hello and welcome to the oven carmichael
show– i am your host Evan Carmichael I
believe in entrepreneurs welcome to 2014
it’s been a while since I’ve been with
you guys over the holiday break and I’m
excited to be back i’m excited for you
to make this year the year that your
business takes off to stop struggling to
stop doubting yourself to go and do
something important and change the world
on the show today how to find your
strength do one thing the three most
important steps you need to know to
start in the new business and just do it
i’ll find your strength i got a question
on Twitter recently where somebody asked
me where do you find the strength to do
all these big things how do you do it
and the answer for me is simple if you
want to have strength and feel more
energy stop working on projects I bring
you down let’s tuck your energy that
that drain your life force if you’re
forcing to do something if you’re
forcing yourself stop get rid of it
that’s not your path you won’t build
anything great by repeatedly doing
things that you hate instead focus on
what gives you energy things that you
look forward to projects that you
actually enjoy one in the business it’s
brutally hard and in my opinion you
might as well be doing something that
you actually like so here’s the process
that i go to what i’m working on new
projects here’s what i do and hopefully
you guys can learn from it like most
entrepreneurs I like starting projects I
like the new I love the challenge it’s
fun right we like going after these new
things and then I get bored of it and I
build things up myself I invest
typically no money and only my time
because you don’t need a lot of money to
do something amazing just a lot of heart
and when i get bored i see how far along
the project is covered and then I decide
either I kill the project or hand it off
to someone to run with and I do this
over and over and over again it’s a
process and it works
and sometimes I get bored after an hour
and I stop and sometimes it may last for
weeks they may last a month some
projects like this radio show I don’t
get bored of it all at least not yet as
soon as I get tired or something I make
sure you guys can realize as to as soon
as you get tired or something your
productivity it drop the quality of what
you’re making drops if you’re not
excited by it anymore your quality is
going to drop off and your happiness
level your energy your strength it all
drops off too and it’s better to move on
to something else and either up taking
it far enough along that someone else
can come and take over for me and it
will help my business or it’s still too
experimental and it’s not worth
contained to invest in a move on when
you don’t bring passion anymore to your
business everyone suffers your customers
won’t be as responsive your team they
won’t be as productive your family will
notice that you’re not happy it’s too
important to your own life and to the
people around you that you stop doing
the things you hate and focus on
projects that you love and here’s
something really important to remember
okay it’s okay to change a lot of us
have in our mind that this is a plan
that we started with and we have to see
it through to the end but you know what
your business it’s going to change the
thing that you start off doing is not
going to be how you end up everybody
changes I’m not doing the same thing
that I was doing over a decade ago when
I started this business it looks
completely different and it continues to
evolve with what I’m passionate about
this happens with every single
entrepreneur you look at everything with
entrepreneur they always change their
plan they have to adapt to what the
market is telling them and to what
they’re excited about if you think about
Wrigley’s Wrigley’s is the gum company
they started off selling soap and then
they sold baking soda and eventually
became a gum company if you think about
BMW they make cars now but they started
off making planes if you look at their
logo its propeller from a plane that’s
where their local came from where they
all I moved in to parse if they stuck
with their business and said hey we were
only going to make planes and they lost
their passion for that business they may
not be around anymore Lamborghini is one
of my favorite stories Lamborghini
started off selling tractors the guy
named Lamborghini and he started off
getting into cars because he bought a
car from Enzo Ferrari an Enzo Ferrari
made the greatest car in the world of
time the Ferrari and Lamborghini said
you know here’s a few things that might
make you better and enzo ferrari told
him listen you stick to making tractors
and i’ll make cars and that god
lamborghini all fired up and then you
wouldn’t do the car business though
you’re going to change you have to
change and the next time you feel
yourself doing something for too long
and finding your energy and strengths
are gone think about what excites you
and go do that amazing things will come
out of it believe I want to get to your
calls i have jack lean on the line
they’re clean where are you from and how
can I help hi I’m from Chicago Illinois
basically yes can you hear me now
Georgia near you okay I’m from Chicago
Illinois and my question is basically I
want to know what is the easiest way to
find financing or investors for a new
business venture what do you need the
partners um well basically what it is I
mean us okay and I have screenwriters is
green plays that need to be financed and
I’m having a problem finding funding oh
and what have you done so far to try to
go and get that funding I’m so far I
still that grant print I look for grants
and as those foreign investors but I’m
feeling it very hard to do so how do how
do we work with the grain
um haven’t got a response back yet for
those yes okay the biggest challenge
with these kinds of things when you’re
going to an investor is what’s my return
right making the business case right so
if you’re going to let me give you some
of your options okay if you’re going to
a bank they’re not going to finance this
unless you put yourself on the line
ready i’m going to put up your house or
some other aspect thanks for not
interesting this kind of stuff okay so
you’re looking at either of government
which will be grant or you’re looking at
individual investors okay and the
individual investor is going to see how
we’re going to make my money back out of
this okay it’s really hard for this kind
of business I don’t figure it out what
your business case is going to be
actually you know an in addition I also
have online jewelry store and I was
looking for financing investors for that
year and it’s going to be hard without
that business case right behind will be
able to show them here you know if you
give me how much money do you need for
that store i need about please wait 3040
3000 ok so i liked it it’s an exact
number but so if i give you forty three
thousand dollars what am I going to get
out of it and how long okay I see which
is not right and they want to know
exactly how you’re going to spend the
money oh okay it sounds like you’re
still really in the early stages of this
all basically yes I am yes I am so and
face what am i what you might actually
want to do to start have you ever worked
out a jewelry store before I’m just
doing a retail on no employee and of
cashiering stocking that’s about it
right it may be worth joining a company
that’s a small company like 10 people
around for employees somebody that you
aspire to be and try to learn as much
about that business so when you do go
out because if you start your business
now and say you take out a loan or
whatever
forty thousand dollars you change the
success of pretty low-key you’ve never
done anything close to this before okay
so go work for somebody who’s done it
and get beyond just the cashier level
some you know work with the entrepreneur
and show that you want to learn about
the business and learn more so that
you’re making mistakes but getting paid
to do it okay I got and then when you’re
ready to go out and start your business
you change the success go up
dramatically okay hey all right all
right well I still want to know how it’s
possible am I not to go to the bank and
also gets investors there another way to
get the chapel typically you’re looking
at bank or individual investors for work
for your right but again the bank is
only going to take what you but they
want to take your asset in case you
can’t pay them back they want to take
your house they got to take something
one other site that you may want to look
at is a website called kickstarter com
and what they do is they allow startup
funding for different projects and it’s
basically crowds for so people from
around the country will help support you
an individual investment the go check it
out okay okay thank you so much no
problem I want to see you have massive
success with your company in 2014 and
part of that is going to become from
getting more focused now what I want you
to think about is doing one thing okay
often we we have so many opportunities
in front of us so many different ways to
go that we get paralyzed and don’t do
anything and this actually happened to
me a couple weeks ago I was working with
my my media coach and every week we sit
down and we listen to my radio show my
youtube videos it gives me advice and
what to do to get better if you guys
like to show a lot of that is thanks to
her for helping them make it get better
now a couple weeks ago she came in with
this huge list and she said Evan here’s
what you need to work on here are some
ideas to you and this is huge list then
be 40 different ideas and I loved it it
was great so many great idea is what I
could do on the show or with my videos
and I got off the call I printed off the
list and I and I looked at it and I was
just overwhelmed I I didn’t know where
to start and when I came to time dr.
