1 00:00:00,080 --> 00:00:02,480 Speaker 1: Hi, this is new due to the virus. I'm recording 2 00:00:02,560 --> 00:00:05,440 Speaker 1: from home, so you may notice a difference in audio 3 00:00:05,559 --> 00:00:13,319 Speaker 1: quality on this episode of News World. I'm especially happy 4 00:00:13,360 --> 00:00:16,760 Speaker 1: to have David Grasso with us talking about the lessons 5 00:00:16,960 --> 00:00:20,200 Speaker 1: entrepreneurs can teach us. He's part of the Gamer's three 6 00:00:20,280 --> 00:00:25,080 Speaker 1: sixty network of really innovative bright podcast host who are 7 00:00:25,079 --> 00:00:28,640 Speaker 1: exploring a variety of different topics, and in David's case, 8 00:00:29,080 --> 00:00:32,519 Speaker 1: he's really exploring the whole issue of entrepreneurship and the 9 00:00:32,600 --> 00:00:35,200 Speaker 1: economy and how to think about the next few years. 10 00:00:35,200 --> 00:00:39,159 Speaker 1: Economic group. David who was a television reporter in Florida 11 00:00:39,200 --> 00:00:43,400 Speaker 1: and Texas, and they joined Bold TV in twenty fifteen. 12 00:00:44,000 --> 00:00:48,480 Speaker 1: Today David leads the network and hosts Bold Politics. He's 13 00:00:48,520 --> 00:00:52,360 Speaker 1: the host of the new Ginglish three sixty podcast, Follow 14 00:00:52,440 --> 00:00:55,400 Speaker 1: the Profit, and he has a master's a Public Policy 15 00:00:55,800 --> 00:00:59,040 Speaker 1: from the Harvard Trinity School. I'm pleased to welcome my 16 00:00:59,160 --> 00:01:09,559 Speaker 1: guest day Aggressive David. Thank you very much for taking 17 00:01:09,560 --> 00:01:11,440 Speaker 1: the time to be with us. Always a pleasure to 18 00:01:11,440 --> 00:01:14,240 Speaker 1: talk to you new as I understand part of your 19 00:01:14,240 --> 00:01:18,760 Speaker 1: background and understanding the importance of free enterprise and entrepreneurship 20 00:01:19,360 --> 00:01:23,920 Speaker 1: is your own mother's family's experience in Cuba and then later, 21 00:01:24,040 --> 00:01:27,960 Speaker 1: So could you chat about how your family's background affected 22 00:01:28,360 --> 00:01:31,039 Speaker 1: the way you approach all this. Well, my family has 23 00:01:31,120 --> 00:01:33,880 Speaker 1: very shallow roots in the Americas. In fact, my dad's 24 00:01:33,880 --> 00:01:36,480 Speaker 1: family is from Italy as well, and they all left 25 00:01:36,520 --> 00:01:40,160 Speaker 1: because they really didn't have economic opportunity. And my mom's 26 00:01:40,200 --> 00:01:42,679 Speaker 1: family was so poor when they came from Spain to 27 00:01:42,760 --> 00:01:45,880 Speaker 1: Cuba that they didn't own real shoes. They were wearing 28 00:01:45,880 --> 00:01:49,600 Speaker 1: something called a bagatas, which is something that hipsters wear 29 00:01:49,640 --> 00:01:52,640 Speaker 1: now and they think it's cool. They're basically canvas shoes. 30 00:01:53,000 --> 00:01:55,760 Speaker 1: I mean, my ancestors were so poor, they lived under 31 00:01:55,760 --> 00:01:59,360 Speaker 1: repressive governments and they came to the Americas to really 32 00:01:59,360 --> 00:02:04,040 Speaker 1: find economic freedom, and that's really the identity of my family. Unfortunately, 33 00:02:04,120 --> 00:02:06,400 Speaker 1: for my mom's family, thinks didn't work out in Cuba 34 00:02:06,480 --> 00:02:09,680 Speaker 1: and they had to reimmigrate again after the Cuban Revolution 35 00:02:10,040 --> 00:02:14,400 Speaker 1: and Pastro's regime in the late nineteen fifties that came in. 36 00:02:14,440 --> 00:02:16,639 Speaker 1: By the mid sixties, they were here in the New 37 00:02:16,720 --> 00:02:19,440 Speaker 1: York area and it's really come to define the way 38 00:02:19,480 --> 00:02:22,720 Speaker 1: my family views the world and in my upbringing and 39 00:02:22,840 --> 00:02:26,440 Speaker 1: the way we view American life. Really we love America, 40 00:02:26,680 --> 00:02:29,919 Speaker 1: but we're especially happy for the economic opportunity it provided. 41 00:02:30,240 --> 00:02:32,800 Speaker 1: And really I've built my career in trying to spread 42 00:02:32,800 --> 00:02:36,200 Speaker 1: the message that being born here is a massive privilege 43 00:02:36,240 --> 00:02:39,320 Speaker 1: that young people really need to leverage. When you talk 44 00:02:39,360 --> 00:02:43,880 Speaker 1: about that massive privilege, you look at a place like Venezuela, 45 00:02:44,040 --> 00:02:48,400 Speaker 1: for Cuba, Zimbabwe. Why do you think it's so hard 46 00:02:48,440 --> 00:02:54,320 Speaker 1: to explain that those big governments symbolized dictatorships don't work 47 00:02:54,800 --> 00:02:58,960 Speaker 1: and that free market with entrepreneurial opportunity there is a 48 00:02:59,040 --> 00:03:03,080 Speaker 1: totally different that just says the route it when you 49 00:03:03,120 --> 00:03:05,359 Speaker 1: talk to people, why do you find it so hard 50 00:03:05,360 --> 00:03:08,320 Speaker 1: to get to understand that? Because in some ways New 51 00:03:08,480 --> 00:03:11,200 Speaker 1: it's become harder for young people. In other ways it's 52 00:03:11,200 --> 00:03:15,160 Speaker 1: become easier. And when they're talking to their parents about things, 53 00:03:15,639 --> 00:03:18,840 Speaker 1: these young people say, why am I having trouble getting 54 00:03:18,880 --> 00:03:21,640 Speaker 1: a job, Why can I not afford a house? Why 55 00:03:21,760 --> 00:03:24,240 Speaker 1: is the cost of healthcare out of control? But the 56 00:03:24,240 --> 00:03:26,400 Speaker 1: flip side of that is that we live in a 57 00:03:26,440 --> 00:03:30,640 Speaker 1: world that is incredibly flat for entrepreneurs new You remember 58 00:03:30,639 --> 00:03:32,840 Speaker 1: when no one would take you seriously unless you had 59 00:03:32,880 --> 00:03:36,400 Speaker 1: an office or a business card and a staff, while 60 00:03:36,480 --> 00:03:39,520 Speaker 1: now with the Internet and the digital economy. There is 61 00:03:39,640 --> 00:03:43,120 Speaker 1: all this opportunity. So what happens is that both of 62 00:03:43,120 --> 00:03:47,280 Speaker 1: these truths exist. While it is more difficult in some 63 00:03:47,360 --> 00:03:50,840 Speaker 1: ways for young people to prosper, it's become that much easier. 64 00:03:51,760 --> 00:03:56,080 Speaker 1: And that's sometimes difficult to swallow for people, especially when 65 00:03:56,120 --> 00:03:59,840 Speaker 1: they have degrees and education and training. There is no 66 00:04:00,080 --> 00:04:02,400 Speaker 1: longer valid And I'm not talking about old people. I'm 67 00:04:02,400 --> 00:04:05,960 Speaker 1: talking about young people because institutions of higher learning have 68 00:04:06,160 --> 00:04:11,000 Speaker 1: not prepared young people for today's rapidly changing economy. And 69 00:04:11,080 --> 00:04:13,680 Speaker 1: that really is what my career is all about, is 70 00:04:13,760 --> 00:04:17,719 Speaker 1: explaining to the young people of America that there is 71 00:04:17,839 --> 00:04:21,120 Speaker 1: opportunity there. In fact, in some ways there's more opportunity 72 00:04:21,160 --> 00:04:28,000 Speaker 1: than ever. I'm curious what got you focused on the 73 00:04:28,120 --> 00:04:32,159 Speaker 1: economy as a central part of life. Does it sounds 74 00:04:32,200 --> 00:04:35,080 Speaker 1: to me like you really picked this up much much 75 00:04:35,120 --> 00:04:37,880 Speaker 1: younger than most people ever do. How did that happen? 76 00:04:38,400 --> 00:04:40,520 Speaker 1: You know? I think it has a lot to do 77 00:04:40,600 --> 00:04:43,599 Speaker 1: with where I grew up. I grew up in Florida. 78 00:04:43,800 --> 00:04:46,520 Speaker 1: I originally grew up in Little Havana. We moved to 79 00:04:46,520 --> 00:04:49,200 Speaker 1: the Disney Town of Celebration in Orlando, which you and 80 00:04:49,279 --> 00:04:51,800 Speaker 1: Callista have been here new. I remember when you campaigned here, 81 00:04:52,400 --> 00:04:57,080 Speaker 1: and I really saw building an economy from the ground up. 82 00:04:57,480 --> 00:05:00,200 Speaker 1: You know, if you know anything about Central Florida history, 83 00:05:00,279 --> 00:05:02,520 Speaker 1: there was nothing here before Disney World arrived in the 84 00:05:02,520 --> 00:05:07,120 Speaker 1: early seventies, and it's really revolutionized everything here. This was 85 00:05:07,160 --> 00:05:10,839 Speaker 1: a one horse town and now there's five million people 86 00:05:10,880 --> 00:05:14,039 Speaker 1: in this region. And I really saw a community being 87 00:05:14,040 --> 00:05:17,159 Speaker 1: built growing up in celebration. I saw everything from the 88 00:05:17,200 --> 00:05:21,760 Speaker 1: ground up, how to create institutions, how to create neighborhoods, 89 00:05:21,760 --> 00:05:25,320 Speaker 1: how to create lasting traditions, and a lot of that 90 00:05:25,400 --> 00:05:29,360 Speaker 1: was powered by economic growth and married at with my 91 00:05:29,520 --> 00:05:33,520 Speaker 1: family's experience, and I really saw how important it is 92 00:05:33,560 --> 00:05:36,839 Speaker 1: to have a free enterprise market and really to have 93 00:05:37,000 --> 00:05:40,840 Speaker 1: that opportunity because it was really the catalyst for everything. 