apr 2, 2014
    Gender:
    Male
    Location:
    Richmond, VA
    Rep Bank:
    $376
    I would say kids aren't buying the same physical products that we might have bought as children (Legos replaced with Minecraft) but are instead buying digital items or advertising supported items.

    With the GDRP regulation in Europe and the realistic possibility of personal data legislation in the US (Facebook, etc.) I think the advertising model might lose market share to a pay-for-use model. Somebody is paying those YouTubers tons of cash to scream into a microphone for two hours. You know they aren't paying them out of the kindness of their hearts.
     
  5. Clueless Newbie
    Offline

    Clueless Newbie New Contributor

    Messages:
    6
    Likes Received:
    5
    Joined:
    Mar 7, 2018
    Gender:
    Male
    Location:
    New York City
    Rep Bank:
    $32
    There is another side to this story:

    Middle class might be shrinking in the US but it is expanding really, really fast all over the world. (I'm saying might because not everyone here agreed).

    Take a look at the incredible growth of Bejin: 1990 - 2010
    [​IMG]

    What does this mean for fastlaners?
    It means that we will have a HUGE pool of people that can afford to pay us for improving their lives.

    Let's say you create a kickass app that solves a huge problem.
    For example: You create an addictive Iphone/Android game that teaches teenagers math.

    Parents from all over the world (in the billions) would be more than happy to give you a $1 or $2 for that app. If you solve a hard problem, it will increasingly become much easier to be mega wealthy.

    When economies of scale is involved, the price point can be a little as a dollar.

    And, if you're worried about the US middle class shrinking, always remember, when there are huge problems, there are opportunities to provide massive value. May be your business can help people who are left behind join the middle class.
     
  6. AlasdairM
    Offline

    AlasdairM New Contributor

    Messages:
    33
    Likes Received:
    14
    Joined:
    Sep 20, 2012
    Rep Bank:
    $48
    [QUOTE="Clueless Newbie, post: 688

    Take a look at the incredible growth of Bejin: 1990 - 2010
    [​IMG]

    What does this mean for fastlaners?
    It means that we will have a HUGE pool of people that can afford to pay us for improving their lives.

    Let's say you create a kickass app that solves a huge problem.
    For example: You create an addictive Iphone/Android game that teaches teenagers math.

    Parents from all over the world (in the billions) would be more than happy to give you a $1 or $2 for that app. If you solve a hard problem, it will increasingly become much easier to be mega wealthy.

    When economies of scale is involved, the price point can be a little as a dollar.

    And, if you're worried about the US middle class shrinking, always remember, when there are huge problems, there are opportunities to provide massive value. May be your business can help people who are left behind join the middle class.[/QUOTE]

    Think that's Shanghai...but point taken!
     
  7. MHP368
    Offline

    MHP368 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    53
    Likes Received:
    71
    Joined:
    Aug 17, 2016
    Gender:
    Male
    Location:
    Sahuarita AZ
    Rep Bank:
    $396
    Not a very fastlane mindset if you're worried about 20 years from now, the world will be radically different in every conceivable way in 20 years - get while the getting good so you'll be in a position to dampen the effects to yourself and those you love.
     
  8. garyfritz
    Offline

    garyfritz Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER

    Messages:
    492
    Likes Received:
    330
    Joined:
    Jul 16, 2011
    Location:
    Colorado
    Rep Bank:
    $2,801
    You are missing the MAJOR paradigm shift we'll be facing very soon.

    In the past, the buggy-whip manufacturers went out of business. Their workers had to retrain a bit to get a new job, and everything continued as before. As you said, the industrial revolutions created new jobs.

    That's changing. In the fairly near future, when automation takes over many jobs, there may not BE other jobs for people to move to. The harsh reality is that a significant percentage of the population, while they may be wonderful people, are not qualified for anything but simple jobs and menial labor -- and many/most of those jobs will be automated. If your job goes to a robot, and your abilities only qualify you for jobs that have already been taken over by other robots, you've got a serious problem. I'd guess within 10 years, 15-20 at the most, around 50% of the people in the country will be UNemployable. They will have NO marketable skills. People who did fairly menial jobs -- truck drivers, customer-service people, etc -- will be replaced by robots of one flavor or another.

    We already see this on some levels. Bank tellers have been largely replaced by ATMs. Fast-food jobs are being replaced by order kiosks. Long-haul trucks might not drive themselves just yet, but Tesla and others are developing "train trucks" where one driver drives the lead vehicle, and 2 or 3 trucks follow obediently behind him. Uber has already run live tests of self-driving vehicles, with paying customers. Even doctors and lawyers are dangerously close to being replaced by Watson and similar expert software.

    We as a society will have to determine how we maintain a functional society when half our citizens have no way to earn a living. Something like guaranteed income will almost certainly be necessary. But how do you keep all those idle hands from becoming the devil's workshop? "Ready Player One" might not be as fictional as you think...

    So we're not there yet, but I think we will be, and sooner than you might think. What services or products could you offer to a bored population with a bit of disposable income and nothing useful to do?
     
    Last edited: Apr 20, 2018
  9. JohnnyAppleseed
    Offline

    JohnnyAppleseed Amish Cornhead Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    82
    Likes Received:
    327
    Joined:
    Nov 14, 2017
    Gender:
    Male
    Location:
    Indiana
    Rep Bank:
    $3,667
    I see your point but if the american economy collapses every other economy will collapse too. Another problem we have to deal with is that even if we want to go overseas it's nearly impossible to run a profitable fastlane business outside of the United States.

    The reason I say this is because as an american citizen you will be subject to worldwide citizenship based taxation regardless of where you live. If you make somewhere over $100,000 in a year you will be forced to pay Uncle Sam right after you pay your host country. Imagine how difficult taxes would be if you had a non american business partner....
     
  10. Late Bloomer
    Offline

    Late Bloomer Gold Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    952
    Likes Received:
    1,241
    Joined:
    Apr 17, 2018
    Gender:
    Male
    Rep Bank:
    $7,573
    If you want something, and can afford it... there are only two reasons to buy one offer instead of a different offer. Either it's good enough and costs less, or, it's a chance to pay more to get more in a way that matters to you. I think that's always true in any economy. So you need to decide if your offer will succeed by the power of scaling to the masses, like Ford's Model T, McDonald's, Wal-mart, Android, Motel 6... or will your offer succeed by the power of offering something more appealing to people who can afford to pay more, like Apple, Disney, Rolls-Royce, Ritz-Carlton.
     
  11. Ninjakid
    Offline

    Ninjakid Platinum Contributor Speedway Pass

    Messages:
    1,478
    Likes Received:
    2,837
    Joined:
    Jun 23, 2014
    Location:
    Whatever my IP tells you
    Rep Bank:
    $8,946
    Why? The middle class are usually the best consumers in a capitalist society.

    The market isn't going in favour of the upper class, because they will always be a minority. Even expensive sh*t like iPhones, and vacations to overseas are commonly afforded by the middle class. Hell even people on welfare have smartphones.

    The middle class isn't going anywhere anytime soon.
     
    Raoul Duke likes this.

Share This Page