hi I’m Evan Carmichael welcome to a special edition of ask Evan today we’re
special edition of ask Evan today we’re
special edition of ask Evan today we’re going to talk about how you can take
going to talk about how you can take
going to talk about how you can take action on your business ideas without
action on your business ideas without
action on your business ideas without having a lot of money notice a common
having a lot of money notice a common
having a lot of money notice a common question entrepreneurs have so we’re
question entrepreneurs have so we’re
question entrepreneurs have so we’re going to answer it here today in this
going to answer it here today in this
going to answer it here today in this video today’s video is brought to you by
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you’ll check it out and so thank you tell us response from this video today’s
tell us response from this video today’s
tell us response from this video today’s question comes from one of our readers
question comes from one of our readers
question comes from one of our readers on our telescopes business post who
on our telescopes business post who
on our telescopes business post who wrote in and I’m going to go find the
wrote in and I’m going to go find the
wrote in and I’m going to go find the question of you guys to check out it’s
question of you guys to check out it’s
question of you guys to check out it’s from Teddy so Teddy rodin thanks Evan
from Teddy so Teddy rodin thanks Evan
from Teddy so Teddy rodin thanks Evan for these encouraging messages that you
for these encouraging messages that you
for these encouraging messages that you post to my email I have great business
post to my email I have great business
post to my email I have great business ideas but lock money to put them into
ideas but lock money to put them into
ideas but lock money to put them into reality what can I possibly do so thanks
reality what can I possibly do so thanks
reality what can I possibly do so thanks for the question teddy again the common
for the question teddy again the common
for the question teddy again the common question a lot of entrepreneurs have and
question a lot of entrepreneurs have and
question a lot of entrepreneurs have and that really holds them back and so I’m
that really holds them back and so I’m
that really holds them back and so I’m going to give you a couple tips here to
going to give you a couple tips here to
going to give you a couple tips here to be able to help you get past those
be able to help you get past those
be able to help you get past those hurdles the first option is the boots
hurdles the first option is the boots
hurdles the first option is the boots job and it’s honestly my favorite way to
job and it’s honestly my favorite way to
job and it’s honestly my favorite way to be able to do it and this is coming from
be able to do it and this is coming from
be able to do it and this is coming from a guy who has a background in venture
a guy who has a background in venture
a guy who has a background in venture capital and raising capital for
capital and raising capital for
capital and raising capital for entrepreneurs the best way to start a
entrepreneurs the best way to start a
entrepreneurs the best way to start a company is to bootstrap it up if you are
company is to bootstrap it up if you are
company is to bootstrap it up if you are looking for finance I’ll give you some
looking for finance I’ll give you some
looking for finance I’ll give you some tips later on but the bootstrap the best
tips later on but the bootstrap the best
tips later on but the bootstrap the best way to do it is to build around the
way to do it is to build around the
way to do it is to build around the customer so you go start talking to
customer so you go start talking to
customer so you go start talking to potential customers you find out what
potential customers you find out what
potential customers you find out what problems they have find out what their
problems they have find out what their
problems they have find out what their pain points are and you offer to build
pain points are and you offer to build
pain points are and you offer to build the solution that can help them with
the solution that can help them with
the solution that can help them with those major pain point entrepreneurs too
those major pain point entrepreneurs too
those major pain point entrepreneurs too often go the other way about it with a
often go the other way about it with a
often go the other way about it with a creative product or service and then go
creative product or service and then go
creative product or service and then go and try to sell it and often spend a lot
and try to sell it and often spend a lot
and try to sell it and often spend a lot of money time energy investment getting
of money time energy investment getting
of money time energy investment getting this product or service off the ground
this product or service off the ground
this product or service off the ground and it turns out the customers don’t
and it turns out the customers don’t
and it turns out the customers don’t really want it or they want something
really want it or they want something
really want it or they want something that’s different so the best way to be
that’s different so the best way to be
that’s different so the best way to be able to do it without losing a lot of
able to do it without losing a lot of
able to do it without losing a lot of resources is to go and start talking to
resources is to go and start talking to
resources is to go and start talking to actual customer
actual customer
actual customer find out what their problems are and
find out what their problems are and
find out what their problems are and offer to help them see if they’re
offer to help them see if they’re
offer to help them see if they’re willing to pay you to do it and if they
willing to pay you to do it and if they
willing to pay you to do it and if they are you’ve started a business and you
are you’ve started a business and you
are you’ve started a business and you have cash coming in and that’s the best
have cash coming in and that’s the best
have cash coming in and that’s the best way to ensure that you can get beyond
way to ensure that you can get beyond
way to ensure that you can get beyond the survival stage the next thing can do
the survival stage the next thing can do
