How paperless procure-to-pay can save time, money, and the economy | European CEO

European CEO: Paying invoices on time doesn’t
seem like too much to ask. But in Europe, more than 40 percent of invoices are paid late, according to a report. What can businesses do? Joining me is Richard Hurwitz, CEO of business
transaction experts Tungsten. Richard: 40 percent is incredibly high.
What can businesses do? Richard Hurwitz: You’re right Paul. In today’s increasingly competitive and global
economic environment, that kind of leakage… businesses just can’t afford it. After all, it’s the velocity of working capital
that we’re talking about here; the grease that really has an economy grow or not. The problem is that too many of these businesses
are relying on manual, paper-based AP processes. Yet we live in a world where
digital technologies are revolutionising the way
that businesses operate. Too often, those technologies are being applied
to the front office, not to the back office. European CEO: So the solution you’re suggesting
is digitisation and automation; removing the human element from the process as much as
possible. Richard Hurwitz: Exactly right. In fact, removing paper from the payables
process is really a no-brainer. Those benefits are highly demonstrable – in
fact, quantifiable. And I’ll give you a for-instance. With one complex buying organisation, prior
to joining the Tungsten Network, they had 148 FTEs in their payables department. Today they have 108; they’ve redeployed people
more effectively in other areas. Prior to joining the network it took them
21 days to process an invoice; today, 4.5. Prior to joining the network they had an error
rate of 17-18 percent; today, 0.25 percent. Our client base consists of the most complex
buying organisations on the planet. These are brands that you and I know and work
with and buy from every single day. And we have about 60 percent of the FTSE 100
and Fortune 500. And they’re a very demanding customer base. Security and risk of fraud is one of the highest
considerations they look at when they consider joining a network like Tungsten’s, so we pride
ourselves on providing trusted connections that streamline their transactions and are
cross-border compliant. So we are ISO certified, we are ISAE certified;
we work in a compliant manner across 48 countries. We believe in helping businesses do business
better, over the most safe, secure network that there is on the planet. European CEO: You’re talking about the Tungsten
Network; because your customers do become part of a network. How does that make the invoice process easier
for both sides? Richard Hurwitz: You’re in essence connecting
a corporation across continents to all of its entities, and then to its supply chain. The global supply chain is coming to a portal,
Tungsten’s real estate, in order to input invoices, in order to check on the status
of those invoices. And it’s very easy for us now to overlay into
that a host of other applications. So you and I think of an iPhone as a platform onto which we take down a host of value-added applications. We’re doing the exact same thing at Tungsten. And one form of a value-added application
is the ability for the global supply chain to come to that portal – now, right in that
same space, they can assess how many invoices are outstanding, what the value of those are,
when those are going to be paid. And with the click of a button, secure capital
against those invoices. Same day. No documentation, no reps and warranties,
no recourse. And 100 percent advance rates. That’s not available to them anywhere else. This is enhancing the velocity at which working
capital gets back into our economies, and that’s good for global growth. European CEO: Invoice finance really is a
growing alternative source of finance for a lot of SMEs; talk to me about the growth
there, how big has it been? Richard Hurwitz: I’ll tell you some statistics! For those suppliers that are making use of
our functionality, they continue to use it. In fact they take down about 80 percent of all
of their invoices that are available for financing. They use it over and over again. We continue to see our outstandings grow month-to-month. And just recently at Tungsten we’ve had a
very prominent leader join our organisation to help us grow our invoice financing business. So Prabhat Vira has joined us from HSBC Bank,
where he ran its trade finance business in the Americas for many years. European CEO: So how did you develop your
offering? Richard Hurwitz: The incumbent players, the
banks, tend to serve the largest, most strategic vendors for these buyers. The group that needs the capital most is underserved. And that’s our small and medium sized enterprises. Banks here in the UK, and in the US, are not
making loans as readily to small business. The underwriting requirements are much more
onerous. Yet they have these assets in the form of
receivables – which as you’ve earlier pointed out are taking longer to be paid. And now they have the ability, the small business,
to finance that receivable in a very low-friction manner through the Tungsten Network. That’s where Tungsten plays.
That’s where the volume sits. What we’re doing is providing a very disruptive
approach to a conventional set of activities. And we’re doing that through digital technologies. European CEO: Going back to your platform
then; what other apps can we expect to see? Richard Hurwitz: So, we’re looking for the
opportunity to add value to the network in areas that are adjacent to that procure-to-pay
workstream that we play in. For example, of the $200bn of flows that Tungsten
processed last year, a full third of it was in multiple currencies. So think of a Mexican supplier delivering
corn to Kellogg’s. Kellogg’s may pay that invoice in dollars;
the vendor is then standing up, going down the street, converting that to pesos. Instead, today, on the Tungsten Network, they
can do it right at their desktop, with less friction. So that’s another example of where we’re adding value. European CEO: Richard, thank you very much. Richard Hurwitz: Paul, thank you. Thanks for watching. You can find out more about procure-to-pay
solutions at And please subscribe for the latest business,
finance and strategic insights transforming Europe.

Does Vertical Farming Work?

vertical farming has been called the
future of Agriculture claimed to solve many of the problems we talked about in
the last video. It’s been a controversial topic with mixed opinions from experts.
