the top seven things not to do when
starting the business so I got a great
question for one of my YouTube viewers
Emil love you guys
wrote in to say Evan I’ve been watching
your videos for a while now I hope you
enjoyed your trip to Asia I did it was
awesome you can watch the videos I’ve
searched on YouTube on Google and I
always get videos articles about what to
do
I believe knowing what not to do is
equally important usually all I get is
generic tips which is don’t grow too
fast but there are no concrete case
studies but when it comes to successful
stories there are specific examples we
can learn from I was thinking if maybe
you can have videos or articles
analyzing explaining how businesses
failed especially startups it would be
great if you can use your influence to
encourage entrepreneurs who have failed
to share their stories with you that way
the mistake will only be made once
because we all will have learned from it
hopefully you consider my suggestion
emile soumil this is for you here are
the top 7 things not to do when starting
the business number one is pick the
wrong business a lot of companies fail
right 80% plus the companies fail in
five years a lot of it’s because you
picked the wrong business
your business just trying to make money
and if money is your only goal you’re
not going to be successful you look at
any entrepreneur who starts off and just
trying to make money they rarely do or
if you look at the most successful
entrepreneurs of all time the big names
of people who you would recognize will
Pro Winfrey Bill Gates Steve Jobs
whoever it is look at why they got
started look at the early days of the
reason for starting their business the
number one is never to make money okay
they want to have a positive impact they
want to change the way something that’s
done they want to mean something but
it’s not just to make money now making
money is important okay I’m not saying
start a charity you got to make money
you got to be able to support yourself
your family your community live the
lifestyle you want money is going to be
important we’re not throwing it away but
it’s not the number one reason for
starting this business you have to be
passionate about what you’re doing and
too many entrepreneurs pick the wrong
business
number two is make the perfect plan so
many entrepreneurs before they get
started they want to have the perfect
plan you gotta have it all lined out
it’s got to be a hundred percent
quick know exactly what you’re going to
do before you launch and and that holds
you back and this was me okay my in my
first real business Retta Saab the the
biotech software company I had I spent a
whole summer making my plan right here’s
how we’re going to grow here’s exactly
what we’re going to do and as soon as we
launched everything changed because my
plan was wrong my assumptions were wrong
and so to many entrepreneurs get focused
on making the perfect plan that they
don’t start that they hold themselves
back the best thing you can do is plan a
little and start right when you get
feedback and reaction and customers
telling you what they like and don’t
like you’ll have to adapt anyway so get
that feedback as soon as possible don’t
worry about making the perfect plan and
don’t wait until you have that perfect
plan because so many people wait so long
that they don’t actually take any action
at all they give up on it because they
can’t figure out the perfect plan you
will never have the perfect plan at the
start so start number three is spend
money so many entrepreneurs have great
ways on how to spend money right if I
gave you a million dollars you can find
a million different ways to spend it not
many entrepreneurs are great at making
money and so stop trying to think about
how to spend money okay you do not need
a website you do not need an office you
do not need a car you don’t need
business cards you don’t need anything
you need you and your hustle to get out
there and start talking to customers
stop trying to figure out ways to spend
money you do not need money to make
money
you need to work you need the hustle you
got to get out there and start talking
to people it takes your time you got to
invest your time but don’t start
investing your money stop spending money
until you’re making some money
number four is try to do it alone you
can’t do this alone you cannot do this
just on your own you need people to help
you and whether that’s having volunteers
or interns that I have when I started my
first business whether it’s having
people who are working for you part-time
the first guy hired was for one hour a
day to relieve some of the work off of
me right whether that’s having a
mastermind group of people that you
connect with I have one
I run here in Toronto where we meet
every month to talk about our businesses
and help each other out you can’t do
this alone you need to be able to talk
to people how people help you and we’re
not spending money at the start right
back to the last point we’re not
spending money on these people to start
but you can attract people to you you
can meet up with the mastermind group
once a month you can have volunteers or
student interns helping you out hey if
you’re saving for something important
you’re going to have people coming to
you I can’t tell you how many people
want to volunteer at my business because
I’m trying to do something big and
important you could start that way but
don’t don’t try to do everything
yourself because running the business is
a lot harder than one person can manage
and if you want to do something big you
want to have a big impact you want to
change the world you want to have a huge
you know meaning and also make a lot of
money in the process you need to be able
to reach out and not do everything
yourself
number five is jump into the wrong
partnership so many entrepreneurs jump
in the partnership maybe you met
somebody at a hackathon over the weekend
you have this great business idea and
there’s six of you starting up don’t
