hi I’m Evan Carmichael welcome to the
edition of ask Evan today’s question
come from one of my newsletter readers
Freddie who was asking about starting a
new business and he wrote in saying many
entrepreneurs lock objectivity and real
insight into the market when starting
the business in what ways are these
considered pitfalls in selecting a new
venture please help so thanks for the
question Freddie very true a lot of
entrepreneurs start a business without
really knowing the market or really
having a customer base and they end up
closing down their company because
they’re not able to make enough money to
support themselves and that’s really
phase one for any entrepreneur is
getting past survival right you have to
be able to make enough money from your
business the parry bills put food on the
table survived right if you can’t make
enough money to survive then you’re not
gonna be able to stay in business for
very long so it all starts with building
around your customer base so a lot of
entrepreneurs will start a business
because you think it’s a great
money-making opportunity but they’re not
really passionate about that business
and they haven’t talked to any potential
customers did you think it’s a fantastic
money-making idea usually when you’re
going after just making money you rarely
end up making money and that’s one of
the one of the ironies of running the
business if you look at the really
successful entrepreneurs they didn’t
start their business because they want
to make a lot of money that’s part of it
you know you’re going to make money but
they wanted to start the business
because they had an intense passion
fourth they’re doing and they wanted to
help people so I look for you know for
whatever business you’re trying to start
look at what you’re really good at what
you have a strong passion for and you
feel like it helped a lot of people that
that’s where you want to start and if
your be able to help people you’re going
to make money the more the more value
can provide people the more you can help
them the amount of money you’re going to
be able to make in your business so
money is definitely part of it you know
if you’re not making enough money to
survive you’re not going to stay in
business but the first principle is
really being able to do something that
you’re really passionate about and
you’re able to add a lot of value and
help people with so that’s where I would
start next you could be really
passionate or something but not having
intense
you know understanding of what your
customers are going through so before
really starting the business I’ll go and
start talking to potential customers get
to know their challenges get to know
their pain points see how you can help
them open up friendly conversations
you’re not selling them anything we’re
just going to ask for help ask you some
advice and see if you might be able to
provide some assistance it’s great if
you can build a business around the
paying customer I would try to talk to
you potential customers again understand
their pain points and try to set up a
relationship where you can get them on
board as a customer before you even
launch whatever product or service that
you’re providing that’s you know great
because you have cash flow coming in
most entrepreneurs start the other way
they spend a lot of money creating
whatever product or service they launch
it and then hustle and try to get enough
business to support and all that money
that they spent words better to try to
go the other way around you know that
first of all I can still work but it’s a
lot more expensive and a lot more risky
better way to go either around start
talking your customers first find out
about their challenges and try to build
around them and get your first customer
right at the gate so you have cash flow
coming in that you can use to then pay
for all your marketing expenses pay for
whatever products you need to buy and
start growing your business so that’s
what I would do I think a lot of
entrepreneurs again as you mentioned do
it the wrong way to think they have a
great idea but they don’t really have a
strong desire to to build that business
I have a passion for it and they don’t
really know much about their customers
so again make sure you’re targeting a
business around one of your intense
passions we know you can help a lot of
people in a really meaningful way and
then to try to build around a customer
by talking them find out their pain
points are hopefully that helps you guys
like the video please give it a thumbs
up below I always love seeing those come
in and it makes me want to do more of
these videos for you guys and if you
have a thought about this video you want
to add your two cents or if you have a
question for me as well please leave a
comment below I’d love to hear what
you’re thinking and i’ll see you on the
next episode
you
edition of ask Evan today’s question
come from one of my newsletter readers
Freddie who was asking about starting a
new business and he wrote in saying many
entrepreneurs lock objectivity and real
insight into the market when starting
the business in what ways are these
considered pitfalls in selecting a new
venture please help so thanks for the
question Freddie very true a lot of
entrepreneurs start a business without
really knowing the market or really
having a customer base and they end up
closing down their company because
they’re not able to make enough money to
support themselves and that’s really
phase one for any entrepreneur is
getting past survival right you have to
be able to make enough money from your
business the parry bills put food on the
table survived right if you can’t make
enough money to survive then you’re not
gonna be able to stay in business for
very long so it all starts with building
around your customer base so a lot of
entrepreneurs will start a business
because you think it’s a great
money-making opportunity but they’re not
really passionate about that business
and they haven’t talked to any potential
customers did you think it’s a fantastic
money-making idea usually when you’re
going after just making money you rarely
end up making money and that’s one of
the one of the ironies of running the
business if you look at the really
successful entrepreneurs they didn’t
start their business because they want
to make a lot of money that’s part of it
you know you’re going to make money but
they wanted to start the business
because they had an intense passion
fourth they’re doing and they wanted to
help people so I look for you know for
whatever business you’re trying to start
look at what you’re really good at what
you have a strong passion for and you
feel like it helped a lot of people that
that’s where you want to start and if
your be able to help people you’re going
to make money the more the more value
can provide people the more you can help
them the amount of money you’re going to
be able to make in your business so
money is definitely part of it you know
if you’re not making enough money to
survive you’re not going to stay in
business but the first principle is
really being able to do something that
you’re really passionate about and
you’re able to add a lot of value and
help people with so that’s where I would
start next you could be really
passionate or something but not having
intense
you know understanding of what your
customers are going through so before
really starting the business I’ll go and
start talking to potential customers get
to know their challenges get to know
their pain points see how you can help
them open up friendly conversations
you’re not selling them anything we’re
just going to ask for help ask you some
advice and see if you might be able to
provide some assistance it’s great if
you can build a business around the
paying customer I would try to talk to
you potential customers again understand
their pain points and try to set up a
relationship where you can get them on
board as a customer before you even
launch whatever product or service that
you’re providing that’s you know great
because you have cash flow coming in
most entrepreneurs start the other way
they spend a lot of money creating
whatever product or service they launch
it and then hustle and try to get enough
business to support and all that money
that they spent words better to try to
go the other way around you know that
first of all I can still work but it’s a
lot more expensive and a lot more risky
better way to go either around start
talking your customers first find out
about their challenges and try to build
around them and get your first customer
right at the gate so you have cash flow
coming in that you can use to then pay
for all your marketing expenses pay for
whatever products you need to buy and
start growing your business so that’s
what I would do I think a lot of
entrepreneurs again as you mentioned do
it the wrong way to think they have a
great idea but they don’t really have a
strong desire to to build that business
I have a passion for it and they don’t
really know much about their customers
so again make sure you’re targeting a
business around one of your intense
passions we know you can help a lot of
people in a really meaningful way and
then to try to build around a customer
by talking them find out their pain
points are hopefully that helps you guys
like the video please give it a thumbs
up below I always love seeing those come
in and it makes me want to do more of
these videos for you guys and if you
have a thought about this video you want
to add your two cents or if you have a
question for me as well please leave a
comment below I’d love to hear what
you’re thinking and i’ll see you on the
next episode
you
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