Are these claims hype or can it deliver? but first we need a better understanding
of what a vertical farm is There are many different versions and they all
have vastly different capabilities. Part of the problem, is the many types of farm
and confusing array of definitions So let’s deal with those first. vertical farming and urban farming are
both umbrella terms that are sometimes used interchangeably, although they are
not the same. Urban agriculture includes a broad array of concepts, it essentially
focuses on bringing food production into the city. In order to move the production
as close to consumption as possible. This may include the usage of vertical farms
or may involve more traditional growing practices, in an urban environment. While
vertical farms can be urban they don’t have to be, therefor all vertical
farming references in this video won’t be restricted to urban environments.
While vertical farms can use soil most utilize hydro, aero, or aquaponics. These
methods use much less water than typically used in soil. Hydroponics
replaces soil by using a circulating water and nutrient mix for plant growth.
Aeroponics uses an open membrane and a water mist spray with a nutrient mix.
Aquaponics uses hydroponics and an aquatic ecosystem to balance nutrients
in both systems. I won’t be discussing the aquaponics variant in this video.
Strictly speaking, the term vertical farm could be used in reference to structures
that grow food on multiple levels. This could range from small-scale hobby
spaces, to large automated buildings. So let’s quickly take a look at which
versions of this technology, have the most promise to positively impact our
global issues. For many, the image of the vertical farm is a city skyscraper
filled with fruit vegetables trees and perhaps even animals. Whilst some look
amazing, it can be hard to argue that these images lend credibility to the
vertical farming concept. Skyscrapers represent very expensive real estate and are usually reserved for high-value activities. Growing fruit on trees or
rearing animals humanely, have a low value density. This isn’t a problem if
you have acres of cheap land to produce on, but it
is if you’re using premium real estate. Even if you’re growing a dense premium
crop, the cost of growing also increases exponentially with height. The
requirements to pump water and move biomass vertically, takes considerable
energy. This may be insignificant for a ten level farm, but would likely be
prohibitive for a farm with hundreds or thousands of levels. While there are a
number of architectural concepts for skyscraper farms, as yet, only one is
being built. The world food building is currently under construction in
linköping Sweden. While information for this building is limited, even if it
achieves its target costs of 40 million dollars, It is highly unlikely to recoup
that money with its production capacity of 550 tons of vegetables per year. Wall
farms and rooftop farms often share a similar visual appeal to skyscraper
farms. Unlike skyscraper farms, these don’t displace existing real estate.
Instead, they aim to utilize unused spaces to grow food. As such, the cost of
adding these types of farm is often minimal. Many of these farms are created
by hobbyists and double as Gardens. As such, the addition of green space to the
urban environment is considered a welcome one.
While this may seem like good news, the amount of usable surfaces for growing food, is
extremely limited. In fact, Dickenson Despommier, the man who is credited with
inventing the term vertical farm came up with the concept, after his students
calculated that rooftop farming could supply just 2% of 2015 New York’s
population, by fully utilizing all of its rooftops for growing. This is when he
turned to the idea of skyscraper farms. Even if we utilize all usable rooftops
in the world, we would only be able to save a fraction of a percent
the global land. so while rooftop and wall farms aren’t a bad use of otherwise
wasted space, their ability to affect the global challenges are negligible. Vertical greenhouses are largely
transparent structures, that utilize multiple growing levels. One of the
challenges that is introduced by stacking greenhouse levels on top of
each other, is providing enough light as the glass or polymer structure already
absorbs some of the sunlight and stacking vertically increases the risk
of shadows. Vertical greenhouses can get around this problem by rotating the
levels, to get a relatively even distribution of sunlight. By adding
supplementary artificial light, vertical greenhouses
can grow to higher plant density than a typical greenhouse.
Although capital costs and electricity costs are higher. This makes them better
suited to urban environments, where land is at a premium. Vertical greenhouses
essentially allow you to move production closer to consumption. Both horizontal or
vertical hydroponic greenhouses are promising technologies, that will help
comeback the global challenges, as they require 10 to 15 times less land and
water than traditional agriculture. Given that commercial hydroponic greenhouses
are a relatively mature industry, their viability and scalability is not in
question. These greenhouses can grow a broad range of fruits and vegetables but
are not used to grow staple crops such as wheat, which accounts for the majority
of land and water demand. They’re also partially exposed to the climate and
local light levels, which makes them expensive to run in some areas. If we use
greenhouses to produce our global vegetables and some fruits, we would save
less than 2% of our global land, barely enough to offset a projected 2050 land
loss and less than half of the 55% increase in water demand. While
greenhouses may alleviate some of the global challenges, it’s not enough to be
able to prevent the worst of the problems. If we really want to stop and
reverse the global challenges, we will need a more radical approach. Plant
factories are the most technologically advanced version of the vertical farm. They are airtight, highly climate-controlled buildings, with a co2
enriched atmosphere. They’re essentially clean rooms, like those used in drug or
satellite production. Production rooms contain plants on multiple levels, they
are sealed and thermally insulated with no windows. Relying on 100% artificial
lighting. they’re aero, or hydroponic, where transpired water vapor from the plant is
captured and condensed recycling it back into the hydroponic nutrient mix. They are
typically warehouse size buildings, no more than a few stories in height. Plant
factories offer the greatest level of land and water savings of all vertical
farms. They also have the highest level of control and growing conditions,
meaning that they can grow any type of plant, in any region of the world. They’re
not exposed to bad weather or failed harvests, this gives them the potential
to have the greatest impact on the global challenges. Therefore, for the
purposes of this video, when I refer to vertical farms, I’m talking about plant
factories, as they are the most viable version of this technology, although as
we will discover, plant factories introduce their own challenges. While
they have a greater level of real-world practicality, they still face criticisms
around cost, real estate and energy consumption. So how valid are these
criticisms? In order for vertical farming to positively change the world, it needs
to be technologically feasible, environmentally sustainable (or at least
better than current practices) and economically viable. While this industry is still in an early
phase, from a technological standpoint vertical farming works. While it is true
that the current farms focus almost exclusively on leafy greens and herbs,
pretty much any crop can already be produced this way, with existing
technology. Vertical farms use less water than traditional agriculture, a lot less.
