So people often ask me Pat, where do you see business going in the next five, ten, fifteen,
twenty years? I said you know what, after all these questions why don’t I do a video
on where I see business being in the next five years and eight different items to be
paying attention to for what it’s worth. You can do whatever you want to do with this I
just think these are eight things you oughta be paying attention to over the next five
years. Let’s talk about the first one, lets talk about the first one. Ok. The word attention
span, ok, is a very, very important thing to be paying attention to with your business.
Attention span. So, the average attention span of a goldfish is nine seconds, right,
the a, we got like a goldfish swimming around here, Ilya what do you got going on here in
the office? Man, we got some Russian goldfish swimming here in the office. But anyways going
back, come with me, this guy is trying to distract me here with the goldfish. The average
goldfish attention span is nine seconds, ok. So they’ll be swimming they see a shark, ok,
7,6,5,4,3,2,1 boom they forgot, they move on. Nine seconds; attention span of a goldfish.
Ok. The attention span of a human being in 2000 according to Time magazine was twelve
seconds as of last year, the attention span of you and I has been lowered to eight seconds.
We have a shorter attention span than a goldfish, this same goldfish that is swimming around
in my office right now. Eight seconds is what our attention span is today. I want
you to think about that. So, what does that mean? Pat who cares about the attention span?
Everybody should be caring about attention span because if as an entrepreneur as in business,
if you don’t know how to get the attention like this, you lose them. Ok? If you don’t
know how to maintain attention with what you’re doing, you lose them as well. Attention span
is going to be your best friend and your enemy I believe over the next five, ten years cus
I think that eight seconds is going to go to 6 seconds, 4 seconds, 2 seconds and it’s
just going to, that’s what’s going to happen and then we’re gonna be looking at .9 seconds
you know we’re going to get into that world. It may take fifty years to get there or one
hundred years to get there but we’re going into that direction. The other thing to be
thinking about over the next five years is speed. I think speed will be very critical.
Everything will be about speed, speed of delivery, speed of delivering the product, Amazon is
right now having these drones that are gonna deliver things to you. You know, everything
is going to be about speed. I want it now, I want my package now, I want this food in
my hands now, I want this market to deliver the food to me now, I want this product now,
I want this shirt now, I want it now. Businesses who can have speed be on their side are gonna
have an edge because the largest generation we’ve ever had in the past before was who?
Baby Boomers. Now we have a newer generation that’s got seventy-eight, eighty million people
that we’re dealing with um, that they have to learn how to connect with them and then
you have all these other generations that are also behind them following and to them
what’s very important is speed of delivery in everything. Mobile has made everything
faster. So, I would be paying very, very close attention to speed. Next one would be social
issues. Being very social conscious with what you’re doing. Let me explain to you what I
mean by social issues. Um, just think about what Facebook, what Twitter, what YouTube
is. What do we call that? We call that what? What type of media? We call it social media.
Why social media? Not just media, it’s social media, social media. The word social is gonna
have a lot of weight with alot of different things because social connects here if you
don’t know how to socially connect here with the business, you’re and you’re competitor
does, they have an edge over you. Because this is what’s gonna be you know, you look
at Blake Mycoskie, I think he has a company called Toms, right, the shoes Argentina, he
sends the shoes to Argentina he went there something happened he saw and now every time
someone buys a shoe he sends a shoe or something he does with them, that you know became very
big so he payed attention to the social issues but at the same time it worked out with his
business as well. I just think it’s very, very important to be paying attention to social
issues that are going on around the world. It is very important to even pay attention
to political issues that are going on around the world. That doesn’t necessarily mean get
political, it means you need to be very socially aware of the things that are taking place
today and if you can figure out a way to connect that with your business, you’ll have an upper
hand and uh, connection to an audience that maybe somebody else is not gonna have. Next
point, point number four, education. Education is going to be majorly disrupted. Majorly,
is going to be disrupted. I foresee traditional universities taking a very big hit over the
next 10, 20, 30, 40 years I see very, very, very, very big hit taking place. Why? First
thing I talked about was attention span. Second, thing I talked about was what? Speed. The
third thing I talked about was what? Social. Fourth thing is what? Education. If schools
don’t know how to maintain the attention span of a kid, that’s getting out of high school,
who’s smarter and sharper than any eighteen year old kid has ever been, twenty thirty
years ago because of all the stuff that they have access to. If they don’t know how to
maintain their attention span, their speed and they are not socially aware of the events
that are taking place, they’re gonna get crushed. This is why I think education is going to
go purely from a four year, to a two year, to a year. I think Bachelor’s Degrees are
going to get condensed to two years into eighteen months. I think we need to challenge that.
