In this video I'm going to share the 10 reasons why to open an Etsy shop in 2022 and I'm also going to share three reasons why not to as well. As an artist or creative it can often be really confusing to know exactly where to start out selling your artwork or art products online. What should you do? There are so many options available out there right now so where do you start? At a course you can waste hours of your time and oodles of your hard-earned cash. Building, creating, designing a website where perhaps you're not quite sure exactly what you're going to be selling it and even if you have got the website up it's likely taking you maybe a few weeks or months to get it to that point of launching. You launch it and then nobody comes along and you don't make any sales. Now whilst this route won't be for everybody today it will be for some of you and for some of you I'm hoping it's going to be the place to start, get on and start selling that art so that you can head towards making a real living from your creativity. Well hello and welcome or welcome back to my channel I'm Sophie and I help artists just like you to set up and grow a successful profitable business doing what you love. Build around your existing art practice. Now if you like tips and tricks on how to build that profitable business then you're in the right place because that's exactly what I share on this channel so why not subscribe to my channel and hit that bell to get notified every time I post a new video. Now as I already mentioned there's a big reason to stay right to the end of this video because I know that a lot of you are skeptical you've heard a lot of reasons why not to be on Etsy it's like it's really hard it's a big marketplace there's too many people out there it's saturated people's shops get closed down all of the things all right stay to the end of the video as I am going to share with you the three reasons I believe you would not want to be starting your Etsy shop right now in 2022 but in the meantime are we ready to get stuck in on those 10 reasons why starting your Etsy store right now as an artist would be a good idea and of course don't forget to let me know in the comments if you already have a store or whether you're thinking of opening one number one if you've discovered that your target audience is already on Etsy they're looking they're saving and they're shopping then that's the perfect reason for you to be there too now we talk a lot about how to find your target audience so don't forget to check out this key video to help you discover where they are once you've discovered where they are that's exactly where you want to be right so that number one reason for opening the Etsy store would be if your audience is already there so you're there and they're over here doesn't make any sense right you want to be in the same place reason number two you're just starting out you don't want to build that website yet or you haven't got the time or the finances Etsy is a great place to start out if you're brand new to selling your artwork or your art products online reason number three you might want to start an Etsy shop and that is you have a lot of potential listings so I your that artist that has a stockpile of originals prints online designs loads of ideas perhaps lots of options lots of products lots of things lying around and you're thinking goodness me if I just collated all of these and put them online I'd have an instant shop right then that is the perfect thing for you Etsy would be a great place for you to get started reason number four to start an Etsy shop this year would be if you have a good range of pricing so if you're somebody that says oh I have things right down from a few dollars right the way up to whatever your upper limit is so if you have a good range of products and you make sure that you have quite a few low and medium because at the end of the day shoppers like to buy things online and if you make it easy for them quick purchase little pack of cards something small and easy to mail out easy for you to manage and really easy for your customer to buy and ideally buy again and again and again right because we do love a repeat customer reason number five if you have something a bit unusual that you know because you've done some research that people are really looking for because let's face it right Etsy is a big marketplace and there's a lot of people on there there's also going to be a lot of competitors and if what you do is very similar to hundreds of thousands of other people it's going to be really difficult for you to stand out so if you do something that's a bit quirky that's either on trend or you know has a group or section of people that desperately looking for this particular product or this particular niche then that's another reason why you'd want to start out on Etsy reason number six Etsy costs virtually nothing to set up alright so if you like to compare it to setting up shop on Etsy which is just a few cent or pence for a listing compared to building a website which can run into the thousands of pounds or dollars all right depending on what sort of site even if you take something basic it's still going to cost you a certain amount every month to keep that site up there and then there's the design and the bills and all of the things so actually you can get started from next to nothing and don't forget to check out the link below this video where I give you 40 free listing so that's only for somebody who hasn't set up yet so if you're watching this video and by the end you think you know what I think an Etsy store would be exactly what I'm looking for and if you want to get going and you haven't signed up and you're brand new to Etsy check out the link below you'll get the first 40 listings free what a great place to start okay number seven of course Etsy is what we call a marketplace i.e. people already know about it and they're flocking there in their droves and they're looking for things they're searching they're saving and they are shopping so therefore by having a shop there you're already putting yourself in front of your potential customers and the difference between that and setting up your website which is floating out there in the ether and unless you are a marketing guru and you have a gazillion ways to send people to your website putting yourself on a marketplace of any sort is a smart move reason number eight Etsy seller tools are really quick and easy to use all right so it's really easy for you to upload images for you to title and add the description and once you've created a few listings you can then put them in collections you could have featured like all the tools for setting up are really easy to use there are many many benefits to having a store as well which I'll talk about in another video but right now this would be a reason to start out it's easy to use reason number nine you want to start your Etsy store in 2022 or any other year that you might be watching this in and that is as comparatively low at seller fees now this is something that it's talked about all the time it get winched and moaned about out here on YouTube and no doubt other places Etsy seller fees go up they're too high all of the things so let's just dispel that myth straight away if you are a hobby artist you're probably not expecting when you put something up for sale you've made a craft item an art item you put it up for sale and you're perhaps not used to the fact that that platform is going to take a percentage when you're building a business you're building that into the price you're selling price and you're looking at your profit margin and Etsy is really low in terms of seller fees so if you put your artwork or prints or some such thing on another platform you're likely going to be they're like that platform is likely going to be taking at least 30% if not more plus a section of the postage and packaging etc so actually Etsy seller fees are around 10 to 20% depending on the different options that you use but even if you allow 20% as the highest possible margin it's still a lot better than 30 alright so this is a really good thing so if you're not sure and you're in sitting in that kind of well I'm not really sure if I'm a hobby or a business don't forget to check out this video where I talk about the difference between being in hobby state and being in business state being in business state means you understand your profit margins you're moving forwards you're pricing effectively you're doing all the right things and therefore you're going to expect seller fees on any online platform you're using and by the way you set up your own website if you don't send traffic to that website you're going to struggle to make any sales and the way you're likely going to be doing that is spending money on marketing and ads so it's kind of for me it's sort of it's either either you're building a business you're going to outlay one way or the other this is a really good way I think and reason number 10 why I think you know could be really good to open Etsy store right now is that you can now add a third party production partner so for example you've created some artwork you want to sell it onto t-shirts or you just want to sell art prints or you want to put it onto products you don't want to have to deal with inventory yourself then you can connect to a third party print on demand site and then they will fulfill the order for you so you'd set up the third party site you link it to Etsy you put the listing out on Etsy people would click to buy that and it would be fulfilled by the third party production partner pretty cool now I think for a lot of people when they first started their Etsy store this was not an option all right so this is a really useful tool for us artists and creatives to be able to do because I did about you I don't really want piles of inventory at home or in my studio I don't want to outlay it I don't want to deal with it I don't want to have to mail it all right so by using another company to do that that means that you can sell globally and you can you can build a business that works