In the best vertical farms, one kilogram of lettuce requires 1.2 liters of water.
This is especially impressive given that lettuce is 95% water. 1.2 liters is 17
times better than a normal hydroponic greenhouse and in stark contrast, field
grown lettuce requires a staggering 237 liters per kilogram of lettuce. That’s
200 times more water! The water saved has the potential for a huge positive impact
on water security and reversing wetland destruction. Vertical farms don’t need
pesticides, they require little fertilizer and don’t have uncontrolled
agricultural runoff. These factors combined is great news for freshwater
wildlife. Since they can be built near population centers, proponents of this
technology often argue that urban farms allow for a reduction in carbon
emissions, due to a reduction in food transport. While this is largely true, the
extent of the benefit is often exaggerated from a climate perspective.
Food transport makes up a relatively small portion of agricultural emissions,
the real environmental opportunity for vertical farming, is the potential to
return farmland to forest and shrub land. This will be a massive benefit for
wildlife conservation efforts and also has promise for significant global
carbon sequestration. But how much land can it save? This technology has a vastly
greater yield for a given area, with the cutting edge farms having a growing
density over 100 times greater than field grown.
This has enormous potential for reversing deforestation and habitat
destruction. There is an elephant in the room however, vertical farms trade energy
for density control, it’s how they achieve massive yields for a small area of land.
Artificial lighting accounts for 80 percent of the farms energy costs, based
on the current global energy mix, most of that energy requires carbon emissions to
produce. So on balance, are plant factories good for the environment and
can they be solar-powered? This is something we will investigate in the
next video. Vertical farms can be expensive to set up, especially if you
want a big operation. Running costs can be high from a labor and electricity
perspective. While labor costs decrease with the scale of the operation, it is difficult
to shrink the electricity costs. Plants need light energy to grow, in a field the
sun provides it for free, in a vertical farm, it must be supplied.
Since leafy greens and herbs have a low light requirement and reasonable profit
margins, they are much more economically viable. There are hundreds of them in
operation around the world, some of them are massive in scale. Capable of
producing 30,000 heads of lettuce per day from a single farm. A 2014 study
of 165 Japanese vertical farms found that 25 percent were profitable, 50
percent were breaking even and 25 percent were making a loss.
These are promising numbers for such a new industry. Rapid technological
improvements and a greatly expanding knowledge base, have greatly improved the
profitability in just the four short years since the study. In fact, the
question is no longer can a vertical farm work but how big can this industry
get? and, will this industry ever grow more than leafy greens? Despite being in its infancy, this
technology already accounted for one percent of Japan’s lettuce production in
2014, from 165 vertical farms. While the number of farms has increased
significantly since then, so has the size of the farms. This year, a single farm
opened which will supply 0.6% of the whole Japanese
lettuce market. In 2015 the vertical farming industry was worth 1.15 billion
dollars, in 2020 its projected to be an industry worth over 13 billion
dollars. Just last year the US firm plenty, raised 226 million dollars, with
their plan to roll out their farms near every major US city. With investment from
the world’s richest man Jeff Bezos, it’s a significant statement for the
industry. But it’s not just the big companies. For eighty-five thousand
dollars, you can buy a shipping container with a fully installed farm inside and
it’s delivered directly to you. this container requires 1% of an acre
but can produce 20% of an acres worth of produce. This low cost of entry makes
vertical farming very accessible to entrepreneurs and many are getting
involved. A lack of investment certainly isn’t this industry’s barrier to growth.
but what about market size? any of these operations focus on the
premium end of the market because they are capable of delivering the highest
quality produce but they also focus on it out of necessity. Since the bigger
profit margins afforded by premium products, offset the labor and energy
costs of the operation. While this is good news for current businesses, plant
factories will have to compete on price with traditional growing methods, or its
ability to impact at a global level will be severely limited. Only a small
percentage of the market is willing to pay a big premium for high-quality
environmentally-friendly products. The more vertical farming shifts to the
right on the graph, the bigger the size of the market becomes. For the leafy green
market, the cost of production is shrinking fast. As of 2018, a number of
vertical farm products are cost competitive with the market, although
many are still sold at a premium to enhance profits. Taking a look at a
suburban medium-sized farm from Japan 2015, we can see just how close to market
costs they were. They were able to sustainably sell at a price just 12
percent above the country’s wholesale price. Looking into their costs, we get a
sense of the opportunity at hand. In fact, the cutting edge plant factories are likely
to have a cost breakdown that looks more like this. Year on year, yields continue
to increase for given inputs and the cost of the inputs continues to fall.