jump in the bed with the wrong partner
and I get why you do it right you want
to surround yourself with like-minded
people who have complementary skill sets
you’re on board here’s our big vision
here’s where we’re going rah rah rah
here we go and then when things get
tough that’s when the partnership starts
to crumble that’s when a lot of fights
start to happen being in the business
partnership is just as important as
being in a marriage right you got to
think about these people as I’m gonna
get married to this person can I live
with that right you’re you’re seeing
them how many hours of the day right
you’re seeing them probably more than
you’re going to see your husband or wife
during the week so you have to be
someone who has the same values as you
and the best way to try that out is to
start working together on small projects
before jumping together into the
partnership work on one small project
together see if you guys get along see
if you work well together see if you
share that same vision see if you share
the same values it’s so much more than
just having complementary skill sets
right if you’re the business guy you
need a coder you don’t just bring on any
coder who can who can program what you
need right then give them shares in your
business has to be somebody who you can
get married to and
work with for the rest of your life
potentially right it’s got to be that
important so don’t just jump into the
wrong partnerships number six is operate
in a bubble so many entrepreneurs and
myself included we try to figure
everything out ourselves
and I wasn’t investing in myself I
wasn’t learning to try to get better I
remember with my first business I was
earning 300 dollars a month and and
surviving on beans and struggling and
and trying to put up a good face for my
friends because I was supposed to be the
guy making it big and doing well but
meanwhile I tried everything I knew I
was failing I couldn’t afford anything I
couldn’t afford a night out to have beer
with my friends and the strategy that
saved me was was modeling success and
and looking from the strategies of Bill
Gates and how we started Microsoft
applying that to my company and that
helped me start to grow and if I never
look at what made Bill Gates successful
I call it wouldn’t have been able to
make my company be successful because I
actually told my partner that I quit
like I was so stressed out I was so
tired of not making any money that that
I wanted to quit and do something that I
felt that would would be meaningful and
and I would feel valued in so I was
operating the bubble and you can’t
operate in the bubble you have to bust
through right
whatever your comfort zone is you got to
be able to bust through that to become
the entrepreneur that you can truly
become so that’s model success learning
from others watching videos reading
books stretching your comfort zone
stretching your knowledge zone
stretching the the safe environment that
you have for yourself to become a better
entrepreneur and every single big break
up having my business career has been
because I’ve taken my limiting beliefs
and smashed it and expanded them a
little bit more and expand them and
expand them and believe that I could do
more and learn from others to to
accomplish those things and model
strategies and mall success so stop
operating in a bubble and number seven
is startup product this is a bit of a
controversial one but
big fan of product startups the main
reason comes back to the money issue
right I want you to get profitable as
soon as possible I want cash in your
hand as soon as possible and the problem
with product companies are you spend a
lot of money at the start right you have
to invest into product into inventory
and so many companies entrepreneurs
start up invest a lot you know they put
a lot on the line they may you know take
out another mortgage on their on their
house they may pull out money from their
retirement savings to launch into this
product and then they end up with all of
this inventory sitting in their garage
in their basement that they can’t sell
and so many product companies fail
because they picked the wrong product
and it’s so much easier to start in a
service-based business because you’re
not investing anything except your time
you don’t need to invest any money into
a service based business except your
time and what that does is allows you to
get close to your customers allows you
to refine your message allows you to
find your service because the service
you go in thinking you’re going to do is
not the service that you end up actually
doing it will change right go back to
the point about planning it will change
and it’s so much easier to be flexible
in a service based business to figure
out what your offer is going to be and
then launch into a product right get
some cocktail coming in get that
mortgage bill and that electricity bill
paid off from your service based
business it’s harder the scale of
service it’s much easier to scale Park
that’s why it’s so attractive right you
want to trade time for money you want to
build a huge Empire that’s why building
a product but start with the service to
get the cash she’ll coming in to get you
close to the customers to get you
understanding what it is that people
want you have a base of people that sell
your product to you have an income
stream coming and support you then
launch your product dominate the world
so I’m not a fan of starting with a
product so in summary the top seven
things not to do when start in the
business number one pick the wrong
business number two make the perfect
plan
number three spend money number four try
to do it alone number five jump into the
wrong partner
number six operating the bubble number
seven start a product and believe you
guys liked this video you want to see
more you can subscribe to the channel
thank you so much for watching I’ll see
you soon hi I’m tourism from my manager
and chef calm and how might this new
center ethic subscribe
you