really well for you no matter where you are in the world all right so as I promised here are they three biggest reasons I reckon why you should not and I repeat that why you should not open an Etsy shop this year number one you only sell high priced original artwork you know listen there are lots and lots of online art galleries that you can submit your work to or upload your work to and sell through them and they're going to be a better place for you to even if you're going to take even if they're going to take 30 35 or 40% you're going to price your items accordingly so that you make a profit anyway so it doesn't really matter does it so you'll be better off placing your original art there it's not a great place for high priced and you won't find high priced original art you'll find medium priced original art perhaps on Etsy and lower priced and more prints and products so that would be reason number one reason number two is you really only have a few listings the few items so Etsy works best when you have 50 plus and ideally these days at time of shooting around the 200 listings mark now before you panic don't forget your original artwork can be one listing the prints in various sizes the products are different things you can do with one image you could make one image into 10 listings according to where you perhaps place that piece of artwork so it may be not so bad after all but you know it's going to be up to you if you have multiple things if you're that person falling over potential listings like we mentioned earlier then you'll be fine if you're not you're starting out you've got a handful of things then I'm going to suggest Etsy's not a good investment in your time and reason number three you definitely definitely do not want to open an Etsy store right now if you're not prepared to put in the time energy and effort it takes to really set up a successful Etsy store if you say oh I really don't have any time I'm just going to put a few things on there and I'm going to leave it be then that's probably a waste of your time setting it up in the first place because like anything it is going to take time to create beautiful listings to put it all up to do the research etc etc so it's not for you if you're not prepared to put that time and that ongoing time into updating adding new listings talking to customers doing all the things that you need to do right then it's definitely not for you either so here we are we're getting to the end of this video and I hope that you're a lot clearer with whether you should and you definitely are and you're now excited to open your Etsy store or whether you're thinking no do you know what I absolutely know this definitely wasn't for me like I said let me know in the comments if you have an Etsy store if you're thinking about it and obviously if you're in that place where you're like now you're fired up you want to get going then check out the link below and get your 40 free listings because you know what that's still a massive saving for you and a great place to start and look out for more upcoming videos letting you know how to set up the shop how to optimize your listings and a cool strategy to keep you moving forwards as well okay so thank you so much for watching the video if you really liked it don't forget to give me a thumbs up and then check out all the other links below this video for other useful resources as well I've got lots of freebies and things that might be helpful for you whilst you build your profitable art business all right keep creative and I'll see you on the next video


this is Sonali. Thank you all for coming out sometime for attending today's webinar on the episode 6 of BX Academy, Business Excellence Mentoring and Coaching. Today's episode is on how to achieve operational excellence. To all the attendees out there, please type in any questions you might have in the Q&A section and we'll try to answer as many as possible at the end of the session. I would now like to welcome our speaker, Mr. Gaurav Mariah, Chairman and founder of the Franchise India Group. A very warm welcome to you, sir. Thank you. Thank you, Sonali. Welcome friends and welcome to another session with BusinessX. This is our series which we started after finishing one big series which we did on how to value your business, how to find the right exit and how to scale your business. So we did that series for 30 episodes and then we started another series on business excellence and this is actually designed to help a lot of our community which is our, we have Franchise India has a very large small business or a startup community and I normally bring these series to really reach out to them and give some kind of insights on different topics. Today's topic is operational excellence. I'll talk about that in a while and we'll use this forum very interactive so you can use the Q&A box and continue to ask as many questions as you have. So today's topic is why it's very interesting because in the current times when these times are going on almost everything is destructive. You know, you're the way we used to do businesses, the way our teams used to operate, the entire financial structure of organizations, the consumer behavior, everything is disrupted. So really finding sense out of merely building your, at this stage, excellence or your operational excellence at this moment is a very, very difficult part and probably this can be an opportunity for a lot of companies to really revisit their organizations and like to see how they can really improve smallest of the processes in this business. I've seen the very clear, you know, differentiation of companies which were very well laid and very well structured. They were able to really handle this situation much better. It's not really about what product you were in but they were able to handle this situation much better. I've even seen this great organizations in the hospitality sector which has absolutely been, you know, out of business but they're still able to really, you know, really use their workforce to more creative ways to be engaged. What's the law of other people who are not so structured? They were just riding the wave and as any disruption like this would happen, they would go out of the business. So what are we going to cover in this today's discussion is following. I will talk about what is operational excellence. We'll talk about that. We'll also talk about how you set goals in your operational excellence. We'll also talk about how it is very important and how it matters to your business. We'll also talk about, you know, various models being used and some of the models I can give some examples. Then we'll talk about some kind of implementation strategies which you can use and finally I'll leave you with the seven golden rules which I would say has to be used when it comes to operational excellence. So let's start the operational excellence part of it. What is important? Why is it important for organizations? Operational excellence is a continuous journey. It is a continuous journey. It is not something which ends. You know, it's a part of your company's culture that you continue to thrive to get better for your consumer, better for your employees, better for everything you do. It is not really one part of this piece. It's almost every touching almost every part of your organization and try to seek excellence in every part. And this is also sometimes a journey which is, which is, you know, not really getting you results too quickly. This is one of the things happened. A lot of people attempt doing that and they leave it in between because they feel that they want some very fast returns. This is a journey which gives you results over the time. When you are seeking operational excellence, you need to really give the organization time to really settle down and get part of your culture. And then only the results will serve. There's a good quote which I read in the morning. It's be committed to the process without being emotionally attached to the result. That's very important part. You know, if you are committed to the process, then you'll start working on that. So what is operational excellence? Excellent says defined as a philosophy of the workforce where problem solving, teamwork, and leadership results in a continuous improvement in any organization. The process involves focusing on the customer needs, keeping the eyes on your employees positivity and empowerment, and also a continuous improvement in every part of your workplace, which means that every smallest piece of your workplace has to see that improvement. And there are many, many methods which are being used by different organizations, especially large manufacturing. This started happening when after the Second World War, I think if you really see the Japanese companies were the first ones to really use these principles. A lot of these principles actually come from Japanese large organizations like Teota and a lot of these companies have really put this kind of operational excellence in place. And a lot of these global goals are actually used by these global manufacturing giants who really use these principles to bring better efficiencies in their business model. And some of the models which are very popular is obviously Six Sigma, Lean Management, Kaiser, and a lot of these models are very, very important. Like Lean Management could work on two big pillars. One is just in time kind of inventory because they believe in inventories in businesses or anywhere, like even retail environments. If you see the retail environments most of the time, especially in small businesses, you need to go out and do that. And if you really do their inventory to turn ratios and you find a lot of inventories are lying in the stores, which have no meaning. So it shows in your books, but has no meaning, it doesn't turn. And this happens with almost every organization I would work with as a consulting company. We would work with different companies and we will go out and see their businesses and we find that they are not efficient. They are running on a lot of dead inventory, which is sitting in