live recording all right we are live
welcome back everybody another
entrepreneur ama asking your questions
featuring Rishi captive II welcome back
thanks Evan I believe nation good
morning good morning pretty exciting i
was up till four in the morning my book
came in last night and yeah Nina
insistent open it up that night we had a
salsa night till about midnight and then
she insisted that we opened up that
night and then I got all excited that my
book came in this is just like the the
the galley copy so there’s some some
mistakes in there so but it’s you know
it’s nice to have the actual thing there
so yeah so high four hours sleep so this
will be an exciting challenge to my god
crush league and split my focus and be
on for asleep but I’m excited let’s try
that and see how it goes I’m exciting
i’m going to set up a game here and
let’s get into our first question
alrighty Evan just so you know I am
refreshing the page and I don’t cease I
just want to make sure you’re really our
lives I think are you live uh it says a
minute ago hey guys I’ll refresh the
page one more time just to make sure the
fun the Fun X twitch experiments you
guys are watch us on youtube you can
follow me live on twitch let’s see let’s
see
it says two minutes ago just making sure
that it’s live while I do that I agree
she won’t you tell everybody but what
you do fabulous um well I am reishi from
Russia captain EO youtube channel and my
channel is the place where good music
good food and good talk in effect and I
just love being youtuber I love being
able to grow and share and all the fun
things that youtubers to do and so yeah
and i just love i love watching police
Evan Carmichael channel and anyway it’s
so much fun it’s like I ratted that to
my name believe Evan Carmichael my new
first name evan is my middle name now
okay uh which when she says it says line
now under my name so I’m assuming it’s
work okay good sorry I don’t know it
might just be my Wi-Fi anyway go ahead
sorry well go you go ahead first
question let’s do it okay let’s go all
right first question comes from wrong
Nikki Jose he says I have a dream to
have my own business and have a big
company in Tanzania and worldwide ken
Vania and worldwide and now holding the
bachelor degree of education based on
economics as a teaching subject I have a
lot of plans but I failed to perform due
to capital problems so can you help me
to fulfill my green so thanks for the
question Oh Juan Nikki one nikka sorry
if I didn’t say that right we always get
a lot of questions about capital
problems and so be really really
probably helpful to you to check out
some of the other League of Legends
episodes that we’ve done because there
might be some really great information
there for you but capital problems
usually
I think from the feedback that I’ve
heard and get a lot of people is its
capital problems really boiled down to
value problems so when you really are
providing value then your capital is
affected by that in a good way so I
really think about what is the value
that you want to provide it doesn’t have
any information here about what kind of
business you specifically want to start
but I would just start with you know
what is the value you want to provide
with the service or product that you
feel will really help change people’s
lives and and I think that’s where you
need to start more than being worried
about the capital problem because I
think that will be addressed when you
address the value problem yeah for me I
would just try to start smaller find the
smaller way to get started whatever your
big plan is it’s great to have a big
dream a big vision big goal but break
that down the smaller sets because what
ends up happening is you don’t take
action because I need to get these
resources and this amount of money
raised and this team on board until I
get that I don’t start and that’s that’s
the mistake a lot of entrepreneurs make
where if you want to get that dream that
happen you got to find a way just to get
started on a small scale whatever that
smallest first step is the challenge
with raising capital when you’re first
turn out the business one you know the
banks aren’t going to give it to you
unless you do a personal line of credit
and I wouldn’t recommend going on
getting the bank loan to start with
anyway I say on the channel a lot that
I’d much rather see you make money
before you spend money I hate spending
money like make you money it’s a it’s a
consistent theme on a channel but then
also do going to try to get investors
you’re going to get destroyed on your
valuation like they’re going to take so
much of your company that you’re not
gonna be left with anything because it’s
too risky for them
on top of that you’re going to spend so
much time trying to be out raising
capital that you’re not running a
business raising capital is almost
another full-time job that you have to
go and do and it’s it’s really hard to
then execute on your idea why you’re
raising capital so I mean all of that in
I’d say bootstrap find the small way to
get started find a way to get close to
your customers I understand what they
really really want get an order in the
door or even if it’s even if it’s I’m
gonna get banned ye did they do it oh no
you were banned this quickly I just got
it no I did I got a six minute penalty
ah because I had to hit the band a
champion and I didn’t I didn’t do it and
so now I’m bangs in the game for six
minutes oh my god yeah not great yeah
that’s split focus okay well hopefully
Celia that’s the only a flaw of the day
here um but it’s it’s six extra bonus
minutes of of chat time and helping
entrepreneurs um there you go providing
value yeah so that’s it just find a way
to start smaller don’t don’t expect
somebody to come in on a white horse and
save your business and give you the
money you need and don’t wait you know
don’t sit down complain that somebody’s
not giving you money and don’t wait
until that happens sale it’s too many
entrepreneurs do that just find a small
way to get started if it’s if you need
money to raise capital for a product you
don’t start with the service get close
to your customers get cash hill coming
in and invest that money into building
the product for your business it’s a
little bit slower growth but one it
helps make sure that something’s
actually happening on your business and
to dramatically increase is a chance of
your business being successful item
alright next question comes from homme
de omar cuz i’m homme de anza alright
very cool names here Hamza says i’m 20
i’m in college my true passion is to be
an entrepreneur but i don’t know what
sort of business i want to start how can
i overcome such a problem is this
natural to happen absolutely Hamza I
think this is probably pretty typical of
a lot of people who are passionate
entrepreneurs they want to they want to
make an impact they want to change the
world but they may not know you know
where to start and exactly what it is
they want to do I have to plug the one
word book now because if you don’t know
Evan book is in pre-launch and this is I
can’t you know think of a better place
to start because I think a lot of I
don’t know that you’re gonna have to
chime in on this but I feel like a lot
of entrepreneurs just as a people they
are on purpose they want to change the
world they want to kind of anybody it’s
not change like the world maybe they
just really want to make change in a
specific area they want to really leave
this legacy and so I feel like you can’t
talk about that without addressing
purpose and so the book is one a really
powerful way that you can start asking
questions and tapping into purpose and i
really think that that is a step toward
finding out what kind of business you
want to start another thing that I’ll
just added you know is it it do you want
to provide a service you know right away
because even if you don’t know what the
full business plan is you can start
providing a service to you know your
community people around you
and that is a way that you can start to
I think really identify the business
that you want to be in because you start
really being able to what are you
passionate about how are you passionate
about serving others around you and and
just improving the lives of the people
around you now that’s all I got I like
it not like I appreciate the plug for
the book too um yeah I would say I mean
I agree understanding that the book
helps you with your self awareness
understanding what you’re staying for
helping you live a life and run a
business on purpose um so you know I
would humbly recommend that you check it
out to to add to it i would say i would
say it’s super common i think one of the
questions is this common that i don’t
know what i want to do i think it is
super common i think there are a lot of
entrepreneurs who get started on
something and they find that it’s not
for them and they don’t know what to do
next how people haven’t gotten started
yet because they haven’t found their one
idea i think some people have clarity
from the beginning like i need to try
this idea and a lot of people don’t they
just want to be an entrepreneur they
want to set their own rules they want to
be their own boss they want to have an
impact and so if that’s you the worst
thing you can do is try to box yourself
in too quickly the worst thing you can
do is try to just go down a lane because
you see an opportunity to make money but
it’s not really what you’re passionate
about the best thing you can do is
explore and so we just need to do you
need to explore and explore and try new
things until you find the thing that you
get really excited about super jazzed up
about that you just can’t put down we
just did a video she’s not coming out
yet it’s coming out soon on novak
djokovic the tennis player and he was
from Serbia and when he was growing up
everybody was talking about soccer and
all these different sports and then
suddenly they built the tennis court in
his area and he just fell in love with
tennis and he was out there playing
tennis every single day you know 10
hours a day just he he wanted to be out
there hitting balls against the wall as
much as he could and the path wasn’t
super clear for him you know to make
money from this he just fell in love
with tennis and couldn’t stop playing it
and so you need to find the equivalent
for what you do I love helping
entrepreneurs I can’t help it when I’m
playing league of legends I want to help
on yours watching Birds all day long
today is an insane day packed with
hangouts and phone calls and meetings to
help entrepreneurs and so that’s that’s
my call that’s what I really enjoy doing
and I didn’t know at the start like I
didn’t set out on this plan to say I’m
going to be an entrepreneur guru and
help a ton of people you know what
happened was when i sold my first
business I was honestly bored and I
didn’t know what I wanted to do and I
got invited to speak at a YMCA and I
said can you come talk to our group and
said sure I was just trying a bunch of
stuff say yes the whole bunch of things
I went into the room and was
disappointed that there were only three