recorded my videos I didn’t do any of
the things she has something to do I
just did my normal stuff because it was
too overwhelming I didn’t know where to
start and this happens a lot and so the
next week i got on and I said you know
what I love that list you gave me last
week but it was too much just give me
one thing I trust a judge and give me
the one thing I need to work on this
week and I will do it and she said okay
do a one-minute video on Mondays one
minute Mondays and so I did it that week
and it turned out to be one of those the
most viewed videos I did or that week
and I’ve done it every week since and so
if you find yourself overwhelmed i’m
bombarded with tons of different options
the worst thing you can do is nothing do
something because your plan B your plan
see your plan app is better than no plan
and if you get into it you’ll see if it
works he or not but don’t be so
paralyzed by fear that you don’t do
anything pick one thing make it happen
this week and then go out and do another
thing and another thing and another
belief I want to get to the calls i have
desi on the line they see where are you
from and how can I help and some the
great Commonwealth of Virginia my friend
virginia right welcome to the show thank
you I was wondering I have an idea for
intervention and um how do you get an
idea from being an idea to taking it to
the next level as far as getting them
marketed and patent it and all that good
stuff huh how do you take an idea to the
next level you got me curious now what’s
the idea now I don’t want to be Kenyan
Mord you know I don’t want to I don’t
like to talk about it and then somebody
you know go out here and steal your idea
every idea you have is probably about 10
million people thinking the same thing
the only difference is that one person
acts on it and I want to be that one
person regardless to what it is it could
be a you know
a moon catcher you know what I mean I
don’t care the pot of mine is how do you
take an idea to the next level okay so
let’s go with your moon catcher so what
you need to figure out first is can you
patent this okay if you’re thinking
about Britain invention can you patent
this product and your best artists used
to talk to a lawyer to get their advice
on if it’s possible or not and how much
is going to cost actually go through
that process if you are it is your end
goal to to sell this to a big company or
to sell it to the masses or would you
sell it to the machinist to sell it to a
big company you know it’s you know they
said the best some of the best
inventions are things that we already
have you know to to improve on them and
to perfect them and you know with that
premise there are a lot of things I can
see that needs I find fault in
everything but i also find solutions my
friends so I’m not despair you know
picking out false but the thing is this
could work better if you did XY and Z
and and you know and I’m just sick of
seeing like for instance instance the
flavored bottled water I had that idea
like freaking 30 years ago you know to
go hated water so this it was flavorful
i would actually can drink it next thing
you know some idiot doesn’t and now he’s
a multi-billionaire and I’m kicking
myself in the butt sand oh my god I
thought about that when my doctor told
me to stop drinking so many slurpees and
start drinking more water but it doesn’t
count unless you act on it right exactly
so so how do you so so you saying go to
a lawyer oh god might be most vile of
all beans okay your pain but ok here’s
here’s what happens look if you want to
get a patent you you first apply and
what you get is patent pending status
okay I put it on to the Patent Office in
Virginia cuz there is a patent office in
Virginia just go down there and hey I
would still recommend going through a
professional you can go there and ask
who’s a really good paddler that doesn’t
hurt you too much that can work with me
but to try to do yourself and you make
mistake then this huge idea of yours is
gone right ok so for pot you you apply
for you get patent pending status and
then that gives you a year to basically
figure out if you can market this thing
or not because the full-blown patent you
have to pay every year to maintain ok
and so you don’t want to do that unless
you know that you have something that
people actually buy and you’re making
money from Thatcher right it’s important
especially if you want to style to a big
company because a big company will will
buy a lot of the best inventors or the
people who make the most money aren’t
the ones who go out and try to sell the
product themselves immediately license
it to a big company mm-hmm right like
that bottled water company it isn’t what
I’m going to make my own bottle of water
with flavor it’s here’s my idea I patent
it and then I go sell the idea to coke
and they pay me ten cents every bottle
that goes up action right so to do that
kind of deal you have to have the pine
okay i will put some paint for because
they’re going to look at I want to do
this myself I don’t want to pay her it’s
been there but they can’t because you
had the patent for all right well that’s
why I’m gonna do i’ma give you a call
back and let you know how it and you
talk about it again I’m going to do it
and see what happens never know I’ll get
a patent it go on that shark show and
see if i can sell it again going the
comic back let me know how it’s going
will do my friend alright thanks a lot
thanks Daisy all right I listenings you
have an idea you want to protect it and
if you want to make those big deals
again most investors make their money
not from going out and selling a product
themselves but by making a big deal with
a big company and they have paid a
royalty every time that products out
because you need to book them what
you’re good at which is inventing and
not necessarily be in a marketer what
are the most important steps to start in
the business this is the question I got
off on my youtube channel by Celeste if
she wants to start a magazine and I
thought hey this is a great question
and I answered her i thought the radio
audience needs to know the answer to
we’re going to share with you guys today
so three steps the three most important
things you need to know when you’re
first starting the business you’re
thinking about starting the business
okay number one identify your passion
you have got to start a business around
something that you’re over-the-moon
excited and passionate about every other
rule in business doesn’t apply will not
help you will not Steve you will not
make you money unless your passion about
your business entrepreneurs we’re a
little bit crazy okay and and you have
to be crazy because it’s so hard to
launch a business and to get it to go to
get it to take off that most normal most
sane people will quit but you keep going
because you love doing it you’re doing
it to do it this is an important mission
that you’re on but do you love your
business or your business idea that much
if not you have to go find something
else if you’re in it just for the money
you’re going to quit as soon as it gets
hard and some of the most successful
entrepreneurs billionaire entrepreneurs
fails per year of the year after year
after year but kept going even though
there was no no hope no glimmer of light
they kept going because they just loved
what they did that’s rule number one you
have to love what you’re doing number
two is go get some experience here’s a
ruler in business okay you make money by
providing value you want to make a lot
of money provide a lot of value you want
to make a lot of money really quickly
provide a lot of value really quickly
how can you provide value to your
customers a lot of it comes from
experience right you know what you’re
doing so you can help somebody solve a
problem if you have no idea what you’re
doing then you’re not able to provide a
lot of value and United make money so go
get some experience work for somebody
who’s done what you’re trying to do just
like the advice that I gave to the
Jacqueline she wants to start this
jewelry business in Chicago but she’s
never done anything close before and if
she goes out and takes out a loan for
