 We work loses $1.25 billion in the third quarter. Ouch, ouch, ouch. The reason why I bring this up is I want to talk about startup lessons over here. Now in the day and age of free money, and when I mean by free, I mean like literally fucking free, where you can get interest rates of 1% in some places and pretty much venture capitalists and institutional investors are getting money free to dump anywhere. Therefore, valuation is going to go skyrocket. People think they're going to have an IPO or an RTO or some type of acquisition from another company. So when you have free money, you have valuations that are skyrocketed because of incentive models. Anyways, that's not really the topic of the video. The topic of the video is talking about expectations. When you're starting a startup, most people, their expectations gravitate towards Silicon Valley. You look at the traditional fang companies like Facebook, Amazon, Netflix, etc. We work in this case and we like to do a comparison. We like to compare our new startup to everything in Silicon Valley. If you look at the studies, in fact, when you look at the medium successful entrepreneur, it's a male in his mid 40s who have gone to bankruptcy at least once or twice that runs a company anywhere between $1 million to $10 million. That is the norm. That's a bell curve. If you're looking at a bell curve in the middle, that is the average when you look at a definition of a successful entrepreneur. Now, when we look at the fang companies with Silicon Valley, that's not even the 1%. That's a 0.0001%. They're the outliers of the outliers of the outliers. He's a great example with the we work over here. They had billions of dollars in funding. Last quarter, they lost $1.25 billion in a quarter. A quarter is 90 days, three months. Think about that. They lost $1.25 billion in one quarter. This is a classic example of money not solving a problem and or money chasing a problem. In we works case, when I first heard about it a long time ago, I thought they got into real estate to tell you the truth. I'm like, okay, they're doing the McDonald's play. They're buying property. They're sitting on the property. Great thing about real estate is you can put money into a property and you can get the equity back out. I think commercial a little bit different, but let's say 70 to 80% equity out. Let's say you put a deposit down. Let's say 40, 50%. You can take back 80% equity from that and then keep on flipping it around. That's why real estate is great. You can do some really cool stuff with taxes, but it's not the case. They weren't doing that. They were literally just renting and then subleasing it to their tenants. I was like, I have no idea how this business model is going to work. Nonetheless, this is an example of not trying to compare your startup to Silicon Valley. The whole manifesto or modus operandi when it comes to Silicon Valley with venture capitalists, I'm not hating on them. This is their thesis. This is how they work. It's a one to 10 ratio, maybe even more. Maybe it's one to 20. I'm not too sure about one to 10 they usually say where it's like, okay, we're going to make big bets. We are going to hyper inflate the value of our companies, dump as much money as possible. They do Blitzkrieg type of model. So hyper accelerate, let's go as fast as possible. 90% of them will fail. That's a write off on our books, but the 1% that succeeds gives you asymmetrical returns. This is their model. And then most people like to then compare their model or compare their path to success to their model. That's a horrible mistake. Like if you look at any business, you should be comparing yourself to nobody. Actually, you should be comparing yourself to yourself. And so I want to use we work an example. It doesn't matter. It doesn't matter how much money you have, doesn't mean success at all. You know, they lost 1.25. In fact, fuck man, this is also a great example of like, even if you think you have equity, if you're an employee and you think you have equity in the company doesn't mean shit. Equity is only valuable when there's a liquidity event. When somebody else comes around, or let's say there's a market player, we call it market maker, there's a market maker that comes around and matches your locked value equity for a liquidity event, whether that is through a merger, whether that is through an IPO, whether that is in Canada, you can do something called reverse takeover in RTO, etc. So having equity in a company doesn't mean shit. And so fuck man, I really feel sorry for these employees. They got fucked and the goddamn CEO ran away with money over here. Pretty much. I don't know what's going to happen with him. Obviously they kicked him out, but still he walked away with hundreds of millions of dollars. But please don't try to compare yourself to Silicon Valley, man. You know, my advice is compare yourself to yourself, start small, try to find a proper product market fit. And then eventually once you do, maybe you are one of these companies that do need a lot of funding and you go towards them. Most tech companies do need a bunch of funding depending on what kind of sector or vertical you're in. But for the most part, don't compare yourself to these companies. There's a Buddhist saying, the quickest way to depression and failure is having an expectation, right? So if you are expecting to become the next billion dollar company fuck, bro, you are in a world of pain that's coming towards you. And I'll leave it at that, man. Study the WeWork case over here. It's good, man. You'll see all the mistakes they did. And my prediction is, I don't know, I think we can see by 2021, maybe WeWork will claim bankruptcy. I don't see this succeeding at all, man. Like, it's ridiculous, whatsoever. All right, guys, if you have any questions for me, leave a comment below this video and I'll talk to you guys soon. Peace.