hi I’m Evan Carmichael welcome to
another edition of ask Evan today I’m
going to answer collection from Fatima
who is one of my face book readers who
wrote in about how to start a new
business that doesn’t require money so
specifically the question was I’m a
third year student in accounting and
want to be an entrepreneur after finish
my course my question is what business
should i do especially since I don’t
have capital right now thank you Fatima
so thanks for the question I think it’s
a great question one that a lot of
people are thinking about how do I start
a business not a lot of money the key
here is you don’t need a lot of money to
start almost any business there are very
few businesses where you absolutely need
to have a ton of money to get started
and so what I would encourage you to do
is instead of trying to find an
opportunity where you don’t need a lot
of money look at something where you
feel that you can add a lot of value to
and that you’re really passionate about
that’s gonna be the key you look at any
famous entrepreneur how they got started
and you ask them what the key to success
was almost always one of the key reasons
to come back is that they had a strong
passion for that business it wasn’t just
to make money they wanted to change the
way things were done in a certain
industry you wanted to add a lot of
value to people’s lives so don’t just go
out looking for the opportunity to make
money you’ll often find that the the
people who just try to make money really
do and it’s because they quit at the
first sign of trouble they don’t put in
the hard work to get past the hurdles I
come in front of them and it’s only
because you love your business so much
and you love what you’re doing and you
look how much you’re helping people
that’s what gives you the fuel to keep
going even when times get tough a lot of
entrepreneurs say that they would do
what they were doing for their business
even if they weren’t making any money
because of how good it makes them feel
the value that you they’re adding and
they would go and get a job to support
this passion er there so that’s what you
want to try to find you want to find
what you love so much that you’re really
helping other people and you would do
even if you’re not getting paid to do it
because you really love what you’re
doing for me I love helping
entrepreneurs I love making these videos
i love
talking entrepreneurs I do a lot of this
stuff without getting paid I’m making
this video for you because i’m not i’m
not getting paid to do it unless there’s
some secret person pay me that i’m not
quite sure about but really I don’t make
a lot I don’t make money from from these
videos but I do it because I love doing
I love helping entrepreneurs hopefully
if you take this advice go away put it
into your business and become successful
so that’s what you want to find with
your own entrepreneurship venture
something that you’re really passionate
about will you wake up excited to do it
and you’re you know you’re adding a lot
of value to people’s lives and that’s
going to be the key is helping other
people from there if you’re looking at
ways to not spend a lot of money and
that’s he you find a lot of the
successful companies started just from
bootstrapping start a service so service
companies are easier to start up they
don’t fail as often as product companies
and retail companies the idea here is
you not spend a lot of money to get
started but you’re spending a lot of
sweat equity you put in your time in to
see if it’ll work the challenge that
people face on the product side is you
spend a lot of time creating this
product you spend a lot of money buying
this product making purchases and you
have a huge inventory and then doesn’t
sell and you’ve invested all this money
into this product that then sitting in
your basement or your you know extra
room or whatever it is and you can’t
sell it and so you’re out of cash you
have to go back and get another job or
if you’re doing a service it brings you
closer to your customer you really
understand what their pain points are
and how you can help them and then
you’re not spending a lot of money you
don’t really need to spend any money to
start a service-based business you know
you can potential have a business card
maybe a website if you want but you
don’t need to spend money it’s more your
time as you’re able to build it up and
you work with a couple clients and you
know you might be tired of treating your
time for money then you can’t expand
into a product type of business but you
have some cash flow built in from your
service so definitely look at whatever
field you’re really passionate about you
feel looking out a lot of value to your
clients start a service around that the
third key point that I want to leave you
with is try not to spend money until
you’re making money
anybody can spend money it’s easy to
spend money if i gave you a million
dollars you can go and spend it a
million different ways i’m sure you
could and this is a challenge i had when
i was in the venture capital business we
saw so many entrepreneurs come to us
looking to spend money what you want to
be is that entrepreneur who can earn the
money and so try not to go out and make
a lot of purchases and spend any money
on your business until you’re making
something back and this is something
I’ve tried to apply to all of my new
ideas with my company every new thing
that we try out I’ll spend some time and
energy putting it into a see if it’ll
work but I won’t spend any money on it
until I’m making some money from it
exempli just a couple times with these
videos it’s a good example because
you’re watching this video so it’s a
good medium when I first started doing
video I really wanted to get into video
because i found that was really a visual
learner and I learned a lot more from
video than just hearing something or
reading something so i wanted to get in
the video but i didn’t have a revenue
model behind it so i didn’t want to go
and spend money on you know camera
lighting tripod all the things that you
need to make a video work I didn’t want
to send money on it because I didn’t
know AI would commit to this and
continue doing this if I would like it
or not you don’t know if you’re gonna
like a project until you actually get