people there but I loved it I loved
helping them and I love impacting those
three people and I had to figure out
another way to make this work because I
wanted to keep doing it even never got
paid and in looking at it a lot of time
two things that you love don’t make
sense at the start don’t have a logical
business plan are you not clear how
you’re going to make money from the
start from that YMCA thing it was a free
event and I promoted and they promoted
it and only three people showed up you
know how am I gonna ever turn that into
a business if three people show up to
something that’s free right and that’s
the matter that’s the kind of thing that
people would look at and say oh well
that you know I can’t do this this isn’t
going to be a business but if it’s
something that you love then you’ll find
a way like for me it wasn’t doing more
public speaking yet it was turning into
a website turn until you
your channel and that led to more public
speaking but years later like we’re
gonna get that speech I must have been
22 or 23 you know now I’m 30 what here
is it 36 uh and so it took some time to
build up and you don’t know how the
business model is necessarily going to
work you may have to switch your
business model ton of times but it’s
just pursuing the things that you love
and if you don’t know what you loved and
you need to explore until you find the
thing that you love and fabulous it I
think I was pretty on point I’m pretty
impressed four hours sleep I’m feeling
that one that was a good one that story
is just so so inspirational anyway I
love the YMCA story yeah yeah I mean we
didn’t get into a too much detail but
quick shout-out to rise online and guilt
guilt summer 51 96 or joining on the
live stream thank you guys let’s hit up
or no question alrighty next question
comes from Lewis and he says I’m 28
years old and I’m a huge fan I used to
work with IT and marketing for about six
years at the moment I’m director of
clothing a clothing store but he’s
always had a hash a passion to be an
entrepreneur his father owned the local
supermarket and he worked in the
supermarket when he was a child and they
sold it when about 70 years ago now he’s
interested in buying back the
supermarket and he wants to make this
into a kind of like a step-by-step move
into a chain of small supermarkets like
a 7-eleven so the problem he won’t need
to have a notice he can’t buy it back
because he doesn’t have the money to buy
it back what should he do borrow money
or find an investor hello the inet why
so I know you know your thoughts about
seeking investors but in this case when
there is a
kind of like a pre-existing business and
it sounds like he knows the business I’m
wondering if your if your advice is the
same I I guess in a way this could be
considered expansion capital because I
just to clarify there’s a really great
video if you guys haven’t seen it’s
called do you really need an investor
for your business it’s a video with Evan
and Steven Kelley from some stage and
they have a really good discussion on
that video again called do you really
need an investor for your business and
they have a really good discussion there
about deep you know kind of when is the
right time and so you might want to
check that video out but yeah in this
case is you know you’re not
bootstrapping so what do you say Evan
yeah so I’m just a quick update for the
people watching live I was in a game and
I forgot the bane of champion so I got
kicked out of the game and given a six
minute penalty I know now we’re having a
hard time finding the new game so which
is we’re just going to the questions and
seeing what comes up um oh we got a game
look at that let’s hope it sticks so one
I mean I love the nostalgia I love the
idea of taking something that you
started with and it has some you know
family connections and ties to and love
I think that’s great a couple a couple
things that I see for you one it can be
super challenging to get one specific
thing right like I want that store that
my parents used to have you know maybe I
want the Evan dot-com domain name but it
doesn’t mean that the guy wants to sell
it to me right so who just because you
want that one thing it doesn’t mean that
you’re gonna be able to get it at an
affordable price it may take years to be
able to get it you may have to wait for
the person to pass on it goes to their
kids before you’re able to get it right
just depends on how much they love the
business and and when it’s time to sell
I you know do
we got a new we got a new game again I
remember having a meeting with an angel
investor and he was talking about how he
acquires businesses and one of the
things that he mentioned was he would
talk to business owners and say hey you
know when you’re ready to sell I’d love
to be the first guy that he talked to
and a lot of times people don’t have an
exit strategy you know for grocery store
a lot of times people don’t you know you
can’t go public with it yeah you can’t
issue a big shares against it there’s no
real mergers and acquisition
opportunities so they may not have an
exit strategy beyond give it to my kids
and so this is this is a chance for thee
for them when the time is right just
like if you want to buy somebody’s house
you know they may not be selling so it
can be hard living house so just put it
on their radar talking to them and
saying problem you a tribe and my
champion popular sign I don’t want to
know they’re there we go just let them
know that this opportunity it still will
likely mean you paid an inflated price
but not something over-the-top crazy so
be prepared that it may take years so
that that happen if that happens and
then so what are you gonna do now right
zoom is gonna take some time what are
you gonna spend your time on now how can
you learn more about the industry or how
can you get started in this smaller way
back to the first question about raising
capital start smaller what can you do to
start in a small way to build up
experience build up customer base
understand the product and the product
marketing again do you go work for
another grocery store and just get back
into it or do you start your own thing
protection on the side and start
learning again and then when an
opportunity does come it is something
that you could potentially finance with
the bank I don’t think an angel investor
would want to have a grocery store I
mean unless unless it’s somebody in your
family who already has any action to it
and once that see you revive it you know
I don’t your parents are still around
they’re interested or brother or sister
or cousin or uncle or aunt there there
might be a connection but for an angel
it’s just not an attractive business the
growth isn’t there for an angel investor
a bank would look at it but they want to
see the assets and they don’t put a high
value on inventory in a grocery store
it’s not like you’re sitting on gold or
precious metals or something you know
the value rapidly roads so it’d be hard
to get any kind of inventory based loan
but to buy the building you know if the
if you’re buying the buildings that I’ve
just taken over release let me pick my
champion there we go that could be
interesting and and they would
potentially look at that if they have
existing sales and you’re you’re buying
a business more than three years old
then they would look at that and
potentially give you a loan on that the
the the industry is you’re pretty low
margin and if you’re paying any kind of
premium it’s going to be hard to get the
banks to say yes and finance it so you’d
have to get a pretty sweet deal on it
but it’s possible you know I would you
know the other another alternative is
you might be able to do a payout over a
certain number of years so instead of
instead of having to go and get outside
financing the bio hundred percent right
away you could you could take it on and
have a debt structure where you’re not
putting money down at the front or it’s
really minimal money at the start and
then you’re paying them every year so
maybe for the next five years they get X
number of dollars and so the business is
financing it and they have an incentive
to kind of still mentor you and help you
and guide you and at the end of those
five years then they get paid a great
over a couple options there yeah don’t
don’t assume it always has to be just
going out and raising capital we have a
game I’m excited and I got my team
everyone lasta for those you watching
live again last time I
god I got banned timo got banned I had
to play a new champion we still won
though did we win I’m pretty sure we
want on Tuesday we won right yeah you
want on more day everyone we want to
good like you all right good yeah I love
it all right what’s next Bernard Bernard
asks i’m currently working on a pet
project and proposal and it’s underway I
need your advice the best way I can
reach out to potential investor wow this
is they’re raising capital yeah this is
raising capital day yeah well um that’s
it that’s a whole think that’s it mm-hmm
so um I guess the first thing is all of
all of it we love the questions that you
guys are sending and it’d be really
great too if we in your questions if you
could include what exactly you’re
working on because i’m not sure what
kind of a proposal this would be but in
terms of the advice for tantrum vectors
I think hopefully so far there’s been
lots of value given in that in that
direction as far as you know are you
considering potential investors to kind
of swoop in and save you to do it it is
that you could do by bootstrapping so is
it too soon i would ask the question is
it too soon for you to already be
reaching out to potential investors and
let’s say he is on the he is at the
place where he should reach out to
potential investors Evan do you have any
thoughts on what the best way to do you
know he’s at that stage where is the
right time if you talk about that on
Tuesday as well yeah so I’ll do it I’ll
do a quick rundown
different options that you have and then
you can figure out what works best for
you but come on Ash come help me I need
help here come come help me with the
jungle ma so so again first off I’d be
looking at bootstrapping not giving up
equity not even trying at the start
because you’ll waste a lot of time and
give up too much of your business but
let’s say that it does make sense that
this something that you need to go with
your your options to start with our one
your your friends and family it’s called
love money this is typically did he say
how much he wants to race or no we don’t
know how much mmm no not more
information yeah okay so typically it
was under 25 to 50 thousand dollars then
you’re looking with friends and family
again called love money it’s people who
know you they like you they want to help
they you know they may want a some kind
of investment return but they’re not
sophisticated they’re not used to
investing they’re doing it mainly
because they like you so you think about
you know kindergarten class mates and
next-door neighbors and all those kinds
of people because of its if it if it’s
under twenty-five thousand dollars it’s
just not interesting enough for an angel