43,000 I launches this company chances
are it’s going to fail
but she has no experience in it the goal
work for a company who has like 10
employees somebody who you want to be in
a couple years and don’t just do the
menial jobs learn from the entrepreneur
every entrepreneur wants a great team
and wants ambitious people who want to
take on projects yet close to the
entrepreneur learn from them you’re
making your mistakes while getting paid
to do it instead of you paying to learn
you’re getting paid to learn you’re
taking a job not for the money you don’t
take a job for money take a job to learn
the gain a skill set so that when you’re
ready to go and launch your business the
chances of music seeding go up
dramatically because what I don’t want
to have happen is you end up starting
this business taking out a loan to do it
and running out of cash that’s what
happens to most entrepreneurs they run
out of cash in three months or six
months or 12 months because it’s harder
than they thought it was going to be
because they didn’t quite know what they
were doing and the end up having to go
back and get a job and I don’t want that
for you I want you to give yourself the
best chance of success and yeah I’m the
entrepreneur guy and I may be saying hey
go get a job and that might sound
counterintuitive but it gives you the
best chance of your business exceeding
the goal find someone who’s done this
before and learn from them even if it’s
three months or six months whatever it
takes for you to feel comfortable you
can go do it on your own and the last
thing step three is start on the side
prove that this will work you have your
job you’re making money you’re not at
the point where you can’t pay your rent
and you can’t pay for food on the table
start on the side and show that people
will pay you for what you do you have to
get it to the point of survival get it
to the point get your business on the
side to the point where you can quit
your job and not have to worry about
putting food on the table I’m not
talking about living a life of luxury
okay bear essential survival but you can
do it
so the summarized one identify your
passion to go get some experience and
three start up on the side building as a
point of survival and then quit your job
and blow it up I want to get to your
calls i have Derek on the line Derek my
producer says you sound like a nice guy
raha hai are you run Philadelphia
Philadelphia Pennsylvania I have an
entertainment company called dmj
entertainment in costume and i bought
the costume store from the old owner
back in 2007 and we were already doing
birthday party clown characters you know
we have to do their usual costumes
basically sell in october for halloween
and december santa claus is for
christmas but now you know the text
issues it seems like I just can’t seem
to keep up with them I mean every time I
turn around there’s more on the I’ve
been tailing every three months and you
know it just seems like okay they can
put you on even arrangement and I’ll
just ask for the first year when we
bought the business is there a text MHP
can you know because I had to use all my
money to buy them but to pay the old
owner off and then you can as soon as I
walk in it’s like okay you owe quarterly
tax okay you’re more cordially
characters are concerned about hear some
loud are they okay now you owe yearly
deck for the whole year and you know we
know you made a hundred and twenty came
you know but you owe us um board about
five thousand dollars and text and I’m
like oh you know pen and then not I’m
not racist at all but I have some Indian
friends of HD friends and from what I
hear for the first couple years they
went because they didn’t have to pay in
text is that true am I wrong or what
well there’s different types of taxes so
you have to pay taxes on your actual
building right and I do own the building
are you renting you know i’m racing to
fill renting so izzy is the landlord
passing I talks on to you know we don’t
we just pay rent we pay our rent every
month we don’t have to pay a renters tax
I’m talking about but are the business
tags the city tags what other kind of
tax is it the federal law
those are those are all taxes that you
have a now some entrepreneurs at the
start they don’t know what they have to
pay they don’t file for it and they make
and assert under the line for a little
bit right you’re supposed to pay those
taxes right but is there something that
says the first year you know I like okay
if I was Korean and I moved to America
is there something that I’m just I don’t
know if it’s true do some people don’t
have to pay the first year in business
or for juice it does everybody say or
what everybody should pay their there
may be a few specialized rules if the
government really wants so exactly the
government uh if a new stadium is being
built very City the government might
give them a tax break I really want that
basketball team to come to the city are
there any tax rates on small business
owners now okay that that’s why I called
you yeah there may be something
state-by-state but nothing that i am
aware of aside from those big decisions
where they really want to bring up knees
in now some states have different talk
system than others right but you move
over one state to toxic be totally
different mmm mmm okay but were there
back taxes before from now like no there
wasn’t because when we took over we just
started a gnome and it’s like you know
you’re paying your rent at the store and
then the mortgage at the house and
you’re only making like a hundred k you
know and it’s like wow i owe you seven
thousand dollars a quick yeah how good
is your accountant um my wife likes the
accountant i don’t i’m not saying that i
dislike them i’m just thinking but what
I’m talking to other business owners the
first couple years they were in business
they weren’t Owens four and five
thousand dollars yeah and a lot of that
comes from having a good accountant
besides I’m a hard time all they do is
they do your books but I hear it
accountant helps you tax plan right and
and I I don’t exactly know you know she
likes on this you could oh you know she
said this is what we’re supposed to file
and we need to say this and we need to
and I’m like you know what this is good
scars not a friend of things like he’s
not trying to look out for us I just
feel like aren’t there more things that
we should be getting off for taxes so
how many customers since i left my
government job back in two thousand
seven i never got a refund you know i
haven’t got a refund since I left the
government job I’ve been paying the
government ever since I left and I don’t
like what the accountant is doing
because I just don’t think he’s looking
out for our best interest yeah you know
you’re at the point now with the size of
your business where you need to have a
good accountant not like these are nice
guys we’re going to keep them on this is
I asking you dollars every month right I
mean every mom taking me do business
owners ever get a refund ken depends
depends on on a lot of different factors
but you need an account really I it’s
worth spending next two thousand dollars
to save five right ok you’re going here
I’d you can today almost all about this
year’s taxes we’re gonna fly now Mon I
want to send it to two accountants if
they come up with the same thing perfect
good lad Eric thank you sir have a good
guy no problem welcome back to the oven
carmichael show– i believe in
entrepreneurs and i want you to make
something happen this year with your
company okay a lot of time we get you
know ideas in our head great ideas for
things to do and we never act on it and
it’s because we want to have the perfect
plan it’s the perfect plan we wanted to
make sense before we take action and the
thing you got to keep in mind is you
never have the perfect plan and i made
this mistake i had a software cup in my
first business i spent a whole summer
working on my plan i wanted to be
perfect before I launch there had to be
perfect and so I spent the whole summer
working on it had to research everything
and as soon as I launch everything
changed the market changed the market