Even all around the world, um, I think it’s going to be more about the experience, I think
if Universities really want to have a blue ocean and if they really want to have an edge,
on everybody else, it’s not about just what you’re teaching me, it’s about the experience
of me going there. I don’t want to go the typical my kids going to come to me. Dad,
I want to go to this school, lets go get a tour of the school. Oh, we have the biggest
classrooms with a thousand seats in this auditorium. I don’t really care for my kid to go sit in
a classroom. I can’t get the kids attention for four seconds. What are you gonna do? What
animals are they gonna be with? What things are they gonna see? What live experience are
they gonna witness? What sale, what, what, what experiences. So if universities don’t
keep it more hands on and educational in touch, travel, see visual, they’re gonna take a big
hit and I think online education, having access to international studies through an online
education is going to dominate and disrupt traditional education. And I’m not talking
about Phoenix University by the way. I’m not talking about Phoenix University, I’m not
talking about that. I am not talking about online colleges that are charging an arm and
a leg to convince somebody that if you get an online Master’s degree, you’re going to
get a ten thousand dollar raise. That’s also a propaganda, I’m also not talking about that.
I’m talking education is gonna be disrupted over the next five, ten years tremendously.
Next one, paying attention to data. Number five. Anything that tracks data is gonna have
higher value. You’re data is gonna have alot of value over the next five years. Data is
going to be, it’s always had a lot of value, this is not a new thing that I’m telling you
but it’s even more now because now it’s alot easier to measure your data against a lot
of other things and if you can prove your data that you’re connecting with this audience
or that audience, you make a bigger case and an argument towards people that your dealing
with so you gotta pay alot of attention to data as well when you’re doing business. Next
one, point number six is mobile. It’s pretty obvious they were saying ten years ago, purchases
are going to be made in China. Right now, people are buying you know soft drinks on
a machine with their mobile, swipe it and then boom. The soft drink drops and their
phone bill gets a two dollar bill because they bought a Coke or whatever it is.Mobile
is going to be um, mobile is going to be the future, it’s already here, it’s not, only
the future but it’s here but it’s knowing how to get your business to be mobile. They
used to say fifteen years ago if you don’t have a website online you’re out of business;
if you don’t have an online website and they were right. If you don’t figure out a way
to connect with an audience on a mobile, you’re also going to be out of business, so mobile
is going to be playing a very big role over the next five years. Next one, is boring industries
I believe will dominate exciting industries and let me explain to you what I mean by this.
