You can do as an american and be filthy rich. Risky business. Old time rock n roll theres a time for playing it safe, and the time for Risky Business. John thats our show tonight. Just take those old records off the shelf. John Risky Business for those of you who know the tom cruise movie, i want to be clear, our show is not about running a brothel in your home. Well talk about other Risky Businesses. Actually all business is risky because most fail. But that process of trying and failing and maybe failing again, but sometimes succeeding is what made america prosperous. Many people call it the American Dream. But now im told, the American Dream is dead. You cant just make it if you try, the American Dream is dead. John really . I assume thats just the victim mentality all over the leftwing media. But conservative economist David Goldman says the American Dream is dead. John, its not dead, its under an evil spell like sleeping beauty. We can get it back, people are not perceiving entrepreneurship effect in their lives the way it did in the past. John really . Because i am. I see it all around. Maybe im bias because i work at fox business, but i see all kinds of people with new idea us. Are bias because you have a job. Simple fact. The russell 2000 companies, smaller expanded companies have half the number of jobs before the 2008 financial crisis. Because the United States government has done Everything Possible to make it hard for people to take a new idea from inception to startup to expansion. John because they keep passing more rules. Absolutely. Before the show, i had lunch with the former chairman of one of the largest Home Furnishing chains. And i told him id be on the show. Tell him shut washington down, thats all we need do. John good luck with that. You also a globalization makes it tougher. I think it would make it easier, you get customers all over the world. Globalization increases the threshold, john, you need to hire the people overseas, the marketing people, the Government Relations people, the translators. Government relations people. When youre dealing with a lot of countries, particularly in the developing sector, which is where a lot of the growth is coming from, dealing with governments is art, not a science. John i interviewed one billionaire, a good example of someone whos achieved the American Dream. When mark cuban was 24 years old. He had no money and no job prospects so he created several companies. I just worked. I mean literally all night, all night, every night. To me the most patriotic thing can you do as an american is be filthy rich, you are creating job, opportunities. John cuban started compuserve, hd net and broadcast. Com, he sold that company to yahoo for 6 billion dollars. Now hosts a tv show that invites entrepreneurs to pitch ideas and sometimes invest in them. 500,000 for 45 of the company. John its exciting and it shows a hit. Probably stole the idea from this old pbs show. Looking for money to grow. We call it money hunt. Hes got a product thats very good. What will make the market different . I want to reposition your entire company already. Every time you think this guy has gone over the rainbow, he keeps suck you back in. John the speaker there was entrepreneur miles spencer. Here he is almost 20 years later. And now you dont just give him advice, you are investing in companies . Thats correct, both cash and most importantly is the mentorship and advice, Team Building and leadership. John what about the scene, the dream is dead . Absolutely not. I dont think the dream is dead it. Dies in certain sectors, Creative Destruction is what built this country, thats what Many Companies are built upon. Every time a dotcom failed, there was a google that emerged. John one business featured on miless old pbs show was pirate brands, they make things like smart puffs and pirate booty. Miles gave the ceo advice, and apparently you helped him. A couple of seasons ago, he came on the show doing 2 million in sales. He walks in here at 17 headed to 25. John that turned out to be one of the programs big successes. They sold out to a big food company. B and g foods, robert was a tremendous entrepreneur but really a scientist that created tasty treats, need the team buildership and entrepreneurship. John wouldnt it succeed because it tastes better, isnt that all you have to do . A quaint thought, i suppose. Today its a global economy, economy that competes across so many different categories. It is crucial to have so many great marketing, great product. Its not about a one trick pony anymore. John any other successes on the pbs show . One particular company register. Com, which is so good, we did invest in them. We put them on as an expert. Deutsche banc took them public in 2000. John failures . Tons of them, one entrepreneur we wrote a check about six figure on the show, and i think the money was gone before the commercial break. And john that was the. Com bubble. Entrepreneurs pitch and wrangle a check out of predators after 20 minutes. It takes a lot more to build a business than a 20 minute pitch. John if i can talk about this, theres an excitement, there i feel it around fox business. Being an entrepreneur, taking the risk, trying something, it builds adrenaline. I absolutely thrive upon the adrenaline. And part of the adrenaline is when you invest odds are youll fail. 80 fail in the first year, 10 in the second. 