their books for doing nothing for them. So how do you really work on building what I call just in time kind of inventory based and also focusing other part is would be the quality. So a lot of implementation has to be done between what I call any process which is done in your organization. You need to really see, is it adding value? Anything which can be your stocks, inventory, any kind of process which works in, is it adding value? Then it's fine, it should stay there. If it is a waste, which means that it is not doing anything to you, it has to be removed. So the entire organization has to be really seen into what are the areas which doesn't make any sense. You need to remove those areas out of the structure. That's what a lean thinking would be. So work on if you're a manufacturing company then you have to work on, are you in line with your production cycles? And especially in these days where demand is not very clearly predicted, sometimes the demand would go up and sometimes demand would go down. How do you really align your production capabilities and sourcing capabilities? Especially people who are just in trading, they sometimes find it even more difficult because they don't know when to order, how much to order and keep them back. So how do you really do that? Another thing which you need to really focus in, what is the kind of timelines you need to deliver to your customers? What is the waiting cycle and how do you continue to improve that? If you look at a company like Amazon, is constantly working only on the principle that how they can really bring the product faster in a better form to the customer. That's entire endeavor of the organization is to really do the excellence in their fulfillment. And that's something which is very, very important. And almost every company, the platforms are the same. Everybody has the same product. You can go out and order in the different platforms. Why would you trust one platform to another platform? Because purely on efficiency. And how do you really also work on what I call the every single process which has say multiple points to really pass through, how you can really cut down and rework your organizational behavior so that you can be much more leaner, much more faster than doing that. Every single part of your organization can be basic supply chain transportation. Everything can have incremental improvement which can happen. Now let's talk about some of the goals which are very important. Goals are very important when you how do you set your operational excellence goals. One goal which is clearly is driven from your financial goal. What do you really want to really achieve financially in terms of your operational excellence in terms of better sourcing. It is very important. Second is how do you really bring more production or efficiency on your production side so that it costs effective. I see this in companies which are like say food businesses. We at French is in the work with a lot of FND businesses. And most of the times the organization is really working towards driving more sales, reaching to more customers. But they have very inefficient business models. And if I see the business model I said you don't need more customers. You're already doing well. What you need is a better food cost, better efficiencies on that side. And so sometimes you need to really understand, sometimes improving the margin in the business is more important the goal than just going and acquiring new customers. You can also set a lot of goals which are people centric goals. How do you really make your people, your team members more productive. How they become more efficient, more aligned to the organization and how you can really achieve better from the lesser team members. That's very, very important. So you need to really understand what are your larger goals when you start doing your operational excellence. And I will put this into three baskets. I would say one is a more what I call the quality assurance kind of how we can really build better quality. Second is how do we build what I call internal and external efficiencies. And third, how do we get a better consumer excellence. Which means that any kind of a consumer, we can reach to the customer, better packaging or any other experience which touches the customer, how we can really bring an incremental change in that. Now let's get into one very important, why it is so important, why it is so important for companies to really look at, you know, excellence to be brought into business, especially official excellence. Especially if you really look at, this has been talked more on the manufacturing side. A lot of times we really say that this is required in large industrial groups. But actually if you really see, this is more required today in a service-based businesses. So large service-based businesses need to improve their teamwork, their collaboration, that's very, very important. Especially if you are a company which has a lot of service points, how do you really collaborate with each other? So that's very, very important. Second, how do you empower your people to take last-minute decisions? And that's also very important. These days, you need to empower people to take those decisions on the end. I had worked in a project which was in Dubai about 12 years back, a large club. It was a nightclub, a big nightclub, about 20,000 square feet, probably the biggest in Dubai. And we worked on their operational standardization and a lot of other things we worked on that. So empowerment was given to people standing outside the gate. The security guy who can really refuse somebody he doesn't feel is right for the club and how he would take that decision to do that. It was empowerment was given to people serving at the bar because they, if you are, say, alone walking the club, you were the first one to come in and you saw no crowd and you want to go away.  He would have empowerment to offer you a free drink so that you are holding on for next 30 minutes or you are obliged to then order another drink because now he's been given you some time. So a lot of these smaller empowerment really made a big difference in where the business was run. So what is the operational excellence models? What are the models which one can really use that? I would say first define where are the four categories we really have to focus on. The four clear categories which I would say is how do we deploy our strategy? What is the areas which we need to really work on our strategy development? Second, how do we improve our performance management? How performance is managed and measured? That's very important. And how do we bring in high performance teams? Every single process is led by a process reader. And finally, how do we find excellence in every single process of the business? You also have to see that entire organizations is having some kind of a harmony together in improvement. It's not that one part could improve unless and you connect all the dots you will not find that improved. Now what is the ask we have? One is the ask is of a continuous incremental improvement in every single point of your organization. Say you are running any kind of a process in your company. And if that process is taking a little longer period, how can I reduce that period to build it more efficient? If it is giving a certain amount of output, can I improve that output to a negative? So, unless suddenly you create a mindset in your team members to continue to challenge that how they can do better. And most of the times answers will not come from you as a business owner. It will come from your team member who's at the last night. If you ask him how can this be done a little more better, that's important. Second part also is very important is that how do you really create consistency in whatever you do? It's not about doing one thing perfect at one particular time. It is doing the right thing right way every time. That's what is operational excellence. Operational excellence is really about achieving right thing right way every time. That's something which is actually about culture. And how do you really bring consistency to culture? And then you really have to really deploy a lot of processes, documentation to really continue to remind that you're not behaving or shifting from our perspective.  Start setting up the foundation because better the foundation you will set, but better in the coming years it will be doing that. I feel that the companies which start early stage startups ignore it and they focus too much on the scale. And as they go into certain level, like for example, I give this example all the time, it's oil rooms. If you look at oil rooms, what was the principle? From one side it was aggregating a lot of hotels, but essentially it was an which has to deliver a great experience to somebody who comes and stays at oil. Initial days they were just going out and acquiring a lot of hotels and just not worrying about how they would improve that. A lot of complaints and a lot of mistakes would really happen. And then I met the founder Ritesh Agarwal and I had a discussion with him and he said I want to shift the entire company's focus now on getting into a better customer experience then only they would stick to come back to oil rooms. But now if you really see, it was very difficult for him to really execute now in your many countries, you have independent hotels, how you really change and bringing that change was becoming extremely, extremely difficult. But if he would have actually thought that when he was started, rather than just been aggregating this principle and thought that I'm an hospitality company, the end of the day what matters is a great service to every single person who comes and stays with oil rooms. If that was the element, that was the only purpose the organization was chasing, then only the results would start coming. So you need to really understand that you have to be absolutely clear what is the larger purpose you're trying to chase. And one of the things which you, when you start implementing, you need to really be very clear about how you communicate to everyone, everyone in your vendors, your suppliers, everybody. I have a fortune to work with one of the large companies these days. I'm working with the largest group of the country, which is Reliance. And I see their functional structure. Every smallest element of their organization today is so well defined. They continue to chase that excellence. How they're even using, it's an industrial company. It's an industrial company. They don't normally work like other consumer companies. But they are so conscious about even the usage of the brand and how it is done. Even the smallest thing which would come to any particular desk would have to be scrutinized and seen that it fits into the larger philosophy of the company. And that's how these organizations become that large and structured. So how do you really clearly communicate? That's very, very important. So let's get into the seven points which I really would work on. And this would be my last part of it. And I can take some questions if you have. How do you really define the seven points which are important when you are seeking operational excellence? First, every single thing which you do in your organization, you need to seek perfection. Now, it's very difficult. It's very tiring. But that's something that you need to do. If you're not seeking perfection in everything you're doing, you'll not reach to the operational excellence goals. Second, embrace logical thinking. Very, very important logical thinking has to come in. I keep repeating this piece, which I'm a big believer of that, that everything is common sense. If you put common sense, it will bring common practice and change common problems. This is a sequence. Ask common sense questions. Everything. Why are we doing this? Can we do this better? These are very important. This brings in a huge amount of logical thinking in people that they start thinking in the right sense. And that brings in common practice and also takes your common purpose. Unless and until you start from questioning, everything should come to the why. Why are we doing this? Why can't we do this better? Why can't we reach to a customer even faster? Why do we have to have a customer waiting for three days to get this order? Why can't we get in two days or one day? Or whatever that answer is, if you continue to question everything which is done in your business, you'll find the incremental growth. Focus on process. Define every smallest thing which is happening in your organization. Define that process and also can be measured. If it cannot be measured, it cannot be improved. That's very, very important. The fourth is quality starts from the source, not from the last finish. This is another important aspect. So at the source, you really go out and see how the quality started. If you try to do at the when you have finishing the product or deleting the product and you see quality at that level, it doesn't work. It actually starts from the source. Fifth point is think systematically. Everything is a systematic process and how we develop that. Create consistency of your purpose unless and until you have a consistent thinking of larger purpose which you're driving. Otherwise, goals shift in the organization. I see that if you have our organization, say 50 people and all 50 have different kind of goals and if you ask them, they will tell different goals which they are chasing in the organization. If they are not collectively aligned to a single purpose, that would not really do that. And I see some of the great startups and early stage companies are very clear about that part of it. And finally, it's all about the value for the customer. If you are also chasing every single movement, that what kind of value improvement you can bring into your customers, that would be good. So I'll repeat these seven points. One, seek perfection. Seek perfection in whatever you do. Second, bring in logical thinking. Common sense brings common practice to common purpose. Focus on the process. Third, quality is always at the source. Fifth is think systematically. Create consistency of purpose. And finally, how do we drive more value for the customer? So this was something which I wanted to share. There are a lot of resources available where you can really go out and read and find out, read the lean management theory, read Kaizen, a lot of other processes are there. You can go out and seek that. So if you have any questions, Sonali, for me, then I can take a few minutes to the portion. Thank you so much, Gaurav sir, for another wonderful and to the point session. We do have quite a few questions lined up with us already. So I'll just take up the first one. The first question says taking care of operations while everyone in the company is working from home is rather difficult. Do you suggest any parameters or advice as to how to keep check on employees while they are working from home? Very good question. And this is something that I'm debating a lot these days. So what is happening is that the conventional style of working in offices were very instruction based. And you had very clearly supervisors, supervisors and supervisors, which means that every time somebody is being closely monitored and said like you would work. Now, there was another part of our organization which were more technology companies where productivity can still be analyzed because they have to be on the coding. So you know how many hours they were on lockdown and things of that nature. So if you really look at it, if you take the technology part of out and if you take conventional businesses, which are very supervisionally dependent kind of structures, working from home becomes a hugely challenging situation. How do you really get that piece? Because they have not even defined what is the outcome they want from every person and how do you want to measure that? So first and foremost, what I would advise is that before we even start pushing people to get their better productivity from work from home or any place where we distribute them, let's define what I call human throughput. What is the human throughput? You would expect them to do that. And then they have to buy into that. It has to be buying into that, that this is a throughput which is expected from me if I put these balance. And then you can go out and give the flexibility to an employee and say, okay, I want 40 hours from you and I want this productivity throughput. And I don't care when you start the day and when you end the day, but I need this part. So you see that would set accountability and that would start chasing a particular goal. The problem is if you just expect people to be working from home and they would be somebody picking phone. So if I had a say a telecom, productivity would mean that I need to achieve 1000 calls. Then that is very clearly defined and obviously they need to work in a certain hours where they would be able to get people picking up the calls and so on and so forth. So you can measure that part. So no problem is that a lot of times organizations don't have that ability to measure and what are they expecting from that? And it becomes extremely difficult from work to home environments and also feel it's also dependent especially in India from regions to regions because some regions are anyway very difficult for work from home like Mumbai. I have seen efficiencies would not come because there are small houses, people are in those places where it's environments don't give you that capabilities to really work especially when you have a junior teams and dancing. So some places there is also a big challenge. Sometimes we compare this with western countries where you have those environments where you can really be productive work from home. In India sometimes you don't get environments for a lot of our workforce where they can be productive really hard to do that. So I would say set some kind of an objectives before you can really start setting accountability. Absolutely sir. The next question I have is how can operational efficiency be achieved in service sectors like an education sector? You know so I'm becoming more and more believer that in service sectors the operational efficiencies are, excellence is more important, very very important. In production lines over the times it has really been defined and structured so you can understand the downtime, how much downtime you relate to that but when you are in a service sector understanding the downtime, understanding efficiencies becomes even more difficult even more difficult. My factory's machine is not working for five hours. I know my downtime in five hours. But when I'm having an environment where people are working in service sectors, how do I measure my downtime? So that becomes even more difficult. So implementing tighter processes, very clearly understanding and defining collaborative work and every single thing which happens in the organization if it can be measured and can be put to best practice. So this particular process was to be done in three hours. That's our best practice and continue to measure what we're doing and continue to challenge your teams to achieve the best and then see incremental improvement that how can you bring three hours to two and a half hours, two hours and so on so forth. So that would be first try to set what is an idle benchmark, try to achieve that and then try to see how we can incrementally, very small piece, continue to challenge and improve that part. Sure. The next question we have is how to deal with operational failure? Operational failure is very normal. This is this would happen to when the system is not defined or it's very random or it's left to the decision of the employee of a team member to really take that call on the side on that, that would create operational failures. So unless and until it's very well coordinated and very clearly defined, then only it would work. Otherwise, in a lot of processes we'll see a lot of operational failures. If you really see organizations like these larger organizations, they don't really create great products if you really see. I mean, especially I'll give this example of