94 00:05:41,160 --> 00:05:45,160 Speaker 1: Without that, nothing works, and I think politicians, people, and 95 00:05:45,320 --> 00:06:03,120 Speaker 1: mainstream culture tends to forget them. You've added to your 96 00:06:03,120 --> 00:06:08,320 Speaker 1: activities this brand new podcast, Stone Ganguage sixty we're really 97 00:06:08,360 --> 00:06:12,440 Speaker 1: excited about, called Follow the Profit. Tell us what the 98 00:06:12,440 --> 00:06:15,080 Speaker 1: show's about. So I want to say, this is the 99 00:06:15,120 --> 00:06:17,400 Speaker 1: first time I've actually named something in my life. I'm 100 00:06:17,520 --> 00:06:21,280 Speaker 1: terrible at naming things, and it's really inspired by you 101 00:06:21,320 --> 00:06:23,800 Speaker 1: know my Christian roots, we want to call it, you know, 102 00:06:23,839 --> 00:06:27,359 Speaker 1: I thought of follow the Profit, etc. And I really 103 00:06:27,400 --> 00:06:31,360 Speaker 1: wanted a show that was about, Hey, economic thinking is 104 00:06:31,400 --> 00:06:34,640 Speaker 1: a lifestyle and what are the things that I take 105 00:06:34,720 --> 00:06:37,880 Speaker 1: for granted in my family right and the way we 106 00:06:38,040 --> 00:06:40,080 Speaker 1: talk about money at the dinner table and we talk 107 00:06:40,120 --> 00:06:43,120 Speaker 1: about investments and we talk about money management and long 108 00:06:43,200 --> 00:06:47,120 Speaker 1: term goals. What is the culture around money? And how 109 00:06:47,160 --> 00:06:50,880 Speaker 1: do we get other young people to really understand the 110 00:06:50,960 --> 00:06:54,800 Speaker 1: culture around money specifically? Two ways? One is how do 111 00:06:54,800 --> 00:06:56,359 Speaker 1: you make money? And a lot of that have to 112 00:06:56,400 --> 00:06:59,039 Speaker 1: do with working for yourself. And two, once you have money, 113 00:06:59,080 --> 00:07:00,880 Speaker 1: what do you do with it? And what are the 114 00:07:00,960 --> 00:07:07,240 Speaker 1: specific behaviors that really promote longevity and sustainability. Given that approach, 115 00:07:07,600 --> 00:07:09,960 Speaker 1: what kind of guests are you going to have? We 116 00:07:10,080 --> 00:07:14,640 Speaker 1: have the co founder of Square, We have entrepreneurs, We 117 00:07:14,720 --> 00:07:17,920 Speaker 1: have former beauty queens turned entrepreneurs. We have the head 118 00:07:18,000 --> 00:07:20,160 Speaker 1: chef from Blaze Pizza, which is one of the most 119 00:07:20,280 --> 00:07:24,520 Speaker 1: fastest growing pizza brands in the United States right now. Basically, 120 00:07:24,640 --> 00:07:28,120 Speaker 1: we have a lineup of successful people who tell us 121 00:07:28,320 --> 00:07:31,680 Speaker 1: their secrets on how they got to where they got today. 122 00:07:32,080 --> 00:07:35,360 Speaker 1: And a big part of that is failure. So if 123 00:07:35,360 --> 00:07:38,119 Speaker 1: you're interested in hearing about how these people failed fast 124 00:07:38,200 --> 00:07:40,880 Speaker 1: and hard and rose up to where they are today, 125 00:07:41,280 --> 00:07:44,800 Speaker 1: Follow the Profit is definitely your show. I identify in 126 00:07:44,880 --> 00:07:48,400 Speaker 1: part because I failed in my first effort of writing 127 00:07:48,400 --> 00:07:52,520 Speaker 1: a novel, and I'm now published I think seven. I 128 00:07:52,840 --> 00:07:56,400 Speaker 1: failed twice running for Congress and finally one only the 129 00:07:56,480 --> 00:08:01,760 Speaker 1: third time. I failed about eight times trying to create 130 00:08:01,800 --> 00:08:05,280 Speaker 1: a majority in the House, and only finally succeeded on 131 00:08:05,440 --> 00:08:09,520 Speaker 1: the eighth thrive. So I have real identity with the 132 00:08:09,560 --> 00:08:12,880 Speaker 1: fact that sometimes as an entrepreneur, you go out and 133 00:08:12,880 --> 00:08:15,200 Speaker 1: you try something, you learn from it, and you keep moving. 134 00:08:15,600 --> 00:08:18,560 Speaker 1: And so I think that's intriguing. Will you focus on 135 00:08:19,320 --> 00:08:22,600 Speaker 1: practical guests who are actually doing it? What should people 136 00:08:22,680 --> 00:08:26,320 Speaker 1: expect when they turn on follow the prosm So these 137 00:08:26,360 --> 00:08:28,640 Speaker 1: are people who are actually business people. They might be 138 00:08:28,680 --> 00:08:31,040 Speaker 1: in different phases of their career. They might be just 139 00:08:31,160 --> 00:08:35,319 Speaker 1: getting started and in the growth phase. We're really already senior, 140 00:08:35,520 --> 00:08:38,080 Speaker 1: or even one of our guests is going to be 141 00:08:38,080 --> 00:08:40,920 Speaker 1: coming up the guy who made dunkin Donuts what it 142 00:08:41,000 --> 00:08:43,600 Speaker 1: is today, and he's of course retired. So we have 143 00:08:43,679 --> 00:08:46,360 Speaker 1: people in all different phases of life and what we're 144 00:08:46,360 --> 00:08:49,560 Speaker 1: trying to do is get that intergenerational transfer of knowledge. 