into it and I didn’t know if I’d ever be
able to make money from it so the
quickest way to do it is just start
trying it out I took my regular camera
and just started recording myself
answering some questions that people had
written into me and I really did like it
and if you go back to my youtube channel
and look at the earlier videos they were
really bad the the the quality of the
content was pretty good but the lighting
was bad the camera was bad the audio is
bad because it didn’t spend money on a
microphone so that’s how we’ll kind of
started off but I continued with it I
realized I really enjoyed doing it and
eventual is able to find a way to
monetize the video is not all the videos
but some of them through corporate
sponsorships I know you know the money
from those ones help me create all the
other ones so I can spend the time I
want doing these types of videos even
though I’m not getting paid to do it
because it’s fun but it gave me the
ability to go and buy a camera my tripod
my microphone get some lighting hire an
editor create an intro have some music
on it just to improve the experience and
make the videos that much better so it
all started from nothing like it could
have gone nowhere could have spent all
this money on this gear and I did two
videos and shut the whole project down
and now I’m stuck with all this extra
gear that I’m never going to use again
so try not to spend money until you’re
making money so kind of a long story
they kind of get back to that point
whatever business you’re going into if
you’re passionate about it and you’re
creating it around the service you don’t
need to spend money you can find ways to
be able to get some contracts without
spending money and then even though they
may not be big contracts if you can
prove to yourself that hey I’m able to
make a little bit of money here and you
really enjoy doing this this is
definitely what you want to keep doing
then you can invest some of the money
that you make back into the things that
will help you grow the business bigger
and bigger bigger and continue expand
from there so without help maybe not the
specific answer you were looking for
people sometimes want to kind of bullet
shot here’s the exact way to go about
and do it in the type of business you
want to run without any money but the
good news is you can do it around
anything and the more you can build a
business around your passion the more
money you’re going to make and the more
fun you’re gonna have to and that’s part
of it you’re gonna put in a lot of hours
running a business you might as well be
doing something that you really enjoy
and that you know you’re helping a lot
of people out instead of just trying to
make some money off of it so hopefully
that helped that you guys liked the
video please give it a thumbs up below
it really makes you want to do more
these videos for you guys and if you
have a comment about this video or if
you have a question for your own company
feel free to leave it in the comments
section below I always read those who
try to respond to everybody as much as
they 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 collection from Fatima
who is one of my face book readers who
wrote in about how to start a new
business that doesn’t require money so
specifically the question was I’m a
third year student in accounting and
want to be an entrepreneur after finish
my course my question is what business
should i do especially since I don’t
have capital right now thank you Fatima
so thanks for the question I think it’s
a great question one that a lot of
people are thinking about how do I start
a business not a lot of money the key
here is you don’t need a lot of money to
start almost any business there are very
few businesses where you absolutely need
to have a ton of money to get started
and so what I would encourage you to do
is instead of trying to find an
opportunity where you don’t need a lot
of money look at something where you
feel that you can add a lot of value to
and that you’re really passionate about
that’s gonna be the key you look at any
famous entrepreneur how they got started
and you ask them what the key to success
was almost always one of the key reasons
to come back is that they had a strong
passion for that business it wasn’t just
to make money they wanted to change the
way things were done in a certain
industry you wanted to add a lot of
value to people’s lives so don’t just go
out looking for the opportunity to make
money you’ll often find that the the
people who just try to make money really
do and it’s because they quit at the
first sign of trouble they don’t put in
the hard work to get past the hurdles I
come in front of them and it’s only
because you love your business so much
and you love what you’re doing and you
look how much you’re helping people
that’s what gives you the fuel to keep
going even when times get tough a lot of
entrepreneurs say that they would do
what they were doing for their business
even if they weren’t making any money
because of how good it makes them feel
the value that you they’re adding and
they would go and get a job to support
this passion er there so that’s what you
want to try to find you want to find
what you love so much that you’re really
helping other people and you would do
even if you’re not getting paid to do it
because you really love what you’re
doing for me I love helping
entrepreneurs I love making these videos
i love
talking entrepreneurs I do a lot of this
stuff without getting paid I’m making
this video for you because i’m not i’m
not getting paid to do it unless there’s
some secret person pay me that i’m not
quite sure about but really I don’t make
a lot I don’t make money from from these
videos but I do it because I love doing
I love helping entrepreneurs hopefully
if you take this advice go away put it
into your business and become successful
so that’s what you want to find with
your own entrepreneurship venture
something that you’re really passionate
about will you wake up excited to do it
and you’re you know you’re adding a lot
of value to people’s lives and that’s
going to be the key is helping other
people from there if you’re looking at
ways to not spend a lot of money and
that’s he you find a lot of the
