America Has an Ownership Problem

Originally sent in From the Desk of Justin Hubbard on January 4, 2026.

The short version: It's not your work ethic. It's an ownership problem most people can't see yet, and blue-collar business owners are feeling it first and surviving it better. Owning a service business is one of the last real ownership paths left, so stay steady, tighten your systems, and keep stacking ownership.

I've been running service businesses for over a decade. Long enough to remember when things felt more predictable.

Not necessarily easier... just steadier.

You showed up, worked hard, treated people right, and over time you built something worthwhile. It was slow. It was quiet. But it really did work.

Over the years that feeling has changed.

And if you've felt it (in hiring, pricing, advertising, customer behavior, or just the mental load you carry) you're not imagining it. I promise you're not crazy.

Something bigger is happening under the surface.

This Isn't a Political Problem. It's an Ownership Problem.

Years ago in 2020, Peter Thiel laid this out in simple incentive terms.

If you load a generation with debt.

If housing becomes out of reach.

If asset ownership feels impossible.

You shouldn't be surprised when people turn against the system.

Because if you don't own anything, an economy designed to increase asset values doesn't feel like opportunity.

It feels like it's working against you.

And this is not ideology. It's incentives.

You See This Breakdown Every Day

You don't need headlines to see it.

You see it in the field every day you're at work.

Labor Feels Different Now

Younger workers don't think long-term.

Not because they're necessarily lazy (although depending on who you ask you'll get a different answer). It's because I believe they don't trust the payoff.

Look at it from their perspective:

• loyalty doesn't guarantee advancement
• patience doesn't guarantee security
• grinding doesn't guarantee ownership

So instead you see them chase:

• faster money
• flexibility
• short-term upside

That's frustrating as an owner, but it's rational if you don't believe the system works for you. And I will be the first to tell you that this is true, because I work with so many new business owners, and most of them, especially the younger crowd, want to be doing 7 figures in their first couple of years.

It's not impossible, but it's most certainly not likely. A JPMorgan Chase Institute study found that only about 9% of the small businesses it tracked reached $1 million in revenue within their first five years.

Customers Are More Guarded

This shouldn't come as a surprise...

Customers shop harder now.

They hesitate longer.

They push back on price.

Not because they don't value your work.

But because they feel squeezed and uncertain due to the major economic shifts we've experienced over the last half decade.

When people don't feel stable, they protect cash. Human nature at its finest, and it lines up perfectly with Maslow's hierarchy of needs.

When basic needs like security and safety feel shaky, people don't think about growth, progress, or long-term plans. They focus on survival. Spending slows. Risk tolerance drops. Decisions get conservative.

Stability comes first. Everything else waits.

Understanding this doesn't make selling harder. It makes you calmer and more effective.

Why Gambling and "Moonshot Thinking" Took Off

Here's something commonly overlooked.

When slow, steady progress stops feeling reliable, people change how they take on risk.

That's why gambling and speculation exploded.

When the grind feels pointless, taking a wild swing starts to feel logical.

That mindset doesn't stop with betting apps.

It spills into careers, money decisions, and behavior.

When people feel trapped, their risk preferences can change drastically.

The Old Deal Broke

For decades, the unspoken social deal was simple:

Show up.

Work hard.

Be patient.

Time will reward you.

Wealth built through:

• home equity
• steady careers
• predictable ladders

That deal doesn't feel dependable, and in a lot of cases isn't real anymore.

And when trust breaks, people stop defending the system because they don't benefit from it.

This Is Where Small Business Still Wins

If you've read this far, here's the payoff lol

This matters for you because you already chose a different path.

Owning a service business is one of the last real ownership paths left that doesn't require elite credentials, family money, or perfect timing.

You own:

• your trucks and equipment
• your pricing decisions
• your upside
• your future

That matters more now than ever.

Most people don't have that. Most people won't fight for that.

Ownership Creates Stability

When Warren Buffett stepped down as CEO of Berkshire Hathaway at the end of 2025, it truly marked the end of an era.

Buffett didn't win by chasing trendy horseshit ideas.

He won by building and investing in systems that compounded over time.

Ownership aligned incentives.

It created patience.

It created durability.

That same principle applies to small businesses.

Ownership changes how people think, act, and plan.

Why Small Businesses Still Hold Communities Together

Writer Noah Smith pointed out that places like Japan thrive because of dense networks of small businesses.

Policies protect small operators.

People own what they build.

Communities stay grounded.

Small businesses are the social and economic glue.

And in the U.S., small businesses remain one of the most trusted institutions left.

Ownership creates buy-in. And that's really important.

A Fork in the Road

Some guys will read this, nod, and go right back to running day-to-day without changing anything.

Others will recognize that this is the season to:

• think longer-term
• tighten systems
• stop treating the business like a job and a paycheck
• start treating it like an income-producing asset

Both paths are understandable.

Only one compounds.

What This Means for You

I didn't write this to try and make you feel like you need to work more hours in your business. I wrote it to shed light on the fact that we all need to protect our ownership, invest in our business systems, and always stay patient while others panic.

As Marc Andreessen once said, the world is more moldable than it looks, especially to people who decide what they want and pursue it with focus.

That applies to boring businesses just as much as tech.

Ownership is still the edge.

And if it were easy, everyone would do it. So they don't.

In fact, in 2025 about 10.3% of the U.S. workforce (roughly 16.8 million people) were self-employed. And while there are over 34 million small businesses in the U.S., making up 99.9% of all businesses, about 82% of them operate without any employees.

You are a part of a very special and elite group. Keep pushing forward.

Final Thought

Things feel heavier right now because they are. There's no question about it.

But the good news is that you're not powerless. You're a builder in a time when builders matter more than ever.

So stay steady. Stay disciplined. And keep stacking ownership.

That's still how real progress gets made.

If this hit a nerve, it's probably because you're already thinking longer-term than most operators. That's not accidental, and it's sure as hell worth protecting. Be the reader that recognizes this as the moment to stop drifting and start building with more intention. Choose the path that compounds.

— Justin

Related: Building business value without private equity · How to recession-proof your home service business · Business systems for home services