Give Society What It Doesn't Know How to Get | Summary and Q&A

Summary

In this video, the speaker discusses how one can become wealthy by providing society with things it wants but does not yet know how to obtain on a large scale. They explain that technology is simply a set of things that do not yet work properly, and society always desires new things. The key is to identify what you can offer that society wants but does not yet know how to get, and then figure out how to scale it to reach a larger audience. The speaker uses examples like smartphones and ride-sharing services to illustrate this concept.

Questions & Answers

Q: How can one become rich by giving society what it wants but does not yet know how to obtain on a large scale?

Essentially, society rewards individuals who create things that it desires but has not yet figured out how to obtain. By identifying a need or want that is natural to you and within your skill set, and then figuring out how to scale and distribute it, you can create wealth. This involves understanding what society wants and providing it before they even realize they need it.

Q: How does technology play a role in creating wealth?

Technology can be seen as a collection of things that do not work properly yet. Whether it's new gadgets or innovative solutions, society always seeks new advancements. By identifying emerging technologies and finding ways to apply them in a scalable and profitable manner, one can tap into societal desires and create wealth.

Q: Can you provide examples of how technology has made individuals wealthy in the past?

In the past, various technologies have paved the way for individuals to become wealthy. For instance, when oil was a technology, it made JD Rockefeller rich. Similarly, Henry Ford became wealthy when cars were a technology. These individuals recognized the potential of these technologies, found ways to provide them to society, and scaled their businesses accordingly.

Q: What are the key elements to consider when trying to create wealth through providing what society wants?

When aiming to create wealth by providing what society wants, several factors come into play. First, you need to identify what you can offer that society desires but does not yet know how to obtain. This should align with your natural inclinations and skill set. Next, you must figure out how to scale your offering. Building just one of something is not enough; you need to produce thousands, hundreds of thousands, or even millions of it. Finally, profitability and sustainability are crucial. Your creation should be financially viable and able to reach a wide audience.

Q: How did Steve Jobs and his team achieve wealth by providing smartphones?

Steve Jobs and his team realized that society would want smartphones, which were essentially computers in their pocket with enhanced phone capabilities. They created this innovative device that was easy to use and met the desires of the market. They then focused on scaling their product and making it accessible to the masses. Their success in predicting societal demand, creating a desirable product, and scaling it up led to their financial rewards and Apple becoming the most valuable company in the world.

Q: What is the role of entrepreneurs in bringing the high-end to the mass market?

The job of an entrepreneur is to bridge the gap between the high-end and the mass market. It starts with an act of creativity and personal desire where you create something for yourself. Then, you figure out how to make it available to others, initially targeting the wealthy or those willing to pay a premium. However, the true success lies in distributing what was once exclusive to the masses. This involves scaling the product or service, making it accessible to a wider range of consumers, and eventually replacing older, less convenient alternatives.

Takeaways

The key to creating wealth is to identify what society wants but does not yet know how to obtain on a large scale. By leveraging emerging technologies and your own skills, you can create something new and in demand. Scaling your offering is crucial, as building just one of something won't bring significant wealth. The goal is to bring what was once exclusive to the high-end market to the masses, ensuring profitability and sustainability. Keep in mind that entrepreneurship is an act of creation and foresight, and providing society with what it desires leads to financial success.