5 in the third. Five Companies Left standing out of 100 in three years. John the five have to be profitable enough to pay for the 95 failures. And then some. One of my hits would pay for 10, 15, 25 failures. Im also an entrepreneur. I used to be executive at bank of america, now i work for a twoyearold investment bank. I love entrepreneurship, the question is are ordinary in the way eing the benefits they did in the past. In the reagan administration, most jobs were created by startups. Big companies lost jobs. In the obama administration, the russell 2000 has half the jobs, most are coming from big companies. The confidence that ordinary americans have, that entrepreneurship would improve their lives has been lost. John where did you have more fun, big company . Small company, no question. John our current president is schizophrenic about business. In 2011 he said this american has always been a nation ofdoers, we build things, take risks and believe if you have a good idea are and willing to work hard enough, you can turn that idea into a successful business. John yes but then two years later, he said this if youve been successful, you didnt get there on your own. You got a business, you didnt build that. Whats that about . Two years later, is this politics . Kernel of truth what obama is saying, all the 1980s and 90s had government participation, microchips, microwaves, lasers. John some. But a small amount. The big point is government doesnt pick who succeeds or fails. Its the free market who does that. Thats the great thing about entrepreneurship. It is much more exciting to start a business than to work for a large company. John now the president says its government job to help businesses succeed. Ive called on my entire administration to help entrepreneurs get loans, cut through red tape, speed up innovation, and get their businesses off the ground faster. John what . Theyve done the opposite. Pass a thousand new rules every week, all the rules are obstacles to entrepreneurship. When i interviewed mark cuban, he said under todays rules he could not have built the businesses he once built. A lot of the things, there is so much paperwork and regulation, so many things you have to sign up for that, you have a better chance of getting in trouble than you do of being successful. This is what upsets me when the president says were going to help people get loans. Like theyre going to pick and choose . I dont know whether government wants to be our partner here. Government isnt the partner they think of. And partners that i think are sweating payroll or working late hours over the weekend or developing products. Someone that shows up in april on one day and wants a dividend check isnt a partner. John the left says income inequality, which is big in america, that thats a threat to the American Dream. No one cares if bill gates becomes a gazillionaire, the problem is Median Household Income is down by 10 in the last ten years. The threat to the American Dream is people are not make the kind of money they had in the past. Didnt have the opportunities. Its a question of how they get rich. People get rich by creating new companies and new products which benefit everybody. Nobody cares, thats the dream. The equality issue is a complete red herring. John now is something called cb research that has a death chart. Tell me about that. Occasionally i use the death chart to assess what kind of industry i would like to invest in next. It is the Statistical Analysis of how many businesses started within Certain Industries and how many failed within Certain Industries. Those are the ones you want to stay away from. The top here, social media is booming. Category killer. Facebook. Theyre worth thousands of other social media businesses responding. Competition to that, most of them have been wiped out. Gone, wouldnt invest in that today. John linkedin had a column, ten reasons you have to quit your job, which went viral. Everyone is an entrepreneur, thats one of the arguments. Abundance will never come from your job. This says the dreams alive, go do it. I certainly think so, being an entrepreneur and creating businesses is so much better than working at your job. Having said that, its not for everyone. Theres a lot of stress, theres a lot of lumpiness, a lot of risks, which is the title of this segment. John yeah, im checking. Most of people are not entrepreneurs. John how do we pronounce it . Two different ways. An entrepreneur knows that his perpetual motion machine is going to make him a trillion dollars with absolute certainty. Theyve got complete faith in the projects. John a good entrepreneur is deluded. 90 are going to lose shirts and the 10 make our lives better. Most people do not have the faith in themselves and the vision to be entrepreneurs, thats why most of us ought to be working for those entrepreneurs who do have a competence and the vision. Theres a great saying, many great young entrepreneurs didnt know what they couldnt do. John and final thought, amazon, i learned, will now pay employees 5,000 to quit . Leave bonus. Ive done it in my companies after 90 days, if someone doesnt espouse our core values. If someone doesnt have the wheels john motivated. Exactly. Theyre going to become cancer and affect others within the organization. We cant run fast on a bad wheel. We offer people a leave bonus after 90 days. John thank you, miles spencer, David Goldman. Thank you. John keep the conversation going on facebook or twitter. Use the hashtag Risky Business. Biz, actually, let people know what you think. Coming up, more