145 00:08:49,880 --> 00:08:52,959 Speaker 1: While it is a show primarily aimed at people who 146 00:08:53,040 --> 00:08:57,079 Speaker 1: are younger, we have guests of all ages. What we 147 00:08:57,120 --> 00:08:59,480 Speaker 1: want to drive home is that the culture around money 148 00:08:59,520 --> 00:09:02,920 Speaker 1: is important and failures, okay, failures in fact the only 149 00:09:02,960 --> 00:09:05,839 Speaker 1: way that we learn how to succeed. And remember you 150 00:09:06,160 --> 00:09:08,600 Speaker 1: were talking about all of your failures. You're not remembered 151 00:09:08,600 --> 00:09:11,160 Speaker 1: that way, and neither are all of my guests, and 152 00:09:11,200 --> 00:09:14,199 Speaker 1: a lot of entrepreneurs have shame around their past failures, 153 00:09:14,480 --> 00:09:17,120 Speaker 1: and instead it's like a therapy session. They come on, 154 00:09:17,559 --> 00:09:20,800 Speaker 1: we talk about their failure, We talk about how, you know, 155 00:09:20,840 --> 00:09:23,760 Speaker 1: their parents almost cut them off and they couldn't make 156 00:09:23,760 --> 00:09:27,160 Speaker 1: it work, and their friends had doubts, and now they're 157 00:09:27,160 --> 00:09:30,480 Speaker 1: a big deal. So I think it's a very important 158 00:09:31,040 --> 00:09:34,440 Speaker 1: message to send to people that you know, trying and 159 00:09:34,600 --> 00:09:37,360 Speaker 1: trying your best is all that you can do, and 160 00:09:37,440 --> 00:09:41,120 Speaker 1: sometimes failure is baked into the cake. You know. I 161 00:09:41,120 --> 00:09:43,280 Speaker 1: couldn't agree with you more and I think it's one 162 00:09:43,280 --> 00:09:46,640 Speaker 1: of the things we have to constantly in each generation 163 00:09:47,360 --> 00:09:50,400 Speaker 1: teach the next cycle of young people. But I'm curious, 164 00:09:50,840 --> 00:09:53,680 Speaker 1: given all the different ways that you can communicate the 165 00:09:53,800 --> 00:09:57,439 Speaker 1: work you're doing on Bold TVAC. What is there about 166 00:09:57,520 --> 00:10:01,080 Speaker 1: podcasting that attracted you and why did you decide to 167 00:10:01,120 --> 00:10:04,800 Speaker 1: create and host follow the profit. You know, I've never 168 00:10:04,840 --> 00:10:07,400 Speaker 1: done audio before. This is my first time really doing 169 00:10:07,440 --> 00:10:10,360 Speaker 1: an audio specific product. Of course, all my videos are 170 00:10:10,400 --> 00:10:13,360 Speaker 1: turned into podcasts, but this is the first time something's 171 00:10:13,400 --> 00:10:16,960 Speaker 1: been commissioned specifically with me on audio. What is there 172 00:10:17,000 --> 00:10:21,160 Speaker 1: about the concept or the experience of a podcast do 173 00:10:21,320 --> 00:10:27,560 Speaker 1: you think makes this a unique opportunity to communicate entrepreneurship, 174 00:10:28,040 --> 00:10:32,560 Speaker 1: small business, human experiences in a way that there's access 175 00:10:32,600 --> 00:10:36,040 Speaker 1: to a lot of people. So the great thing about 176 00:10:36,080 --> 00:10:38,959 Speaker 1: podcasts is that it gives you more time, and when 177 00:10:39,000 --> 00:10:41,720 Speaker 1: you have audio only, you get to really listen to 178 00:10:41,760 --> 00:10:45,600 Speaker 1: what's going on. As a primarily a video journalist, we 179 00:10:45,679 --> 00:10:48,080 Speaker 1: spend a lot of time thinking about how we look 180 00:10:48,160 --> 00:10:50,240 Speaker 1: and how we're presenting, and you know a lot about 181 00:10:50,280 --> 00:10:52,360 Speaker 1: this new because you've spent half your life on camera. 182 00:10:52,520 --> 00:10:55,920 Speaker 1: Right when you're doing audio, you get to really focus 183 00:10:56,600 --> 00:11:01,000 Speaker 1: on the sound what's happening in people's brains. And additionally, 184 00:11:01,160 --> 00:11:03,120 Speaker 1: for me as a video journalist, to be able to 185 00:11:03,160 --> 00:11:06,080 Speaker 1: sit down and talk to someone for twenty minutes is 186 00:11:06,240 --> 00:11:09,720 Speaker 1: a gift. It's a privilege, and it's highly unusual for us. 187 00:11:10,480 --> 00:11:13,520 Speaker 1: We live in a world where people don't have large 188 00:11:13,520 --> 00:11:18,240 Speaker 1: attention spans anymore. The one exception to this is podcasts, 189 00:11:18,320 --> 00:11:20,720 Speaker 1: and people use it as a way to relax during 190 00:11:20,760 --> 00:11:24,040 Speaker 1: their commute and during times where there's not a lot 191 00:11:24,080 --> 00:11:27,640 Speaker 1: of intensity, and they really get to listen and absorb 192 00:11:27,720 --> 00:11:30,400 Speaker 1: the message a lot better than they would through other 193 00:11:30,440 --> 00:11:34,000 Speaker 1: mediums such as video. I noticed though that in You're Planning, 194 00:11:34,559 --> 00:11:37,480 Speaker 1: you really want to aim follow the profit as a 195 00:11:37,520 --> 00:11:42,320 Speaker 1: podcast right at a younger Audie. Why is that? Because 196 00:11:42,320 --> 00:11:45,400 Speaker 1: I feel it's the most important. If you look at 197 00:11:45,640 --> 00:11:49,400 Speaker 1: net wealth, baby boomers are with ten times what millennials 198 00:11:49,440 --> 00:11:52,600 Speaker 1: are worth, and that's really what's fundamentally changing our politics. 