wasn’t what I thought it was you can
never really tell until you actually get
out there and start selling it never
worked out like you think it’s going to
work out right like the wrigley story
started off selling soap that didn’t
work out you get a great plan for but it
didn’t work out so he’s still thinking
sort of well that didn’t work out you
started to gum and that took off you got
to stop planning so much get out of your
head and start doing something start
doing something and change according to
feedback you’re getting back ok but just
stop thinking so much because you think
so much that you end up doing nothing so
just get out and do something just do it
okay we’re not last thinking I got time
for one last taller I have got I call on
the line it is nervin I think nirman is
a repeat color nerva and how are you
doing hi I’m doing law thanks so much
for having me back on I really
appreciate it what now you were the the
website that helped connect women in New
York right yes I was all right instead I
stay my memory there so it was Lou mail
com yes it was the mail com but what you
are in arden well since we want you’ve
had a whole bunch of members sign up for
the site and what’s been really
interesting is you mentioned that you
know it was limited for New York for the
beginning part of austin launching we’ve
had so many people from various other
parts of the country like Chicago
California Belinda defeat contact me
personally saying hey this is so great
this fantastic can you make this
available where I’m living and we’re now
responding to that demand and we’re
actually expanding in 2014 hopefully in
the next 30 days into these other areas
and making them available for everyone
in the US
believe for now and my question is that
as we’re expanding right now what’s
going to be my bastard of marketing
technique and how can I sort of eat the
branding dirt is pure instead of it
being more diluted like how do i still
maintain control over it as its own
national and i’m still based in New York
yeah and i think my fear for you would
be that one person says up in California
then they’re not going to have a friend
that connect with right you need it you
need a certain base exactly right
exactly did you have it so that you have
some kind of counter on your website
that says if it’s say by city so see San
Francisco you need like four Lemelle the
work you need at least X number people
say it’s a hundred 100 women sign up
right that is that a good number yeah
sure ok and before you unlock it you
have to get to that number so you can
show the map of the states and all the
cities and how many people have signed
up / city so they would encourage people
to spread the word and say hey you got
to set up for this website you got to
sign up because I want to get it to 100
but also when you launch you have a base
because you don’t want to launch in a
city and have five people and they meet
and there’s no connection and they saw
blue mouse doesn’t work yeah exactly
what you think would that work for you
yeah i think so i think that’s a great
idea i mean the last thing i want to do
is have people join early on and then
sort of has negative comments about it
because you know the base numbers aren’t
up yet i think that that’s definitely
something that can be done in terms of
like reaching out to sort of these
cities and sort of marketing them do you
have like a particular approach that i
should use to help build the base in
those cities I think your best bet is
through the media I remember when you
first called in my friend of my my
producer Fernanda was like I love this
idea as soon as you said and she loved
it and so you’ve got to get the message
out and I think the media
way to do it and tell stories about why
this is a problem okay and then people
will come to the website and you can say
we’re trying to build up you know these
different cities and as each one
launches you can do a local campaign in
those cities as well but you think about
like what the main problem is right busy
cities you know women don’t have any
friends anymore even though there’s so
many people around us or so connected
online and your message is something
that that your audience of young women
professionals can relate to those giving
that out in the media and then if you
have a clear message on their website
where people can see what cities are
opening up and that there’s pent-up
demand in certain cities that will help
spread the fire a little bit more okay
yeah that’s great advice thank you so
much I appreciate it no problem when I
when I first did my website and I was
trying to get the word out about it I
built a media list myself of local media
and national media and every week I
would send out a new press release and
the problem if you want to make like a
story not just a typical process because
nobody cares about your company they
care about the stories behind it nor and
I always got a response from somebody
who was radio or TV or print so build
your own list and see who’s talking
about like every every newspaper has a
columnist who talks about the single
life in that city yeah right our
lifestyle like you need to be talking to
these people got to get on the radar and
this is a cool story like you’re making
their job easier by introducing yourself
yeah absolutely okay that’s really great
advice and definitely going to start
working on a media list cool thank you
Amy cold on your gun with your update
will do you thank you so much alright no
problem sure and for all of you out
there who are trying to build up a brand
and trying to build up a website and get
known and build something national the
media is a great way to do it you think
about do you want to buy advertising or
do you want to be in a story what do you
pay attention to you pay attention to
the story is not the eyes and the
stories are free you just have to be
able to write a good
interesting article that somebody would
want to share because reporters are
always looking for stories are looking
for experts they’re looking for someone
to come up and make their job easier if
you do that to change the successful up
dramatically and they’ll spread the word
for you we’re already at the end of the
hour is crazy thank you so much to Zach
and Fernanda my producers you guys are
the all-star team I love you guys detail
will be back in two weeks you can visit
my website America calm in the process
and believe in your sub skies will be a
sense take care
show– i am your host Evan Carmichael I
believe in entrepreneurs welcome to 2014
it’s been a while since I’ve been with
you guys over the holiday break and I’m
excited to be back i’m excited for you
to make this year the year that your
business takes off to stop struggling to
stop doubting yourself to go and do
something important and change the world
on the show today how to find your
strength do one thing the three most
important steps you need to know to
start in the new business and just do it
i’ll find your strength i got a question
on Twitter recently where somebody asked
me where do you find the strength to do
all these big things how do you do it
and the answer for me is simple if you
want to have strength and feel more
energy stop working on projects I bring
you down let’s tuck your energy that
that drain your life force if you’re
forcing to do something if you’re
forcing yourself stop get rid of it
that’s not your path you won’t build
anything great by repeatedly doing
things that you hate instead focus on
what gives you energy things that you
look forward to projects that you
actually enjoy one in the business it’s
brutally hard and in my opinion you
might as well be doing something that
you actually like so here’s the process
that i go to what i’m working on new
projects here’s what i do and hopefully
you guys can learn from it like most
entrepreneurs I like starting projects I
like the new I love the challenge it’s
fun right we like going after these new
things and then I get bored of it and I
build things up myself I invest
typically no money and only my time
because you don’t need a lot of money to
do something amazing just a lot of heart
