Now's the 'greatest time' to start a business, Dave Ramsey says

0:01 WE'LL SEE YOU AT 12:00. STUART: GOT IT, JACKIE, THANK YOU INDEED. IT'S FINANCIAL FREEDOM WEEK HERE ON FOX BUSINESS, WHO BETTER TO TALK TO ABOUT THAT THAN DAVE RAMSEY. DAVE BUILT HIS BUSINESS FROM THE GROUND UP AND RECENTLY RELEASED A NEW BOOK ON THE TOPIC AND DAVE RAMSEY, WHO I'VE KNOWN FOR 20 YEARS, JOINS ME NOW. LET'S GET ON WITH IT. WHAT'S YOUR BASIC ADVICE TO A YOUNG PERSON BUILDING A BUSINESS, THE FIRST PIECE OF ADVICE. >> THIS IS THE GREATEST TIME IN AMERICA, IN THE HISTORY OF THE HUMAN RACE, TO START A BUSINESS AND A WHOLE BUNCH OF THE GEN Z'S AND MILLENNIALS ARE OPENING BUSINESSES AND TURNING THEIR SIDE HUSTLES INTO REAL BUSINESSES AND I'M JUST REALLY EXCITED ABOUT THAT. WE TELL THEM TO GO SLOW, BE WISE, DON'T BE RASH AND DON'T

0:47 BORROW A BUNCH OF MONEY INTO YOUR IDEAS BECAUSE A LOT OF YOUR IDEAS SUCK. A LOT OF MY IDEAS HAVE SUCKED. I'M CONVINCED THAT ABOUT 90% OF WHAT WE'VE TRIED AT RAMSEY OVER THE LAST 30 YEARS SUCKED AND ABOUT 10% WORKED AND YOU DON'T KNOW IN THE MORNING WHEN YOU'RE ON THE WALKING TRAIL WHICH ONE IT IS, BUT BY THE TIME YOU PUT IT INTO THE MARKETPLACE, THE CUSTOMERS TELL YOUMENT IF YOU BORROW MONEY INTO IT YOU END UP MAKING PAYMENTS ON THOSE THAT WENT INTO THE DUMPSTER. STUART: WHAT'S THE BEST INVESTMENT A YOUNG BUSINESS OWNER CAN MAKE EARLY ON IN THE GAME? >> TO START MOVING FROM WHAT WE CALL THE TREADMILL STAGE, WHICH IS WHAT I STARTED IN AND EVERYONE STARTS IN, WHERE YOU'RE THE CEO, THE CHIEF EVERYTHING OFFICER. YOU'RE RESPONSIBLE FOR REVENUE,

1:32 YOU'RE RESPONSIBLE FOR THE PRODUCTION OF THE WIDGET. AND INVESTING IN THE JOB. AND THEN INVESTING INTO KEY TEAM MEMBERS TO CARRY THE REVENUE WEIGHT AND THE PRODUCTION WEIGHT SO THE BUSINESS RUNS INDEPENDENT OF YOU AS AN INDIVIDUAL AND MOVE FROM THE TREADMILL STAGE TO THE PATHFINDER STAGE. STUART: HOW DO YOU GIVE THEM THE CONFIDENCE TO KNOW THEY'RE GOING TO MOVE FORWARD THAT THEY ARE CONFIDENT THAT THERE'S A PROSPEROUS FUTURE FOR THEM? HOW DO YOU PUT THAT TO A YOUNG ENTREPRENEUR? >> WELL, AGAIN, IF YOU THINK LIKE THE TORTOISE INSTEAD OF THE HARE, YOU CAN SEE PROSPERITY CLEARLY, YOU'RE MOVING REAL SLOW, REAL STEADY,

2:19 YOU'RE NOT A-D-D, IT'S A SLOW AND STEADY PROCESS. IF THERE'S A MISTAKE, WE'RE NOT MAGNIFYING THE MISTAKE WITH BORROWED MONEY. STEP BY STEP INTO THE MARKETPLACE AND THESE GENERATIONS, THEY'RE UNIQUE. I'VE GOT A BUNCH ON MY TEAM AND I KNOW, THEY'RE FABULOUS BECAUSE THEY'VE GROWN UP WITH A MAGIC WAND IN THEIR HAND AND THEY KNOW ABOUT ITERATING AND THEY'VE GROWN UP WITH THAT MINDSET. THEY'RE UNIQUELY QUALIFIED. IT'S A FABULOUS TIME. STUART: AM I RIGHT, THERE'S MORE SMALL BUSINESSES STARTED MORE ENTREPRENEURS THAN IN THE LAST YEARS.

3:04 >> PROBABLY IN THE LAST 10 OR 20 YEARS. SOME OF THAT HAS TO DO WITH ECONOMIC OUTLOOK, AGAIN, IT HAS TO DO WITH THE SCARCITY VERSUS ABUNDANCE MENTALITY. IF YOU'VE GROWN UP AND YOU PUSH A THING IN YOUR HAND AND THINGS SHOW UP ON YOUR FRONT PORCH. YOU HAVE AN ABUNDANCE MENTALITY, YOU THINK THAT ANYTHING IS POSSIBLE. IT'S A WONDERFUL TIME. STUART: