100 thoughts on “The top 7 things NOT to do when starting a business

  1. interesting video. # 7 not starting a business with a product shocked me because I believed investing in a small portion to make a product, then try sell the first 20 items & that'll give you an idea on how strong your need of your product is. A product is a small doorway so you dont ruin your reputation when dealing with "customers". I feel you would have more leeway with a product.
    I would like to stick to it depends on the type of product you manage that will determine your success. I plan to open a business in the near future, I'm taking my time right now due to financial barriers. My buddy Glenn does a service. it makes us money now. I feel bad im skilless right now;

  2. You need to be passionate about what you're doing not just wanting to make money…What if making money is my passion?๐Ÿค”๐Ÿคฃ

  3. Are you saying that charities don't make money? This really makes me want to stop watching your video…

  4. 1. pick the wrong business, never look for money

    2. make the perfect plan, drag too much time

    3. Spend money too much

    4. try to do it alone

    5. jump into the wrong partner

    6. operate in a bubble, dont be closed minded, start explore

    7. startup product

  5. Chose the right business that's in line with your passion, hustle and prepare for the great results!!

  6. U need some to point you in the right direction. It's not what you know it's who you know. Don't get around negative people who shoot down your ideas for success. If they ain't doing anything to improve their life don't even hang out with them. Hey and bye. Most people I get help or get advice from are already successful in their work. Don't be afraid. U have to try. Believe in yourself, don't be lazy, pray, grind, research, make connections. If the connection ain't helping you on any level cut that ish off PERIOD. Peace and love guys. Good luck ๐Ÿ˜Ž๐Ÿคฉ

  7. Usually when you guys say "I cant afford to have a beer w/friends" you have 100K in the bank. When I say it, my only friend left eats Greenies.

  8. Needed this !!!! I've been struggling to just get started and get my business off the ground and this video really helps. Thanks so much ๐Ÿ˜Š

  9. I love the video Evan, but I don't agree with the 7th point. Especially if it has to do with a sensor based startup… These DONTS can sometimes hit people hard. And just to state it out, product based start-up work out really well…

  10. Agree with everything except #7 "Start a product". Microsoft, Apple, Google, Facebook… any big ones or any company that became successful, started with product, not with service. Service is easy to provide, but that is why it also faces steep competition and much more prone to fail. Services can be easily replicated by competitors, but a unique product can't. Hence, a good product has more potential for a company to succeed. Apple had excellent customer service back in the 90's; but If Steve Jobs didn't come up with good products like iphone or imac, Apple would be bankrupt long time back. START WITH A PRODUCT. A UNIQUE AND GOOD PRODUCT.

  11. Emil where do I start with the mistakes? Failures can bring success even if you just learn to get at it again.. And always lead with value that can change peoples lives. If you do that the money will come. This is a great video!

  12. ้‡ๅญใƒžใ‚คใƒณใƒ‰ใ‚ปใƒƒใ‚ฟใƒผไธŠ้‡Žๅผ˜่ฒด says:

    This is very inspiring!!

  13. 0:58 Number 1 – Pick the WRONG business ==> Instead pick your passion!
    2:00 Number 2 – Make the PERFECT plan ==> There is no PERFECT just start to Adapt and pivot if you need too!
    3:06 Number 3 – Spend money ==> Instead try guerrilla marketing and tactics
    3:54 Number 4 – Try to do it alone ==> Network instead
    5:11 Number 5 – Wrong partner ==> Better think before you jump!
    6:38 Number 6 – Operate in a bubble ==> Stay current with news around you
    8:25 Number 7 – Start a PRODUCT ==> Better start a service first!

  14. All the mistakes he's talking about I did when I started my first business. It was a recording studio and it was tough. I had people on my team that didn't give the business 100 percent. I myself gave up after two months. I will have another recording studio which will be successful because I learned from the first recording studio.