and when i get bored i see how far along
the project is covered and then I decide
either I kill the project or hand it off
to someone to run with and I do this
over and over and over again it’s a
process and it works
and sometimes I get bored after an hour
and I stop and sometimes it may last for
weeks they may last a month some
projects like this radio show I don’t
get bored of it all at least not yet as
soon as I get tired or something I make
sure you guys can realize as to as soon
as you get tired or something your
productivity it drop the quality of what
you’re making drops if you’re not
excited by it anymore your quality is
going to drop off and your happiness
level your energy your strength it all
drops off too and it’s better to move on
to something else and either up taking
it far enough along that someone else
can come and take over for me and it
will help my business or it’s still too
experimental and it’s not worth
contained to invest in a move on when
you don’t bring passion anymore to your
business everyone suffers your customers
won’t be as responsive your team they
won’t be as productive your family will
notice that you’re not happy it’s too
important to your own life and to the
people around you that you stop doing
the things you hate and focus on
projects that you love and here’s
something really important to remember
okay it’s okay to change a lot of us
have in our mind that this is a plan
that we started with and we have to see
it through to the end but you know what
your business it’s going to change the
thing that you start off doing is not
going to be how you end up everybody
changes I’m not doing the same thing
that I was doing over a decade ago when
I started this business it looks
completely different and it continues to
evolve with what I’m passionate about
this happens with every single
entrepreneur you look at everything with
entrepreneur they always change their
plan they have to adapt to what the
market is telling them and to what
they’re excited about if you think about
Wrigley’s Wrigley’s is the gum company
they started off selling soap and then
they sold baking soda and eventually
became a gum company if you think about
BMW they make cars now but they started
off making planes if you look at their
logo its propeller from a plane that’s
where their local came from where they
all I moved in to parse if they stuck
with their business and said hey we were
only going to make planes and they lost
their passion for that business they may
not be around anymore Lamborghini is one
of my favorite stories Lamborghini
started off selling tractors the guy
named Lamborghini and he started off
getting into cars because he bought a
car from Enzo Ferrari an Enzo Ferrari
made the greatest car in the world of
time the Ferrari and Lamborghini said
you know here’s a few things that might
make you better and enzo ferrari told
him listen you stick to making tractors
and i’ll make cars and that god
lamborghini all fired up and then you
wouldn’t do the car business though
you’re going to change you have to
change and the next time you feel
yourself doing something for too long
and finding your energy and strengths
are gone think about what excites you
and go do that amazing things will come
out of it believe I want to get to your
calls i have jack lean on the line
they’re clean where are you from and how
can I help hi I’m from Chicago Illinois
basically yes can you hear me now
Georgia near you okay I’m from Chicago
Illinois and my question is basically I
want to know what is the easiest way to
find financing or investors for a new
business venture what do you need the
partners um well basically what it is I
mean us okay and I have screenwriters is
green plays that need to be financed and
I’m having a problem finding funding oh
and what have you done so far to try to
go and get that funding I’m so far I
still that grant print I look for grants
and as those foreign investors but I’m
feeling it very hard to do so how do how
do we work with the grain
um haven’t got a response back yet for
those yes okay the biggest challenge
with these kinds of things when you’re
going to an investor is what’s my return
right making the business case right so
if you’re going to let me give you some
of your options okay if you’re going to
a bank they’re not going to finance this
unless you put yourself on the line
ready i’m going to put up your house or
some other aspect thanks for not
interesting this kind of stuff okay so
you’re looking at either of government
which will be grant or you’re looking at
individual investors okay and the
individual investor is going to see how
we’re going to make my money back out of
this okay it’s really hard for this kind
of business I don’t figure it out what
your business case is going to be
actually you know an in addition I also
have online jewelry store and I was
looking for financing investors for that
year and it’s going to be hard without
that business case right behind will be
able to show them here you know if you
give me how much money do you need for
that store i need about please wait 3040
3000 ok so i liked it it’s an exact
number but so if i give you forty three
thousand dollars what am I going to get
out of it and how long okay I see which
is not right and they want to know
exactly how you’re going to spend the
money oh okay it sounds like you’re
still really in the early stages of this
all basically yes I am yes I am so and
face what am i what you might actually
want to do to start have you ever worked
out a jewelry store before I’m just
doing a retail on no employee and of
cashiering stocking that’s about it
right it may be worth joining a company
that’s a small company like 10 people
around for employees somebody that you
aspire to be and try to learn as much
about that business so when you do go
out because if you start your business
now and say you take out a loan or
whatever
forty thousand dollars you change the
success of pretty low-key you’ve never
done anything close to this before okay
so go work for somebody who’s done it
and get beyond just the cashier level
some you know work with the entrepreneur
and show that you want to learn about
the business and learn more so that
you’re making mistakes but getting paid
to do it okay I got and then when you’re
ready to go out and start your business
you change the success go up
dramatically okay hey all right all
right well I still want to know how it’s
possible am I not to go to the bank and
also gets investors there another way to
get the chapel typically you’re looking
at bank or individual investors for work
for your right but again the bank is
only going to take what you but they
want to take your asset in case you
can’t pay them back they want to take
your house they got to take something
one other site that you may want to look
at is a website called kickstarter com
and what they do is they allow startup
funding for different projects and it’s
basically crowds for so people from
around the country will help support you
an individual investment the go check it
out okay okay thank you so much no
problem I want to see you have massive
success with your company in 2014 and
part of that is going to become from
getting more focused now what I want you
to think about is doing one thing okay
often we we have so many opportunities
in front of us so many different ways to
go that we get paralyzed and don’t do
anything and this actually happened to
me a couple weeks ago I was working with
my my media coach and every week we sit
down and we listen to my radio show my
youtube videos it gives me advice and
what to do to get better if you guys
like to show a lot of that is thanks to
her for helping them make it get better
now a couple weeks ago she came in with
this huge list and she said Evan here’s
what you need to work on here are some
ideas to you and this is huge list then
be 40 different ideas and I loved it it
was great so many great idea is what I
could do on the show or with my videos
and I got off the call I printed off the
list and I and I looked at it and I was
just overwhelmed I I didn’t know where
to start and when I came to time dr.