199 00:11:52,840 --> 00:11:54,880 Speaker 1: And of course a lot of that has to do 200 00:11:54,920 --> 00:11:57,480 Speaker 1: with age. Net worth tends to rise up to a 201 00:11:57,480 --> 00:12:00,280 Speaker 1: certain age and then tends to fall as people retire. Right, 202 00:12:00,720 --> 00:12:05,120 Speaker 1: we need a new economically empowered generation if we're going 203 00:12:05,160 --> 00:12:08,480 Speaker 1: to avoid government dependency, if we're going to avoid falling 204 00:12:08,480 --> 00:12:10,960 Speaker 1: into the trap of what of a lot of European 205 00:12:11,080 --> 00:12:12,920 Speaker 1: countries and a lot of countries here in the Western 206 00:12:12,960 --> 00:12:16,920 Speaker 1: Hemisphere have done. If we want to renew our commitment 207 00:12:16,960 --> 00:12:20,520 Speaker 1: to capitalism and to free markets. We have to have 208 00:12:20,760 --> 00:12:25,319 Speaker 1: a new generation of entrepreneurs and problem solvers who understand 209 00:12:25,559 --> 00:12:30,960 Speaker 1: all of the opportunity that exists in today's world. Somebody 210 00:12:31,520 --> 00:12:35,240 Speaker 1: disintrigue with your podcast, they decide to listen. Literally, what 211 00:12:35,360 --> 00:12:37,880 Speaker 1: do you hope over time they will take from that. 212 00:12:39,040 --> 00:12:41,880 Speaker 1: Number One, the culture around money is a world's view, 213 00:12:42,160 --> 00:12:44,679 Speaker 1: no matter what your politics are. It's a way of thinking, 214 00:12:45,040 --> 00:12:47,679 Speaker 1: it's a way of framing and really a lens by 215 00:12:47,720 --> 00:12:50,960 Speaker 1: which we view the world. Two, the failure lesson is 216 00:12:51,000 --> 00:12:55,360 Speaker 1: really important to me. Failure is a part of entrepreneurship 217 00:12:55,360 --> 00:12:58,920 Speaker 1: and really the human experience, and it's okay. And three 218 00:12:59,400 --> 00:13:03,400 Speaker 1: there's only something to learn from people, especially people who 219 00:13:03,720 --> 00:13:07,079 Speaker 1: learned the baptism by fire, who have been through a lot. 220 00:13:07,720 --> 00:13:11,200 Speaker 1: It's so important even if you're working for someone else, 221 00:13:11,520 --> 00:13:15,760 Speaker 1: a lot of those entrepreneurial skills can really help you succeed, 222 00:13:16,160 --> 00:13:18,720 Speaker 1: even if you're in a corporate environment. There's such things 223 00:13:18,760 --> 00:13:23,040 Speaker 1: called entrepreneurs now, which means you have that entrepreneurial mindset 224 00:13:23,320 --> 00:13:25,920 Speaker 1: even though you're working for a big or medium or 225 00:13:25,960 --> 00:13:29,560 Speaker 1: small organization and not for yourself. So I believe this 226 00:13:29,640 --> 00:13:34,000 Speaker 1: is a toolkit to succeed in life, and these episodes 227 00:13:34,040 --> 00:13:38,840 Speaker 1: will help people better understand how they can succeed even 228 00:13:39,040 --> 00:13:42,240 Speaker 1: in their own world. Will you be giving people a 229 00:13:42,320 --> 00:13:46,000 Speaker 1: chance to email you or communicate with you to sort 230 00:13:46,040 --> 00:13:49,600 Speaker 1: of ask the questions that they're encountering or the problems 231 00:13:49,640 --> 00:13:53,600 Speaker 1: that they're encountering. I'd be delighted to do that. That 232 00:13:53,640 --> 00:13:57,200 Speaker 1: sounds like an excellent idea. New I'm intrigued because you know, 233 00:13:57,200 --> 00:14:00,560 Speaker 1: a lot of podcasts are vaguely educational, A lot of 234 00:14:00,559 --> 00:14:04,480 Speaker 1: podcasts are entertaining our opinion, But it seems to me 235 00:14:04,600 --> 00:14:10,000 Speaker 1: that follow the Profit potentially becomes both an educational and 236 00:14:10,080 --> 00:14:14,360 Speaker 1: a recruiting tool and then a training tool, so that 237 00:14:14,400 --> 00:14:16,760 Speaker 1: you start with somebody who has never quite thought about it, 238 00:14:17,080 --> 00:14:20,160 Speaker 1: you get them intrigued with the possibility that they too 239 00:14:20,200 --> 00:14:23,120 Speaker 1: could go out and start something, and then you can 240 00:14:23,160 --> 00:14:25,520 Speaker 1: give them the tools to do it with. And I 241 00:14:25,560 --> 00:14:28,120 Speaker 1: think to the degree that they can sort of let 242 00:14:28,160 --> 00:14:32,120 Speaker 1: you know what they need to know more about that 243 00:14:32,280 --> 00:14:36,120 Speaker 1: you will really create a community of entrepreneurs who will 244 00:14:36,160 --> 00:14:41,200 Speaker 1: identify with your program and will also enrich your future episodes. 