2 Years = 730 Days = 17520 Hours

There is a famous adage, popularized by author Malcolm Gladwell in his book "Outliers," which asserts that achieving mastery in a particular field requires roughly 10,000 hours of dedicated practice. This concept, originally derived from a study by Swedish psychologist Anders Ericsson, has been widely acknowledged. However, when we apply this principle to the realm of business development, such as my role as an entrepreneur and CEO, the reality becomes far more intricate than this straightforward equation might suggest.

Considering that I've dedicated approximately 227,760 hours over the span of 26 years to these roles, one might assume that I have achieved mastery. Yet, the complexity of building and growing a business defies such a simple calculation. This challenge extends beyond entrepreneurship and applies to most other professions and skills as well.

Two years ago, in mid-2021, I embarked on the journey of launching Meet The People. Since then, I have devoted more than 17,000 hours to this venture, even accounting for the countless nights, athletic pursuits, and vacations that were often overshadowed by the perpetual demands of being a founder, where sleep is a luxury.

Have I reached a state of mastery? Quite the opposite. The process feels akin to the Greek myth of Sisyphus, an eternal struggle, a rollercoaster of emotions. One might question why, it remains elusive to conquer this challenge that should have been surmounted during the previous 22 endeavors.

Thus, let's contemplate the pivotal decision to embark anew on this arduous journey. What external factors have shaped our industry and the broader economic landscape in recent years, infusing this uphill battle with excitement and opportunity?

1. Rapid Digitalization: The COVID-induced shift in consumer behavior has accelerated digital adoption across all age groups, turning everyone into a digital shopper.
2. E-commerce Dynamics: We've witnessed explosive e-commerce growth, followed by a significant pullback, leading to a resurgence in high street revenues. This flux has left brands perplexed about the optimal sales channels.
3. Supply Chain Challenges: Supply chain disruptions, coupled with energy price hikes and inflation, have driven up the cost of goods. Consumers are exploring alternatives, favoring "social first" knockoff products and unbranded items.
4. Labor Productivity Dip: Labor productivity has declined by two-thirds since 2014, exacerbated by the pandemic. The debate between remote work (WFH) and returning to the office (RTO) has intensified.
5. Market Volatility: Asset classes across real estate, cryptocurrency, bonds, and public markets have exhibited volatility, impacting profitability, fundraising sources, and M&A dynamics.
6. Employment Fluctuations: Layoffs have been substantial, creating a slowdown in consumption. Interestingly, luxury items and technology products have remained resilient in the face of this trend.
7. Economic Uncertainty: Google Trends indicate a level of "recession" searches comparable to the periods surrounding the 2008 financial crisis, fostering confusion and apprehension.
8. Tech Waves: Following the Web3 surge in 2020-2021, the AI wave has taken center stage since 2022, revolutionizing industries and sparking discussions on workforce replacement versus augmentation.
9. Advertising Landscape: Despite projected YoY growth in advertising revenues, industry players are recalibrating 2023 expectations due to sustained economic challenges.
10. Digital Dominance: More than half of advertising expenditure is channeled into digital platforms, compelling the industry to prioritize these channels over in-person experiences.

In the midst of these circumstances, it's remarkable to reflect on how the external environment has evolved over the course of these 17,000 hours since the inception of my venture, when the industry was crying out for transformation. Economic challenges, as history suggests, are intertwined with a plethora of opportunities waiting to be seized.

Consider the following positive outlook:

1. Universal Digitization: Virtually everyone has embraced digital platforms, offering an opportunity to focus on services that boast a global reach without significant financial barriers.
2. Diverse Sales Channels: Both e-commerce and traditional retail have their merits; mastering both avenues can establish a brand's dominance within its segment.
3. Pricing Dynamics: Consumers' tolerance for higher prices presents the chance for brands to enhance margins or engage in strategic price competition.
4. Work Concept Innovation: With productivity growth at an all-time low, introducing novel work concepts can confer a competitive edge to businesses.
5. Capital Market Opportunities: Capital market stress can lead to attractive valuations, facilitating strategic acquisitions and market consolidation.
6. Market Share Acquisition: Slower consumption, coupled with opportunistic investments during market downturns, can yield increased market share and customer loyalty.
7. Labor Market Reset: Recessions offer a chance to recalibrate labor markets and salary expectations, aiding companies in acquiring talent competitively for future growth.
8. Technological Advancements: The AI wave can enable first-mover advantages and support labor-intensive tasks in industries like advertising, redefining traditional workflows.
9. Agility vs. Tradition: Modern firms, unburdened by legacy structures, can outpace traditional counterparts, leveraging challenges for competitive advantage.
10. Integrated Experiences: While digital platforms dominate, the demand persists for a harmonious blend of digital and real-world customer interactions.

In light of this perspective, the narrative shifts from "Building during an economic downturn is formidable" to "This is a rare opportunity." The glass-half-empty or glass-half-full perspective becomes paramount.

My belief is that 10,000 hours merely mark the commencement of this journey. I'm committed to persisting until I've dedicated 100,000 hours. There has never been a more opportune time to embark on this endeavor and redefine the landscape of advertising groups. It's not meant to be facile; after all, if it were easy, it would lack the potential for true innovation.

Thank you,

Tim