investor it’s not enough that the amount
of work that goes into doing the
research on the deal and mentoring you
and all that it’s just not worth it mmm
and so like no angels gonna put in money
unless they have some personal
connection to you so it really depends
on how much money trying to raise next
up you can deal with angel investors
they’re looking again between as a low
point 25 50 thousand up to half a
million dollars and what they want to
see is they understand your industry
they like you they see the opportunity
they see a potential to to give back and
advise and set of connections for you
and you want that too if you’re bringing
anybody on board into your business you
don’t want what they call dumb money and
that is someone who’s just giving you
money you want somebody who
help you out with more than just money
right they give you ideas connections
resources customers mentorship if you’re
giving up a piece of your business you
want to make sure that that you
structure that while you bring on the
right people I would also add you want
to make sure you bring on people who
share the same values as you you know I
gets back to the one word idea and this
is a section in the book talking about
raising capital and investors a lot of
people just look at investors as oh you
know they have the skills and they have
the money but do you guys get along
right like bumble Joe may be a great
potential investor but do you want do
you want to be working with Uncle Joe
every day is that is that something that
you know is that gonna ruin your family
dinners at Christmas and all that stuff
for you know can you take feedback from
him can you guys work together super
important most people don’t consider
that enough they’re just trying to chase
the dollars warm over half a million
you’re looking at venture capital and
again like this the lowest vc’s don’t
want to do small deals often it’s easier
to do the 50 million dollar deal then
the five hundred thousand dollar deal
they do it because they see potential
and they see your growth and it’s a hey
if we if we help you out on this round
you’re going to come back to us for the
future rounds so they have to say a lot
of potential return for angels and VCs
they want to see thirty percent return a
year which some businesses can throw off
but a lot can’t like the last question
about the grocery store that’s why I
said that it’s not a business and Angel
with care about because they’re not
going to make thirty percent a year like
the just that industry doesn’t create
those kinds of margins mm-hmm and they
don’t expect that right away but they
expect that over a period of time so an
angel will we’ll figure out being in
your business for five to eight years
and then they want to see that you’re
kind of selling out you get acquired is
this an exit strategy vc has a shorter
isin you know three to five years they
want to be in and out
over that time you have to make them
thirty percent return average per year
so it’s it’s a it’s tough other options
are your bank bank wants to see three
years of business so it’s not going to
it’s not going to apply to where you’re
where you’re at right now but otherwise
they’re going to want to see a personal
guarantee so it all really depends on
your personal credit once you get past
three years in business you’ll have more
options in dealing with the bank but
until then like if you have a personal
credit to do it you can do it I still
don’t recommend it because I hate having
to pay money again until I’m making
money but you have an option there
mm-hmm and then what else you got
government government is either in the
form of a loan or in the form of a grant
that the only difference is you pay back
alone you don’t pay back a grant and it
sounds super attractive to say oh I get
free money right i get i get money
without having to pay it back that’s
awesome I should go chase that the the
downside of the government is they’re
just super slow you know like as an
entrepreneur you want everything that
happened yesterday you want to you
wanted to have happen already you know
where we’re impatient we want our dreams
it take hold right now where if you
laugh or something with the government
it may be six months until you hear
anything back another six months before
you get your money you know so it’s do
you want to really wait that long and
for me I I’ve never really gone down
that road because I just I don’t the
patients and I’d rather just get stuff
done so that’s a quick overview I guess
the other category would be a pre-sales
so using using places like Kickstarter
what I’m doing with my book writing
pre-selling the book just do my own
network and that’s that’s honestly one
of the best ways to do it because you’re
not giving up any equity in your
business
so when you put something on Kickstarter
your it’s just marketing you know you’re
selling your first units you’re giving
some free bonuses away but you never
actually give up any kind of equity in
your company and you’re not you’re not
paying people back there’s no there’s no
debt structure that you have to worry
about mm-hmm so that’s my that’s one of
my favorite ways to do it because I hate
you’re gonna give up so much equity as a
percentage in your business that it
sucks as an entrepreneur and it may
prevent you from raising capital down
the line because you’ve already given
away too much of your business mm-hmm so
you know I guess one last thought about
Kickstarter is it works but you have to
do the work too it’s not just a matter
of throwing up a project and hey it’s
gonna sell well because somebody else
raise millions of dollars i am too you
got to promote it you got to get media
you got to make partnerships you got to
you got to do the work to get exposure
for it otherwise you know it’s not going
to work just hoping that you put it up a
website and it’s going to take off so
with all that being said I still think
what’s trapping is the way to do it good
those like that’s like an overview of
your options um to raise capital ah
there you go yeah there should be so I
so when I just came back from sage
summit in Chicago and one of my
presentation I’m raising capital and I
think on Friday of this week we’re gonna
put that up the Flores entation I see
that this week there next week and maybe
next week I don’t know we’ll see it’s
with my editor but that will give you I
spoke for an hour on the various so ways
to raise capital all right yeah and so
that hopefully came out well I haven’t
seen the recording but that could give
extra context since we seem to have a
lot of raising capital questions today
that could be available content for for
people who
wineries money great all right um we
have how’s the game going because I
don’t see you mean little my screen is
just I’m really behind for some reason
i’m not i’m lagging on this wife so i
doubt you doing on the game the game is
going along uh my team is winning which
is great i haven’t had much of an impact
i’m running around doing doing state the
safe stuff without really helping my
team too much so oh yeah yeah okay
harmonies coming alright awesome next
question comes from Nando and Nando says
he has an idea to related to tourism
it’s a big vacation idea and doesn’t get
much more detail than that but it’s as
i’m planning to present this to a print
in the Middle East investor and other
investors so the Prince Middle East to
financially support this project so he
has four questions start with number one
can I patent patent a tourism idea um
well the next we’ll put these together
and look the best way to do that so
patent son I’m going to trade that to
you sir because I would love to hear
what you have to say about patent yeah
so potentially it depends on what it
depends on what it does when you’re
getting a patent ask for something new
has to be something different usually
you’re looking at inventions that could
be us there could be a certain process
that you do that’s differently the
patent I think you’d honestly have a
hard time getting a patent for a service
kind of business it’s doable but you
need to you need to check in with a
patent lawyer I think you have a hard
time though it just in all honesty
thinking about it you don’t say this is
not an invention so this is more just a
tourism idea at this point yes the
answer is maybe you’re probably not hmm
if I’m being honest which I try to be on
these on these hangers also the thing
with patents is you you need to you need
to get a patent in every country that
you want protection else you get a you
do a provisional patent at the start
which gives you a year of kind of global
coverage to be able to go out and
commercialize the product and see if
there’s a market for it but then you
need to file at in every country and
this filing fee with that so if you’re
only selling to the US great not a huge
deal but if you’re trying to sell it in
multiple countries where if you’re doing
tourism that sounds like it’s more
international you’re dealing with the
prince who as far as I know there’s no
prints of the United States so here
you’re maybe the Kennedys I don’t know
see your eye your have your off selling
to somebody in other countries so so
you’ll need multiple patents and like
that gets expensive but yeah I mean
honestly talked to patent lawyer it’s
probably no but if you’re if you really
want to get some confirmation have a
chat with somebody you need to patent it
before you commercialize it so to get a
patent it has to be before you start
selling once something is commercially
available you can’t patent it you can
only patent the improvements that you
make on it so you want to do that now
before you before you start selling it
and a patented can’t patent can be great
when you’re talking to investors oh it’s
show that there’s something there and
investors love scene patent
yeah I it’s worth the conversation with
patent lawyer although again I don’t
think it’s gonna it’s going to work out
but give it a child have a conversation
doesn’t it I have a conversation yeah
and you address me one of the questions
was it could the patent to be
internationally covered so we adjust
that you’d have to get the patent
individually for each country yeah again
you do you have a year of the
provisional patent and I think you can
also even file an extension potentially
but but it runs out you you would need
to then decide what markets you want to
have the patent for and then and so it’s
pain to get it there as well as paying
for annual maintenance i guess like to
keep it alive you have to pay every
country every year so usually pick
lettuce markets for the big companies
you know google those guys that’s
nothing but most on that refer level
will just pick the markets if they want
to focus on how long do pet pig was the
he he he talked to the lawyer and he
actually does have a patent or the idea
how long would that take um it really
depends on how much of his stuff is
already together so you need to document
everything that’s different about what
you’re doing and so the patent lawyer
will have a general understanding of
what you need but you need to provide
the documentation as to how it’s truly