McDonald's. McDonald's doesn't make the best burger in the world. Actually, they've never tried to do that. They are always seeking great operational efficiencies, excellence, because whatever they do, they do it very efficiently. That's what their goal is. So they don't go out and claim anytime and say, we make the best burger in the world, but they really want to deliver you quick, hygienic, fast and very efficient. And you look at these companies, even in these times when this COVID is going on, the restaurants and everything, you see that they have actually maintained everything. Even the hygiene levels, you can trust a KFC or a McDonald's, but you will not trust maybe a roadside restaurant owner who's sitting himself. He's not able to make even basic hygiene, social distancing, and things like that. These companies thrive very strongly on their operational excellence. The product is fine. Product is just one part of it, which also would need some kind of improvement, they're contributing. But every single process in their system is very well defined. And that's something which I always feel that we don't need to focus too much on the product or service we offer. We really don't really focus on how it is systematically designed and processed behind. That would be very, very important aspect. Absolutely, sir. The next question I would like to take up is how to pay attention to details when the business is growing? When the business is growing? Yeah, so this is actually very important when your business is on a scale and this happens to a lot of startups. They don't really focus on this part. They don't focus on this part because business is coming very easy. I gave you the example of Oyo. Oyo was a classic example of somebody who's just going and grabbing more and more, hotels never had attention to details, never had attention to things. I mean, if you have really seen, I would have rarely find somebody who'd say, I love to stay at Oyo. So they lost the point because the fundamental is where on the other side, if you look at companies like Uber and Ola and lights of them, they were really able to achieve that part much better. They stood very clearly to their purpose. So you really have to see sometimes just scaling up and without going into larger purpose, why we were scaling up, what was the real reason and leaving the focus away from that part would create some kind of a disaster at a certain level. So even companies which are growing, they need to continue to focus on putting their operational excellence in place. Then the foundation would be right. Rather delay your scale journey, delay it for three, four months and set those systems and processes. Then it will be much easier for you to really go and scale. Right, sir. The next question I would like to take up is how to achieve operational excellence in the e-commerce sector. So operational excellence in e-commerce has to be given because e-commerce is actually a very complex structure because you're preparing from different nodal points, bringing to a certain centralized distribution point and then from there you have consumer interface which is through technology and last mile fulfillment which needs to be done. So unless and until you achieve operational excellence in all points and they are collaborative to each other, you will not be able to do that. For example, the demand forecasting to sourcing, if it is not self-synchronized, you'll never be a great player. So how do we go out and even forecast what is going to be next 10 days or 15 days or 30 days and work on that? And that's where a lot of things which I told about just in time inventories. So a lot of e-commerce independent companies have failed because they have either they are run out of place which would spoil the customer, customer would come and order and say out of stock. So you're not giving them the what experience you want to do that or sometimes you have something which is lying over in stock but you have no demand for the solution. So really speaking, I feel that e-commerce or direct to consumer businesses needs even more operational excellence to really go out and check that. The next question is a very good one. The question says, how do you balance measuring productivity and micromanagement? So this is a delicate balance which one has to do in terms of measuring productivity. As I said, every function in your organization has a certain mode of human throughput. What do you need to really do that? And then that needs to be first to be defined and that's where you need to pick up some of the role plays. Every business has some excellent leaders who are best at that. So they become role plays. They really set the kind of a benchmark and every other member has to really work towards achieving that benchmark because this is set by somebody who was a process leader and did that process and defined that process. So that's something which is very important. And then on that, the micromanagement can really come in. And I think there is a new rule to businesses which has to now come in. We have to give away our supervision way of looking at our organization. So everybody was having six level of hierarchy to supervise the person who was working at the bottom. If everything is very well-designed and it takes maybe a longer induction cycles, people should be brought to organizations and given two, three, four weeks to understand what is expected from them, which I think the larger companies do, but small mid-sized companies don't do. They want people to come and start performing from next day without even understanding what is expected from them. So their alignment doesn't work. And again, I will leave you with this thought which is very, very important. And this is something which always stays with me in anything which I do in consulting is this common sense. Everything has a common sense. Why are we doing this? What purpose it solves? And that really has to be part of the culture of the organization to continue to ask. And then because I in my organization face this all the time, people would say, because over the time in the last 20 years, things would have changed and the way people proceed has changed. And you still continue to do the same practice which has no meaning left now. So sometimes you need to really question why are we doing like this? Why are we not using something else? And that's what as an organization we did. We were purely a hardcore physical event company doing all exhibitions, forums, conferences. A lot of these were part of French as India. And then this is not happening. Then we have to question what we can do, how we can continue to engage our customers more than ever we did in the physical world. And we have to adapt a digital piece to it. And company was able to transform very quickly. But I really saw some people were not able to transform because they would not really be able to come in this. And I still have that pressure with a lot of my leaders not really able to set their consultations and things of that nature, which clearly with people, they are not still very comfortable. They need to do more practice and doing it. But some were really able to shift very, very fast. Right, sir. So I would just like to take up the last two questions now. One, the first question is how do you measure human efficiency whilst motivating them during working from home? We have already touched upon this in a previous question, but anything you would like to add to it? No, I think we've touched upon this in detail. So it's defining the larger first, what is expected from them. And then I think it's much easier to set the expectations from every single vendor. Right. And the last question is, as a small startup company, wherein cash flow is not consistent, how can we practice and achieve operational excellence? Yeah. So as I said, I mean, it's even more important when you have financial disability and things of that nature, because it's a foundational question. Unless and until you have operational excellence in your system, you'll always continue to have such problems. So I would like to question itself itself, why that problem exists in the business, because there is some kind of a disconnect or you're not very efficient or something which is happening in your business, which is creating this problem. So rather than just waiting to address the business to come healthier, then address the foundational problem, I would say first address the foundational problem and the business would become healthier. That's much easier sequence to achieve than the other way. Absolutely, sir. So with this, we'll just wrap up our Q&A session. Thank you so much, Gaurabh sir, for very patiently answering all the questions, like always. Anything you would like to say in the end? So thank you very much. Thanks for this patience hearing. And if anything you acquire from BusinessX, BusinessX is part of our franchise in their group, which focuses on helping companies to raise capital, also to help them to sell the business. If they want to exit the business, we work with them on their exit planning. And also in early stage growth strategy, we work on that. Franchising there as an organization helps people to get into franchising and take their businesses to new markets and also get them the qualified franchises on board. So thank you very much. Thanks for your time today. It is supposed to be a 30 minute repeat because of Q&A we took it another 10 minutes. So thank you very much and continue to come every Saturday 11 o'clock for this show. Thank you. Thank you so much, Gaurabh sir, for a wonderful session and thank you to all our attendees. We really hope you were able to add some value to your lights through this session. And we'll see you next Saturday at 11 a.m. with another session. Till then, if you need for all the people who are asking about the recording of the session, please get in touch with me and I'll be happy to share the recording with you. And if you have any other questions, any doubts or concerns, please once again, reach out to me and I'll be happy to help you. Thank you so much.