successful companies started just from
bootstrapping start a service so service
companies are easier to start up they
don’t fail as often as product companies
and retail companies the idea here is
you not spend a lot of money to get
started but you’re spending a lot of
sweat equity you put in your time in to
see if it’ll work the challenge that
people face on the product side is you
spend a lot of time creating this
product you spend a lot of money buying
this product making purchases and you
have a huge inventory and then doesn’t
sell and you’ve invested all this money
into this product that then sitting in
your basement or your you know extra
room or whatever it is and you can’t
sell it and so you’re out of cash you
have to go back and get another job or
if you’re doing a service it brings you
closer to your customer you really
understand what their pain points are
and how you can help them and then
you’re not spending a lot of money you
don’t really need to spend any money to
start a service-based business you know
you can potential have a business card
maybe a website if you want but you
don’t need to spend money it’s more your
time as you’re able to build it up and
you work with a couple clients and you
know you might be tired of treating your
time for money then you can’t expand
into a product type of business but you
have some cash flow built in from your
service so definitely look at whatever
field you’re really passionate about you
feel looking out a lot of value to your
clients start a service around that the
third key point that I want to leave you
with is try not to spend money until
you’re making money
anybody can spend money it’s easy to
spend money if i gave you a million
dollars you can go and spend it a
million different ways i’m sure you
could and this is a challenge i had when
i was in the venture capital business we
saw so many entrepreneurs come to us
looking to spend money what you want to
be is that entrepreneur who can earn the
money and so try not to go out and make
a lot of purchases and spend any money
on your business until you’re making
something back and this is something
I’ve tried to apply to all of my new
ideas with my company every new thing
that we try out I’ll spend some time and
energy putting it into a see if it’ll
work but I won’t spend any money on it
until I’m making some money from it
exempli just a couple times with these
videos it’s a good example because
you’re watching this video so it’s a
good medium when I first started doing
video I really wanted to get into video
because i found that was really a visual
learner and I learned a lot more from
video than just hearing something or
reading something so i wanted to get in
the video but i didn’t have a revenue
model behind it so i didn’t want to go
and spend money on you know camera
lighting tripod all the things that you
need to make a video work I didn’t want
to send money on it because I didn’t
know AI would commit to this and
continue doing this if I would like it
or not you don’t know if you’re gonna
like a project until you actually get
into it and I didn’t know if I’d ever be
able to make money from it so the
quickest way to do it is just start
trying it out I took my regular camera
and just started recording myself
answering some questions that people had
written into me and I really did like it
and if you go back to my youtube channel
and look at the earlier videos they were
really bad the the the quality of the
content was pretty good but the lighting
was bad the camera was bad the audio is
bad because it didn’t spend money on a
microphone so that’s how we’ll kind of
started off but I continued with it I
realized I really enjoyed doing it and
eventual is able to find a way to
monetize the video is not all the videos
but some of them through corporate
sponsorships I know you know the money
from those ones help me create all the
other ones so I can spend the time I
want doing these types of videos even
though I’m not getting paid to do it
because it’s fun but it gave me the
ability to go and buy a camera my tripod
my microphone get some lighting hire an
editor create an intro have some music
on it just to improve the experience and
make the videos that much better so it
all started from nothing like it could
have gone nowhere could have spent all
this money on this gear and I did two
videos and shut the whole project down
and now I’m stuck with all this extra
gear that I’m never going to use again
so try not to spend money until you’re
making money so kind of a long story
they kind of get back to that point
whatever business you’re going into if
you’re passionate about it and you’re
creating it around the service you don’t
need to spend money you can find ways to
be able to get some contracts without
spending money and then even though they
may not be big contracts if you can
prove to yourself that hey I’m able to
make a little bit of money here and you
really enjoy doing this this is
definitely what you want to keep doing
then you can invest some of the money
that you make back into the things that
will help you grow the business bigger
and bigger bigger and continue expand
from there so without help maybe not the
specific answer you were looking for
people sometimes want to kind of bullet
shot here’s the exact way to go about
and do it in the type of business you
want to run without any money but the
good news is you can do it around
anything and the more you can build a
business around your passion the more
money you’re going to make and the more
fun you’re gonna have to and that’s part
of it you’re gonna put in a lot of hours
running a business you might as well be
doing something that you really enjoy
and that you know you’re helping a lot
of people out instead of just trying to
make some money off of it so hopefully
that helped that you guys liked the
video please give it a thumbs up below
it really makes you want to do more
these videos for you guys and if you
have a comment about this video or if
you have a question for your own company
feel free to leave it in the comments
section below I always read those who
try to respond to everybody as much as
they can so thank you and I’ll see you
in the next episode
you
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