The top 7 things NOT to do when starting a business
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Emil:
“Hey Evan! I have been watching your videos for a while now. Hope you enjoyed your trip to Asia! I am enthusiastic about entrepreneur videos. I have searched on Youtube and Google and I always get videos/articles about what to do. I believe knowing what NOT to do is equally important. Usually, all I get is generic tips such as “dont grow too fast” but there are no concrete case studies. But when it comes to successful stories, there are specific examples we can learn from. I was thinking if maybe you can have videos/articles analysing and explaining how some real businesses failed, especially start ups. It would be great if you can use your influence to encourage entrepreneurs who have failed to share their stories with you. That way, the mistake will only be made by once because we all will have learnt from it Hopefully you’ll consider my suggestion”
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So you want to start your own business but you don’t have enough money? Well, it doesn’t have to take a lot of money to start a business. I started my business for less than and we did over k in revenue the last two months.
You need an idea. Got one? Good. Make the most basic version of it. Even if it’s just a formal plan of how it will work. Then go and sell it! Go get someone to buy it from you to validate your idea! Don’t worry about getting fancy with website and business cards, if the product or service is solid, you can sell it!
We started a dropshipped sock company for dollars. We ordered four custom made prototypes online, took pictures, posted them on facebook and asked for preorders. We sold 0 dollars worth of socks over the next two days. Our idea was validated. We used that money to order more, and sell them again, and fulfilled our original orders. And we bootstrapped our business from the ground up for the last year and a half! We have never taken investments.
We have no formal education. Neither me or my business partner went to college. We learned by doing. By reading. By watching YouTube videos. By asking questions. There is no excuse good enough for you not to try.
Final thought: Where would you be in two years if you worked your A** off?? Took some risks, and really hustled like you never have before? I am 100% convinced that 2 years is enough time, to improve your quality of life by leaps and bounds if you can find the motivation and dedication to chase after it. GO GET IT!
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