The Prof G Pod with Scott Galloway
00:20:08 · Scott Galloway
You know the downside is the following: I may or may not be around to see my grandkids. I think I will. It's an incredible motivation to try and stay healthy. I do think kids keep you younger. And there's some studies that show that having kids in the house kind of slows the aging process and you do, you know, picking them up and running them around and playing football in the backyard is just good for you. And it's incredibly motivating for me in terms of staying healthy. Also I think it just makes you a better person. You know that saying be the man your dog thinks you are? That's nothing compared to I really want my sons to admire me. And I had Senator Murphy on the show a few years ago and he just said something. I asked for his advice around what he tells his sons or his kids, he says I don't really tell them much. They don't listen, they observe. I try to just model good behavior. That sounds very simple, but it's just so true. And that's made me a better man. Trying to be trying to just set a really good example, right? Try to be polite, kind, try to walk the walk, you know, be good to their mom, be really respectful of women, constantly talk about and model and give money to people less fortunate such that they realize their privilege. It's great to have kids when you're young if you have the support system and a great partner, because it would be awesome to have kids my age and be in my 40s. It would just be fantastic. I would love that. But at the same time, you know life is just trade offs. At the same time being a little bit more economically secure and generous with my own emotions is also a huge advantage. In sum, my brother, what I am sure of is that despite the anxiety, despite the resource commitment, despite the real moments of, you know having kids as a surgical procedure, as Jimmy Carr says. And that is you're going to have your heart taken out and it's going to live outside your body for the next eighteen to twenty five years. I've never worried about anything a fraction as much as I worry about my kids. But at the same time, I love the saying grief and anxiety are receipts for love. You're just never going to have something that you feel, in my opinion or most people, more purpose and more investment in. It's a long winded way of saying there's a trade off. There's some good, there's some bad about having kids when you're older.
00:22:29 · Scott Galloway
But the one thing I can tell you, or recommend and urge, is if you have a good partner, some economic security, oh yeah, for God's sakes, don't think about that stuff. Just do what you can to have kids, even if it means IVF, even if it means a surrogate. Know, adoption is a wonderful means of participating. I just I am shocked. Literally shocked. Not how much I enjoy, but how much reward and purpose I've had from having kids. All of this is to say, my brother, don't overthink it. Just get on with it and have kids. Our next question comes from Jake who texted us. He says, hi professor G, I'm a 27 year old guy living in Chicago. I work at a job I absolutely love and am fairly well compensated. That said, I've always had the entrepreneurial bug. Recently my dad came to me with a generally intriguing business idea in his field. He has been a practicing physician for twenty plus years. I'm excited at the prospect of starting this company and working closely with my father. That said, I'm struggling to take the leap because of how much I generally love my current job. Any advice for someone in my shoes or insights on starting a company as a father son duo? Appreciate the consideration. Okay, this is where I likely am going to give you a different answer. And that is we romanticize entrepreneurship and people are really generous with your economic security and your money, and we'll say go for it, start a business. I think it depends on what type of if it's a raw startup with your dad, no matter how good of an idea it is, startups, the infant mortality is just crazy. So many moons... No business makes sense. No new business makes sense at the time. Otherwise, it would already exist. So it's crazy, but sometimes it ends up being crazy genius and carves out a niche. And in exchange for taking that incredible risk, there's more incredible upside. But be clear, five to six out of seven new businesses aren't around in like seven or eight years. So if it's a raw startup, that's a different risk scenario. If it's your dad has a business that's already going and he wants you to take it over, you want to go into the family business.
00:24:35 · Scott Galloway
I teach a lot of kids at Stern who are going into the family business, but first they and their parents want them to go work at IBM or somewhere else, get some skills, learn how to navigate a place where people aren't going to kiss your ass because of your last name, right? So if it's an existing business that's already succeeding, I think that's a different risk profile. Now what I'm going to tell you is I'm going to assume this is a Roth startup and a great idea, but you have a great job. I would stick at the great job for a while. I think there's no wealth creator like The US corporation or existing platforms on a risk adjusted basis. If you're kind of on, I'm gonna call it a rocket ship, but a plane that's ascending and they like you, and you have senior level sponsorship, you have stock options, you have good benefits, you like it, you don't go into a deep funk on a Sunday night, I think you want to ride that out. I think if you're fortunate enough to be at a platform that brings resources, intellectual property, other people, an environment and culture where it leverages the whole to make it greater than the sum of its parts, I think we romanticize entrepreneurship and diminish the value and how much reward psychologically and economically you can get from being associated with a bigger platform that is doing really well. Also, you need to speak to a bunch of people about this. Be very honest and open about the opportunity with your dad. Be very open and honest about what you're doing right now, your compensation, how you're accelerating. Also family businesses, especially a Roth startup. Roth startups are so emotional and so stressful. And I worry that if things don't go well, through no fault of your own, the market is bigger than any individual. But if things don't go well, then it might put stress on your relationship with your father. Both the opportunity you gave up, you know disappointment, the thing you're doing together isn't working. Family businesses make me a little bit or starting a business with a family member makes me a little bit nervous because you're putting a lot of eggs in one basket. So I have a bias towards if you're out of corporation and doing well, to stick there as a young man and see where it goes. And then if things begin to flatline, maybe revisit.