245 00:14:41,560 --> 00:14:45,600 Speaker 1: In a way, you're creating a prosumer experience for learning 246 00:14:45,720 --> 00:14:50,000 Speaker 1: entrepreneurship and learning about practical market economics. And I think 247 00:14:50,040 --> 00:14:53,760 Speaker 1: it's a terrific concept. Where can people get to your podcast? 248 00:14:54,120 --> 00:14:56,680 Speaker 1: You can find it on the iHeartRadio app, and also 249 00:14:56,720 --> 00:14:59,640 Speaker 1: you can find it on Spotify. Spotify is something a 250 00:14:59,640 --> 00:15:02,160 Speaker 1: lot of use for music. A lot of us, through 251 00:15:02,200 --> 00:15:06,080 Speaker 1: our credit cards and through other means, have a free account, 252 00:15:06,160 --> 00:15:08,760 Speaker 1: like myself. And it's not just for music, it's for 253 00:15:08,920 --> 00:15:11,320 Speaker 1: podcast as well. And you can find Follow the Profit 254 00:15:11,440 --> 00:15:15,160 Speaker 1: on any of those platforms. Basically any type of platform 255 00:15:15,200 --> 00:15:18,480 Speaker 1: you can imagine for podcasts, you will be able to 256 00:15:18,480 --> 00:15:21,800 Speaker 1: find Follow the Profit. That's great. I really wish you will, 257 00:15:21,800 --> 00:15:24,520 Speaker 1: and I'm very excited by this, and I think that 258 00:15:24,760 --> 00:15:28,120 Speaker 1: you're launching something that could have a really big impact 259 00:15:28,160 --> 00:15:32,160 Speaker 1: in helping grow an entire generation of new entrepreneurs who 260 00:15:32,160 --> 00:15:35,960 Speaker 1: will go out solve problems, create wealth, and make for 261 00:15:36,120 --> 00:15:40,080 Speaker 1: a healthier and more prosperous America as we come out 262 00:15:40,080 --> 00:15:43,080 Speaker 1: of the current pandemic. So I really do think what 263 00:15:43,200 --> 00:15:46,000 Speaker 1: you're doing is very very important. Well, thank you new 264 00:15:46,080 --> 00:15:49,000 Speaker 1: It is very timely. The economy is Iraq, and while 265 00:15:49,040 --> 00:15:52,520 Speaker 1: we argue about a lot of things in the political world, 266 00:15:52,880 --> 00:15:56,240 Speaker 1: really the one big thing we have to confront in 267 00:15:56,280 --> 00:15:59,480 Speaker 1: the new year going forward in future years is really 268 00:15:59,480 --> 00:16:02,080 Speaker 1: that our economy needs a lot of work and it's 269 00:16:02,080 --> 00:16:03,760 Speaker 1: going to take a lot of buy in from a 270 00:16:03,840 --> 00:16:07,120 Speaker 1: lot of people to get it back on the right track. Well, 271 00:16:07,240 --> 00:16:09,440 Speaker 1: I think you're going to be one of the pioneers 272 00:16:09,440 --> 00:16:12,720 Speaker 1: helping that happen so I can graduate. Yeah, thank you, 273 00:16:12,840 --> 00:16:31,600 Speaker 1: new It always great to talk to you. David Gresso's podcast, 274 00:16:32,160 --> 00:16:36,359 Speaker 1: Follow the Profit is available at gingwage three sixty dot com, 275 00:16:36,360 --> 00:16:40,200 Speaker 1: on the iHeartMedia app and wherever you get your podcasts. 276 00:16:40,920 --> 00:16:44,360 Speaker 1: And now here's a sneak peek of Follow the Profit 277 00:16:44,680 --> 00:16:53,120 Speaker 1: with David Gresso. So whenever we're learning something new, yeah, doubts, entrepreneurship, 278 00:16:53,960 --> 00:16:58,280 Speaker 1: risk taking, even learning anything new, you always think I'm 279 00:16:58,320 --> 00:17:00,960 Speaker 1: never going to get this, I'm never going to get 280 00:17:01,000 --> 00:17:05,200 Speaker 1: over the hump. Experts. We need to rely on experts. 281 00:17:05,200 --> 00:17:08,920 Speaker 1: Where's the expert? I need to learn from experts when 282 00:17:08,960 --> 00:17:13,520 Speaker 1: in reality, sometimes there is no blueprint for life. Sometimes 283 00:17:13,520 --> 00:17:17,560 Speaker 1: experts don't have any of the answers. And that's what 284 00:17:17,600 --> 00:17:21,440 Speaker 1: today's episode is about. Sometimes we have the answers. Sometimes 285 00:17:21,440 --> 00:17:25,040 Speaker 1: we can learn from experts, and sometimes we can I'm 286 00:17:25,119 --> 00:17:32,800 Speaker 1: David Grosso and this is follow the profit. You know, 287 00:17:32,840 --> 00:17:35,359 Speaker 1: a lot of people say it's rude to talk about money, 288 00:17:35,720 --> 00:17:37,960 Speaker 1: but that's exactly what we do here on this ship. 289 00:17:38,440 --> 00:17:40,720 Speaker 1: We follow the profit, of course, profit with an f 290 00:17:41,920 --> 00:17:45,840 Speaker 1: to really think about the mindset that surrounds money. And 291 00:17:45,920 --> 00:17:49,000 Speaker 1: there's no better way to talk about success than talking 292 00:17:49,040 --> 00:17:52,840 Speaker 1: to successful people. My next guest is the most humble 293 00:17:52,880 --> 00:17:55,800 Speaker 1: billionaire I've ever met, so I want to read something 294 00:17:55,840 --> 00:17:58,920 Speaker 1: to you before I introduce my next guests. He actually 295 00:17:58,960 --> 00:18:01,280 Speaker 1: comes out and says this on his website. He says, 296 00:18:01,600 --> 00:18:05,480 Speaker 1: please don't ask me to connect on Facebook, WhatsApp or Instagram. 