hi I’m Evan Carmichael welcome to
another edition of ask Evan today I’m
going to answer question from one of my
newsletter readers George he wrote in
saying he’s 47 years old he’s got his
MBA he started a company when he was 30
and for 17 years he’s you know had the
best best time with his age is in his
best is in his peak and because of the
crisis he’s approaching bankruptcy he’s
you know disappointed he’s about to be
ruined and wanted some suggestions on
what to do next so thank you for the
question to George that’s a really tough
situation to be in something a lot of
entrepreneurs are facing I think for you
the biggest thing now is figuring out
how can you go back to making money you
know any entrepreneur can spend money
and it can be hard when times get tough
and you’re used to a certain way of
doing things to keep up the expenses you
got to figure out a way to start making
money and not just spend money right
anybody can spend money it’s that the
challenge of making money you may have
to pare down maybe even all the way back
to the beginning you identify what it is
that you’re really excited about passion
about try to identify customers who have
a pain point that you can go help them
solve and build around that I try to do
it around the service if you can
especially at the beginning biggest
couple reasons one doesn’t cost anything
besides your time so at the beginning
you know you again we don’t want to be
spending money here if we’re talking
about bankruptcy you don’t want to be
spending more money you want to be
making money so you’re investing your
time you know you’re trading your time
for money but you’re making money coming
in and I want to see you get to the
survival point we’re making enough money
from your service business that if you
want to expand enough for products then
you can’t litter on the first step is we
got to get you you know out of
bankruptcy and you know making money
enough so you can survive on a
day-to-day basis next thing I would try
to do is just keep in mind that you know
you 47 years old it’s still young you
know it’s not something that you’re too
old to get started again even if it’s a
completely different business it can be
really hard but you could chalk it up to
lessons learned and some experience that
you didn’t have before but there’s a lot
of entrepreneurs
had a lot of success you know still at a
much greater age whose partner Harland
Sanders from KFC was in his mid-60s
before he started KFC Ray Kroc from
mcdonalds was again in the 60s or think
he was in his 50s I have a quote here
that I saved here for you that might be
inspiring so he said I was 52 years old
so Ray Kroc I had diabetes arthritis I’d
lost my gallbladder most of my thyroid
gland in earlier campaigns but I was
convinced the best was ahead of me so
here’s a guy who had a whole bunch of
bad stuff happened to him 52 years old
at the time where people are starting to
think you know getting close to
retirement and planning the rest of
their life and here’s just starting up a
new company and build McDonald’s into
the success that it was so there can be
a lot of you know still lessons to be
learned and a lot of excitement that
could be ahead for you I would start
again around that service identify a
passionate you have how you can help
people provide a lot of value the you
know the amount of money you’re going to
make is going to be depending on how
much value provides somebody and how
much you helped them alright so start a
service around that slowly build it up
invest the profits back into the
business and then continue to expand and
hopefully you can get yourself out of
that situation and maybe with this
business or maybe doing something else a
lot of times people decide just to you
know shut the doors on that business and
start something new if you feel like
there’s time to move on and sign them
long to a new project that may be a
little bit more exciting and
invigorating for you so hopefully that
helps I I’m still you know positive for
you and optimistic for you or think with
dedication hard work and maybe pouring
your heart into it something you really
enjoy I think you can definitely turn it
around and be a successful entrepreneur
and I love to hear your progress and
your plans for what you’re doing going
forward so thank you for the question if
you guys like the video for those of you
watching please give it a thumbs up but
makes want to do more of them for you
and if you have a question about to
finding your passion or above you know
being too old to start a business or
whatever it is about your own company
feel free to leave in the comments below
I always read those and i always respond
to people as soon as i can so thank you
and I’ll see you in the next episode
you
another edition of ask Evan today I’m
going to answer question from one of my
newsletter readers George he wrote in
saying he’s 47 years old he’s got his
MBA he started a company when he was 30
and for 17 years he’s you know had the
best best time with his age is in his
best is in his peak and because of the
crisis he’s approaching bankruptcy he’s
you know disappointed he’s about to be
ruined and wanted some suggestions on
what to do next so thank you for the
question to George that’s a really tough
situation to be in something a lot of
entrepreneurs are facing I think for you
the biggest thing now is figuring out
how can you go back to making money you
know any entrepreneur can spend money
and it can be hard when times get tough
and you’re used to a certain way of
doing things to keep up the expenses you
got to figure out a way to start making
money and not just spend money right
anybody can spend money it’s that the
challenge of making money you may have
to pare down maybe even all the way back
to the beginning you identify what it is
that you’re really excited about passion
about try to identify customers who have
a pain point that you can go help them
solve and build around that I try to do
it around the service if you can
especially at the beginning biggest
couple reasons one doesn’t cost anything
besides your time so at the beginning
you know you again we don’t want to be
spending money here if we’re talking
about bankruptcy you don’t want to be
spending more money you want to be
making money so you’re investing your
time you know you’re trading your time
for money but you’re making money coming
in and I want to see you get to the
survival point we’re making enough money
from your service business that if you
want to expand enough for products then
you can’t litter on the first step is we
got to get you you know out of
bankruptcy and you know making money
enough so you can survive on a
day-to-day basis next thing I would try
to do is just keep in mind that you know
you 47 years old it’s still young you
know it’s not something that you’re too
old to get started again even if it’s a
completely different business it can be
really hard but you could chalk it up to
lessons learned and some experience that
you didn’t have before but there’s a lot
of entrepreneurs
had a lot of success you know still at a
much greater age whose partner Harland
Sanders from KFC was in his mid-60s
before he started KFC Ray Kroc from
mcdonalds was again in the 60s or think
he was in his 50s I have a quote here
that I saved here for you that might be
inspiring so he said I was 52 years old
so Ray Kroc I had diabetes arthritis I’d
lost my gallbladder most of my thyroid
gland in earlier campaigns but I was
convinced the best was ahead of me so
here’s a guy who had a whole bunch of
bad stuff happened to him 52 years old
at the time where people are starting to
think you know getting close to
retirement and planning the rest of
their life and here’s just starting up a
new company and build McDonald’s into
the success that it was so there can be
a lot of you know still lessons to be
learned and a lot of excitement that
could be ahead for you I would start
again around that service identify a
passionate you have how you can help
people provide a lot of value the you
know the amount of money you’re going to
make is going to be depending on how
much value provides somebody and how
much you helped them alright so start a
service around that slowly build it up
invest the profits back into the
business and then continue to expand and
hopefully you can get yourself out of
that situation and maybe with this
business or maybe doing something else a
lot of times people decide just to you
know shut the doors on that business and
start something new if you feel like
there’s time to move on and sign them
long to a new project that may be a
little bit more exciting and
invigorating for you so hopefully that
helps I I’m still you know positive for
you and optimistic for you or think with
dedication hard work and maybe pouring
your heart into it something you really
enjoy I think you can definitely turn it
around and be a successful entrepreneur
and I love to hear your progress and
your plans for what you’re doing going
forward so thank you for the question if
you guys like the video for those of you
watching please give it a thumbs up but
makes want to do more of them for you
and if you have a question about to
finding your passion or above you know
being too old to start a business or
whatever it is about your own company
feel free to leave in the comments below
I always read those and i always respond
to people as soon as i can so thank you
and I’ll see you in the next episode
you
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