the survival stage the next thing can do to help bootstrap to start with the
to help bootstrap to start with the
to help bootstrap to start with the service services are low-cost you don’t
service services are low-cost you don’t
service services are low-cost you don’t have to invest a lot of money to get the
have to invest a lot of money to get the
have to invest a lot of money to get the service business off the ground and it
service business off the ground and it
service business off the ground and it gets you close to your customers so you
gets you close to your customers so you
gets you close to your customers so you get to understand their needs better
get to understand their needs better
get to understand their needs better you’re working more intimately with them
you’re working more intimately with them
you’re working more intimately with them and you build cash flow so you have
and you build cash flow so you have
and you build cash flow so you have money coming into your company that if
money coming into your company that if
money coming into your company that if you’re bigger you know vision is to be
you’re bigger you know vision is to be
you’re bigger you know vision is to be able to build a product that you can you
able to build a product that you can you
able to build a product that you can you know better leverage then a service then
know better leverage then a service then
know better leverage then a service then a good way to start is still with the
a good way to start is still with the
a good way to start is still with the service because you get to know your
service because you get to know your
service because you get to know your customers better figure out what their
customers better figure out what their
customers better figure out what their true problems are and then again build a
true problems are and then again build a
true problems are and then again build a product around their needs that you can
product around their needs that you can
product around their needs that you can then leverage to go to other customers
then leverage to go to other customers
then leverage to go to other customers and while you’re building your product
and while you’re building your product
and while you’re building your product company you still have cash flow from
company you still have cash flow from
company you still have cash flow from your service business be able to support
your service business be able to support
your service business be able to support yourself now if you don’t want to boot
yourself now if you don’t want to boot
yourself now if you don’t want to boot stop and you really want to go and get
stop and you really want to go and get
stop and you really want to go and get financing a couple ways to do it depends
financing a couple ways to do it depends
financing a couple ways to do it depends on how much money you’re trying to raise
on how much money you’re trying to raise
on how much money you’re trying to raise the first one that most people think
the first one that most people think
the first one that most people think about our banks the challenge with banks
about our banks the challenge with banks
about our banks the challenge with banks is that you need to have really good
is that you need to have really good
is that you need to have really good personal credit you often need to give
personal credit you often need to give
personal credit you often need to give that personal guarantee unless you’ve
that personal guarantee unless you’ve
that personal guarantee unless you’ve been in business for usually three years
been in business for usually three years
been in business for usually three years they want to see that you’re going to
they want to see that you’re going to
they want to see that you’re going to personally guarantee so really doesn’t
personally guarantee so really doesn’t
personally guarantee so really doesn’t matter too much what your business is
matter too much what your business is
matter too much what your business is going to be about they want to hold on
going to be about they want to hold on
going to be about they want to hold on to an asset just in case you don’t
to an asset just in case you don’t
to an asset just in case you don’t deliver so they could take your house or
deliver so they could take your house or
deliver so they could take your house or other assets that you own so typically
other assets that you own so typically
other assets that you own so typically it’s not really a great source of
it’s not really a great source of
it’s not really a great source of start-up capital for entrepreneurs it’s
start-up capital for entrepreneurs it’s
start-up capital for entrepreneurs it’s more for people who already in business
more for people who already in business
more for people who already in business and have a proven case and are looking
and have a proven case and are looking
and have a proven case and are looking for money to expand the next source you
for money to expand the next source you
for money to expand the next source you can look at his love money and that’s
can look at his love money and that’s
can look at his love money and that’s friends and family and it’s usually a
friends and family and it’s usually a
friends and family and it’s usually a little bit of money you know in the low
little bit of money you know in the low
little bit of money you know in the low thousands of dollars and you’re
thousands of dollars and you’re
thousands of dollars and you’re basically looking at anybody who knows
basically looking at anybody who knows
basically looking at anybody who knows you and likes you and like the story
you and likes you and like the story
you and likes you and like the story wants to be involved you’re going to you
wants to be involved you’re going to you
wants to be involved you’re going to you know your friends family old
know your friends family old
know your friends family old kindergarten class mates old co-workers
kindergarten class mates old co-workers
kindergarten class mates old co-workers who ever you can think of who you know
who ever you can think of who you know
who ever you can think of who you know would be potentially interested in your
would be potentially interested in your
would be potentially interested in your story and you got to think long and hard
story and you got to think long and hard
story and you got to think long and hard about who you want involved in your