different come on so you know how
quickly can you get that stuff together
how quickly can you prepare it how
cookin can you do screenshots and flow
diagrams and kind of all the stuff that
needs to get done to to create it maybe
you’re like a lot of people are able to
do their own
patents as well but you have to be super
detail oriented and get all your all
your stuff together just like just like
anything else you know if you want if
you want someone to help you sell
something you need to give them the
materials you need to give them the
content you need to help them through
the process so the patent lawyer will
definitely speed up the process compared
to you doing it yourself but you need to
give them the right documentation right
yeah it’s like it’s like a website how
long’s take me to get a website up it’s
one of the questions that the website
designers hate answering is like well I
can work fast it depends i need content
from you right i need another picture
from you i need you to tell me what what
you want mm okay so right how quickly
can you get your stuffing oh yeah yeah
but it’s a good it’s a good it’s a good
follow-up question great and say hi to
the prince in the Middle East or I look
alright next question nila nila asks Oh
Neela 16 year old run we get the love
only get these young entrepreneurs yes
you limit and he says he needs money
whoa referred to I don’t know that I
have much else to say I have gone over
well let’s see what else what else is he
saying ‘let’s yes okay he’s 16 year old
he needs money to fund his racing career
he’s a car racer and so he basically
well a couple of things this is this is
cool because he’s saying first number
one how can i make money online and he’s
talking about like 200 euros a month he
needs to make to do it himself so this
is cool he really wants to you know
bootstrap and
the money himself but he’s asking you
know give anything in terms any feedback
in terms of online how can you make
money online we’ll start with that
question first it’s funny because when
you watch youtube as much as I do
there’s so many they seem super scan me
to me but there’s just so many people
constantly offering you know make all
this money online and so the first thing
that I would just say is be wary of
things that you might see as ways to
make a lot of money fast online because
there’s just so many weird stuff out
there but yeah there’s a lot of really
just great I might want to check out the
website it’s cold well flex jobs com
it’s a great website you might want to
check out as well as the website that
any hoarder dot-com is another website
in terms of ways that you can make money
online that are flexible and can work
with you know it looks like you’re
racing career is your priority so you
really might want to check there because
they have a lot of great resources for
how you can make money online flexible
your own hours and they actually also
give a lot of companies that are
reputable that you know are not scammy
that you know you know you’re going to
have legitimate work and so yeah I
suggest starting with those two website
so twice jobs com and then it’s pending
order the penny hoarder h/o a rde are
calm what do you think on that online
making money online game is like 200
years a month any suggestion is there so
that’s not that the just summarize again
he I just got a keyless oven right
I’m doing stuff my whole team is
freaking out on me that I’m not helping
you lay off although one guy is being
very supportive so we’ll see he’ll see
how it goes we are still winning uh he
wants to race car driver here’s some of
the money to do it and he wants an
online job to help him raise money to
support his passions at it part of what
he wants to do yeah and he does want to
there’s another part of the question but
yeah the first thing he wants to know is
how can he make money online and he
needs to make 200 euros a month ah I
hate the idea of doing something just to
make money mm what I would what I would
suggest is I would be looking fit were
me I would be looking at how can I do
something that’s within the realm of
what I’m interested in how can I build
up momentum for my racing career and
give value for my racing career and turn
that into something helpful and
interesting so if I was trying to find a
way to make money it would still be
within the racing industry I wouldn’t
try to just sell info products or you
know do something totally unrelated I
try to keep it within an industry where
I can build momentum so a couple things
one you know doesn’t even have to be
your own business can you go work at
another race at the racetrack or for
another team and while you’re doing that
you’re you’re making money but also
gaining experience getting contact
understanding how the industry works all
of that fun stuff can you document your
journey and make a youtube channel about
how you’re trying to become a racecar
driver and the ups and the downs and the
struggles and the triumphs and all of
that stuff to you know let people in and
what you’re doing just like I did behind
the scenes with my book can you provide
some kind of can you reach out to to
potential sponsors like who are the
people who are sponsoring racecar
drivers are you
are you winning now are you you know do
you provide enough value right now are
ready to potential sponsors that would
be interesting for them there’s a lot of
different ways to skin that cat but I
would make sure that I’m spending my
time with in the world of racing and not
try to do something totally outside of
it because if that’s your ultimate goal
then everything that you’re doing well
will ultimately help your racecar career
as opposed to doing something totally
unrelated mmm you know ask you for a lot
to like you can get a part-time job
doing that it’s not I guess he’s still
has school and everything else but it
may not have to be like if it’s just
making money you’ll make more short-term
money working for somebody else then
trying to do your own business if your
goal is 200 euro a month you can get
that working in the racing industry
somehow as a part-time job and you’ll
learn and make connections and building
girl if you’re building your own
business like doing a YouTube channel or
whatever it is then that can also work
it’s a bit of a longer term commitment
though mmhmm yeah those are my thoughts
I’m excited I love it I love the involve
and i love it i love worries renovated
absolutely you mentioned sponsors which
she was kind of part of his next
question because he when he moves into
higher divisions of racing he does plan
to try to attract potential sponsors so
even if you were someone who would be a
potential sponsor like what what would
attract you to want to sponsor someone
to just go back to all the things that
we talked about in terms of the
investors what should how can he
positioned himself to really attract
sponsors when he does do that I just
died very sad
oh very sad um yeah it is its size it’s
sad guys at all time it’s very sad it’s
sad when I die so whatta sponsors want
sponsors what sponsors want attention
sponsors want awareness so do you have
that like are you winning right sponsors
want to be part of a winning team are
you offering any other kind of value
like are you doing if you had your
YouTube channel for example right I get
sponsors for my youtube channel because
I can give them awareness so what’s the
equivalent for what you are trying to do
how can you give them that extra kind of
awareness but at the end of the dates
what what the traditional path is
winning the more you win the more
sponsors will come to you and be
interested there’s already some people
who are in the racing industry and do
these kinds of sponsorships and we’re
already be attuned to your message and
what you’re trying to do so those are
great starts I hate trying to convince
somebody of something new that they’re
not already on board with so like if
somebody wanted to deal with
entrepreneurs but they’ve never worked
with any other advertising or youtuber
influencer it’s harder there’s a lot of
there’s a lot of Education and if there
if somebody is already in the game it’s
a lot easier to get them on board so I’d
be looking at who is already coming
who’s already sponsoring other race
drivers just especially close to your
your size like not NASCAR but whatever
the circuit is that your racing app
right who’s already sponsoring those
guys and then how can you reach out to
them and can you get them enough value
so again they want to win that’s ideally
what they want but if not do you have
another way to generate attention are
you big on Instagram and mentioning them
gets them a lot of exposure even if
you’re not like I eat so for example I
look at legal
instances with what we’re playing now
there are some guys who whose stream
like I am right now but they’re actually
good at the game you know and and they
get they get a lot of attention and they
get sponsors right they’re documenting
their journey their process so there’s
also like entering competitions and
trying to win but some of the people you
watch because they’re good right some of
the people you watch is because they’re
entertaining this is guy sky who is not
a very good player but he’s really funny
and so he makes videos and it supports
his his you know business I forget how
many subscribers he has I think it’s
closing in on a million i want to see
his closing out a million so he’s got a
base but he’s not very good like you can
you could generate attention and
awareness without being good at what
you’re doing in terms of skill but he’s
just he’s just funny and so that’s an
option so you just need to basically
find a way to provide value to just like
everything else right you got to provide
value to your audience and oh I killed
somebody and I’m gonna die am I gonna
die I died I got two kills and I died so
that’s pretty good woot no a two-foot
one is good two for one is good um yeah
so that’s it but but exciting and the
more you do you’re probably one haha the
morning the more you do your your side
hustle right like how you’re raising
money the more you can keep that within
your industry then the more options you
have when you’re trying to sell
something
because you have more attention great
point yeah cool so we’ve got a this is a
little bit of an interruption from the
questions because I just it says this is
from Jorge and he says hello and then I
hope you are good are you good that’s a
good one to end on Jorge I’m good I’m
feeling good I was tired I had four
hours sleep I called Rishi she answered
the phone saying believe which was
exciting we got into a game we answered
a lot of raising capital questions
hopefully help some entrepreneurs I am
good how ru Rishi I am great i am doing
fabulous this is always so fun and then
thanks for having me alright well that’s
it for this session thank you guys for
for watching Thank You Rishi for
co-hosting you can check her channel in
the description when this thing goes
live on youtube and we will see you soon
on a future episode and then you can
believe that’s it take care guys a bye