The electricity, depreciation and labor costs are falling every year as
technologies continue to improve. Something we will look at in more detail
in the next video. This means for leafy greens at least, vertical farms are in a
position to corner the market. If vertical farms take over the leafy green
market, what impact will this have on our global challenges? Lettuce growing uses
over nine trillion liters of fresh water every year but that accounts for just
0.02 percent of global fresh water and lettuce accounts for just 0.1 percent of
our agricultural land usage. While the leafy green market is more than just
lettuce, the reality is it’s just a small fraction of global agriculture. To make a
big global impact, vertical farming needs to be able to economically grow a
broader range of produce, but what will it take to be able to grow more types of
food? Almost all crops can be grown hydroponically,
so in principle, vertical farms could grow almost all of our global crops. So
why aren’t we doing that? and if we could, how big could the impact be? let’s find
out… To get notified when the new video comes, click the subscribe button. If you’re watching the video more than a week
after posting, you can click the box on the right to see the new video now. I
look forward to seeing your comments on the video below and don’t forget to
check out the subreddit if you want a more detailed discussion.

Uconnect® Market | How To | Uconnect®

[music playing] These days, staying connected on the go can seem like a full time job. Well, now there’s a new Uconnect® feature
that can make that job a little easier. Uconnect® Market helps you do things like
make reservations… place orders… even remotely pay for goods and services – right
from your car! So you can tackle everything on your to-do list… and everything on your want-to-do list. Maybe you’re meeting some friends for lunch… Uconnect® Market let’s you reserve a table
with Yelp, right from your touchscreen. Choose a restaurant, enter the number of people,
select a time… and you’re all set. Parking just got a lot simpler. With Uconnect® Market and ParkWhiz, you can
find and pay for parking in advance, with distances, prices, and directions all laid
out in front of you. Say you’re on the way home, and find out
the family wants pizza for dinner. Tap the Domino’s icon, and you can choose
from your saved Easy Order, Recent Orders, or call to customize. Everyone’s happy, and you did it all on
the go! And, whenever you drive, Uconnect® Market helps you decide when – and where – to fill up. Just select “Fuel,” and choose from the
list. Shell “Pay & Save” members can simply
tap the Shell icon, so you can earn and redeem rewards… and pay from the comfort of your
driver’s seat. Market is available on select 2019 and 2020
Chrysler, Dodge, Jeep and Ram vehicles. And, with new features and partners being
added all the time, you’ll be able to do things like schedule an oil change at your
Mopar® authorized dealer, and even order a latte on the way. Registration is fast and free. Go to to login, and then
sign-up for Uconnect® Market. Make sure to set up and link your loyalty
accounts for merchants like Shell, Domino’s and more… to be able to pay on the go and
keep earning rewards. So don’t reach for your wallet, purse or
your phone… Reach for your touchscreen, and a new level
of convenience, with Uconnect® Market.

Is Hard Work and Hustle the Secret?

– Should you work harder? Is hard work the key? Is hustle the key? I hear a lot of different opinions. I just wanna say this. I feel like I live in a world
that’s the exact opposite. I feel like I live in
a world where millions, tens of millions, hundreds of millions, even billions of people
are working their ass off. I remember going to
India in the Third World. People wake up at dawn and work till dusk, picking aluminum out of trash heaps. Should they work harder to get ahead? I’ll tell you a true story. Growing up, I played basketball
at a school, inner-city, 95% non-white people, in
Raleigh, North Carolina. Enloe is the name of the university, and I had a friend who
lived in the projects. His name was Leon Champion. Rest in peace, Leon; he died in prison, after I got graduated high school, but it’s a sad story. I’ve never, you know,
I didn’t grow up rich, but we always had food,
and I spent the night at his house in the
projects one time, and Leon, I woke up in the middle of
the night and I was hungry. I was probably 17 years old and hungry. I go down to his refrigerator
and everybody’s asleep. I open it up; he had a single
mom, and I’ll never forget, there was mustard and beer in the kitchen. One beer, one mustard. I said to him, I came back in the morning, I said, Leon, where’s the food? He said, man, I don’t eat on the weekends. We don’t have any money. I eat free lunch as
late as I can on Friday, and then I go to school
at six in the morning to eat on Monday. Sure, he had a little bit of candy and a little bit of that on the weekend. Wage inequality; his
mom was working nonstop. I never even saw his mom. She was at a job every minute. I don’t even know when
she came in to sleep. So don’t tell me, I
shoulda just gone to her and said to Leon’s mom, “Oh,
work harder, work harder, “work harder, hustle,
hey, you ain’t hustling.” No, someone shoulda educated her. Some entrepreneur shoulda reached down from their multi-million-dollar
empire and said, “Lemme take you under my wing.” A guy came to me, a homeless
kid, his name was Chris Lopez. I put some videos. This is about two years ago. Showed up, knocked on my door,
in my Hollywood Hills house. He said, “Ty, everybody’s
dead in my family “except my grandfather. “I’m homeless; I walked
from Compton, Long Beach.” He walked to Hollywood. I said, “How long did it take?” I think he said, seven hours, so, I think he took the bus a little bit. He said, “Will you help me, Ty?” And I didn’t know this guy; I didn’t know if he had a criminal record;
I didn’t know whatever; but I thought, this dude’s a hustler. He showed up; he found. I said, “How’d you find my house?” He said, “I triangulated.” This is before Snapchat. “Triangulated it; I
walked for hours up here “in the hills and I finally found it.” So, I took him under my