Stay with me. Everyone is chasing the next exciting industry. Oh my gosh Snapchat, oh
my gosh this is so amazing. Oh, this is it, this is the next big, oh, I love the. That’s
great, that is great because everybody is running there and when everybody is running
there, you go to the boring industry and you disrupt that industry and you solve that industry,
while everybody is chasing that girl that’s a nine and a half ten, you go after the other
one that makes a great wife. While every girl is chasing that guy that’s the next Brad Pitt
looking guy, you go get the guy that is actually doing the things that are solid and he may
be alot more exciting than you think he is, you just don’t know him yet. Figure that guy
out, that’s the guy I’m gonna put my money on. That’s the industry I’m a put my money
on. Pay very, very close attention to boring industries that nobody is paying attention
to. Not gonna get deeper in that, just gonna tell you, pay close attention to that and
the last one will be transparency. There are no secrets today. You uh, you can act all
perfect you want, if there’s ever been an era where there is no perfect people acting
all mighty, and I’m this and I’m that nothing. Not today. The more you try to judge and all
that other stuff it’s going to backfire today, uh, it’s transparency, uh, everyone’s got
skeletons in the closet. The more you can learn how to be transparent as a company,
the more you can learn how to be vulnerable as a company, the more you can learn how to
be transparent and vulnerable as a human being and a leader, the more of a connection you’re
gonna create with an audience because at the end of the day, what we like as human beings
is people who are real. What we like as human beings is people who are genuine. What we
like as human beings is people that are just themselves, we like that. Um, I’m wearing
a suit right now, I would quite frankly rather wear a shirt. I’m wearing a suit right now
because I’m about to meet with an investor that’s coming here ok, so we’re going to sit
down and have a meeting with them and you know um, that’s the meeting we’re going to
have but when we have meetings with business people, with individuals, with everybody,
with what you’re doing and who you are and transparency, vulnerability, connection, um,
not trying to act perfect, not trying to act like something you’re not because you cannot
do it today, you cannot do it today. All those act as if today, comes out. All of it. If
you’re a fake entrepreneur and you don’t really run a business and you’re ripping people off
for five, ten grand online, it’s gonna come off, it’s gonna come out and then you’re rep
stays for a long time. Just gotta be real, just gotta be you, just gotta be honest about
what you’re doing. Be transparent, I think that will give you an edge also in the future.
I got many more but I just wanted to do a quick answer back to many of you who keep
asking where I see business going the next five to ten years, that’s what I think is
gonna happen, I could be completely wrong, I’ve been wrong many times but those are my
thoughts. If you got any questions about it, comment on the bottom. If you have some thoughts
as well please put that as well and If you haven’t subscribed to the greatest channel
on YouTube for entrepreneurs in our opinion, please subscribe to Valuetainment as well
and thanks for watching, take care. Bye bye.
twenty years? I said you know what, after all these questions why don’t I do a video
on where I see business being in the next five years and eight different items to be
paying attention to for what it’s worth. You can do whatever you want to do with this I
just think these are eight things you oughta be paying attention to over the next five
years. Let’s talk about the first one, lets talk about the first one. Ok. The word attention
span, ok, is a very, very important thing to be paying attention to with your business.
Attention span. So, the average attention span of a goldfish is nine seconds, right,
the a, we got like a goldfish swimming around here, Ilya what do you got going on here in
the office? Man, we got some Russian goldfish swimming here in the office. But anyways going
back, come with me, this guy is trying to distract me here with the goldfish. The average
goldfish attention span is nine seconds, ok. So they’ll be swimming they see a shark, ok,
7,6,5,4,3,2,1 boom they forgot, they move on. Nine seconds; attention span of a goldfish.
Ok. The attention span of a human being in 2000 according to Time magazine was twelve
seconds as of last year, the attention span of you and I has been lowered to eight seconds.
We have a shorter attention span than a goldfish, this same goldfish that is swimming around
in my office right now. Eight seconds is what our attention span is today. I want
you to think about that. So, what does that mean? Pat who cares about the attention span?
Everybody should be caring about attention span because if as an entrepreneur as in business,
if you don’t know how to get the attention like this, you lose them. Ok? If you don’t
know how to maintain attention with what you’re doing, you lose them as well. Attention span
is going to be your best friend and your enemy I believe over the next five, ten years cus
I think that eight seconds is going to go to 6 seconds, 4 seconds, 2 seconds and it’s
just going to, that’s what’s going to happen and then we’re gonna be looking at .9 seconds
you know we’re going to get into that world. It may take fifty years to get there or one
hundred years to get there but we’re going into that direction. The other thing to be
thinking about over the next five years is speed. I think speed will be very critical.