Risky Business, like a bar where the price of booze fluctuates like the stock market. Get a good deal on a drink if you come at the right time. Im going to call it market crash. John next, look at these delicious desserts. They were made by this 12yearold and her moms kitchen. When she sold some, government demanded she stop. Shes here to explain next. When folks think about what they get from alaska, they think salmon and energy. But the energy bp produces up here creates Something Else as well jobs all over america. Engineering and innovation jobs. Advanced Safety Systems technology. Shipping and manufacturing. Across the United States, bp supports more than a quarter million jobs. When we set up operation in one part of the country, people in other parts go to work. Thats not a coincidence. Its one more part of our commitment to america. What is this place . Where are we . This is where we bring together reliably fast internet and the best in entertainment. We call it the x1 entertainment operating system. It looks like the future we must have encountered a temporal vortex. Further analytics are necessary. Beam us up. Thats my phone. Hey. [ female announcer ] the x1 entertainment operating system. Only from xfinity. Tv and internet together like never before. John lemonade for sale lemonade for sale thats me making a fool of myself outside this studio. I tried to sell lemonade legally. But i couldnt do it. Fox lawyers let me do this only if i gave people their money back. And didnt let anyone drink the lemonade to. Sell lemonade legally would have taken months of paperwork. You must complete a 15 hour food protection course, register for food safety exam. Pass it and register for sales tax certificate. Apply for temporary Food Establishment firm, arrange to be inspected by the Health Department. That takes three weeks to get an appointment. Buy a fire extinguisher certified by the government, and get a contract for Waste Disposal and more. I gave up but im optimistic about the future because there are Young Americans who dont give up. A lot of fight, the entrepreneurship killing bureaucrats. Chloe stirling is one of these people, shes 12, and joins us with her mom, heather. Chloe, you took a baking class, and what happened . Two years ago i took a baking class and after that first class, i decided they really liked to do it, and so when all my friends saw the pictures of them, they decided they wanted me to bake cakes and cupcakes for birthdays and stuff. John and started paying you for them . Yes. John and heather it just grew . It just grew. She found herself in business based on popular demand. John and shes always liked doing this, at eight years old. What happened . Eight years old, the ipads came out and she came to me and her dad and said she wanted one, we said no. She decided she was going to earn it and started a pet sitting business and ended up buying an ipad. John at the time they cost 600 bucks, a lot of pet sitting. She did it. John then the cupcakes, you sold how many . I was selling probably a dozen a week. She had orders every weekend booked a month and a half out. How much money . I really dont know. I just knew i was putting all the money in my savings account. John how much money . She doesnt even take money out of savings account. John roughly, 10,000 . No [ laughter ]. No, she probably made 50 bucks a week, maybe. John the local paper did a feature story on you, and immediately after that, an email came from the Health Department saying to you, to mom said please call us about your daughter, and when i called they said she is not to bake anymore, do not let another cupcake leave that house. John do not let another cupcake leave the house. Yes. John we asked the Illinois Department of health about this. Why would they shut chloe down. What they said was in a statement, without standard sanitation training, clear labeling of ingredients that could cause potentially fatal allergic reactions, we could not ensure the safety of foods. So what about that, chloe . Theyre just protecting me from you poisoning me. Um, i thought that it was kind of odd that they wouldnt let an 11yearold bake out of her home and sell it to friends and family. John but youre making money . Yeah, i was making money, but still i was only 11. I wasnt making like a lot of money. John she might have poisoned somebody. Shes never sold a cupcake to anybody that was not 100 aware theyre buying a cupcake from a child, that was prepared in her kitchen. Everyone that ever ordered anything from her came to her. Shes never advertised. Shes never had to go look for business, they have come to her willingly and never made anyone sick, either. John whats happening now, youre going to give up . Were not giving up. Were in the process of trying to change the law so me and other people like me can bake out of their home. John and youve made progress. A state representative has gotten the legislature to vote to change the law. Yeah, weve gotten 100 of the votes towards us on the committee and the house. John and also people are donating commercial Kitchen Equipment to you . Yeah, the Health Department, part of the big issue was there are no options for her. There wasnt an avenue for her to take. If she wanted to bake, we had to buy a bakery or add additional kitchen to our home. John and they say this with a straight face, buy a bakery or build another kitchen. Yes. Shes been supported all over the country. John people volunteered to do carpentry work for you . One company that is leading the way for building chloes kitchen. John this is what it takes to be an entrepreneur in america today. Thank you, chloe and heather. Good luck to you. Thank you. Thank you. John coming up, another entrepreneur fighting the bureaucrats and so far hes winning hes defeated these. 