wing, and he worked for me. I told him at first,
I’m just gonna hire you for a little while; this
is not a long-term thing. I wanna test you and see if you fit in, and he worked for me for
about one and a half years, one year, and finally I
came to him and I said, “I taught you a lot of stuff. “You’ve saved a lot of
money working for me.” So, he had saved up enough
to get a motorcycle, and have money in the bank. He was taking care of his
grandfather; he was 80 or 90. They were no longer homeless,
and this is not me bragging, I’m just showing you what
leverage can do when you reach out and help people, all you entrepreneurs, and Chris Lopez kinda disappeared. Alright, it was the last
day, we sent him off, thanks for being here. About six months ago, I was
in the Las Vegas airport, who comes around the corner
when I get outa airport, just walking by, Chris Lopez. He came up to mel I recorded a video. I’ve released it a long time ago. He said, “Ty, you know,
man, I wanna thank you. “You showed me how to do real estate, “give me some just
general financial tips.” He was a Mexican. He said, I went down where
my grandfather’s hometown in Mexico, and we built
a condominium building; I can’t remember how
big it was, multi-unit; and he said, “That thing pays me “six or seven hundred
bucks a month, profit now. “That takes care of my grandpa
here in Long Beach, Compton.” He said, “I now, I found a job.” He’s got all these entrepreneur jobs. He’s up in Alaska, doing some
fishing for a couple months. He’s doing all; he said, “Man,
I’m financially independent.” I think he told me he’s making
four to six grand a month. Now, that’s not a million dollars, but if you left that kid in the ghetto and just said, work harder, work harder, you know what happened to
my friend, Leon Champion, the other friend I was talking about? Nobody helped him. I was only 17; I didn’t
know how to help him. My dad, we had a little bit of money. My step-dad, very nice thing
he did, when I told him, “Man, I was just out at
Leon’s house; he had no food.” We went and bought a
week’s worth of groceries. That’s all we could afford,
and we brought it to Leon, but it wasn’t enough. His mom continued to work hard. Didn’t work! I remember, as a senior
in high school, Leon, I stopped hanging out with him. He started carrying a gun at school. He started dealing coke, and I was an athlete; I didn’t
wanna get involved in that. We were acquaintances,
but he was forced to, because he was hungry, not
because he was a criminal. He was a good kid. I left, I went to Joe Salitz’s farm. When I came back, first thing I did, I called my friend, Lance. I said, “Lance, let’s catch up “and play basketball with Leon.” He said, “Oh, you don’t
know; Leon’s dead.” So what happened? He said, “Man, “he got caught for selling drugs.” He got put in prison,
and Leon was diabetic. All that bad-diet stuff and not being able to eat had made him a
diabetic as a teenager. I remember that; he used
to have insulin shots. He said, “They put him in
prison and I don’t think “they gave him his insulin
shots and he just died.” They just left him; he rotted
in there at 20, 21 years old. So, that’s the world where
you just tell the mom to work harder and hustle. Don’t give me that fuckin’
shit; it pisses me off. Go out and teach people how to do stuff. That’s how you move the world forward. Enough of this nonsense. By the way, a little P.S. I never saw Leon’s mom,
’cause she drove a taxi, did all this, but in his senior year, she’s the one who gave him a gun. They both started dealing. She said, “Forget this; we’re hungry.” What I wish woulda happened
is, one of these entrepreneurs, just talkin’ about hustle,
just talkin’ about hard work. How about hard work, go help people, and a lot of you are. I’m not calling out anyone in particular. I’m just saying, “Don’t preach at people “that need to work hard.” She would have come across
one of these videos. She woulda thought, “Oh, my
God, I just gotta work hard.” Nah, that’s not what she needed. She needed guidance. We live in the modern world. She coulda, just like Chris
Lopez, if I had been older, I coulda taken her and Leon
under my wing and said, “Lemme show you how to make
four to six grand a month, “just like Chris Lopez.” I know single moms; my
mom was a single mom. All around us, families, single moms, people trying to put food on their table, working two, three jobs. Is the answer for them
to just work harder? Or is it to work smarter? Work hard or work smart,
’cause they’re different. I’m always reminded of
this story that my mentor, Allan Nation, told me. He said, “Ty,” and I don’t
know if this was a true story, but it gets the point across. There was a plane flying
over South America. It crash-landed and it was
full of all these engineers, all these hard workers, and
the hard workers got out, and there were some machetes
and they all grabbed a machete and they begin to hack their
way through the jungle, chop, chop, chop, chop, chop. Flurries of activity, boy,
they were working hard, but they forgot something. Don’t ever confuse flurries of
activity with accomplishment. Activity doesn’t always equal achievement. So they were chopping
through, and luckily for them, one person got out of the plane. Instead of working hard, went
on, climbed up a big tree, and looked out and surveyed the landscape and yelled down to the group, and said, “Hey, guys, you’re working hard, “but you’re going the wrong direction. “You’re going deeper into the jungle. “The city, for our
escape, is the other way.” You see, what’s moved civilization forward is not just hard work. Go to any hotel, go to any restaurant, the hardest working people
there are working their ass off and they’re still not getting ahead. They’re still not equality in pay. There’s still people
making massive amounts who don’t work nearly as
hard as the working class. No, what’s gets you ahead is leverage. In fact, it’s the exact opposite. What you wanna do is figure
out how to work half the time and get twice as much done, so that you could take a vacation, so that you can paint a
painting, and have some downtime. So, you can go on
vacation with your family. So you can just lay out on the
beach and just look at nature and enjoy life. You wanna just grind yourself