about who you want involved in your
about who you want involved in your company
company
company they’re going to have an active role in
they’re going to have an active role in
they’re going to have an active role in your business or not do you want Uncle
your business or not do you want Uncle
your business or not do you want Uncle Joe as part of your company or not you
Joe as part of your company or not you
Joe as part of your company or not you know is having you know dinners with him
know is having you know dinners with him
know is having you know dinners with him then going to be awkward because you’re
then going to be awkward because you’re
then going to be awkward because you’re he’s also an invest in your company and
he’s also an invest in your company and
he’s also an invest in your company and you also want to think about is there
you also want to think about is there
you also want to think about is there any issues of him joining the company so
any issues of him joining the company so
any issues of him joining the company so sometimes the people who invest in the
sometimes the people who invest in the
sometimes the people who invest in the business they’re also going to want to
business they’re also going to want to
business they’re also going to want to have some kind of management role with
have some kind of management role with
have some kind of management role with the company so do you want him to take
the company so do you want him to take
the company so do you want him to take an active role in the business or not so
an active role in the business or not so
an active role in the business or not so that’ll be something that is determined
that’ll be something that is determined
that’ll be something that is determined as you start talking to people but
as you start talking to people but
as you start talking to people but something that you probably want to
something that you probably want to
something that you probably want to think about before you actually go and
think about before you actually go and
think about before you actually go and start asking for money the next group
start asking for money the next group
start asking for money the next group would be angel investors and these are
would be angel investors and these are
would be angel investors and these are wealthy individuals often business
wealthy individuals often business
wealthy individuals often business owners or dentists or doctors and they
owners or dentists or doctors and they
owners or dentists or doctors and they have made some money and are looking to
have made some money and are looking to
have made some money and are looking to make some investments and typically hear
make some investments and typically hear
make some investments and typically hear you you know they have various degrees
you you know they have various degrees
you you know they have various degrees of sophistication some of them have only
of sophistication some of them have only
of sophistication some of them have only invested in the stock market and others
invested in the stock market and others
invested in the stock market and others have actually done investments in
have actually done investments in
have actually done investments in business before and it really ranges so
business before and it really ranges so
business before and it really ranges so you may have a really sophisticated
you may have a really sophisticated
you may have a really sophisticated investor really understands the ins and
investor really understands the ins and
investor really understands the ins and outs of angel investing and you may get
outs of angel investing and you may get
outs of angel investing and you may get somebody who’s never done before but has
somebody who’s never done before but has
somebody who’s never done before but has money to spend so you gotta set
money to spend so you gotta set
money to spend so you gotta set expectations and you’re going to come
expectations and you’re going to come
expectations and you’re going to come across a lot of different potential
across a lot of different potential
across a lot of different potential types so you know I guess be a little
types so you know I guess be a little
types so you know I guess be a little weary and make sure that you get your
weary and make sure that you get your
weary and make sure that you get your structure done up properly if you’re
structure done up properly if you’re
structure done up properly if you’re looking for an angel investor you want
looking for an angel investor you want
looking for an angel investor you want to make sure they bring you more than
to make sure they bring you more than
to make sure they bring you more than just money you want to make sure they’re
just money you want to make sure they’re
just money you want to make sure they’re going to give you some kind of contacts
going to give you some kind of contacts
going to give you some kind of contacts and connections and will help get you
and connections and will help get you
and connections and will help get you more customers and partnerships and
more customers and partnerships and
more customers and partnerships and media so you definitely want somebody
media so you definitely want somebody
media so you definitely want somebody who’s more than just a check you want
who’s more than just a check you want
who’s more than just a check you want someone who’s going to try to help your
someone who’s going to try to help your
someone who’s going to try to help your business maybe not as an active
business maybe not as an active
business maybe not as an active management role but actually you know
management role but actually you know
management role but actually you know does something to be able to help build
does something to be able to help build
does something to be able to help build your business and has some contacts I
your business and has some contacts I
your business and has some contacts I can shortcut your success a little bit
can shortcut your success a little bit
can shortcut your success a little bit more and in terms of finding them most
more and in terms of finding them most
more and in terms of finding them most people don’t put up on a website and
people don’t put up on a website and
people don’t put up on a website and saying hey I’m an angel investor because
saying hey I’m an angel investor because