Everything will be about speed, speed of delivery, speed of delivering the product, Amazon is
right now having these drones that are gonna deliver things to you. You know, everything
is going to be about speed. I want it now, I want my package now, I want this food in
my hands now, I want this market to deliver the food to me now, I want this product now,
I want this shirt now, I want it now. Businesses who can have speed be on their side are gonna
have an edge because the largest generation we’ve ever had in the past before was who?
Baby Boomers. Now we have a newer generation that’s got seventy-eight, eighty million people
that we’re dealing with um, that they have to learn how to connect with them and then
you have all these other generations that are also behind them following and to them
what’s very important is speed of delivery in everything. Mobile has made everything
faster. So, I would be paying very, very close attention to speed. Next one would be social
issues. Being very social conscious with what you’re doing. Let me explain to you what I
mean by social issues. Um, just think about what Facebook, what Twitter, what YouTube
is. What do we call that? We call that what? What type of media? We call it social media.
Why social media? Not just media, it’s social media, social media. The word social is gonna
have a lot of weight with alot of different things because social connects here if you
don’t know how to socially connect here with the business, you’re and you’re competitor
does, they have an edge over you. Because this is what’s gonna be you know, you look
at Blake Mycoskie, I think he has a company called Toms, right, the shoes Argentina, he
sends the shoes to Argentina he went there something happened he saw and now every time
someone buys a shoe he sends a shoe or something he does with them, that you know became very
big so he payed attention to the social issues but at the same time it worked out with his
business as well. I just think it’s very, very important to be paying attention to social
issues that are going on around the world. It is very important to even pay attention
to political issues that are going on around the world. That doesn’t necessarily mean get
political, it means you need to be very socially aware of the things that are taking place
today and if you can figure out a way to connect that with your business, you’ll have an upper
hand and uh, connection to an audience that maybe somebody else is not gonna have. Next
point, point number four, education. Education is going to be majorly disrupted. Majorly,
is going to be disrupted. I foresee traditional universities taking a very big hit over the
next 10, 20, 30, 40 years I see very, very, very, very big hit taking place. Why? First
thing I talked about was attention span. Second, thing I talked about was what? Speed. The
third thing I talked about was what? Social. Fourth thing is what? Education. If schools
don’t know how to maintain the attention span of a kid, that’s getting out of high school,
who’s smarter and sharper than any eighteen year old kid has ever been, twenty thirty
years ago because of all the stuff that they have access to. If they don’t know how to
maintain their attention span, their speed and they are not socially aware of the events
that are taking place, they’re gonna get crushed. This is why I think education is going to
go purely from a four year, to a two year, to a year. I think Bachelor’s Degrees are
going to get condensed to two years into eighteen months. I think we need to challenge that.
Even all around the world, um, I think it’s going to be more about the experience, I think
if Universities really want to have a blue ocean and if they really want to have an edge,
on everybody else, it’s not about just what you’re teaching me, it’s about the experience
of me going there. I don’t want to go the typical my kids going to come to me. Dad,
I want to go to this school, lets go get a tour of the school. Oh, we have the biggest
classrooms with a thousand seats in this auditorium. I don’t really care for my kid to go sit in
a classroom. I can’t get the kids attention for four seconds. What are you gonna do? What
animals are they gonna be with? What things are they gonna see? What live experience are
they gonna witness? What sale, what, what, what experiences. So if universities don’t
keep it more hands on and educational in touch, travel, see visual, they’re gonna take a big
hit and I think online education, having access to international studies through an online
education is going to dominate and disrupt traditional education. And I’m not talking
about Phoenix University by the way. I’m not talking about Phoenix University, I’m not
talking about that. I am not talking about online colleges that are charging an arm and
a leg to convince somebody that if you get an online Master’s degree, you’re going to
get a ten thousand dollar raise. That’s also a propaganda, I’m also not talking about that.
I’m talking education is gonna be disrupted over the next five, ten years tremendously.