into the ground, go ahead, but the people that get
ahead are not just grinders. They’re not. The grind is necessary, work is necessary, but it’s never a goal. It’s a necessity. The goal is very different. The goal of life is not to breathe. Breathing is a necessity. The goal in life is to enjoy your life, to do something important. You breathe because you must;
you work because you must; but you never say, “Well, you know why I’m
here? It’s just to breathe.” No, you’re not here just to work. Working harder doesn’t
always change the game. Now, I will say, there’s about five to 10% of people I bump into
that are just pure lazy. You and I all know who they are. They’re just lazy, but those
people are not gonna be helped by this video or anybody’s video. If they’re lazy, they’re lazy. For those of you, and
if you’re watching this, I doubt you’re lazy. I bet you you work. I bet you know how to put
your head down and focus, but maybe you look at
your bank account and go, “Wait a second; this is crazy.” Did you know that, I
think, the top 10 people on the Forbes list have more money than the next 50% of the world. Is it because those top-10
Forbes-list people worked harder? Nah, let’s be real here. Is it because they grinded more than the other 50% of the world? I think that people saying this
haven’t traveled the world. I’ve been to over 50 countries, a lot of them third-world countries. The hardest working people I’ve ever met, and they’re still poor, and it’s sad, and I’d like to figure
out a way to change that. I’d like to be able to contribute. My best guess and my best
hope for the world is that we begin to have tools. We begin to get electricity to places. We get the Internet to places. We get better education. That’s not just working
hard, that’s working smart. This will change the world. Now, I just wanna go on record, saying, I have worked hard; I have;
and I regret a lot of it. I regret of a lot of it. In hindsight, had I
listened to more people, and I had mentors, but even
then, I wasn’t listening enough. When you get in a car, in a new city, do you just drive, or do you look at Waze, do you look at Google Maps,
do you look at Apple Maps? Because it’ll tell you, don’t go left. We’ve already looked down
left, and left is a dead-end. Left is traffic. Same way for you as an entrepreneur. You need somebody, just
like Mark Zuckerberg turned to Steve Jobs and said, “I don’t know what to do with Facebook. “It’s not working anymore.” And Steve Jobs said,
“Mark, you’re in your 20s. “I’m almost 50. “Lemme share with you the mistakes I made “in my 20s, in my 30s. “Lemme guide you so you don’t
have to make those mistakes.” As the great Warren Buffet says, once the richest man in the world, “We only learn through mistakes, “but they don’t have to be ours. “We only learn through hard work, “but it doesn’t have to
all be our hard work.” Who do you think gets further in life? Who do you think gets to the
point A to point B faster? Somebody who runs real fast, really fast? Usain Bolt, he can run 28
miles an hour, I think. Or an out-of-shape person who has a car? One has a tool, one works hard. Who would you bet on in a fight? Somebody with a stick,
or somebody with a gun? Who would you want defending you? One might be really strong
with really big muscles. It’ll be like that Indiana Jones movie. The guy had the sword, (whooshes) and Indiana Jones watched the
guy do all the sword stuff, and then he just went,
boop, because he had a tool. What’s your gun, and I’m not
talking about literally guns. Saying, what’s your tool? What’s gonna get you ahead? What’s helped me? I’m probably not smarter than you. I probably didn’t work harder than you. I found some mentors, when
the Internet first came out, and they showed me how to use Google Ads. I just sat in a little room
in Raleigh, North Carolina, and I reached the entire United States from a little interface. It helped me go from zero to six figures. How do you explain that? Was I working harder than you? I don’t think so. I was working smarter than some people, but it wasn’t even my smarts. I can’t even take the credit. I was taking the smarts
from a guy named Corey Rudl. Joel Salatin helped me;
Gary Townsend helped me; Allan Nation helped me. Joel Salatin at age 19 changed my life. Most important people in
my life were not the ones who made me work harder, although
Joel did expect hard work, but boy, it was also smart work. If you just worked hard and
did a flurry of activity and he came in there and
it was all falling apart, he wouldn’t congratulate
me for my hard work. Your bank account doesn’t
go up from hard work. There’s no rule that you work
double the hours tomorrow then you make double the money, especially not as an entrepreneur. If I could go back and be 19 again, I would watch this video and test it, and I’d go, “How can I work smarter? “How can I take and
download into my brain, “through books, mentorships,
conferences, YouTube videos, “the accumulated body of knowledge “of the wisest people in the world.” Gimme that; I’m gonna tell
you, I challenge anybody. You wanna try to outwork me and I do that? You can out-leverage everybody. Was it Archimedes, I think, who said, “Give me a lever long enough
and I’ll move the world.” We can change the world. We can create wage equality,
or at least, much closer. There will always be some wage inequality, but it doesn’t have to be that the top 10 people have
more money than the bottom 50%. Those top 10 people, even if
they worked 24 hours a day, can only work 240 hours a day, but three and a half billion
people are working hundreds of billions of hours a month,
but they’re not getting ahead. It’s a sad world, as it will be education, it will be technology, it will be mentors. This is what will move the world forward. I’m not talking about
personal wealth for me or personal wealth for you, even though that will be included. I’m talking about wealth for the world. I’m talking about a
world where you can walk down the streets and no
one’s shooting at anybody, because everybody has enough. The only people who shoot
at people are people who don’t have enough for the most part. There’s a few psychopaths. Almost all crime is rooted
in not having enough.