750 pages of regulations. Some more good news, next. Announcer where can an investor be a name and not a number . Scottrade. Ron im never alone with scottrade. I can always call or stop by my local office. Theyre nearby and ready to help. So when i have questions, i can talk to someone who knows exactly how i trade. Because i dont trade like everybody. I trade like me. Thats why im with scottrade. Announcer scottrade proud to be ranked best overall client experience. agent ill walk you guys through every step. There are a lot of buyers for a house like yours. husband thats good to know. A short word thats a tall order. Up your game. Up the ante. And if you stumble, you get back up. Up isnt easy, and we ought to know. Were in the business of up. Everyday delta flies a quarter of Million People while investing billions improving everything from booking to baggage claim. Were raising the bar on flying and tomorrow we will up it yet again. John youve heard the expression, you cant fight city hall. People say it for a reason. The bureaucrats have all the time and money in the world. They dont care if you lose your investment or how much time it takes you. Thats why they usually win. They pretty much defeated the little girl we met in the last segment, but occasionally an entrepreneur has the resources and will to fight back and win. Greg garrett did that, he raises oysters on his land or off his land in virginia. You brought me some. Thank you. The oysters taste fantastic, were serving them up in new york, shipping them to california. All over the country. We have great oyster grounds, were able to secure the prime oyster grounds at the mouth of the new york river at chesapeake bay, and the county ought to be proud of our oysters, proud they are shipped all over the country. John they taste good. I approve. Ten different government permits were required and you got them, but the authorities said its not enough . You misinterpreted our 700page code of ordinances, you have to get another permit which we wont give you. So you have to shut down. Three years into the oyster farm, the county said you are violating our zoning ordinance. John you went to circuit court, the county, you won there, but the county took it to the Supreme Court where, you lost. Right. John and you tell us. At the Supreme Court, again, deciding on a very technical issue about land use, which i wont go into. So we lost. The state Legislature Said this is not right. Wherever you can grow buffalo and goats and cows and hippopotamuses, you ought to be able to grow oysters. The state legislator voted 1285 to approve this. John a rare act because you are good at getting good publicity like this, and the politicians paid attention but cant do that for every entrepreneur. No, they cannot. John they made a good reference that your land was okayed for livestock. Yes. John you could have raised pigs and buffalo would have been legal . Perfectly legal by the county standards. John oysters, no, and the county supervisor didnt respond to our calls. Aqua culture is not a traditional farming activity. Processing and storage can have the significant negative impact on surrounding neighbors due to odors, noise and traffic. What is a pig farm going to have . Im zoned for a pig farm. Does that have potential eshth on the neighbors . In our case, the oysters are silent, there is no noise. The biggest piece of equipment is a 7 horsepower power washer. John there are 700 plus pages of rule. Somewhere crazy, you cant tie an oyster boat to the dock . Thats one of the things, the Supreme Court ruled we could not tight boat to the dock. We have to put pvc pipes a foot away from the dock and the guys from the oyster farm have to jump from the boat to the dock because they cant conduct the operation on the dock or on the land because the countys claimed zoning jurisdiction over the land and the dock. But the boats fine because its out of the jurisdiction. John and when you get this many rules, it really means any bureaucrat can cite you for just about anything any time. Its like living in hazard county and im one of the duke brothers. Ive come against these people. I have not obeyed them, and two are retired colonels, and they cant be wrong. They have made the rules and changed rules along the way. John theyre not giving up, have you one in the legislature. No, no. 1285 is the victory at the state level. The governor signed it. I just got served with another lawsuit. John how much has this cost you in legal fees . Thousands and thousands and thousands of dollars. The legal fees, most weeks or many weeks, the legal fees are greater than the entire Gross Revenue of the oyster farm. If i was in the real estate business, i could never fight this. John why not say okay, give up. Im not going to give up. My family has been in the county since 1620 and eating oysters since 1620. Were not going to give up. Im going stay here until the board of supervisors surrendered. This is yorktown, virginia, freedom was won for america. John thank you, greg garrett, America Needs people like you who wont give up. Coming up, one entrepreneur says you should maybe quit your job, start a business, do