  15. it is crazy that the first reason is still giving me a hard time to settle. im in my early 20s and have worked with my dad who has multiple small businesses. he always tells me to not think of getting money as everything, same with my experience in college as i work to get my mechanical engineering degree. i've started a mobile detailing business not to only get money but to get experience as an entrepreneur first-hand and i gotta say when im out there working it feels great, for now. but it's the downtimes i have like when im looking up engineering jobs that makes me think how can i increase my incoming revenue, very good video thanks

  16. Hey Evan,
    What a perfect advice for a business woman like me who always failled in business๐Ÿค•. Every single words of you i picked it all. And definitely i will apply to my very self๐Ÿ˜ Bravo! Thanks a lot

  17. "You dont need money to make money" is some sort of joke right?? Stop spending money like os this for real???? Sure you might not need a company car {depending on the business} but you still need to spend!! Im sorry to say but suppliers dont accept passion and desire for inventory or raw materials. Not to mention the administrative side of things like registering your busines, complying with any regulations, insurance…. there are sooooo many recurring costs YOU ABSOLUTELY NEED MONEY TO MAKE MONEY

  18. Starting a business is a good decision; however, it can be challenging. It is not as simple as it looks. That's why you need a strong plan and a drive to see it through.

  19. It is interesting how different are business plans for different aspects of business. What i agree, is every business plan, no matter how perfect it is at the beginning, its different in actual life. Every entrepreneur should make his own decisions, but take into account other people experience.

  20. I just start my new business in services. I'm thinking to get partnership because i need someone to help me. But after i watching your video i change my mind i will do it alone. Thanks!

  21. This was very insightful and thought-provoking. I don't know your channel, so I don't know how much faith to put in your suggestions, but I will say that everything you said made me think critically about my business. While watching this, I realized I've made some mistakes and in fact I AM the one in my partnership who is holding us back, because I want the "Perfect Plan". I'm deathly scared of getting our first customer and not delivering the best experience possible, so I haven't made enough effort to reach out to customers. Thank you for making this video and good luck!

  22. My plan is genius…. a gym. Where everyone benefits for the better and it's a responsible and enjoyable hobby for true enthusiasts of science. Customers in this situation may become friends. I love fitness myself.

    I'm sick of losing money on useless things that kept me stranded in the same postition for the last 4 and a half years. 16 years old, 300 bucks every week at 7 an hour. 8 years later, 14 and hour, yet a similar check every week. Nothing has changed. What am I even doing? I don't even drink or smoke.

    HotWheels didn't work out at first.. but became the #1 most successful/bought toy EVER PRODUCED, because of all the other ideas also to go with it like tracks. "Play value". Workers. Ideas(Larry R. Wood, Ruth Handler, Elliot Handler, etc)

  23. I'm sorry but I don't agree with you 100%, money is a MAJOR part of starting a business. Having a website to represent your services or goods is important, it's what gets you out there especially in this day and age. It's worth the investment, along with a name that represents the services or goods you provide. I would say, the first thing to do is pick something people need, create a name over it protect it, then continue to advertise your services or goods to get sales! Sales come slowly, exposure is everything. I failed the first time I started my business, I came right back up and am now doing better. Gotta stick it through, everyone has a different vision.

  24. Hello Evan
    This was an amazing video.

    And I need a help as I am starting a startup
    What books I could read or courses I can take just to have the basic knowledge about starting a business.

    We have the idea and the vision bu we don't know how to go on the track.

  25. Um… big thanks to you for this. You just nailed home a point my mentor suggested and that Iโ€™ve been wrassselling with. Great vid!

  26. Great video! Thanks for opening up in step 6. Really opened my eyes some more to what needs to be done

  27. You should you really focus on the What To Do aspects which will cancel out the negatives.

    The two essential components of any business,
    A products and/or service,
    Customers to sell your product and/or service to.

    Research to the nth degree who exactly your customers and what they want then sell what they want to them.

    QQS as discussed by Napoleon Hill in his book Think & Grow Rich.
    Quantity, Quality and Spirit

  28. Im 18… im entering college but i want to start a business. I get scared since i have no idea how to plan it all out. But your advice number 2 assured me

  29. Who reads that fast! (7:54) hahaha. Iโ€™d have a MegaBrain if I could go through books like that.
    Great video, thanks for the advice.

    If anyone is still reading this. Please take care of your health while starting a business.

    – Rest
    – Drink water
    – Get a workout plan, make a workout plan
    Health is wealth ๐Ÿ‘๐Ÿฝ

  30. I just thought for a second there that you were a rapper lol youโ€™ve gotta perfect flow man

  31. I'm super happy that I ran into this video, because I was just at work a few hours ago and I said to my self I want to start my own business. but I have no skills or knowledge in the business area. So as soon as I got home I did lots of research on obtaining a sellers permit. or how i should launch my brand any feed back will be great.