starting the business so I got a great
question for one of my YouTube viewers
Emil love you guys
wrote in to say Evan I’ve been watching
your videos for a while now I hope you
enjoyed your trip to Asia I did it was
awesome you can watch the videos I’ve
searched on YouTube on Google and I
always get videos articles about what to
do
I believe knowing what not to do is
equally important usually all I get is
generic tips which is don’t grow too
fast but there are no concrete case
studies but when it comes to successful
stories there are specific examples we
can learn from I was thinking if maybe
you can have videos or articles
analyzing explaining how businesses
failed especially startups it would be
great if you can use your influence to
encourage entrepreneurs who have failed
to share their stories with you that way
the mistake will only be made once
because we all will have learned from it
hopefully you consider my suggestion
emile soumil this is for you here are
the top 7 things not to do when starting
the business number one is pick the
wrong business a lot of companies fail
right 80% plus the companies fail in
five years a lot of it’s because you
picked the wrong business
your business just trying to make money
and if money is your only goal you’re
not going to be successful you look at
any entrepreneur who starts off and just
trying to make money they rarely do or
if you look at the most successful
entrepreneurs of all time the big names
of people who you would recognize will
Pro Winfrey Bill Gates Steve Jobs
whoever it is look at why they got
started look at the early days of the
reason for starting their business the
number one is never to make money okay
they want to have a positive impact they
want to change the way something that’s
done they want to mean something but
it’s not just to make money now making
money is important okay I’m not saying
start a charity you got to make money
you got to be able to support yourself
your family your community live the
lifestyle you want money is going to be
important we’re not throwing it away but
it’s not the number one reason for
starting this business you have to be
passionate about what you’re doing and
too many entrepreneurs pick the wrong
business
number two is make the perfect plan so
many entrepreneurs before they get
started they want to have the perfect
plan you gotta have it all lined out
it’s got to be a hundred percent
quick know exactly what you’re going to
do before you launch and and that holds
you back and this was me okay my in my
first real business Retta Saab the the
biotech software company I had I spent a
whole summer making my plan right here’s
how we’re going to grow here’s exactly
what we’re going to do and as soon as we
launched everything changed because my
plan was wrong my assumptions were wrong
and so to many entrepreneurs get focused
on making the perfect plan that they
don’t start that they hold themselves
back the best thing you can do is plan a
little and start right when you get
feedback and reaction and customers
telling you what they like and don’t
like you’ll have to adapt anyway so get
that feedback as soon as possible don’t
worry about making the perfect plan and
don’t wait until you have that perfect
plan because so many people wait so long
that they don’t actually take any action
at all they give up on it because they
can’t figure out the perfect plan you
will never have the perfect plan at the
start so start number three is spend
money so many entrepreneurs have great
ways on how to spend money right if I
gave you a million dollars you can find
a million different ways to spend it not
many entrepreneurs are great at making
money and so stop trying to think about
how to spend money okay you do not need
a website you do not need an office you
do not need a car you don’t need
business cards you don’t need anything
you need you and your hustle to get out
there and start talking to customers
stop trying to figure out ways to spend
money you do not need money to make
money
you need to work you need the hustle you
got to get out there and start talking
to people it takes your time you got to
invest your time but don’t start
investing your money stop spending money
until you’re making some money
number four is try to do it alone you
can’t do this alone you cannot do this
just on your own you need people to help
you and whether that’s having volunteers
or interns that I have when I started my
first business whether it’s having
people who are working for you part-time
the first guy hired was for one hour a
day to relieve some of the work off of
me right whether that’s having a
mastermind group of people that you
connect with I have one
I run here in Toronto where we meet
every month to talk about our businesses
and help each other out you can’t do
this alone you need to be able to talk
to people how people help you and we’re
not spending money at the start right
back to the last point we’re not
spending money on these people to start
but you can attract people to you you
can meet up with the mastermind group
once a month you can have volunteers or
student interns helping you out hey if
you’re saving for something important
you’re going to have people coming to
you I can’t tell you how many people
want to volunteer at my business because
I’m trying to do something big and
important you could start that way but
don’t don’t try to do everything
yourself because running the business is
a lot harder than one person can manage
and if you want to do something big you
want to have a big impact you want to
change the world you want to have a huge
you know meaning and also make a lot of
money in the process you need to be able
to reach out and not do everything
yourself
number five is jump into the wrong
partnership so many entrepreneurs jump
in the partnership maybe you met
somebody at a hackathon over the weekend
you have this great business idea and
there’s six of you starting up don’t
jump in the bed with the wrong partner
