Ray Deck argues that entrepreneurs building high-return businesses can't rely on passive income. Technology amplifies effort but doesn't replace it. Wealth comes from hard work and serving customers well first.
There's no such thing as passive income. There are, of course, such things as passive income, particularly on the finance side. Like you sort of put your money in somewhere and it can start to accumulate for you. But the, when you're an entrepreneur and you're trying to create really high return businesses, there is no such thing. It requires effort. It requires work. I've talked to people who are like building side hustles. They don't want to do things a certain way because they want to create what they call passive income. But the way they create massive amounts of value for your customer is going to be through You know, putting in the work and the technology is a wonderful lever. It allows you to create a whole lot more value to the work that you're putting in. But there really is no substitute for leaning in to provide excellent things for the customer. So that would be my counsel. If you're considering how to create a business, how it's going to create a whole lot of wealth that might eventually be a passive asset for you, start by putting in the work. There is no such thing as passive income today.