cool [ bleep ] and live happily ever after so ally bank has a raise your rate cd that wothats correct. A rate. Cause im really nervous about getting trapped. Whys that . Uh, mark . Go get help i have my reasons. Look, you dont have to feel trapped with our raise your rate cd. If our rate on this cd goes up, yours can too. Oh that sounds nice. Dont feel trapped with the ally raise your rate cd. Ally bank. Your money needs an ally. The numbers are impressive. Over 400,000 new private sector jobs. Making new york state number two in the nation in new private sector job creation. With 10 Regional Development strategies to fit your business needs. And now its even better because theyve introduced startup new york. With the state creating dozens of taxfree zones where businesses pay no taxes for ten years. Become the next business to discover the new new york. [ male announcer ] see if your business qualifies. Will you be a sound sleeper, or a mouth breather . A mouth breather [ whimpers ] how do you sleep like that . Well, put on a breathe right strip and shut your mouth. Allergy medicines open your nose over time, but add a breathe right strip and pow it instantly opens your nose up to 38 more. So you can breathe and do the one thing you want to do sleep. Add breathe right to your allergy medicine. Shut your mouth and sleep right. Breathe right. John im a coward. My parents told me, you work hard in high school, go to a good college, go to grad school, then get a job and you wont freeze in the dark. Made sense to me. So i worked hard in high school, went to college, applied to grad schools, then i was fortunate to stumble across a job in Television People also say its good for your personal development to change your job every seven years or so, but i basically have held onto the same job for more than 40 years. Start a business . Wasnt my thing, it seems. Too risky. Maybe im not good at predicting what businesses will succeed. When ted turner started cnn, i said no way that will work. 24 hours of news. No one can make a profit on that. Oops then when my bosses started the other news channel, fox, i thought no ways two channels can be profitable. Wrong again. Thats why i work for them. And now i realize that my mindset, graduate college, get a job at an established company is shortsighted. Plenty of people who take that route are deep in debt. People who run their own businesses tend to be happier. Its a reason miki agrawal wrote a book called do cool [ bleep ]. Miki went to Ivy League School and worked at Prestigious Bank and quit, why . I had an ahha moment when i worked at deutsche banc. Then 9 11 happened, and i had the first ahha moment, pursue my dreams, the mystery of life, you never know when it was going to end. John deutsche banc was in the World Trade Center . Right across. On my stop to world trade. John suddenly several businesses, pizza restaurant . Came out of a stomach make. So the First Business is born out of a stomach ache, we i created a restaurant concept called it was called slice, now called wild, and a farm to table, glutenfree alternative pizza place. John successful . Yeah, two in new york, one in downtown vegas, and theyre doing well, more to come. John also sesame street for vegetables . The supersprouts is born out of a menu out of the restaurant. My twin sister is an artist and creative and designed a menu to get kids excited about eating vegetables. Kids only had plain cheese pizza, no greens on the pizzas. Based on the nutritional benefit of the character. Kids looked at that. I want to be like brian broccoli and ordered broccoli on the pizzas. It was a direct translation. We founded a Company Called supersprouts, like sesame street focusing on nutrition and education. John and making money . We have 14 products at the marketplace. We are at whole foods and wegmans, et cetera, coming along. John entrepreneurship brings people promoting vegetables to kids. She got the first laeftd United States to dance with her giant vegetables. Oh, my gosh Michelle Obama [ applause ]. John how did you get her to do this . Michelle is all about the lets move initiative at the white house. Finally she realized that our business is not going to fail, and its been around over three years, so now theyre welcoming our company at the white house. Which is awesome. John your third business, thinks underwear. Building businesses and running in the city, kept having monthly accidents when we have our periods. And so, again, in this day in age of innovation, how is it possible were having accidents in underwear, having to interrupt our day and having to run home and change. Happens to every single girl all the time. John i didnt know. That i dont think weve managed to post about that. All men are sitting here because of that normal time of the month. Without that, you wouldnt be here. We invented a technology in womens underwear called think. It allows in the underwear week have the technology that makes it leak and stain resistant, antimicrobial and supports women for every day of the month. John whole group of entrepreneurs moves onto the idea, not enough to get rich, you want to save the world. I think we live in a really, really noisy world today. Were getting advertised in every way. On the news feed in facebook, how do you get people excited about business . For us, it allows people to continue to be excited is having a mission, attached to the business and for me as an entrepreneur, hustling every day working so hard and knowing not only am i creating a product that supports me but girls around the world. John thats the mission. The mission is the developing world over 100 Million Girls a week are missing school because of periods and using leaves and mud and plastic bags to manage and partnered up an organization that provides reusable washable cloth pads for girls in underdeveloping worlds. John you have a book called do cool [ bleep ] why do we need this . 