Elena Delle Donne on Finances, Family, Health and Equal Pay | Kneading Dough S.2 E.5

“Dead Presidents III”] – [rapping]
High school graduates Straight to the league I ain’t waitin’
for my knee to blow Yesterday
I was needin’ this dough Get it?
I was kneadin’ this dough [indistinct chatter] [indistinct conversations] – Thanks, everyone,
for being here. Honored today to have Elena
on the show. There’s people from Wilmington,
Delaware, huh? – I’m telling you, Delaware is
the most loyal state there is. [laughter and applause] When I was younger,
I can’t tell you how many times people asked me
what state is Delaware in. – [laughing] – Like, it is the first state,
number one. So, like,
one of my biggest goals playing basketball is like, “people are gonna know
that Delaware’s a state, and it’s a great state,” so. – What was it like growing up
in a household with three kids? What was family life like
for you? – You know, my family
means everything to me, and right from–
I mean, when I was born, I knew the importance of a team ’cause my sister
has special needs, and it was always about her. Like, how can we help Lizzie
to be great and to overcome
all these disabilities that have been thrown her way? So I learned right away,
it takes a team to achieve a lot–
anything, really. – And growing up that way,
what did your parents do for a living?
Did they both work? What did they do? – So my mom was
a special ed teacher, but once she had Lizzie,
she stayed at home. And then my dad runs
a real estate company. – Got it.
And did he teach you a lot about “save money.
Do this with your money. Here’s what you do
when you make money”? – He taught me all of that. Even at home, he would
do little things like, you know, we’d have chores and he’d be like,
“All right, you get 20 bucks. “What are you gonna do
with this money? “Like, do you want to save it
and it’ll grow “because you do
more and more chores “and you’re gonna get paid
and it can grow, “or do you want to just
spend it all right now “on, you know, a toy that you’re not gonna want
in a couple weeks?” So we were able to learn
immediately, you know,
the importance of saving. – You’ve been through
a lot of things and persevered. Where have you found,
or what obstacle have you found that you’ve learned
the most from, that’s inspired you the most? – Contracting Lyme disease
has been the toughest battle that I’ve had to fight. I contracted it in 2008 and still, to this day,
I’m fighting it. To be a professional athlete
and to have a chronic illness can be really tough. There’s days where
I’m just exhausted and don’t feel like
I have it in me and have to rest my body and do extra things to take
care of myself. But it’s–once again,
it’s taught me about money and the importance of saving.
[chuckles] Because so much of
the treatments for Lyme disease aren’t covered…
– Oh, wow. – By health insurance. But it’s taught me to save,
you know. – One of the main things
you always stood up for is pay equity
amongst WNBA players. – Oh, yeah.
Yeah, this one– this was eye-opening. You can kind of just see that,
you know, women aren’t valued the same
way that men are in the workforce, and it gets frustrating, but you just gotta continue
to fight the battle, and it’s a societal problem that I think the League
and the W can spearhead and kind of start a movement
going. It’s big companies
needing to step up and, you know, put their money
where their mouth is, ’cause right now the talk is,
you know, the power is female, all that. It’s–you know,
that’s where the talk is at, and it sounds great to say
that you believe that, but if you’re not putting
your dollars behind it and your marketing behind it, then it’s just lip service. So I’m waiting for the dollars to actually
get behind female athletes. And the goal is that, you know, women’s basketball players
don’t have to go overseas to make their money.
– Yep. – You know, we want it
to happen here in America. – Here, exactly. And players have to–
or feel as though they have to play over there to supplement their salaries,
correct? – Mm-hmm. Yeah.
– Because you actually get paid more over there.
– Way more. – Way more?
– Yeah, way more. – What is the max salary
in the WNBA? – So the max salary
is $115.000. – That, compared
to the NBA minimum, is probably around
6 1/2 times less. – If you’re not getting
endorsements here, it’s not enough.
– Living here? – You’re gonna have to
go overseas. – But you’ve never chosen
to play overseas, correct? And why is that? – I don’t want to play
all year round. I love having an offseason to get better at my craft. Like, if you’re playing games
all year round, you’re not getting better…
– Of course. – The way you can
in an offseason. I love being able
to see my family– spending Christmas and
Thanksgiving with my family, which people miss out on
when they’re overseas. And then I like to do
other things. Like, I’ve got
a woodworking business. I love to get into
the woodshop. – Yep.
– And just create things. – So you talked about–you have
a woodworking business. How long have you had that?
– Goodness. That’s been, like, 3 1/2,
4 years now. – 3 1/2–
and are you loving it? – Love it.
– Really? – Yeah, it’s been so much fun. My wife is more talented
than I am, and I’ve learned so much
from her. We’re moving–we were going
back to Chicago, and we needed a little table–
a little coffee table. – Mm-hmm.
– And… just built it because coffee tables
are expensive. – Of course.
– Like, furniture is really expensive.
– Really expensive, I agree. – I was like, “Well, shoot.