saying hey I’m an angel investor because they get you know they’ll get bombarded
they get you know they’ll get bombarded
they get you know they’ll get bombarded with with ads for people who are kind of
with with ads for people who are kind of
with with ads for people who are kind of submit their their business plans so
submit their their business plans so
submit their their business plans so most angel deals will happen through
most angel deals will happen through
most angel deals will happen through informal networks so you’re talking to
informal networks so you’re talking to
informal networks so you’re talking to people who know people who know people
people who know people who know people
people who know people who know people and a lot of times it happens through
and a lot of times it happens through
and a lot of times it happens through lawyers and accountants because they’re
lawyers and accountants because they’re
lawyers and accountants because they’re dealing with various business owners and
dealing with various business owners and
dealing with various business owners and investors on a regular basis so you
investors on a regular basis so you
investors on a regular basis so you definitely want to start putting the
definitely want to start putting the
definitely want to start putting the word out saying you’re looking for an
word out saying you’re looking for an
word out saying you’re looking for an angel investor here’s my business
angel investor here’s my business
angel investor here’s my business concept and you know pick one you said
concept and you know pick one you said
concept and you know pick one you said you had many ideas pick the one you
you had many ideas pick the one you
you had many ideas pick the one you think gives you the best chance a
think gives you the best chance a
think gives you the best chance a success and start trying to connect
success and start trying to connect
success and start trying to connect especially with lawyers and accountants
especially with lawyers and accountants
especially with lawyers and accountants to let them know what you’re doing and
to let them know what you’re doing and
to let them know what you’re doing and what you’re looking for now you know one
what you’re looking for now you know one
what you’re looking for now you know one one final word i guess and there’s a lot
one final word i guess and there’s a lot
one final word i guess and there’s a lot of people who feel like they are trying
of people who feel like they are trying
of people who feel like they are trying to start a business but they can’t go
to start a business but they can’t go
to start a business but they can’t go because they don’t have a lot of money
because they don’t have a lot of money
because they don’t have a lot of money don’t let it be an excuse for you not to
don’t let it be an excuse for you not to
don’t let it be an excuse for you not to get started too many people use it as a
get started too many people use it as a
get started too many people use it as a crutch to say oh I don’t have any money
crutch to say oh I don’t have any money
crutch to say oh I don’t have any money so I can’t start a business you don’t
so I can’t start a business you don’t
so I can’t start a business you don’t need money in this sort of business you
need money in this sort of business you
need money in this sort of business you don’t you don’t need a lot of resources
don’t you don’t need a lot of resources
don’t you don’t need a lot of resources start a business we just need to be
start a business we just need to be
start a business we just need to be resourceful so a lot of the most
resourceful so a lot of the most
resourceful so a lot of the most successful entrepreneurs in the world
successful entrepreneurs in the world
successful entrepreneurs in the world started with nothing and they you know
started with nothing and they you know
started with nothing and they you know they scrapped around and they were
they scrapped around and they were
they scrapped around and they were extremely resourceful and they use what
extremely resourceful and they use what
extremely resourceful and they use what they had to be able to start a small
they had to be able to start a small
they had to be able to start a small company and then build it up and build
company and then build it up and build
company and then build it up and build it into a world recognizable brand name
it into a world recognizable brand name
it into a world recognizable brand name so again it’s not about how many
so again it’s not about how many
so again it’s not about how many resources you have but how resourceful
resources you have but how resourceful
resources you have but how resourceful you are with what you do and don’t let
you are with what you do and don’t let
you are with what you do and don’t let that be an excuse to not to get started
that be an excuse to not to get started
that be an excuse to not to get started I hope you guys enjoyed this video and I
I hope you guys enjoyed this video and I
I hope you guys enjoyed this video and I was able to answer your question if you
was able to answer your question if you
was able to answer your question if you do like the video please give it a
do like the video please give it a
do like the video please give it a thumbs up below it always encourages me
thumbs up below it always encourages me
thumbs up below it always encourages me to want to make more of these videos for
to want to make more of these videos for
to want to make more of these videos for you guys unless you know what you think
you guys unless you know what you think
you guys unless you know what you think and it also love to hear your feedback
and it also love to hear your feedback
and it also love to hear your feedback if you want to leave a comment under the
if you want to leave a comment under the
if you want to leave a comment under the video love to see those I always read
video love to see those I always read
video love to see those I always read every comment that comes in and I really
every comment that comes in and I really
every comment that comes in and I really do appreciate them and remember again
do appreciate them and remember again
do appreciate them and remember again this video is brought to you by telus
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offered so thank you and we’ll see you on the next episode
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