recorded my videos I didn’t do any of
the things she has something to do I
just did my normal stuff because it was
too overwhelming I didn’t know where to
start and this happens a lot and so the
next week i got on and I said you know
what I love that list you gave me last
week but it was too much just give me
one thing I trust a judge and give me
the one thing I need to work on this
week and I will do it and she said okay
do a one-minute video on Mondays one
minute Mondays and so I did it that week
and it turned out to be one of those the
most viewed videos I did or that week
and I’ve done it every week since and so
if you find yourself overwhelmed i’m
bombarded with tons of different options
the worst thing you can do is nothing do
something because your plan B your plan
see your plan app is better than no plan
and if you get into it you’ll see if it
works he or not but don’t be so
paralyzed by fear that you don’t do
anything pick one thing make it happen
this week and then go out and do another
thing and another thing and another
belief I want to get to the calls i have
desi on the line they see where are you
from and how can I help and some the
great Commonwealth of Virginia my friend
virginia right welcome to the show thank
you I was wondering I have an idea for
intervention and um how do you get an
idea from being an idea to taking it to
the next level as far as getting them
marketed and patent it and all that good
stuff huh how do you take an idea to the
next level you got me curious now what’s
the idea now I don’t want to be Kenyan
Mord you know I don’t want to I don’t
like to talk about it and then somebody
you know go out here and steal your idea
every idea you have is probably about 10
million people thinking the same thing
the only difference is that one person
acts on it and I want to be that one
person regardless to what it is it could
be a you know
a moon catcher you know what I mean I
don’t care the pot of mine is how do you
take an idea to the next level okay so
let’s go with your moon catcher so what
you need to figure out first is can you
patent this okay if you’re thinking
about Britain invention can you patent
this product and your best artists used
to talk to a lawyer to get their advice
on if it’s possible or not and how much
is going to cost actually go through
that process if you are it is your end
goal to to sell this to a big company or
to sell it to the masses or would you
sell it to the machinist to sell it to a
big company you know it’s you know they
said the best some of the best
inventions are things that we already
have you know to to improve on them and
to perfect them and you know with that
premise there are a lot of things I can
see that needs I find fault in
everything but i also find solutions my
friends so I’m not despair you know
picking out false but the thing is this
could work better if you did XY and Z
and and you know and I’m just sick of
seeing like for instance instance the
flavored bottled water I had that idea
like freaking 30 years ago you know to
go hated water so this it was flavorful
i would actually can drink it next thing
you know some idiot doesn’t and now he’s
a multi-billionaire and I’m kicking
myself in the butt sand oh my god I
thought about that when my doctor told
me to stop drinking so many slurpees and
start drinking more water but it doesn’t
count unless you act on it right exactly
so so how do you so so you saying go to
a lawyer oh god might be most vile of
all beans okay your pain but ok here’s
here’s what happens look if you want to
get a patent you you first apply and
what you get is patent pending status
okay I put it on to the Patent Office in
Virginia cuz there is a patent office in
Virginia just go down there and hey I
would still recommend going through a
professional you can go there and ask
who’s a really good paddler that doesn’t
hurt you too much that can work with me
but to try to do yourself and you make
mistake then this huge idea of yours is
gone right ok so for pot you you apply
for you get patent pending status and
then that gives you a year to basically
figure out if you can market this thing
or not because the full-blown patent you
have to pay every year to maintain ok
and so you don’t want to do that unless
you know that you have something that
people actually buy and you’re making
money from Thatcher right it’s important
especially if you want to style to a big
company because a big company will will
buy a lot of the best inventors or the
people who make the most money aren’t
the ones who go out and try to sell the
product themselves immediately license
it to a big company mm-hmm right like
that bottled water company it isn’t what
I’m going to make my own bottle of water
with flavor it’s here’s my idea I patent
it and then I go sell the idea to coke
and they pay me ten cents every bottle
that goes up action right so to do that
kind of deal you have to have the pine
okay i will put some paint for because
they’re going to look at I want to do
this myself I don’t want to pay her it’s
been there but they can’t because you
had the patent for all right well that’s
why I’m gonna do i’ma give you a call
back and let you know how it and you
talk about it again I’m going to do it
and see what happens never know I’ll get
a patent it go on that shark show and
see if i can sell it again going the
comic back let me know how it’s going
will do my friend alright thanks a lot
thanks Daisy all right I listenings you
have an idea you want to protect it and
if you want to make those big deals
again most investors make their money
not from going out and selling a product
themselves but by making a big deal with
a big company and they have paid a
royalty every time that products out
because you need to book them what
you’re good at which is inventing and
not necessarily be in a marketer what
are the most important steps to start in
the business this is the question I got
off on my youtube channel by Celeste if
she wants to start a magazine and I
thought hey this is a great question
and I answered her i thought the radio
audience needs to know the answer to
we’re going to share with you guys today
so three steps the three most important
things you need to know when you’re
first starting the business you’re
thinking about starting the business
okay number one identify your passion
you have got to start a business around
something that you’re over-the-moon
excited and passionate about every other
rule in business doesn’t apply will not
help you will not Steve you will not
make you money unless your passion about
your business entrepreneurs we’re a
little bit crazy okay and and you have
to be crazy because it’s so hard to
launch a business and to get it to go to
get it to take off that most normal most
sane people will quit but you keep going
because you love doing it you’re doing
it to do it this is an important mission
that you’re on but do you love your
business or your business idea that much
if not you have to go find something
else if you’re in it just for the money
you’re going to quit as soon as it gets
hard and some of the most successful
entrepreneurs billionaire entrepreneurs
fails per year of the year after year
after year but kept going even though
there was no no hope no glimmer of light
they kept going because they just loved
what they did that’s rule number one you
have to love what you’re doing number
two is go get some experience here’s a
ruler in business okay you make money by
providing value you want to make a lot
of money provide a lot of value you want
to make a lot of money really quickly