  32. I like the enthusiasm, but I don't agree fully. You stated that "You don't need a website…" In this technological age, it would be impossible to be successful using only "hustle". Everyone searches businesses online. A website is crucial. Great content though.

  33. the number one top thing to do with your small business is to stay away from Google ads. They stole $57.79 from me and refused to give it back even though it was illegal and they said it was their own human error, and they will not let me speak to management

  34. hi ya iโ€™m 14 and i want to start a business. iโ€™ve been recommended to start up my own business for quite some time now from older people. theyโ€™ve offered donations to start me up. lol i dunno but iโ€™m excited to start this soon

  35. I don't get it about starting product!if you're not thinking what is your product for starting business you can't make money…

  36. In the beginning of the video he talks about how money should not be the number 1 reason to start a business (I agree) and than the rest of the video is all about making money and how you should not spend any money until you make any money. I mean you have to put your money where your mouth is (called investment). He talks about not doing everything yourself,which means hiring people to do things for you,which means paying them, which means spending money. I am planning to start my own business and I am learning everything that my business requires for me to be successful I mean he talks about getting into wrong partnerships and doesn't wanna do everything himself and doesn't wanna spend money either.

  37. A proper Business Plan is a 100% must! … If you tell people to simply jump right into a project and expect such to work you are setting them up to fail! … A lot of companies do not follow 1:1 their Business Plan but the figures are understood!

    There is a fairly low mark up on products, this is simply just a fact. People can always find good deals on something so why would they want to buy from you!? … Branding, even though personal, can help a paid hobby transition into a business. People buy from who they can relate to and who are available even if they have to pay a little more. In sales and promotions when you connect with your audience you open up a potential relationship, but shoving ads and quick talk only pisses off people. Make a meaningful interaction and bring ones personality into the picture and offer information to probe for solutions they do not know exist. This does not mean make problems… A person walks into a store to buy a TV and has a fair amount of money and can afford to buy any TV, that person WILL have questions but not know which ones to ask… A professional would ask that individual question and try to fit a certain TV to that individual. Understanding the tech is NOT the duty of the person buying the TV, it is however the responsibility of the sales and promotional department to answer questions.

    Sales people focus on quantity of products being moved!, WHEREAS, a promotional rep focuses on the brand being meaningful interacts developing relationships.

    From my perspective promotional reps are used by companies because sales staff often miss the mark in regards to branding and expertise. Focusing on sales is like counting beans before, during, and after. BUT promotions focuses on meeting the needs of personal contact with potential consumers, when interactions occur sales simply follow! There is a meaningful interaction and trust developed. Sales is telling a person they need something despite what they may think and need; such can piss off individuals and destroy a brand…

    I worked in Field Marketing for several years and NON of the CEOs or upper management when interacting with the pubic focuses on things, rather they focus on people.

    Later,

  38. You don t know what you don't know. Reach out to others who've been there and can help. I think you'll be surprised at the number of successful business people willing to offer advice.

  39. im 15 when i decided to drop out in school and start my own business..

    now im 17 and im making about 500k a month.

    all you need to do is to "START"

    -THE HUNGRIER YOU ARE THE MORE YOU WIN…

  40. Thanks so much dude I have just started a business it may be small it might be earning less than yours but selling sweets in school is a challenge for me and these tips are really helping I'm defo subscribing

  41. So how is me selling popsicles(a start) for the summer going to impact the world? ๐Ÿ˜‚๐Ÿ˜‚ Its not like i have a passion in popsicles.

  42. You definitely need drive, commitment, and a good network of support behind you to build something successful!

    I have owned my video production business for just over 5 years, and to celebrate, I've just made a YouTube channel to share all my best tips and hacks for building a successful business. I'd love if you came and checked it out! (And maybe even subscribed!)

  43. Quick inquiry. During the start up stage of your business, what did you find to be the most important?

    1. Securing your business name/brand via trademark?

    2. Electing the tax foundation of your company? i.e. S-Corp, C-Corp

    3. Simultaneously during them both?

Leave a Reply

Your email address will not be published. Required fields are marked *