56 of kids out of college are unemployed or underemployed. When i was coming out of college and graduating from cornelle. I was fraught with student loan debt. Entrepreneurship wasnt an option. I went to investment banking, i was miserable, it didnt make me happy. The idea that entrepreneurship is a viable and vibrant option today is exciting. For a young graduate today, kickstarter, gogo, and now companies are funding kids in college. John its easier. Much easier. John my previous guests say the American Dream is gone. I regrettably disagree with that. Very much disagree with that. All of my friends in 20s and 30s today are starting businesses, creating value for the world. One of my best friends started a Company Called change hero. John people your age are doing all this. I was stunned to read this chart from the kauffman foundation. Most Small Businesses are started by older people. People over 55. Yeah, historically, the older generation would be able to create businesses earlier or first because they have money, theyve built their careers, they have establishments to manage have resources to actually start something. Whereas today with things like kickstarter, indy go go, investors taking more risks, the landscape has completely changeed. Good, i hope youre right, thank you, coming up, my fla attempt to starting businesses. And did you know i actually started facebook . Really more cool but Risky Businesses. What do you think is the most exciting thing about this bar . The price is going up and down. You can play it like the stock market. mother vo when i was pregnant. I got more advice than i knew what to do with. What i needed was information i could trust on how to take care of me and my baby. Luckily, unitedhealthcare has a Simple Program that helps moms stay on track with their doctors and get the right care and guidancebefore and after the baby is born. Simple is good right now. anncr vo innovations that work for you. Thats health in numbers. Unitedhealthcare. For 175 dollars a month . So our business can be on at ts network yup. All five of you for 175. Our clients need a lot of attention. Theres unlimited talk and text. Were working deals all day. You get 10 gigabytes of data to share. What about expansion potential . Add a line anytime for 15 bucks a month. Low dues. Great terms. Lets close. New at t mobile share value plans. Our best value plans ever for business. Humans. Even when we cross our ts and dot our is, we still run into problems. Thats why Liberty Mutual insurance offers accident forgiveness with our auto policies. If you qualify, your rates wont go up due to your first accident. Because making mistakes is only human, and so are we. We also offer new car replacement, so if you total your new car, well give you the money for a new one. Call Liberty Mutual insurance at. And ask us all about our auto features, like guaranteed repairs, where if you get into an accident and use one of our certified repair shops, the repairs are guaranteed for life. So call. To talk with an Insurance Expert about everything that comes standard with our base auto policy. And if you switch, you could save up to 423. Liberty Mutual Insurance responsibility. Whats your policy . John one business is clearly risky is the restaurant business. A third of new restaurants fail within a year. By year three, most fail. So entrepreneurs are always looking for something that will give them an edge, make them different, special. So how about this idea . A bar where the price of drinks changes based on supply and demand, like the stock market. The Exchange Bar Grill tried this idea and it worked. Business grew. Since i heard australians are big drinkers, i asked reason tvs Naomi Brockwell to check it out. What do you think is the most exciting thing about the bar . The prices going up and down. John the bar has a ticker that shows the price of popular drinks. Mystery beer, rum, whiskey and so on. Tv screens summarize the prices, they change every five minutes based on supply and demand when. More people buy a drink, the price goes up. Anything in red the prices go down, that means they havent been ordered. I should be buying a whole thing of this . Yes. You can play it like the stock market. Lets say you order bud lights three, four times in a row. If nobody is buying angry orchard, you might be able to buy it at 3. If youre smart about it, you can play the market and go out for drinks cheap. John if prices stay high and drinkers stop buying, bartenders create buying opportunity. Im going to cause a market crash. Ring the bell, the market goes crazy. Everything dropped. We have everything from 3, 4 house drinks, 2shots. You can get a good drink if you catch it at the right time. Very exciting, people realize prices are way low, they try to get an extra drink or two. If the bartender likes you, they might give you insider trading. John what does she mean . You make friends with the bartenders, when you are about to leave, dont leave yet, in 20 minutes were dropping the prices to 2 a beer. Then