00:00:11another edition of ask Evan in today’s
00:00:13video I’m going to answer a question
00:00:15from one of our readers Nicolas who says
00:00:17thanks a lot for the inspirational
00:00:19quotes just to ask one question what are
00:00:22the risks in small-scale
00:00:23entrepreneurship and how do we as
00:00:24entrepreneurs manage them for the
00:00:26purposes of our business sustainability
00:00:27good day Nicolas so Nicolas I think the
00:00:31biggest risks that entrepreneurs face
00:00:32when they’re launching their business is
00:00:34losing everything and a lot of
00:00:36entrepreneurs will sell out all their
00:00:38savings and take on additional debt and
00:00:41you know market to their home and their
00:00:43business doesn’t work out they’re really
00:00:45left without anything I have to start
00:00:47all over again so that’s a pretty huge
00:00:49risk and I want to make sure that you
00:00:50guys don’t have to face that and a few
00:00:54ideas to you that hopefully will help so
00:00:56the first is you don’t have to start
00:00:57your business on a full-time basis it’s
00:00:59start card time and what that does is
00:01:01give you money from your current job and
00:01:04allows you to build your business up
00:01:06over time and hopefully you’re in a job
00:01:07that you can learn some skills or meet
00:01:09some people that will eventually help
00:01:10your business grow as well and it’s
00:01:13important that you take steps every day
00:01:14to grow your business so it’s not just
00:01:17spending three months going crazy
00:01:19full-time and then you run out of money
00:01:20you have to go get a job you’ll do
00:01:23better and spending a little bit of time
00:01:24every day over a longer period of time
00:01:27so you let that moment and grow and
00:01:29allows your business to flourish the
00:01:31second thing I would encourage you to do
00:01:32is try to build around a customer a lot
00:01:35of entrepreneurs start with a great idea
00:01:37that think it’s gonna change the world
00:01:38and then they go out and try to sell it
00:01:40and nobody wants fire so try to start
00:01:43the other way around try to start by
00:01:44finding customers who have a problem and
00:01:47are willing to pay for a solution for it
00:01:49if you can find those people it’s the
00:01:51best way to build a business because you
00:01:52have money coming in right away and
00:01:54reduce
00:01:55the risk of you run out of money having
00:01:57to close down your business so try as
00:01:59much as you can to find a paying
00:02:01customer to start the last thing that I
00:02:03would recommend is try not to spend
00:02:05money until you’re making money and that
00:02:08might sound like common sense but a lot
00:02:10of entrepreneurs do the exact opposite
00:02:12where they start a business and invest
00:02:13tons of money now go get an office you
00:02:15might need a car for the business you
00:02:17make up all these expenses that you
00:02:18think you need but in reality try not to
00:02:21spend anything until you have money
00:02:23coming in you may need business cards
00:02:26and a simple simple website but that’s
00:02:28it the rest is what equity is your time
00:02:31going now trying to find business and
00:02:33try not to start spending money because
00:02:35you’ll often spend it on the wrong
00:02:36things until you have money coming in
00:02:39and once you have that money coming in
00:02:40you know what’s working and you can
00:02:41spend money to amplify those results so
00:02:43I hope that helps if you guys like the
00:02:46video please give it a thumbs up below
00:02:47and I’ll make more
00:02:48and I’d also love to hear thoughts and
00:02:50feedback if you want to leave a comment
00:02:51and stay tuned for the next episode
00:03:04you
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