In this episode, I talk about how people get into FAD or PWM (people without money) markets.
For example, Bitcoin was a FAD market. In 2018, the hysteria was insane. You had people making podcasts, videos, etc….and they all fell for it. Sure, Bitcoin still exists today, but the hysteria has gone away and the voices are now silent.
I read a post on FB yesterday that someone I knew once tried creating a business for new grads. Well, if you just graduated from university, more than likely you’re in debt — therefore, you’re in a PWM market. I’m not lucky, but when I entered the ESL space, I knew that this was a billion-dollar industry with a massive opportunity to go to AR/VR in the future with an insane amount of collaborations. So, because I’m worldwide, I’m not reliant on economies that have deteriorated (Thailand and probably have the countries on planet Earth). There are economies that are surging, at the moment, and because I’m a trainer and have specific skill-sets, I attract those individuals because I have assets.
I’m in a People-With-Money market. This is something you need to consider before starting a business.