and I get why you do it right you want
to surround yourself with like-minded
people who have complementary skill sets
you’re on board here’s our big vision
here’s where we’re going rah rah rah
here we go and then when things get
tough that’s when the partnership starts
to crumble that’s when a lot of fights
start to happen being in the business
partnership is just as important as
being in a marriage right you got to
think about these people as I’m gonna
get married to this person can I live
with that right you’re you’re seeing
them how many hours of the day right
you’re seeing them probably more than
you’re going to see your husband or wife
during the week so you have to be
someone who has the same values as you
and the best way to try that out is to
start working together on small projects
before jumping together into the
partnership work on one small project
together see if you guys get along see
if you work well together see if you
share that same vision see if you share
the same values it’s so much more than
just having complementary skill sets
right if you’re the business guy you
need a coder you don’t just bring on any
coder who can who can program what you
need right then give them shares in your
business has to be somebody who you can
get married to and
work with for the rest of your life
potentially right it’s got to be that
important so don’t just jump into the
wrong partnerships number six is operate
in a bubble so many entrepreneurs and
myself included we try to figure
everything out ourselves
and I wasn’t investing in myself I
wasn’t learning to try to get better I
remember with my first business I was
earning 300 dollars a month and and
surviving on beans and struggling and
and trying to put up a good face for my
friends because I was supposed to be the
guy making it big and doing well but
meanwhile I tried everything I knew I
was failing I couldn’t afford anything I
couldn’t afford a night out to have beer
with my friends and the strategy that
saved me was was modeling success and
and looking from the strategies of Bill
Gates and how we started Microsoft
applying that to my company and that
helped me start to grow and if I never
look at what made Bill Gates successful
I call it wouldn’t have been able to
make my company be successful because I
actually told my partner that I quit
like I was so stressed out I was so
tired of not making any money that that
I wanted to quit and do something that I
felt that would would be meaningful and
and I would feel valued in so I was
operating the bubble and you can’t
operate in the bubble you have to bust
through right
whatever your comfort zone is you got to
be able to bust through that to become
the entrepreneur that you can truly
become so that’s model success learning
from others watching videos reading
books stretching your comfort zone
stretching your knowledge zone
stretching the the safe environment that
you have for yourself to become a better
entrepreneur and every single big break
up having my business career has been
because I’ve taken my limiting beliefs
and smashed it and expanded them a
little bit more and expand them and
expand them and believe that I could do
more and learn from others to to
accomplish those things and model
strategies and mall success so stop
operating in a bubble and number seven
is startup product this is a bit of a
controversial one but
big fan of product startups the main
reason comes back to the money issue
right I want you to get profitable as
soon as possible I want cash in your
hand as soon as possible and the problem
with product companies are you spend a
lot of money at the start right you have
to invest into product into inventory
and so many companies entrepreneurs
start up invest a lot you know they put
a lot on the line they may you know take
out another mortgage on their on their
house they may pull out money from their
retirement savings to launch into this
product and then they end up with all of
this inventory sitting in their garage
in their basement that they can’t sell
and so many product companies fail
because they picked the wrong product
and it’s so much easier to start in a
service-based business because you’re
not investing anything except your time
you don’t need to invest any money into
a service based business except your
time and what that does is allows you to
get close to your customers allows you
to refine your message allows you to
find your service because the service
you go in thinking you’re going to do is
not the service that you end up actually
doing it will change right go back to
the point about planning it will change
and it’s so much easier to be flexible
in a service based business to figure
out what your offer is going to be and
then launch into a product right get
some cocktail coming in get that
mortgage bill and that electricity bill
paid off from your service based
business it’s harder the scale of
service it’s much easier to scale Park
that’s why it’s so attractive right you
want to trade time for money you want to
build a huge Empire that’s why building
a product but start with the service to
get the cash she’ll coming in to get you
close to the customers to get you
understanding what it is that people
want you have a base of people that sell
your product to you have an income
stream coming and support you then
launch your product dominate the world
so I’m not a fan of starting with a
product so in summary the top seven
things not to do when start in the
business number one pick the wrong
business number two make the perfect
plan
number three spend money number four try
to do it alone number five jump into the
wrong partner
number six operating the bubble number
seven start a product and believe you
guys liked this video you want to see
more you can subscribe to the channel
thank you so much for watching I’ll see
you soon hi I’m tourism from my manager
and chef calm and how might this new
center ethic subscribe
you
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