provide a lot of value really quickly
how can you provide value to your
customers a lot of it comes from
experience right you know what you’re
doing so you can help somebody solve a
problem if you have no idea what you’re
doing then you’re not able to provide a
lot of value and United make money so go
get some experience work for somebody
who’s done what you’re trying to do just
like the advice that I gave to the
Jacqueline she wants to start this
jewelry business in Chicago but she’s
never done anything close before and if
she goes out and takes out a loan for
43,000 I launches this company chances
are it’s going to fail
but she has no experience in it the goal
work for a company who has like 10
employees somebody who you want to be in
a couple years and don’t just do the
menial jobs learn from the entrepreneur
every entrepreneur wants a great team
and wants ambitious people who want to
take on projects yet close to the
entrepreneur learn from them you’re
making your mistakes while getting paid
to do it instead of you paying to learn
you’re getting paid to learn you’re
taking a job not for the money you don’t
take a job for money take a job to learn
the gain a skill set so that when you’re
ready to go and launch your business the
chances of music seeding go up
dramatically because what I don’t want
to have happen is you end up starting
this business taking out a loan to do it
and running out of cash that’s what
happens to most entrepreneurs they run
out of cash in three months or six
months or 12 months because it’s harder
than they thought it was going to be
because they didn’t quite know what they
were doing and the end up having to go
back and get a job and I don’t want that
for you I want you to give yourself the
best chance of success and yeah I’m the
entrepreneur guy and I may be saying hey
go get a job and that might sound
counterintuitive but it gives you the
best chance of your business exceeding
the goal find someone who’s done this
before and learn from them even if it’s
three months or six months whatever it
takes for you to feel comfortable you
can go do it on your own and the last
thing step three is start on the side
prove that this will work you have your
job you’re making money you’re not at
the point where you can’t pay your rent
and you can’t pay for food on the table
start on the side and show that people
will pay you for what you do you have to
get it to the point of survival get it
to the point get your business on the
side to the point where you can quit
your job and not have to worry about
putting food on the table I’m not
talking about living a life of luxury
okay bear essential survival but you can
do it
so the summarized one identify your
passion to go get some experience and
three start up on the side building as a
point of survival and then quit your job
and blow it up I want to get to your
calls i have Derek on the line Derek my
producer says you sound like a nice guy
raha hai are you run Philadelphia
Philadelphia Pennsylvania I have an
entertainment company called dmj
entertainment in costume and i bought
the costume store from the old owner
back in 2007 and we were already doing
birthday party clown characters you know
we have to do their usual costumes
basically sell in october for halloween
and december santa claus is for
christmas but now you know the text
issues it seems like I just can’t seem
to keep up with them I mean every time I
turn around there’s more on the I’ve
been tailing every three months and you
know it just seems like okay they can
put you on even arrangement and I’ll
just ask for the first year when we
bought the business is there a text MHP
can you know because I had to use all my
money to buy them but to pay the old
owner off and then you can as soon as I
walk in it’s like okay you owe quarterly
tax okay you’re more cordially
characters are concerned about hear some
loud are they okay now you owe yearly
deck for the whole year and you know we
know you made a hundred and twenty came
you know but you owe us um board about
five thousand dollars and text and I’m
like oh you know pen and then not I’m
not racist at all but I have some Indian
friends of HD friends and from what I
hear for the first couple years they
went because they didn’t have to pay in
text is that true am I wrong or what
well there’s different types of taxes so
you have to pay taxes on your actual
building right and I do own the building
are you renting you know i’m racing to
fill renting so izzy is the landlord
passing I talks on to you know we don’t
we just pay rent we pay our rent every
month we don’t have to pay a renters tax
I’m talking about but are the business
tags the city tags what other kind of
tax is it the federal law
those are those are all taxes that you
have a now some entrepreneurs at the
start they don’t know what they have to
pay they don’t file for it and they make
and assert under the line for a little
bit right you’re supposed to pay those
taxes right but is there something that
says the first year you know I like okay
if I was Korean and I moved to America
is there something that I’m just I don’t
know if it’s true do some people don’t
have to pay the first year in business
or for juice it does everybody say or
what everybody should pay their there
may be a few specialized rules if the
government really wants so exactly the
government uh if a new stadium is being
built very City the government might
give them a tax break I really want that
basketball team to come to the city are
there any tax rates on small business
owners now okay that that’s why I called
you yeah there may be something
state-by-state but nothing that i am
aware of aside from those big decisions
where they really want to bring up knees
in now some states have different talk
system than others right but you move
over one state to toxic be totally
different mmm mmm okay but were there
back taxes before from now like no there
wasn’t because when we took over we just
started a gnome and it’s like you know
you’re paying your rent at the store and
then the mortgage at the house and
you’re only making like a hundred k you
know and it’s like wow i owe you seven
thousand dollars a quick yeah how good
is your accountant um my wife likes the
accountant i don’t i’m not saying that i
dislike them i’m just thinking but what
I’m talking to other business owners the
first couple years they were in business
they weren’t Owens four and five
thousand dollars yeah and a lot of that
comes from having a good accountant
besides I’m a hard time all they do is
they do your books but I hear it
accountant helps you tax plan right and
and I I don’t exactly know you know she
likes on this you could oh you know she
said this is what we’re supposed to file
and we need to say this and we need to
and I’m like you know what this is good
scars not a friend of things like he’s
not trying to look out for us I just
feel like aren’t there more things that
we should be getting off for taxes so
how many customers since i left my
government job back in two thousand
seven i never got a refund you know i
haven’t got a refund since I left the
government job I’ve been paying the
government ever since I left and I don’t
like what the accountant is doing
because I just don’t think he’s looking
out for our best interest yeah you know
you’re at the point now with the size of
your business where you need to have a
good accountant not like these are nice
guys we’re going to keep them on this is
I asking you dollars every month right I
mean every mom taking me do business
owners ever get a refund ken depends
depends on on a lot of different factors