297 00:18:05,920 --> 00:18:08,639 Speaker 1: I'm not there. I've got better things to do, and 298 00:18:08,760 --> 00:18:11,439 Speaker 1: quite frankly, so do you. Through the things I do 299 00:18:11,520 --> 00:18:13,399 Speaker 1: and the people I meet, I am to be a 300 00:18:13,400 --> 00:18:17,760 Speaker 1: conduit of ideas, innovation, and even to entrepreneurship. I want 301 00:18:17,760 --> 00:18:20,920 Speaker 1: to explore. I want to solve problems and to inspire 302 00:18:21,000 --> 00:18:23,840 Speaker 1: others to do the same. And that, my friends, is 303 00:18:23,880 --> 00:18:26,399 Speaker 1: the most important thing you need to remember about me. 304 00:18:26,840 --> 00:18:29,439 Speaker 1: So I'd like to introduce Jim McKelvey, co founder of Square. 305 00:18:29,480 --> 00:18:32,280 Speaker 1: How you doing today, Jim doing great? David happy to 306 00:18:32,400 --> 00:18:35,680 Speaker 1: join you. One thing about you? Jim is that you're 307 00:18:35,720 --> 00:18:38,080 Speaker 1: one of the most understated people I've met. And I 308 00:18:38,119 --> 00:18:41,119 Speaker 1: was actually surprised to read this about you, because when 309 00:18:41,160 --> 00:18:43,520 Speaker 1: I met you, I had no idea who you were. 310 00:18:44,000 --> 00:18:46,360 Speaker 1: You were standing in the green screen of the studio 311 00:18:46,400 --> 00:18:49,000 Speaker 1: where I do episodes of Bold Business in New York City, 312 00:18:49,440 --> 00:18:52,960 Speaker 1: and you were just this friendly midwestern guy. I was 313 00:18:53,040 --> 00:18:55,560 Speaker 1: surprised to hear that you were the co founder of Square. 314 00:18:55,600 --> 00:18:59,440 Speaker 1: You know, you came, you dress hip and young, and 315 00:18:59,800 --> 00:19:03,480 Speaker 1: there's really zero errors about you. So why do you 316 00:19:03,560 --> 00:19:06,000 Speaker 1: lead with this on your website? Well, it's sort of 317 00:19:06,000 --> 00:19:08,680 Speaker 1: an apology because I think everyone expects me to be 318 00:19:08,720 --> 00:19:10,840 Speaker 1: all over social media. I mean, one of my friends 319 00:19:10,840 --> 00:19:15,160 Speaker 1: started Twitter, and I have some things I like to say, 320 00:19:15,200 --> 00:19:17,960 Speaker 1: but I've never been able to use social media safely. 321 00:19:18,480 --> 00:19:22,439 Speaker 1: I tend to crack jokes that are misinterpreted. I feel 322 00:19:22,440 --> 00:19:26,560 Speaker 1: like I'm too competitive and would get sucked in, and 323 00:19:26,720 --> 00:19:29,800 Speaker 1: I've just never been drawn to it. So, I mean, 324 00:19:29,840 --> 00:19:32,920 Speaker 1: I technically have Facebook accounts and LinkedIn accounts, but they're 325 00:19:32,960 --> 00:19:36,800 Speaker 1: actually managed by pr teams, so I'm not actually there 326 00:19:37,440 --> 00:19:40,000 Speaker 1: very much. I occasionally look at them, but I don't 327 00:19:40,000 --> 00:19:42,800 Speaker 1: have any daily social media. Well, Jim, but you have 328 00:19:42,840 --> 00:19:46,000 Speaker 1: a fantastic personality. And I'm not just saying this. I 329 00:19:46,080 --> 00:19:49,320 Speaker 1: meet thousands of people and I actually remember you and remember. 330 00:19:49,320 --> 00:19:51,879 Speaker 1: Maybe that's because I don't use any social media, you know, 331 00:19:53,800 --> 00:19:56,680 Speaker 1: you know, And you had a way of breaking down 332 00:19:56,800 --> 00:20:00,320 Speaker 1: your origin story that I really enjoyed. Actually, so we 333 00:20:00,359 --> 00:20:02,440 Speaker 1: all know what Square is, right. It's that little thing 334 00:20:02,520 --> 00:20:05,199 Speaker 1: that you swipe the credit card on, right, But you 335 00:20:05,240 --> 00:20:08,200 Speaker 1: actually explained to me and we had a fun conversation 336 00:20:08,280 --> 00:20:11,200 Speaker 1: about you know, what existed before Square, and I called 337 00:20:11,200 --> 00:20:13,879 Speaker 1: it the pre Square, and you said, well, actually I 338 00:20:13,920 --> 00:20:16,640 Speaker 1: invented that too, So can you tell that story again 339 00:20:16,680 --> 00:20:19,560 Speaker 1: because I really enjoyed it. Well, I'm not quite sure 340 00:20:19,560 --> 00:20:21,719 Speaker 1: which story you're referring to, but if it's the founding 341 00:20:21,760 --> 00:20:26,200 Speaker 1: story of Square, it was a simple idea to enable 342 00:20:26,280 --> 00:20:28,960 Speaker 1: me as an artist. So I'm a glassblower and I 343 00:20:29,000 --> 