Next one, paying attention to data. Number five. Anything that tracks data is gonna have
higher value. You’re data is gonna have alot of value over the next five years. Data is
going to be, it’s always had a lot of value, this is not a new thing that I’m telling you
but it’s even more now because now it’s alot easier to measure your data against a lot
of other things and if you can prove your data that you’re connecting with this audience
or that audience, you make a bigger case and an argument towards people that your dealing
with so you gotta pay alot of attention to data as well when you’re doing business. Next
one, point number six is mobile. It’s pretty obvious they were saying ten years ago, purchases
are going to be made in China. Right now, people are buying you know soft drinks on
a machine with their mobile, swipe it and then boom. The soft drink drops and their
phone bill gets a two dollar bill because they bought a Coke or whatever it is.Mobile
is going to be um, mobile is going to be the future, it’s already here, it’s not, only
the future but it’s here but it’s knowing how to get your business to be mobile. They
used to say fifteen years ago if you don’t have a website online you’re out of business;
if you don’t have an online website and they were right. If you don’t figure out a way
to connect with an audience on a mobile, you’re also going to be out of business, so mobile
is going to be playing a very big role over the next five years. Next one, is boring industries
I believe will dominate exciting industries and let me explain to you what I mean by this.
Stay with me. Everyone is chasing the next exciting industry. Oh my gosh Snapchat, oh
my gosh this is so amazing. Oh, this is it, this is the next big, oh, I love the. That’s
great, that is great because everybody is running there and when everybody is running
there, you go to the boring industry and you disrupt that industry and you solve that industry,
while everybody is chasing that girl that’s a nine and a half ten, you go after the other
one that makes a great wife. While every girl is chasing that guy that’s the next Brad Pitt
looking guy, you go get the guy that is actually doing the things that are solid and he may
be alot more exciting than you think he is, you just don’t know him yet. Figure that guy
out, that’s the guy I’m gonna put my money on. That’s the industry I’m a put my money
on. Pay very, very close attention to boring industries that nobody is paying attention
to. Not gonna get deeper in that, just gonna tell you, pay close attention to that and
the last one will be transparency. There are no secrets today. You uh, you can act all
perfect you want, if there’s ever been an era where there is no perfect people acting
all mighty, and I’m this and I’m that nothing. Not today. The more you try to judge and all
that other stuff it’s going to backfire today, uh, it’s transparency, uh, everyone’s got
skeletons in the closet. The more you can learn how to be transparent as a company,
the more you can learn how to be vulnerable as a company, the more you can learn how to
be transparent and vulnerable as a human being and a leader, the more of a connection you’re
gonna create with an audience because at the end of the day, what we like as human beings
is people who are real. What we like as human beings is people who are genuine. What we
like as human beings is people that are just themselves, we like that. Um, I’m wearing
a suit right now, I would quite frankly rather wear a shirt. I’m wearing a suit right now
because I’m about to meet with an investor that’s coming here ok, so we’re going to sit
down and have a meeting with them and you know um, that’s the meeting we’re going to
have but when we have meetings with business people, with individuals, with everybody,
with what you’re doing and who you are and transparency, vulnerability, connection, um,
not trying to act perfect, not trying to act like something you’re not because you cannot
do it today, you cannot do it today. All those act as if today, comes out. All of it. If
you’re a fake entrepreneur and you don’t really run a business and you’re ripping people off
for five, ten grand online, it’s gonna come off, it’s gonna come out and then you’re rep
stays for a long time. Just gotta be real, just gotta be you, just gotta be honest about
what you’re doing. Be transparent, I think that will give you an edge also in the future.
I got many more but I just wanted to do a quick answer back to many of you who keep
asking where I see business going the next five to ten years, that’s what I think is
gonna happen, I could be completely wrong, I’ve been wrong many times but those are my
thoughts. If you got any questions about it, comment on the bottom. If you have some thoughts
as well please put that as well and If you haven’t subscribed to the greatest channel
on YouTube for entrepreneurs in our opinion, please subscribe to Valuetainment as well
and thanks for watching, take care. Bye bye.
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