welcome back everybody another
entrepreneur ama asking your questions
featuring Rishi captive II welcome back
thanks Evan I believe nation good
morning good morning pretty exciting i
was up till four in the morning my book
came in last night and yeah Nina
insistent open it up that night we had a
salsa night till about midnight and then
she insisted that we opened up that
night and then I got all excited that my
book came in this is just like the the
the galley copy so there’s some some
mistakes in there so but it’s you know
it’s nice to have the actual thing there
so yeah so high four hours sleep so this
will be an exciting challenge to my god
crush league and split my focus and be
on for asleep but I’m excited let’s try
that and see how it goes I’m exciting
i’m going to set up a game here and
let’s get into our first question
alrighty Evan just so you know I am
refreshing the page and I don’t cease I
just want to make sure you’re really our
lives I think are you live uh it says a
minute ago hey guys I’ll refresh the
page one more time just to make sure the
fun the Fun X twitch experiments you
guys are watch us on youtube you can
follow me live on twitch let’s see let’s
see
it says two minutes ago just making sure
that it’s live while I do that I agree
she won’t you tell everybody but what
you do fabulous um well I am reishi from
Russia captain EO youtube channel and my
channel is the place where good music
good food and good talk in effect and I
just love being youtuber I love being
able to grow and share and all the fun
things that youtubers to do and so yeah
and i just love i love watching police
Evan Carmichael channel and anyway it’s
so much fun it’s like I ratted that to
my name believe Evan Carmichael my new
first name evan is my middle name now
okay uh which when she says it says line
now under my name so I’m assuming it’s
work okay good sorry I don’t know it
might just be my Wi-Fi anyway go ahead
sorry well go you go ahead first
question let’s do it okay let’s go all
right first question comes from wrong
Nikki Jose he says I have a dream to
have my own business and have a big
company in Tanzania and worldwide ken
Vania and worldwide and now holding the
bachelor degree of education based on
economics as a teaching subject I have a
lot of plans but I failed to perform due
to capital problems so can you help me
to fulfill my green so thanks for the
question Oh Juan Nikki one nikka sorry
if I didn’t say that right we always get
a lot of questions about capital
problems and so be really really
probably helpful to you to check out
some of the other League of Legends
episodes that we’ve done because there
might be some really great information
there for you but capital problems
usually
I think from the feedback that I’ve
heard and get a lot of people is its
capital problems really boiled down to
value problems so when you really are
providing value then your capital is
affected by that in a good way so I
really think about what is the value
that you want to provide it doesn’t have
any information here about what kind of
business you specifically want to start
but I would just start with you know
what is the value you want to provide
with the service or product that you
feel will really help change people’s
lives and and I think that’s where you
need to start more than being worried
about the capital problem because I
think that will be addressed when you
address the value problem yeah for me I
would just try to start smaller find the
smaller way to get started whatever your
big plan is it’s great to have a big
dream a big vision big goal but break
that down the smaller sets because what
ends up happening is you don’t take
action because I need to get these
resources and this amount of money
raised and this team on board until I
get that I don’t start and that’s that’s
the mistake a lot of entrepreneurs make
where if you want to get that dream that
happen you got to find a way just to get
started on a small scale whatever that
smallest first step is the challenge
with raising capital when you’re first
turn out the business one you know the
banks aren’t going to give it to you
unless you do a personal line of credit
and I wouldn’t recommend going on
getting the bank loan to start with
anyway I say on the channel a lot that
I’d much rather see you make money
before you spend money I hate spending
money like make you money it’s a it’s a
consistent theme on a channel but then
also do going to try to get investors
you’re going to get destroyed on your
valuation like they’re going to take so
much of your company that you’re not
gonna be left with anything because it’s
too risky for them
on top of that you’re going to spend so
much time trying to be out raising
capital that you’re not running a
business raising capital is almost
another full-time job that you have to
go and do and it’s it’s really hard to
then execute on your idea why you’re
raising capital so I mean all of that in
I’d say bootstrap find the small way to
get started find a way to get close to
your customers I understand what they
really really want get an order in the
door or even if it’s even if it’s I’m
gonna get banned ye did they do it oh no
you were banned this quickly I just got
it no I did I got a six minute penalty
ah because I had to hit the band a
champion and I didn’t I didn’t do it and
so now I’m bangs in the game for six
minutes oh my god yeah not great yeah
that’s split focus okay well hopefully
Celia that’s the only a flaw of the day
here um but it’s it’s six extra bonus
minutes of of chat time and helping
entrepreneurs um there you go providing
value yeah so that’s it just find a way
to start smaller don’t don’t expect
somebody to come in on a white horse and
save your business and give you the
money you need and don’t wait you know
don’t sit down complain that somebody’s
not giving you money and don’t wait
until that happens sale it’s too many
entrepreneurs do that just find a small
way to get started if it’s if you need
money to raise capital for a product you
don’t start with the service get close
to your customers get cash hill coming
in and invest that money into building
the product for your business it’s a
little bit slower growth but one it
helps make sure that something’s
actually happening on your business and
to dramatically increase is a chance of
your business being successful item
alright next question comes from homme
de omar cuz i’m homme de anza alright
very cool names here Hamza says i’m 20
i’m in college my true passion is to be
an entrepreneur but i don’t know what
sort of business i want to start how can
i overcome such a problem is this
natural to happen absolutely Hamza I
think this is probably pretty typical of
a lot of people who are passionate
entrepreneurs they want to they want to
make an impact they want to change the
world but they may not know you know
where to start and exactly what it is
they want to do I have to plug the one
word book now because if you don’t know
Evan book is in pre-launch and this is I
can’t you know think of a better place
to start because I think a lot of I
don’t know that you’re gonna have to
chime in on this but I feel like a lot
of entrepreneurs just as a people they
are on purpose they want to change the
world they want to kind of anybody it’s
not change like the world maybe they
just really want to make change in a
specific area they want to really leave
this legacy and so I feel like you can’t
talk about that without addressing
purpose and so the book is one a really
powerful way that you can start asking
questions and tapping into purpose and i
really think that that is a step toward
finding out what kind of business you
want to start another thing that I’ll
just added you know is it it do you want
to provide a service you know right away
because even if you don’t know what the
full business plan is you can start
providing a service to you know your
community people around you
and that is a way that you can start to
I think really identify the business
that you want to be in because you start
really being able to what are you
passionate about how are you passionate
about serving others around you and and
just improving the lives of the people
around you now that’s all I got I like
it not like I appreciate the plug for
the book too um yeah I would say I mean
I agree understanding that the book
helps you with your self awareness
understanding what you’re staying for
helping you live a life and run a
business on purpose um so you know I
would humbly recommend that you check it
out to to add to it i would say i would
say it’s super common i think one of the
questions is this common that i don’t
know what i want to do i think it is
super common i think there are a lot of
entrepreneurs who get started on
something and they find that it’s not
for them and they don’t know what to do
next how people haven’t gotten started
yet because they haven’t found their one
idea i think some people have clarity
from the beginning like i need to try
this idea and a lot of people don’t they
just want to be an entrepreneur they
want to set their own rules they want to
be their own boss they want to have an
impact and so if that’s you the worst
thing you can do is try to box yourself
in too quickly the worst thing you can
do is try to just go down a lane because
you see an opportunity to make money but
it’s not really what you’re passionate
about the best thing you can do is
explore and so we just need to do you
need to explore and explore and try new
things until you find the thing that you
get really excited about super jazzed up
about that you just can’t put down we
just did a video she’s not coming out
yet it’s coming out soon on novak
djokovic the tennis player and he was
from Serbia and when he was growing up
everybody was talking about soccer and
all these different sports and then
suddenly they built the tennis court in
his area and he just fell in love with
tennis and he was out there playing
tennis every single day you know 10
hours a day just he he wanted to be out
there hitting balls against the wall as
much as he could and the path wasn’t
super clear for him you know to make
money from this he just fell in love
with tennis and couldn’t stop playing it
and so you need to find the equivalent
for what you do I love helping
entrepreneurs I can’t help it when I’m
playing league of legends I want to help
on yours watching Birds all day long
today is an insane day packed with
hangouts and phone calls and meetings to
help entrepreneurs and so that’s that’s
my call that’s what I really enjoy doing
and I didn’t know at the start like I
didn’t set out on this plan to say I’m
going to be an entrepreneur guru and
help a ton of people you know what
happened was when i sold my first
business I was honestly bored and I
didn’t know what I wanted to do and I
got invited to speak at a YMCA and I
said can you come talk to our group and
said sure I was just trying a bunch of
stuff say yes the whole bunch of things
I went into the room and was
disappointed that there were only three
people there but I loved it I loved
helping them and I love impacting those