Let’s go to Home Depot and buy some wood
and make this thing.” – And build it, yeah. – So we threw
something together and then, you know,
good old social media– I posted it and so much
feedback of people wanting… – Loved it? Demand.
– To, you know. So right away, we’re like,
“A-ha. We’re now gonna be
a woodworking company.” It’s called DelleDonneDesigns. In season it’s tough
to do tables ’cause it’s just the two of us.
– Yep. – And that’s the one thing
I struggle the most with being an entrepreneur,
is delegating. We need to scale it
at some point, but I need to let go–
– Meaning you and her make everything?
– Everything. – Holy c–Oh, my goodness.
– Yeah. Everything. – You can’t scale that way.
– No–it’s– yeah, it’s not working
the way– – [laughs] No, exactly. – We could be doing a lot– – ‘Cause you also
have another job. – I know. She’ll be like– – So when you’re playing,
it’s just her. – Hey, can you come
into the shop right now? I’m like, “No. I’m tired. I can’t be building a table.” – We were talking
about earlier– this is obviously–you’re
finishing your sixth season. What are some of the things
you’ve learned over the six years
about saving money? Like, what are the most
important things? – I’ve learned that taxes
are awful. – [laughs] – I–you see the–
you see the dollars that you’re getting paid
and then it’s like, “Wait, half of that’s
gonna go away?” Like, no!
– [laughs] – So I’ve become frugal. The best thing ever, too, was somebody told me, you
should get a financial advisor. – Oh, God, yes. – Like right when I hit
the League. And he has been so great. – Help you organize everything?
– Goodness, yes. Every month, I get a report, and I get to look
at what’s coming in, what’s going out. If, you know, we–
we even plan, like, five years from now, hopefully, you know,
we’ll have a family and be–have a kid, so how are we gonna prepare
for that? – Yep. And do you think
you have a responsibility to tell the rookies
that are coming in now? – Yes.
– Do you–do you do that? – Yes.
– Because you didn’t get it? – Because I didn’t get it, I’m like, “Come here. “You gotta do this.
You gotta do this. “Get yourself an advisor, ’cause you need somebody
who can help you.” – Of course.
– Especially with overseas money and all that, like–
– Yeah, it’s tricky. – That gets really tricky, and it’s nice to have somebody
who understands that. – Obviously, as you finish
your career, you’re gonna keep running
your foundation, which is very passionate
to you. Tell us a little bit
about your foundation. – The goal of the foundation is to help people
with special needs and families who might not
have the money to care for their child
with special needs. So what we would like to see
future, down the road is, like, going into homes and, like, being able to fit
out the whole home to care for a family member
who might have special needs. I know that I love basketball.
I love kids. I love people
with special needs. So one of my, you know,
greatest joys is running Unified
basketball camps, where I have, you know, the
“typical” able-bodied people playing alongside
Special Olympic athletes, and there’s no greater feeling
than just, you know, being able to spend time
with them and seeing them work
with one another and the joy of sport. – One last question to wrap–
a fun question that we always have
on the show. It’s what we call
the Broke Habit. So is there one thing
that you’ve always done, like, going back to college,
or before that, that was, like, a habit
that you can’t shake, even though
you’re a professional basketball player now? – There are still times in
the grocery store where, like, I’ll choose the cheap brand. And, like–
like the cheap toilet paper, or the cheap–[laughs]
You know? – You can’t help it?
– And it–it isn’t as good, but I’m like,
“This isn’t worth spending the extra money
on it.” So I make that decision.
– So I’ll save this money here. – Yeah, that’s when my wife
is like, “Why did you not “just get Bounty?
Like, it’s all ripping. “Like, are you kidding me
right now? This is awful.”
And I’m like, “Well, then you need to go to the grocery store
next time, ’cause I made the good decision.”
– Exactly. Exactly. Well, everyone, thank you
for joining us. This has been fantastic
with Elena on the show. Please give Elena a big hand. [applause] And thank you
to the production team. Thank you to Chase.
Thank you, everyone. Appreciate it.

Going from farm to market on Amazon

– Try to sit and face me,
and a little to the right. Perfect (camera shutter clicks), nice. – To become a cover guy or a cover girl, you have to have a clever personality. – Hold on to that right there. (sheep bleats) (camera shutter clicks) Now we’re showing up. – Wanna come up here? Come on, girl. (chicken clucks)
(shutter clicks) – Perfect. – 1818 Farms is located in
historic Mooresville, Alabama. We’re not only a working flower farm, but we also have a line of handcrafted bath
and lifestyle products. (pig snorting) The farm animals are
cover girls and cover guys for our products. We started out at our
tiny little post office delivering a handful of packages. Hey, chick chick chick chick chick. There are a lot of times
owning your own business where I think you do hit a
wall, and it can be hard. Your product has to be in front of people on that other end of the
computer for them to see it. We have to really be thinking about how can we build
the brand as a whole. Working with Amazon is
a total game changer. It’s the credibility it offers
a small brand like ours. Oh my gosh! That looks really good. We’ve seen consistent growth,
year after year after year. (sheep bleating) We won the award! (cheering) – I knew it (screaming)! – To now be recognized as the Amazon Woman-Owned
Small Business of the Year, with the farm animals. (pig slurping) How can you not love that face? With the flowers. These look pretty good too. And making the products. It’s a great achievement. (country music)