as an entrepreneur you need the bootstrap if you want to maximize your
bootstrap if you want to maximize your
bootstrap if you want to maximize your chances of success the best way to do it
chances of success the best way to do it
chances of success the best way to do it is to bootstrap you build your company
is to bootstrap you build your company
is to bootstrap you build your company slowly customer by customer put the
slowly customer by customer put the
slowly customer by customer put the profits back into the business and see
profits back into the business and see
profits back into the business and see your growth hi I’m Evan Carmichael your
your growth hi I’m Evan Carmichael your
your growth hi I’m Evan Carmichael your friend and all things entrepreneurship
friend and all things entrepreneurship
friend and all things entrepreneurship and today mention a question from one of
and today mention a question from one of
and today mention a question from one of my readers Bernard who is asking me how
my readers Bernard who is asking me how
my readers Bernard who is asking me how can i prevent suffering when things go
can i prevent suffering when things go
can i prevent suffering when things go bad for my business and my answer here
bad for my business and my answer here
bad for my business and my answer here Bernard is bootstrap I don’t know how
Bernard is bootstrap I don’t know how
Bernard is bootstrap I don’t know how you built your business so far but if
you built your business so far but if
you built your business so far but if you’re taking out loans if you owe
you’re taking out loans if you owe
you’re taking out loans if you owe people money then unless things go
people money then unless things go
people money then unless things go according to plan exactly you’re going
according to plan exactly you’re going
according to plan exactly you’re going to lose your business and maybe
to lose your business and maybe
to lose your business and maybe something more you know if you put a
something more you know if you put a
something more you know if you put a personal guarantee on that you might
personal guarantee on that you might
personal guarantee on that you might lose your house you might lose your
lose your house you might lose your
lose your house you might lose your savings and this happens all the time to
savings and this happens all the time to
savings and this happens all the time to entrepreneurs I hate spending money till
entrepreneurs I hate spending money till
entrepreneurs I hate spending money till I’m making money I hate owing people
I’m making money I hate owing people
I’m making money I hate owing people money because it puts the pressure on
money because it puts the pressure on
money because it puts the pressure on you’ve got to deliver immediate results
you’ve got to deliver immediate results
you’ve got to deliver immediate results if you don’t you could lose your whole
if you don’t you could lose your whole
if you don’t you could lose your whole business or worse the answer is the
business or worse the answer is the
business or worse the answer is the bootstrap if you look at most companies
bootstrap if you look at most companies
bootstrap if you look at most companies that take on investors venture capital
that take on investors venture capital
that take on investors venture capital most of them fail you hear about the big
most of them fail you hear about the big
most of them fail you hear about the big wins and the big success stories but
wins and the big success stories but
wins and the big success stories but only one in ten if that hit it big with
only one in ten if that hit it big with
only one in ten if that hit it big with a venture capitalist and they expect
a venture capitalist and they expect
a venture capitalist and they expect that they expect the one company that
that they expect the one company that
that they expect the one company that hits it big to find all the other ones
hits it big to find all the other ones
hits it big to find all the other ones that fail when you take on a lot of
that fail when you take on a lot of
that fail when you take on a lot of money and you owe people money you
money and you owe people money you
money and you owe people money you dramatically increase your chances of
dramatically increase your chances of
dramatically increase your chances of failure the best way to do it is not
failure the best way to do it is not
failure the best way to do it is not sexy it’s not romantic it’s not
sexy it’s not romantic it’s not
sexy it’s not romantic it’s not glamorous it’s a lot of hard work but
glamorous it’s a lot of hard work but
glamorous it’s a lot of hard work but it’s a bootstrap your business get your
it’s a bootstrap your business get your
it’s a bootstrap your business get your first customer bring money in invest it
first customer bring money in invest it
first customer bring money in invest it go get another customer build yourself
go get another customer build yourself
go get another customer build yourself up slowly if you do it then you’re
up slowly if you do it then you’re
up slowly if you do it then you’re building a solid foundation so something
building a solid foundation so something
building a solid foundation so something bad happens you’re on a solid foundation
bad happens you’re on a solid foundation
bad happens you’re on a solid foundation you can survive you can keep going with
you can survive you can keep going with
you can survive you can keep going with your leverage and the oh a lot of people
your leverage and the oh a lot of people
your leverage and the oh a lot of people money and have investors who are calling
money and have investors who are calling
money and have investors who are calling down your neck freaking out on you
down your neck freaking out on you
down your neck freaking out on you you’re going to make bad decisions
you’re going to make bad decisions
you’re going to make bad decisions you’re going to be forced to do things
you’re going to be forced to do things
you’re going to be forced to do things that may not be in the best interest of
that may not be in the best interest of
that may not be in the best interest of the business long term and you
the business long term and you
the business long term and you dramatically increase your chance of
dramatically increase your chance of
dramatically increase your chance of failure so if you’re just getting
failure so if you’re just getting
failure so if you’re just getting started we were thinking of expanding
started we were thinking of expanding
started we were thinking of expanding your business my best advice still is
your business my best advice still is
your business my best advice still is the bootstrap it don’t go take on loans
the bootstrap it don’t go take on loans
the bootstrap it don’t go take on loans don’t go take on investors do it
don’t go take on investors do it
don’t go take on investors do it yourself slowly one by one put it back
yourself slowly one by one put it back
yourself slowly one by one put it back into the business and reap the rewards
into the business and reap the rewards
into the business and reap the rewards that will come it may take you longer to
that will come it may take you longer to
that will come it may take you longer to get there but your chances of getting
get there but your chances of getting
get there but your chances of getting there are much much higher good luck I
there are much much higher good luck I
there are much much higher good luck I hope you apply it for those of you
hope you apply it for those of you
hope you apply it for those of you watching if you liked the video please
watching if you liked the video please
watching if you liked the video please give it a thumbs up below and I love to
give it a thumbs up below and I love to
give it a thumbs up below and I love to you or you to think if you want to leave
you or you to think if you want to leave
you or you to think if you want to leave a comment on the video thank you and
a comment on the video thank you and
a comment on the video thank you and I’ll see you on the next episode
”
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