three people and I had to figure out
another way to make this work because I
wanted to keep doing it even never got
paid and in looking at it a lot of time
two things that you love don’t make
sense at the start don’t have a logical
business plan are you not clear how
you’re going to make money from the
start from that YMCA thing it was a free
event and I promoted and they promoted
it and only three people showed up you
know how am I gonna ever turn that into
a business if three people show up to
something that’s free right and that’s
the matter that’s the kind of thing that
people would look at and say oh well
that you know I can’t do this this isn’t
going to be a business but if it’s
something that you love then you’ll find
a way like for me it wasn’t doing more
public speaking yet it was turning into
a website turn until you
your channel and that led to more public
speaking but years later like we’re
gonna get that speech I must have been
22 or 23 you know now I’m 30 what here
is it 36 uh and so it took some time to
build up and you don’t know how the
business model is necessarily going to
work you may have to switch your
business model ton of times but it’s
just pursuing the things that you love
and if you don’t know what you loved and
you need to explore until you find the
thing that you love and fabulous it I
think I was pretty on point I’m pretty
impressed four hours sleep I’m feeling
that one that was a good one that story
is just so so inspirational anyway I
love the YMCA story yeah yeah I mean we
didn’t get into a too much detail but
quick shout-out to rise online and guilt
guilt summer 51 96 or joining on the
live stream thank you guys let’s hit up
or no question alrighty next question
comes from Lewis and he says I’m 28
years old and I’m a huge fan I used to
work with IT and marketing for about six
years at the moment I’m director of
clothing a clothing store but he’s
always had a hash a passion to be an
entrepreneur his father owned the local
supermarket and he worked in the
supermarket when he was a child and they
sold it when about 70 years ago now he’s
interested in buying back the
supermarket and he wants to make this
into a kind of like a step-by-step move
into a chain of small supermarkets like
a 7-eleven so the problem he won’t need
to have a notice he can’t buy it back
because he doesn’t have the money to buy
it back what should he do borrow money
or find an investor hello the inet why
so I know you know your thoughts about
seeking investors but in this case when
there is a
kind of like a pre-existing business and
it sounds like he knows the business I’m
wondering if your if your advice is the
same I I guess in a way this could be
considered expansion capital because I
just to clarify there’s a really great
video if you guys haven’t seen it’s
called do you really need an investor
for your business it’s a video with Evan
and Steven Kelley from some stage and
they have a really good discussion on
that video again called do you really
need an investor for your business and
they have a really good discussion there
about deep you know kind of when is the
right time and so you might want to
check that video out but yeah in this
case is you know you’re not
bootstrapping so what do you say Evan
yeah so I’m just a quick update for the
people watching live I was in a game and
I forgot the bane of champion so I got
kicked out of the game and given a six
minute penalty I know now we’re having a
hard time finding the new game so which
is we’re just going to the questions and
seeing what comes up um oh we got a game
look at that let’s hope it sticks so one
I mean I love the nostalgia I love the
idea of taking something that you
started with and it has some you know
family connections and ties to and love
I think that’s great a couple a couple
things that I see for you one it can be
super challenging to get one specific
thing right like I want that store that
my parents used to have you know maybe I
want the Evan dot-com domain name but it
doesn’t mean that the guy wants to sell
it to me right so who just because you
want that one thing it doesn’t mean that
you’re gonna be able to get it at an
affordable price it may take years to be
able to get it you may have to wait for
the person to pass on it goes to their
kids before you’re able to get it right
just depends on how much they love the
business and and when it’s time to sell
I you know do
we got a new we got a new game again I
remember having a meeting with an angel
investor and he was talking about how he
acquires businesses and one of the
things that he mentioned was he would
talk to business owners and say hey you
know when you’re ready to sell I’d love
to be the first guy that he talked to
and a lot of times people don’t have an
exit strategy you know for grocery store
a lot of times people don’t you know you
can’t go public with it yeah you can’t
issue a big shares against it there’s no
real mergers and acquisition
opportunities so they may not have an
exit strategy beyond give it to my kids
and so this is this is a chance for thee
for them when the time is right just
like if you want to buy somebody’s house
you know they may not be selling so it
can be hard living house so just put it
on their radar talking to them and
saying problem you a tribe and my
champion popular sign I don’t want to
know they’re there we go just let them
know that this opportunity it still will
likely mean you paid an inflated price
but not something over-the-top crazy so
be prepared that it may take years so
that that happen if that happens and
then so what are you gonna do now right
zoom is gonna take some time what are
you gonna spend your time on now how can
you learn more about the industry or how
can you get started in this smaller way
back to the first question about raising
capital start smaller what can you do to
start in a small way to build up
experience build up customer base
understand the product and the product
marketing again do you go work for
another grocery store and just get back
into it or do you start your own thing
protection on the side and start
learning again and then when an
opportunity does come it is something
that you could potentially finance with
the bank I don’t think an angel investor
would want to have a grocery store I
mean unless unless it’s somebody in your
family who already has any action to it
and once that see you revive it you know
I don’t your parents are still around
they’re interested or brother or sister
or cousin or uncle or aunt there there
might be a connection but for an angel
it’s just not an attractive business the
growth isn’t there for an angel investor
a bank would look at it but they want to
see the assets and they don’t put a high
value on inventory in a grocery store
it’s not like you’re sitting on gold or
precious metals or something you know
the value rapidly roads so it’d be hard
to get any kind of inventory based loan
but to buy the building you know if the
if you’re buying the buildings that I’ve
just taken over release let me pick my
champion there we go that could be
interesting and and they would
potentially look at that if they have
existing sales and you’re you’re buying
a business more than three years old
then they would look at that and
potentially give you a loan on that the
the the industry is you’re pretty low
margin and if you’re paying any kind of
premium it’s going to be hard to get the
banks to say yes and finance it so you’d
have to get a pretty sweet deal on it
but it’s possible you know I would you
know the other another alternative is
you might be able to do a payout over a
certain number of years so instead of
instead of having to go and get outside
financing the bio hundred percent right
away you could you could take it on and
have a debt structure where you’re not
putting money down at the front or it’s
really minimal money at the start and
then you’re paying them every year so
maybe for the next five years they get X
number of dollars and so the business is
financing it and they have an incentive
to kind of still mentor you and help you
and guide you and at the end of those
five years then they get paid a great
over a couple options there yeah don’t
don’t assume it always has to be just
going out and raising capital we have a
game I’m excited and I got my team
everyone lasta for those you watching
live again last time I
god I got banned timo got banned I had
to play a new champion we still won
though did we win I’m pretty sure we
want on Tuesday we won right yeah you
want on more day everyone we want to
good like you all right good yeah I love
it all right what’s next Bernard Bernard
asks i’m currently working on a pet
project and proposal and it’s underway I
need your advice the best way I can
reach out to potential investor wow this
is they’re raising capital yeah this is
raising capital day yeah well um that’s
it that’s a whole think that’s it mm-hmm
so um I guess the first thing is all of
all of it we love the questions that you
guys are sending and it’d be really
great too if we in your questions if you
could include what exactly you’re
working on because i’m not sure what
kind of a proposal this would be but in
terms of the advice for tantrum vectors
I think hopefully so far there’s been
lots of value given in that in that
direction as far as you know are you
considering potential investors to kind
of swoop in and save you to do it it is
that you could do by bootstrapping so is
it too soon i would ask the question is
it too soon for you to already be
reaching out to potential investors and
let’s say he is on the he is at the
place where he should reach out to
potential investors Evan do you have any
thoughts on what the best way to do you
know he’s at that stage where is the
right time if you talk about that on
Tuesday as well yeah so I’ll do it I’ll
do a quick rundown
different options that you have and then
you can figure out what works best for
you but come on Ash come help me I need
help here come come help me with the
jungle ma so so again first off I’d be
looking at bootstrapping not giving up
equity not even trying at the start
because you’ll waste a lot of time and
give up too much of your business but
let’s say that it does make sense that
this something that you need to go with
your your options to start with our one
your your friends and family it’s called
love money this is typically did he say
how much he wants to race or no we don’t
know how much mmm no not more
information yeah okay so typically it
was under 25 to 50 thousand dollars then
you’re looking with friends and family
again called love money it’s people who
know you they like you they want to help
they you know they may want a some kind
of investment return but they’re not
sophisticated they’re not used to
investing they’re doing it mainly
because they like you so you think about
you know kindergarten class mates and
next-door neighbors and all those kinds
of people because of its if it if it’s
under twenty-five thousand dollars it’s
just not interesting enough for an angel
investor it’s not enough that the amount