everyone stays. If its in your best interest to be a very nice patron. John everyone seems to have a gimmick that will work, this seems to work . Its a great place to know if youre not that discerning about the type of drink you want. John one girl you talked with talked about gaming the men. I asked how much was that drink that you purchased. And looked at me funny and at the men opposite her, she said im not checking the prices. Shes found a better way of gaming the system. The best gauge to start a business is how much Economic Freedom you have. There are rankings of countries, in your home country has passed the United States. It has. John we used to be number 2, now 12. Australia is number 3. How are things freer . Well, i mean, i think that the Australian Government has really recognized that if you want to drive the economy, that youre going to have to encourage people to start businesses so they can create jobs. So they do a really good job at getting out of the way, allowing people the freedom to experiment. Not giving them a bunch of paperwork to fill out before theyre allowed to try something new. That is lacking in new york in america. John in new york, you tried to im ceo of my own Production Company as well as working for the moving picture institute. I did start a business and it is very difficult. A lot more difficult than in australia. Theres just a lot of hurtles. Hurtles of paperwork. Yeah. John thank you Naomi Brockwell. Thank you very much. John coming up, ill explain how i created facebook. You thought it was zuckerberg . Huhuh it was me when folks think about what they get from alaska, they think salmon and energy. But the energy bp produces up here creates Something Else as well jobs all over america. Engineering and innovation jobs. Advanced Safety Systems technology. Shipping and manufacturing. Across the United States, bp supports more than a quarter million jobs. When we set up operation in one part of the country, people in other parts go to work. Thats not a coincidence. Its one more part of our commitment to america. John did you know that i started facebook . Really when i was in college, i worked on the school newspaper. A few years before, the papers editors published this snarky book filled with sexist stereotypes. Princeton was allmale so we date the girls from schools like wellesley, bryn mawr, and it was fun to read generalizations about the schools. Where the girls are made money. I came up with the version of adding pictures. At the time every school gave away a booklet with every students picture, i had to go to the schools and get administratorss permission to use the pictures. And for some reason they gave it to me. We then published who the girls are. It was little more than short, obnoxious generalizations about certain girl schools followed by pages and pages of freshman pictures. Now you may not know this, but thats pretty much how facebook started with pictures of College Women posted online, so sexist college boys could see who appealed to them. Were ranking girls. You mean other students. Yes. People want to go on the internet and check out friends. Thats what the facebook is going to be about. John and facebook is worth about 150 billion. Unfortunately, when i started my facebook, the internet hadnt been invented yet, so there was no instant feedback and my idea went nowhere. The book didnt even sell well. We lost money on it. Oh, well. Since then, ive failed again, failed at several other businesses. Copy of give me a break. Im told its a wonderful book. John okay, most were stunts for tv like this stossel store in delaware where i tried to sell my books and fox stuff. You want my fox tshirt . Not right now. The stossel store failed so did stossel enterprises in hong kong, and so did my new york city lemonade stand, but this ability to at least try to succeed is a reason america has been successful. In america, its okay to fail and fail and try again. In most of europe and much of the world, the attitude is, you failed . You had your shot, you didnt succeed, now go work for someone else. This limits the possibilities and some of americas biggest successes came from people who failed often. By reason of experiments with the telephone. John Thomas Edison had more than a thousand patents. We know about his successes like the lightbulb, but few people know edison failed much more often. He was fired by the telegraph office and lost money in the cement company and iron business. Henry fords First Company failed completely. Dr. Seuss first book was rejected by 27 publishers. Oprah was fired from her first job as a reporter. A tv station called her unfit for tv. So the moral to the story, go ahead and try something. It often brings money and happiness. Happiness, researchers say, people who work for themselves tend to be happier than the rest of us. They work longer but theyre happier. Now all business is risky. Your first attempt probably will fail, but that adventure and ability to try something and try again is what gives people the power to prosper. Thats our show. See you next week. See you next week. Morrow. U lou good evening. Russian president flip Vladimir Putin is servingd noticest to the United States and the world the cold war is back. Looking at pictures of their russian aircraftnu carrier to another group of seven russian ships that make the Carrier Task Force that today that passed through the English Channel cleaning it is a routine event but this is the series of public