Hi everyone, Joe for Jaspy's casebreaks.com coming at you with 15 packs of those gold packs from the national. Those Panini VIP national goose of gold packs, random letter break number nine, our last set of gold packs for this break. So thanks everybody for getting in on them. All cards shipped. Everyone gets a random letter. We're going by the first letter of their first name. Big thanks to this group for making it happen. There are the letters right there. Let's roll it. Let's randomize names and letters two and a two four times each. Two, three, four. Four the hard way. Nicholas down to Zach. And then two and a two four times for the letters one, two, three, and four that S down to R. All right. So Nicholas with S Roy D F G Dustin, Dustin, Justin with Z, Zach with K and C Clyde with T Stephen K with E Corey with A Zach with L Brian with B Zach with J Steve with P Brian with M Zach with W Stephen K IV Carlos and O Zach R R. So it's alphabetized by letter and we're going to pause the video for a little trade window and then I'm going to go run to the other office and print it. I don't think we received our ink today if you're following our ink saga, our printer ink saga. I think we got extra large cartridges this time, so it shouldn't run out as often as it has been. All right. So we're going to pause the video and be right back. All right. Welcome back everybody. No deals were done. So that list right there remains to kind of print it out a skew a little bit, right? It's not going to get a good good centering grade right here. All right. Now let's see what we got in here. Two, three, four, five, six, seven, eight, nine, 10, 11, 12, 13, 14, 15. All right. Good luck everybody. There's a manual quickly. So the first card's the base and then the second card will be the parallel, Walter Payton. I feel like they should use different sounds for the, so the NHL drafts this night, the ESPN is doing it. There's Theo Maladon, Rookie Velocity for T Clyde, but they always use the same sound, NFL, NBA, and Walter Payton and Jeff Gordon, Cracked Ice, 68 out of 99, nice. So I'm thinking like they should use a different sound for each sport. Yeah. Like a slap shop sound for the NHL or something. Maybe the, the, the, I think every arena has their own horn sound, right? You know, Ryan reveals the Lamar Jackson. So I feel like they should use maybe the team's horn, goal, goal siren. Mike trout Velocity for letter M with some gold here. This is kind of stuff. You want to see Shaquille O'Neal, eight out of 10 gold. That's Nicholas with the letter S with Shaq, nice, looking good in that purple and gold right there. All right. Next up, Tetease Jr. reveals a Denia Vija for the letter D, Roy with D, might be the man on that wizard scene now, Jalen Green reveals a Mookie Betts, letter M, that's for Brian Kaye, behind Alec Baum is Randy Moss, letter R, Zach, there's a thicker hit here. What do we got? We got a relic behind Emmett Smith and that's going to be a one out of five Mack Jones. This is the kind of stuff these gold packs can deliver ladies and gentlemen, letter M, Brian Kaye with the letter M, looks like the back of the Patriots logo may be right there. One out of five and out of fives and under get the train whistle, all aboard the Big Hit Express. Whoop whoop. Here on Juan Soto is Kauai Leonard, cracked ice, 86 out of 99, Zach with the letter K. Behind Barry is Tyrese Halliburton, nice rookie hyper, still Kings edition there, that's going to go to Clyde and the letter T. Behind Zion is Joey Bart, the rookie alligator print, I think it is, crocodile alligator, behind Steph we've got some pink, we've got a pink parallel Kauai Leonard, 39 out of 50 for Zach and the letter K. And final one, good luck everybody, it's going to be, we've got a rookie Trey Lance and he's going to reveal the magic man, Magic Johnson, letter M that will be for Brian Kaye. And there you go ladies and gentlemen, another nice set of gold packs, thanks everyone for getting in. I'm Joe for JaspeysCaseRakes.com, I will see you next time for the next one, bye.


Three of four from the stripe it's a four-point game again 64 to 60 white Harris Harris has that entry pass knocked down picked up by Dixon taken away by right wide open Terrell for another


Here comes Doyle round the outside now. Jason Doyle tries the outside run. Here we go down the back straight. Fabulous opening lap. The best lap in the lap of the night. Jason Doyle just will not be denied right now. The control that Doyle found. The set up. What a move and winning the final. Hancock back in third. That's ideal for Doyle. Doyle will close in the championship change with Everson out. Going on to win his third Grand Prix of the season water rider. Can you believe it? Slick second. And third place went to the line with Everson and Hancock. That was simply stunning. The final belongs to Jason Doyle. We've had another grand stand finished tonight, that's for sure. The Matty Zegar off the inside gate. Now charging up the inside. Jason Doyle here he comes. Doyle in white, but Zegar holds the line. The man in the red helmet killer. Vashilik is around the outside in blue as well. Great stuff here. All fun stuff going into lap two. Hold with the man in the back. But the lead here was with Zegar. Vashilik has come around the outside and Doyle is third. Brilliant stuff. Zegar away from the inside gate. That is proving to be terrific from him. Vashilik was really hard. Doyle just not able to get amongst it in that first turn. Vashilik now just nearly running in the back of Zegar. Zegar was so impressive in the semifinal when he passed holder. He's down in front. He's looking like a winner this season. Really good out in front. Let's put a lap to go for him. We're going to have yet another different Grand Prix winner on the podium tonight here in 2017. It's marvellous. Matty Zegar in the red helmet killer. Takes the checkered flag. Second place, Martin Vashilik. Third, Jason Doyle. But what about that from the super Slovenian, Matty Zegar. Vashilik's moved to the start and he's in the back. It's Hancock, Vashilik in third. But this is just the right time for Ty Woffin and Kelvin. Just what it matters most. Brilliant moment for Ty Woffin's pressure out of gate number two. The beauty of gate number two. Matty Zegar has that lead now. He's charging hard in the back. He's relegated towards Yanovski. It's all into second place. Yanovski as well. If Zegar passes Yanovski. It didn't work for him at all. But a brave move coming out of turn four. Up the inside, saw him into second place. Yanovski's had a fabulous night. Un-spectacular in the early heat. But Rocks solid with second places. Wins the semi-final out of gate number two. He's out in front from gate number two in the final. Not tonight. Magic! Matty Yanovski! Too much further than there. Because Yanovski tonight certainly has been magic.