of work that goes into doing the
research on the deal and mentoring you
and all that it’s just not worth it mmm
and so like no angels gonna put in money
unless they have some personal
connection to you so it really depends
on how much money trying to raise next
up you can deal with angel investors
they’re looking again between as a low
point 25 50 thousand up to half a
million dollars and what they want to
see is they understand your industry
they like you they see the opportunity
they see a potential to to give back and
advise and set of connections for you
and you want that too if you’re bringing
anybody on board into your business you
don’t want what they call dumb money and
that is someone who’s just giving you
money you want somebody who
help you out with more than just money
right they give you ideas connections
resources customers mentorship if you’re
giving up a piece of your business you
want to make sure that that you
structure that while you bring on the
right people I would also add you want
to make sure you bring on people who
share the same values as you you know I
gets back to the one word idea and this
is a section in the book talking about
raising capital and investors a lot of
people just look at investors as oh you
know they have the skills and they have
the money but do you guys get along
right like bumble Joe may be a great
potential investor but do you want do
you want to be working with Uncle Joe
every day is that is that something that
you know is that gonna ruin your family
dinners at Christmas and all that stuff
for you know can you take feedback from
him can you guys work together super
important most people don’t consider
that enough they’re just trying to chase
the dollars warm over half a million
you’re looking at venture capital and
again like this the lowest vc’s don’t
want to do small deals often it’s easier
to do the 50 million dollar deal then
the five hundred thousand dollar deal
they do it because they see potential
and they see your growth and it’s a hey
if we if we help you out on this round
you’re going to come back to us for the
future rounds so they have to say a lot
of potential return for angels and VCs
they want to see thirty percent return a
year which some businesses can throw off
but a lot can’t like the last question
about the grocery store that’s why I
said that it’s not a business and Angel
with care about because they’re not
going to make thirty percent a year like
the just that industry doesn’t create
those kinds of margins mm-hmm and they
don’t expect that right away but they
expect that over a period of time so an
angel will we’ll figure out being in
your business for five to eight years
and then they want to see that you’re
kind of selling out you get acquired is
this an exit strategy vc has a shorter
isin you know three to five years they
want to be in and out
over that time you have to make them
thirty percent return average per year
so it’s it’s a it’s tough other options
are your bank bank wants to see three
years of business so it’s not going to
it’s not going to apply to where you’re
where you’re at right now but otherwise
they’re going to want to see a personal
guarantee so it all really depends on
your personal credit once you get past
three years in business you’ll have more
options in dealing with the bank but
until then like if you have a personal
credit to do it you can do it I still
don’t recommend it because I hate having
to pay money again until I’m making
money but you have an option there
mm-hmm and then what else you got
government government is either in the
form of a loan or in the form of a grant
that the only difference is you pay back
alone you don’t pay back a grant and it
sounds super attractive to say oh I get
free money right i get i get money
without having to pay it back that’s
awesome I should go chase that the the
downside of the government is they’re
just super slow you know like as an
entrepreneur you want everything that
happened yesterday you want to you
wanted to have happen already you know
where we’re impatient we want our dreams
it take hold right now where if you
laugh or something with the government
it may be six months until you hear
anything back another six months before
you get your money you know so it’s do
you want to really wait that long and
for me I I’ve never really gone down
that road because I just I don’t the
patients and I’d rather just get stuff
done so that’s a quick overview I guess
the other category would be a pre-sales
so using using places like Kickstarter
what I’m doing with my book writing
pre-selling the book just do my own
network and that’s that’s honestly one
of the best ways to do it because you’re
not giving up any equity in your
business
so when you put something on Kickstarter
your it’s just marketing you know you’re
selling your first units you’re giving
some free bonuses away but you never
actually give up any kind of equity in
your company and you’re not you’re not
paying people back there’s no there’s no
debt structure that you have to worry
about mm-hmm so that’s my that’s one of
my favorite ways to do it because I hate
you’re gonna give up so much equity as a
percentage in your business that it
sucks as an entrepreneur and it may
prevent you from raising capital down
the line because you’ve already given
away too much of your business mm-hmm so
you know I guess one last thought about
Kickstarter is it works but you have to
do the work too it’s not just a matter
of throwing up a project and hey it’s
gonna sell well because somebody else
raise millions of dollars i am too you
got to promote it you got to get media
you got to make partnerships you got to
you got to do the work to get exposure
for it otherwise you know it’s not going
to work just hoping that you put it up a
website and it’s going to take off so
with all that being said I still think
what’s trapping is the way to do it good
those like that’s like an overview of
your options um to raise capital ah
there you go yeah there should be so I
so when I just came back from sage
summit in Chicago and one of my
presentation I’m raising capital and I
think on Friday of this week we’re gonna
put that up the Flores entation I see
that this week there next week and maybe
next week I don’t know we’ll see it’s
with my editor but that will give you I
spoke for an hour on the various so ways
to raise capital all right yeah and so
that hopefully came out well I haven’t
seen the recording but that could give
extra context since we seem to have a
lot of raising capital questions today
that could be available content for for
people who
wineries money great all right um we
have how’s the game going because I
don’t see you mean little my screen is
just I’m really behind for some reason
i’m not i’m lagging on this wife so i
doubt you doing on the game the game is
going along uh my team is winning which
is great i haven’t had much of an impact
i’m running around doing doing state the
safe stuff without really helping my
team too much so oh yeah yeah okay
harmonies coming alright awesome next
question comes from Nando and Nando says
he has an idea to related to tourism
it’s a big vacation idea and doesn’t get
much more detail than that but it’s as
i’m planning to present this to a print
in the Middle East investor and other
investors so the Prince Middle East to
financially support this project so he
has four questions start with number one
can I patent patent a tourism idea um
well the next we’ll put these together
and look the best way to do that so
patent son I’m going to trade that to
you sir because I would love to hear
what you have to say about patent yeah
so potentially it depends on what it
depends on what it does when you’re
getting a patent ask for something new
has to be something different usually
you’re looking at inventions that could
be us there could be a certain process
that you do that’s differently the
patent I think you’d honestly have a
hard time getting a patent for a service
kind of business it’s doable but you
need to you need to check in with a
patent lawyer I think you have a hard
time though it just in all honesty
thinking about it you don’t say this is
not an invention so this is more just a
tourism idea at this point yes the
answer is maybe you’re probably not hmm
if I’m being honest which I try to be on
these on these hangers also the thing
with patents is you you need to you need
to get a patent in every country that
you want protection else you get a you
do a provisional patent at the start
which gives you a year of kind of global
coverage to be able to go out and
commercialize the product and see if
there’s a market for it but then you
need to file at in every country and
this filing fee with that so if you’re
only selling to the US great not a huge
deal but if you’re trying to sell it in
multiple countries where if you’re doing
tourism that sounds like it’s more
international you’re dealing with the
prince who as far as I know there’s no
prints of the United States so here
you’re maybe the Kennedys I don’t know
see your eye your have your off selling
to somebody in other countries so so
you’ll need multiple patents and like
that gets expensive but yeah I mean
honestly talked to patent lawyer it’s
probably no but if you’re if you really
want to get some confirmation have a
chat with somebody you need to patent it
before you commercialize it so to get a
patent it has to be before you start
selling once something is commercially
available you can’t patent it you can
only patent the improvements that you
make on it so you want to do that now
before you before you start selling it
and a patented can’t patent can be great
when you’re talking to investors oh it’s
show that there’s something there and
investors love scene patent
yeah I it’s worth the conversation with
patent lawyer although again I don’t
think it’s gonna it’s going to work out
but give it a child have a conversation
doesn’t it I have a conversation yeah
and you address me one of the questions
was it could the patent to be
internationally covered so we adjust
that you’d have to get the patent
individually for each country yeah again
you do you have a year of the
provisional patent and I think you can
also even file an extension potentially
but but it runs out you you would need
to then decide what markets you want to
have the patent for and then and so it’s
pain to get it there as well as paying
for annual maintenance i guess like to
keep it alive you have to pay every
country every year so usually pick
lettuce markets for the big companies
you know google those guys that’s
nothing but most on that refer level
will just pick the markets if they want
to focus on how long do pet pig was the
he he he talked to the lawyer and he
actually does have a patent or the idea
how long would that take um it really
depends on how much of his stuff is
already together so you need to document
everything that’s different about what
you’re doing and so the patent lawyer
will have a general understanding of
what you need but you need to provide
the documentation as to how it’s truly
different come on so you know how