but you need an account really I it’s
worth spending next two thousand dollars
to save five right ok you’re going here
I’d you can today almost all about this
year’s taxes we’re gonna fly now Mon I
want to send it to two accountants if
they come up with the same thing perfect
good lad Eric thank you sir have a good
guy no problem welcome back to the oven
carmichael show– i believe in
entrepreneurs and i want you to make
something happen this year with your
company okay a lot of time we get you
know ideas in our head great ideas for
things to do and we never act on it and
it’s because we want to have the perfect
plan it’s the perfect plan we wanted to
make sense before we take action and the
thing you got to keep in mind is you
never have the perfect plan and i made
this mistake i had a software cup in my
first business i spent a whole summer
working on my plan i wanted to be
perfect before I launch there had to be
perfect and so I spent the whole summer
working on it had to research everything
and as soon as I launch everything
changed the market changed the market
wasn’t what I thought it was you can
never really tell until you actually get
out there and start selling it never
worked out like you think it’s going to
work out right like the wrigley story
started off selling soap that didn’t
work out you get a great plan for but it
didn’t work out so he’s still thinking
sort of well that didn’t work out you
started to gum and that took off you got
to stop planning so much get out of your
head and start doing something start
doing something and change according to
feedback you’re getting back ok but just
stop thinking so much because you think
so much that you end up doing nothing so
just get out and do something just do it
okay we’re not last thinking I got time
for one last taller I have got I call on
the line it is nervin I think nirman is
a repeat color nerva and how are you
doing hi I’m doing law thanks so much
for having me back on I really
appreciate it what now you were the the
website that helped connect women in New
York right yes I was all right instead I
stay my memory there so it was Lou mail
com yes it was the mail com but what you
are in arden well since we want you’ve
had a whole bunch of members sign up for
the site and what’s been really
interesting is you mentioned that you
know it was limited for New York for the
beginning part of austin launching we’ve
had so many people from various other
parts of the country like Chicago
California Belinda defeat contact me
personally saying hey this is so great
this fantastic can you make this
available where I’m living and we’re now
responding to that demand and we’re
actually expanding in 2014 hopefully in
the next 30 days into these other areas
and making them available for everyone
in the US
believe for now and my question is that
as we’re expanding right now what’s
going to be my bastard of marketing
technique and how can I sort of eat the
branding dirt is pure instead of it
being more diluted like how do i still
maintain control over it as its own
national and i’m still based in New York
yeah and i think my fear for you would
be that one person says up in California
then they’re not going to have a friend
that connect with right you need it you
need a certain base exactly right
exactly did you have it so that you have
some kind of counter on your website
that says if it’s say by city so see San
Francisco you need like four Lemelle the
work you need at least X number people
say it’s a hundred 100 women sign up
right that is that a good number yeah
sure ok and before you unlock it you
have to get to that number so you can
show the map of the states and all the
cities and how many people have signed
up / city so they would encourage people
to spread the word and say hey you got
to set up for this website you got to
sign up because I want to get it to 100
but also when you launch you have a base
because you don’t want to launch in a
city and have five people and they meet
and there’s no connection and they saw
blue mouse doesn’t work yeah exactly
what you think would that work for you
yeah i think so i think that’s a great
idea i mean the last thing i want to do
is have people join early on and then
sort of has negative comments about it
because you know the base numbers aren’t
up yet i think that that’s definitely
something that can be done in terms of
like reaching out to sort of these
cities and sort of marketing them do you
have like a particular approach that i
should use to help build the base in
those cities I think your best bet is
through the media I remember when you
first called in my friend of my my
producer Fernanda was like I love this
idea as soon as you said and she loved
it and so you’ve got to get the message
out and I think the media
way to do it and tell stories about why
this is a problem okay and then people
will come to the website and you can say
we’re trying to build up you know these
different cities and as each one
launches you can do a local campaign in
those cities as well but you think about
like what the main problem is right busy
cities you know women don’t have any
friends anymore even though there’s so
many people around us or so connected
online and your message is something
that that your audience of young women
professionals can relate to those giving
that out in the media and then if you
have a clear message on their website
where people can see what cities are
opening up and that there’s pent-up
demand in certain cities that will help
spread the fire a little bit more okay
yeah that’s great advice thank you so
much I appreciate it no problem when I
when I first did my website and I was
trying to get the word out about it I
built a media list myself of local media
and national media and every week I
would send out a new press release and
the problem if you want to make like a
story not just a typical process because
nobody cares about your company they
care about the stories behind it nor and
I always got a response from somebody
who was radio or TV or print so build
your own list and see who’s talking
about like every every newspaper has a
columnist who talks about the single
life in that city yeah right our
lifestyle like you need to be talking to
these people got to get on the radar and
this is a cool story like you’re making
their job easier by introducing yourself
yeah absolutely okay that’s really great
advice and definitely going to start
working on a media list cool thank you
Amy cold on your gun with your update
will do you thank you so much alright no
problem sure and for all of you out
there who are trying to build up a brand
and trying to build up a website and get
known and build something national the
media is a great way to do it you think
about do you want to buy advertising or
do you want to be in a story what do you
pay attention to you pay attention to
the story is not the eyes and the
stories are free you just have to be
able to write a good
interesting article that somebody would
want to share because reporters are
always looking for stories are looking
for experts they’re looking for someone
to come up and make their job easier if
you do that to change the successful up
dramatically and they’ll spread the word
for you we’re already at the end of the
hour is crazy thank you so much to Zach
and Fernanda my producers you guys are
the all-star team I love you guys detail
will be back in two weeks you can visit
my website America calm in the process
and believe in your sub skies will be a
sense take care
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