Okay, as for where we're going to start with this little short discussion that we're going to have regarding personal finance and investing in economics and whatnot, right, or current economic systems or system that we're deciding to function in, right? The first thing you got to keep in mind is that, or basically the way, the one thing I keep in mind when it comes to talking about economics and personal finance and investing with people is that when the discussion of personal finance comes into play, what's really meant when someone asks me a question where, you know, what my opinion is where they should invest their money is, is that what they're really asking me is how are they going to become financially independent, right? How are they going to become free of debt? Okay, to be able to do whatever it is they want to do, right? How are they going to basically live as free human beings, right? Without the burden of day-to-day expenses overwhelming them. Okay, that's, that's the way I look at it when it comes to talking about economics and personal finance, okay? And as soon as we think about it on that level, and as soon as I start thinking about it on that level, there's five pieces of info, five bits of info that I have that I can give you or that I give people regarding personal finance and how they can become financially independent, the way they can maintain, okay? The first, the first rule for economics for me anyway is that there are multiple first rules because personal finance is very personal, right? It's really, you know, my financial needs may be completely different your financial needs, right? So keeping that in mind that there are multiple number one rules for different types of people, for different types of investment decisions, these are the top five things that in conversations I tell people to really focus on and don't really think about investing in anything else unless they've invested in the following five areas, okay?  That's my first bit of advice to anyone that asks me how they can, you know, where they should invest their time and energy and money on, okay? The first thing I do is I look at them and I ask them if they're feeling healthy, if they're physically healthy, if they're mentally healthy, if they need to further their studies, right? If they're emotionally healthy, if they're not under stress where they need to take some time off, right? If they're physically ill, right? If they haven't taken their care of their bodies with certain organs, organs are shutting down or misfiring and the body's reacting by through symptoms, right? If they're not feeling physically well, first thing I tell them is to take care of the physical bodies, right? Either start exercising or start eating healthy and eating is a huge part of investing, right? Mental well-being is extremely important, right? Mental growth is extremely important, right? Because if, you know, when people are stuck in a rut, one of the best things you can do to get out of that rut financially, emotionally, whatever it might be, is to start learning new things, right? So, learning mental well-being, mental health is extremely important and emotional health goes hand in hand with that, right? If you're overwhelmed, then you're not making the best decisions that you can, right? Because you're under stress, so when you're under stress, there's a time constraint on the decisions you have to make, you end up making mistakes and those end up costing you a lot, right? Financially and otherwise, right?  If they've already worked towards building a certain amount of financial freedom, okay? So, my first bit of advice to anyone that's looking to become financially stable is to take care of your health, okay? Extremely, extremely important. The second bit of advice that I have is to take into consideration the time frame that you have in mind, okay? And I can't emphasize this more because certain people when they want returns, they want dividends, right? They want it immediately, they want it within a week, so they invest their time and be able to get returns within a week. Some people do it for a month, some people do it a year, some people five years, some people look out 10, 15, 25, 30 retirement time, right? 50 years, 40 years, 30 years down the road, right? So, when you're talking about investing, you have to keep in mind the time frame that you're willing to wait to have dividends paid out to you, right? To have your investment start giving you some returns, right? So, keep that in mind. The time frame varies depending, again, on a personal level. The time frame that I might be looking at, right? For me, a month, a year, a few years, a handful of years is short term. Five to 10 years is medium term. 10 to 15, 20 years is a long term, right? For some people, they don't think that far, right? They're only interested in maybe the immediate future, right? And those are short-term investments. And that time frame, that type of investment varies depending on, you know, longer-term investments, right? In general, shorter-term is more risky than longer-term, right? So, consider the time frame that you want to invest in. And we're going to talk a fair bit more about this in the next couple of videos as well, right? We're going to break this down a little bit further, especially regarding time, because we've, you know, we put out a video sort of playing around with a little bit of ratios and mathematics and taking a look at quantitatively, mathematically, how the perception of time may vary depending on your age, right? I'm going to expand on that in one of the videos that we're going to put out for this playlist, okay? For this personal finance economics playlist. So, you know, those are my first two bits of advice. The first one, my number, my first two number one rules, make sure you're healthy and make sure you appreciate your timeline, right? The next three bits of advice that I have, and one of the things that comes up with a lot of people is if they need financial advice, it means that they're in general blowing their budget. And what that means is basically you're living beyond your means. If you're living beyond your means, then you're basically living as a slave because you're accumulating debt and that debt has to be serviced. You must, well, not must, you don't necessarily have to with certain systems, right? But there's a certain burden being put on you, right? So, if you're living beyond your means, it means you don't have as much freedom as you would if you live within your means, right? It means you're blowing your budget. So, what I end up telling people is, is to take a look at their expenses and manage their expenses because that's usually how people blow their budgets, okay, is by over, they're spending too much, right? And the best way to manage your budget, manage your expenses is to come up with a to-do list. And we've talked a fair bit about this in a couple of previous videos. One of them for mathematics, where we talked about how to create a to-do list. And a to-do list is extremely important when it comes to finances. Huge, huge, huge, right? So, if you want to know how to create a to-do list, which is basically your first step towards creating a budget, right? Take a look at that video. And we also did a video for math and real life. We're talking about mathematics of food and farming. We would talk to Marv and Vanessa and Marv showed us how they create a sort of a flow chart of how their business cycle is set up, where specifically when it comes to farming, what things they need to do to make sure that they're going to get crops at the end of the season, right? They can take care of everything, right? So, a to-do list and a flow chart sort of go hand in hand. There's certain things you need to do before you can do other things, right? So, you have to organize yourself. And if you want to know sort of, you know, if you're having a hard time managing your expenses, take a look at those two videos. They'll give you a pretty good idea of how to create a to-do list and how to put a flow chart together and how to do things in certain order just to make sure, you know, things are being done properly, okay? The next advice, the fourth bit of advice that I have for people when it comes to personal finance, specifically when it comes to them trying to invest in something, right? Maybe starting their own business or taking their funds and their energy and investing in a project may be for a company, for a corporation, maybe for a cooperative, right? Maybe just for the community, maybe