00:26:52 · Scott Galloway
I would imagine this opportunity with your dad will be there for a while, that it's not perishable. But I think again we inflate and romanticize entrepreneurship and don't appreciate how powerful it can be if you have figured out a way to be good in a corporation. I worked at Morgan Stanley in the late eighties right out of college. That was an incredible opportunity, a growing platform, but I was awful at it. I was politically immature, and I wasn't good at the source material. I mean, I wasn't good at it. It just was so obvious. I did not know how to operate in a big company. It sounds like you have those skills, and those are real skills. Navigating the bullshit of a corporation of which there's going to be an infinite amount, establishing the right relationships, getting along, playing well with others, living in a state of disinformation or misinformation. I remember once my company got acquired by Gartner, they shut our website down. I couldn't even find out who made the decision, And that was very frustrating for me. Anyways, long winded way of saying pull together a kitchen cabinet, outline both scenarios, but I personally have a bias towards sticking with the greatest wealth generator in history on a risk adjusted basis, and that is platforms called US corporations. Anyways, it sounds like you're cursed with opportunity, and a great problem is the problem of not what to do, but what not to do. I appreciate the question. We'll be right back after a quick break. Support for the show comes from I m eight. Everybody's already busy. Keeping track of your supplements shouldn't feel like a second job. IM8 is a way to simplify your supplement routine once and for all. IM8's daily ultimate essentials has 16 supplements in one drink for $2.61 a day. Co founded by David Beckham and built by leading doctors and researchers, iM8 was designed by the world's best. Ninety five percent of people who tried it for twelve weeks felt more energy. And that's from a clinical trial conducted by the San Francisco Research Institute. Our very own Ed tried I'm eight.
00:28:55 · Ed Elson, Scott Galloway, S4
[00:28:55] S2: I love it. I take it every morning before I work out. It makes me feel hydrated, refreshed. It makes me feel healthy, ready to pump iron in the gym. So I'm really enjoying it, and I assume you would too. [00:29:08] S0: Go to iammadehealth.com/profg right now or click on the link in the description and use code PROF G for a free welcome kit, Five free travel sachets plus 10% off your order. That's code prop g at im8health.com/propg. Code propg@im8health.comslashpropg. [00:29:26] S4: These statements have not been evaluated with the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease.
00:29:34 · Scott Galloway
[00:29:34] S0: Support for the show comes from USA Facts. I've interviewed countless politicians, and if there's one thing we all find disconcerting is when they butcher the facts with some biased half truth. Give us a break already. So when I had the chance to debate conservative podcaster Ben Shapiro, our natural response was bring it on. Why? Because it was sponsored by USA Facts, and each debate segment started with a presentation of government data and facts, employment, government spending, income data, housing, and more. The topic, the American dream. Is it still within reach? We argued. We found some common ground. We actually debated, and there were no personal attacks. Watch the full debate on The USA Facts YouTube channel. We think you'll find it unlike any other debate. That is entertaining and informative. We hope you check it out. This is advertiser content from Yahoo Scout. So each year, I ask my students what are the most important decisions they're gonna make. A key decision is where you decide to live. I'm a big fan of moving to a city when you're young. So then the question is, well, okay, what city? So we're gonna use Yahoo's AI powered answer engine, Yahoo Scout, to try and figure out what is the best city for a young person looking to break into tech. Alright. Let's see what we got here. San Francisco. No surprise there. Unmatched density of venture capital and technical talent. New York. This is kinda surprising. I've actually read that New York in some instances is number one. Here's a surprise. Raleigh. Enterprise software, high concentration of youthful residents, and affordability. I think that's why Raleigh would probably stand out where I would suggest that it should be in the consideration set. Okay. Now let's assume you are totally unlike me. I'm the great endorsement and enjoy the outdoors and wanna find a city to live in that is great if you're into the outdoors. So it feels obvious, but it wasn't to me when I did the search. Salt Lake City. So this is interesting. A balanced career launch pads. The one that really surprises me a little bit here, Pittsburgh. Pittsburgh in the house. So I think this does what you want it to do.