quickly can you get that stuff together
how quickly can you prepare it how
cookin can you do screenshots and flow
diagrams and kind of all the stuff that
needs to get done to to create it maybe
you’re like a lot of people are able to
do their own
patents as well but you have to be super
detail oriented and get all your all
your stuff together just like just like
anything else you know if you want if
you want someone to help you sell
something you need to give them the
materials you need to give them the
content you need to help them through
the process so the patent lawyer will
definitely speed up the process compared
to you doing it yourself but you need to
give them the right documentation right
yeah it’s like it’s like a website how
long’s take me to get a website up it’s
one of the questions that the website
designers hate answering is like well I
can work fast it depends i need content
from you right i need another picture
from you i need you to tell me what what
you want mm okay so right how quickly
can you get your stuffing oh yeah yeah
but it’s a good it’s a good it’s a good
follow-up question great and say hi to
the prince in the Middle East or I look
alright next question nila nila asks Oh
Neela 16 year old run we get the love
only get these young entrepreneurs yes
you limit and he says he needs money
whoa referred to I don’t know that I
have much else to say I have gone over
well let’s see what else what else is he
saying ‘let’s yes okay he’s 16 year old
he needs money to fund his racing career
he’s a car racer and so he basically
well a couple of things this is this is
cool because he’s saying first number
one how can i make money online and he’s
talking about like 200 euros a month he
needs to make to do it himself so this
is cool he really wants to you know
bootstrap and
the money himself but he’s asking you
know give anything in terms any feedback
in terms of online how can you make
money online we’ll start with that
question first it’s funny because when
you watch youtube as much as I do
there’s so many they seem super scan me
to me but there’s just so many people
constantly offering you know make all
this money online and so the first thing
that I would just say is be wary of
things that you might see as ways to
make a lot of money fast online because
there’s just so many weird stuff out
there but yeah there’s a lot of really
just great I might want to check out the
website it’s cold well flex jobs com
it’s a great website you might want to
check out as well as the website that
any hoarder dot-com is another website
in terms of ways that you can make money
online that are flexible and can work
with you know it looks like you’re
racing career is your priority so you
really might want to check there because
they have a lot of great resources for
how you can make money online flexible
your own hours and they actually also
give a lot of companies that are
reputable that you know are not scammy
that you know you know you’re going to
have legitimate work and so yeah I
suggest starting with those two website
so twice jobs com and then it’s pending
order the penny hoarder h/o a rde are
calm what do you think on that online
making money online game is like 200
years a month any suggestion is there so
that’s not that the just summarize again
he I just got a keyless oven right
I’m doing stuff my whole team is
freaking out on me that I’m not helping
you lay off although one guy is being
very supportive so we’ll see he’ll see
how it goes we are still winning uh he
wants to race car driver here’s some of
the money to do it and he wants an
online job to help him raise money to
support his passions at it part of what
he wants to do yeah and he does want to
there’s another part of the question but
yeah the first thing he wants to know is
how can he make money online and he
needs to make 200 euros a month ah I
hate the idea of doing something just to
make money mm what I would what I would
suggest is I would be looking fit were
me I would be looking at how can I do
something that’s within the realm of
what I’m interested in how can I build
up momentum for my racing career and
give value for my racing career and turn
that into something helpful and
interesting so if I was trying to find a
way to make money it would still be
within the racing industry I wouldn’t
try to just sell info products or you
know do something totally unrelated I
try to keep it within an industry where
I can build momentum so a couple things
one you know doesn’t even have to be
your own business can you go work at
another race at the racetrack or for
another team and while you’re doing that
you’re you’re making money but also
gaining experience getting contact
understanding how the industry works all
of that fun stuff can you document your
journey and make a youtube channel about
how you’re trying to become a racecar
driver and the ups and the downs and the
struggles and the triumphs and all of
that stuff to you know let people in and
what you’re doing just like I did behind
the scenes with my book can you provide
some kind of can you reach out to to
potential sponsors like who are the
people who are sponsoring racecar
drivers are you
are you winning now are you you know do
you provide enough value right now are
ready to potential sponsors that would
be interesting for them there’s a lot of
different ways to skin that cat but I
would make sure that I’m spending my
time with in the world of racing and not
try to do something totally outside of
it because if that’s your ultimate goal
then everything that you’re doing well
will ultimately help your racecar career
as opposed to doing something totally
unrelated mmm you know ask you for a lot
to like you can get a part-time job
doing that it’s not I guess he’s still
has school and everything else but it
may not have to be like if it’s just
making money you’ll make more short-term
money working for somebody else then
trying to do your own business if your
goal is 200 euro a month you can get
that working in the racing industry
somehow as a part-time job and you’ll
learn and make connections and building
girl if you’re building your own
business like doing a YouTube channel or
whatever it is then that can also work
it’s a bit of a longer term commitment
though mmhmm yeah those are my thoughts
I’m excited I love it I love the involve
and i love it i love worries renovated
absolutely you mentioned sponsors which
she was kind of part of his next
question because he when he moves into
higher divisions of racing he does plan
to try to attract potential sponsors so
even if you were someone who would be a
potential sponsor like what what would
attract you to want to sponsor someone
to just go back to all the things that
we talked about in terms of the
investors what should how can he
positioned himself to really attract
sponsors when he does do that I just
died very sad
oh very sad um yeah it is its size it’s
sad guys at all time it’s very sad it’s
sad when I die so whatta sponsors want
sponsors what sponsors want attention
sponsors want awareness so do you have
that like are you winning right sponsors
want to be part of a winning team are
you offering any other kind of value
like are you doing if you had your
YouTube channel for example right I get
sponsors for my youtube channel because
I can give them awareness so what’s the
equivalent for what you are trying to do
how can you give them that extra kind of
awareness but at the end of the dates
what what the traditional path is
winning the more you win the more
sponsors will come to you and be
interested there’s already some people
who are in the racing industry and do
these kinds of sponsorships and we’re
already be attuned to your message and
what you’re trying to do so those are
great starts I hate trying to convince
somebody of something new that they’re
not already on board with so like if
somebody wanted to deal with
entrepreneurs but they’ve never worked
with any other advertising or youtuber
influencer it’s harder there’s a lot of
there’s a lot of Education and if there
if somebody is already in the game it’s
a lot easier to get them on board so I’d
be looking at who is already coming
who’s already sponsoring other race
drivers just especially close to your
your size like not NASCAR but whatever
the circuit is that your racing app
right who’s already sponsoring those
guys and then how can you reach out to
them and can you get them enough value
so again they want to win that’s ideally
what they want but if not do you have
another way to generate attention are
you big on Instagram and mentioning them
gets them a lot of exposure even if
you’re not like I eat so for example I
look at legal
instances with what we’re playing now
there are some guys who whose stream
like I am right now but they’re actually
good at the game you know and and they
get they get a lot of attention and they
get sponsors right they’re documenting
their journey their process so there’s
also like entering competitions and
trying to win but some of the people you
watch because they’re good right some of
the people you watch is because they’re
entertaining this is guy sky who is not
a very good player but he’s really funny
and so he makes videos and it supports
his his you know business I forget how
many subscribers he has I think it’s
closing in on a million i want to see
his closing out a million so he’s got a
base but he’s not very good like you can
you could generate attention and
awareness without being good at what
you’re doing in terms of skill but he’s
just he’s just funny and so that’s an
option so you just need to basically
find a way to provide value to just like
everything else right you got to provide
value to your audience and oh I killed
somebody and I’m gonna die am I gonna
die I died I got two kills and I died so
that’s pretty good woot no a two-foot
one is good two for one is good um yeah
so that’s it but but exciting and the
more you do you’re probably one haha the
morning the more you do your your side
hustle right like how you’re raising
money the more you can keep that within
your industry then the more options you
have when you’re trying to sell
something
because you have more attention great
point yeah cool so we’ve got a this is a
little bit of an interruption from the
questions because I just it says this is
from Jorge and he says hello and then I
hope you are good are you good that’s a
good one to end on Jorge I’m good I’m
feeling good I was tired I had four
hours sleep I called Rishi she answered
the phone saying believe which was
exciting we got into a game we answered
a lot of raising capital questions
hopefully help some entrepreneurs I am
good how ru Rishi I am great i am doing
fabulous this is always so fun and then
thanks for having me alright well that’s
it for this session thank you guys for
for watching Thank You Rishi for
co-hosting you can check her channel in
the description when this thing goes
live on youtube and we will see you soon
on a future episode and then you can
believe that’s it take care guys a bye
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