for the family, maybe for themselves, right? Is if they have the means to build a good network, right? Which basically means to have people you can communicate either online or sitting down at a coffee shop or over tea or going for a run, a bike ride or a walk, right? Set up some kind of network where you can bounce off your ideas, your investment ideas with other people, right? Forums, the internet is amazing for this, right? It doesn't have to be in real life, right? Not that the internet is not as real life as well, right? But it doesn't have to be in person. It could be online. It could be virtual as well. Because when that happens, when you're bouncing off ideas, when you have a network set up, the one thing you do is if you have an idea and you share that idea, and that's one of the things about sharing, which is absolutely amazing, you get a lot of feedback coming in, right? So if you're thinking about doing something, if you share your idea, if other people have done, have tried what you're trying to do, right? They may have pointers for you to how to improve what you want to do. They may, you know, give you advice on what to avoid, right? That maybe took them down because any idea that you may have in large part, you know, has already been had. It is not ideas that are unique to us. It's the execution. It's if you can take an idea and make it realize, right? Make it happen. And that's why network is extremely important, because what you can do is share your ideas and get feedback, right? And the other thing you can do is reach out to your network and see what other people have tried and what has worked for them, right? Because one thing we do as human beings, we learn much faster through mistakes than doing things right, right? It's very weird, but it's not if we do end up doing things right all the time where we learn new things, right? It's when we make a mistake is when we learn new things and how to improve whatever it is that we're trying to do. And if we can learn from other people's mistakes, then we're way better off for it, right? Because learning from mistakes from five people, you learn a lot more than learning mistakes from just one person, from yourself, right? And the repercussions of learning mistakes that other people have made is way less than repercussions of mistakes that you may make, okay? So the fourth bit of advice I have for people is to set up some kind of network where you can bounce off ideas, okay? Learn, grow, share. The fifth advice that I have, and this is mainly for people who are younger, youth coming out of high school in general or university, okay? Or, you know, people that I've worked with, students that I've worked with that decide not to continue on with their education and they just want to go out there and live, maybe travel or maybe work, right? The advice I have for any youth, anyone that wants to get in, get a, get an appreciation of what it means to manage your finances and to be financially independent and to understand their current economic system is to get into the workforce as soon as possible or to start your business as soon as possible. Now, traveling is amazing. And for sure, if you want to travel and learn from traveling, stuff like this is fine and dandy. But make sure you're not a permanent tourist if you're traveling all the time. If you have, if you already have, you know, if you already have the funds to travel for multiple years without having to worry about your expenses, then that's okay. But keep in mind that traveling by not having to work in certain areas that you're going, you're a permanent tourist, you're not really getting a feel of what the societies have to go through wherever it is that you're traveling, right? So even if you're traveling on a long term basis, it's pretty good to do some work and learn the different economic systems that are available to you, right? Either locally, within your country, nationally, maybe continent wise or globally, right? If you're traveling, take a look around different economic systems. And sometimes that means working those systems, right?  And if you're, you know, once you work somewhere, if you feel like you've maximized everything you've learned from that job, and you've gotten the most out of that job that you can, and you think if it's time financially that you have the means to be able to go seek out another job where you can learn more, don't be afraid to do that, right?  You know, if you want to move on to a different type of job, keep those doors open, right? Because you never know, sometimes you may have to go back. You don't know what the future holds. Sometimes you may need that safety net, that network, that connection for you to fall back on, to be able to have a job during hard times if you need to, or if you want to bounce off ideas from that, right?  As far as starting your own business goes, if you are planning to start your own business, make sure you're not overextended. Make sure you don't borrow a ton of money and go into debt, either financially or through favors where you're putting all your eggs in one basket, and if, you know, the project that you're trying to start doesn't work out, you're going to be in debt and servitude for a number of years, right? Because that's a number of years where you could have been accumulating capital, having a rate of return instead of, you know, blowing your expenses, you're not being able to balance your budgets because you have to serve some kind of debt, right? So if you're trying to start up a business, make sure you do it slowly, okay? Make sure you do it slowly, because one of the, you know, there's two things that are the number one cause of people not being successful declaring bankruptcy for their business. One of them is they run out of funds, right? They don't have enough money to continue the business, right? Even though if the business may be growing, they don't have enough funds to be able to see them over that hump where they're in the black, right? Where they're able to maintain the business and actually have some returns coming in, right? That's why people go out and sell part of their business, okay? To be able to have enough funds to make them go over that hump. And another reason that people or corporations, companies or businesses fail is because they're not able to meet the demand, right? The company grows too fast, they can't meet the demand, the company collapses on itself or the business model collapses on itself, okay? So those two things are really dependent on you knowing the next step coming up if you're if you're planning on starting your own business, okay? But seriously, don't go on to use that initially for the first few projects you're going to do anyway, okay? So those are, you know, five bits of advice that I have for people. The health is huge. Maintaining good health is huge because the number one cause of people going out of the bankruptcy, they may be, you know, just making ends meet or extremely wealthy. I've seen a lot of people that are very, very well off, right? When health concerns hit them, right? When their health starts deteriorating, their funds deplete extremely fast and they're not able to generate more revenue and their finances completely collapse. Health is the number one reason. Ill health is the number one reason why people become financially unstable, where their finances basically collapse, right? Where they go into bankruptcy, where they lose everything, right? So it's extremely important to maintain good health physically, mentally, and emotionally. If you haven't done that, the first bit of advice I have for you is make sure that you're healthy, okay? Invest in yourself first. May it be eating properly, exercising, taking time off, learning whatever it is you need to learn to be able to progress in life, whatever you need to do, okay? So that's five bit of advice I have for anyone before we proceed any further into the next stuff that we're going to talk about, which is, you know, some of the notes I have in these booklets. And we're going to bring up the pen and paper, I believe, for the next subject, next topic that we're going to talk about. And I think we'll tackle the time factor in these five bits of advice that we should consider before thinking about investing anywhere. Or thinking about where you should be investing your money and your time and your energy on, right? So let's take a look at the time factor and see how we can visualize this and how that plays into our current economic system or current economic systems.