00:20:32,720 Speaker 1: sell things that people don't need. And the biggest problem 344 00:20:32,760 --> 00:20:35,080 Speaker 1: with selling things that people don't need is if you 345 00:20:35,160 --> 00:20:38,080 Speaker 1: lose a sale because you can't take a payment when 346 00:20:38,080 --> 00:20:40,120 Speaker 1: they're ready to buy something because they don't come back. 347 00:20:40,600 --> 00:20:43,080 Speaker 1: And I lost a payment. I was in the process 348 00:20:43,080 --> 00:20:45,840 Speaker 1: of starting a company with my friend Jack Dorsey, and 349 00:20:45,880 --> 00:20:48,240 Speaker 1: we were casting around for ideas. Now this was way 350 00:20:48,280 --> 00:20:51,880 Speaker 1: before Jack was as famous as he is now, but 351 00:20:52,200 --> 00:20:54,520 Speaker 1: Jack was working with me and we were trying to 352 00:20:54,560 --> 00:20:57,720 Speaker 1: find new ideas and I got very lucky because I 353 00:20:57,760 --> 00:21:00,119 Speaker 1: had a real problem. And the real problem was that 354 00:21:00,160 --> 00:21:02,760 Speaker 1: I lost a sale. And the solution of that problem 355 00:21:02,800 --> 00:21:06,600 Speaker 1: was what became Square. Yeah, and was really interesting as 356 00:21:06,640 --> 00:21:08,919 Speaker 1: part of that story, Jim, as you were telling me 357 00:21:09,040 --> 00:21:11,080 Speaker 1: that once you guys actually made it, you know, you 358 00:21:11,119 --> 00:21:15,439 Speaker 1: found a solution to a problem, you face some pretty 359 00:21:15,480 --> 00:21:20,200 Speaker 1: significant barriers. How did you get over those barriers? So 360 00:21:20,280 --> 00:21:23,960 Speaker 1: we had the most terrible thing happened that can happen 361 00:21:24,000 --> 00:21:27,760 Speaker 1: to any startup, which is Amazon saw what we were doing, 362 00:21:27,880 --> 00:21:30,520 Speaker 1: decided they wanted to own the whole market by themselves, 363 00:21:30,680 --> 00:21:34,920 Speaker 1: and copied our product, undercut our price. And what Amazon 364 00:21:35,000 --> 00:21:39,320 Speaker 1: does that to a startup? The startup always dies. So 365 00:21:39,400 --> 00:21:42,840 Speaker 1: we were in the situation of looking for some way 366 00:21:42,880 --> 00:21:46,359 Speaker 1: to fend off Amazon. And the reason I know no 367 00:21:46,440 --> 00:21:49,879 Speaker 1: company has ever survived and from Amazon like that is 368 00:21:50,000 --> 00:21:52,399 Speaker 1: I looked for them, and at least in twenty fourteen 369 00:21:52,400 --> 00:21:57,760 Speaker 1: when Amazon attacked Square, there were none. So we were terrified, 370 00:21:57,840 --> 00:22:01,240 Speaker 1: but we still had to keep going and ultimately, after 371 00:22:01,320 --> 00:22:03,639 Speaker 1: about a year of competing with Amazon, they were the 372 00:22:03,640 --> 00:22:06,159 Speaker 1: ones that gave up, and they actually did it in 373 00:22:06,160 --> 00:22:08,160 Speaker 1: a pretty cool way. They mailed a little Square reader 374 00:22:08,160 --> 00:22:11,240 Speaker 1: to all their former customers. And it always bothered me 375 00:22:11,359 --> 00:22:13,960 Speaker 1: because I couldn't explain what had happened. I couldn't explain 376 00:22:14,040 --> 00:22:17,479 Speaker 1: why we won, and so the search for that answer 377 00:22:17,560 --> 00:22:19,960 Speaker 1: took me down a path for about two years until 378 00:22:20,000 --> 00:22:24,560 Speaker 1: I found something that not only explained why Square beat Amazon, 379 00:22:24,800 --> 00:22:28,879 Speaker 1: but it was also this sort of blueprint for companies 380 00:22:29,040 --> 00:22:32,480 Speaker 1: becoming dominant in new fields of business. And I call 381 00:22:32,520 --> 00:22:37,040 Speaker 1: it the Innovation Stack. Thank you to my guest David Aggressive. 382 00:22:37,680 --> 00:22:40,760 Speaker 1: You can listen to his podcast follow the profit by 383 00:22:40,920 --> 00:22:44,920 Speaker 1: visiting our show page at newtsworld dot com. Newtsworld is 384 00:22:44,920 --> 00:22:49,680 Speaker 1: produced by English Stweet sixty and iHeartMedia. Our executive producer 385 00:22:50,040 --> 00:22:53,679 Speaker 1: is de W Myers, our producer is Guards Sloan, and 386 00:22:53,800 --> 00:22:57,240 Speaker 1: our researcher is Rachel Peterson. The art work for the 387 00:22:57,280 --> 00:23:00,879 Speaker 1: show who was created by Steve Penwick. Special thanks to 388 00:23:00,880 --> 00:23:04,080 Speaker 1: the team A Gainer's three sixty. If you've been enjoying 389 00:23:04,119 --> 00:23:06,879 Speaker 1: new Tworld, I hope you'll go to an Apple podcast 390 00:23:07,240 --> 00:23:09,879 Speaker 1: and both rate us with five stars. Then give us 391 00:23:09,880 --> 00:23:12,560 Speaker 1: a review so others can learn what it's all about. 392 00:23:13,200 --> 00:23:15,760 Speaker 1: I am new gingrich. This is new tworld.