I’m Evan Carmichael welcome to another edition of ask Evan today we’re
edition of ask Evan today we’re
edition of ask Evan today we’re continuing our challenge series with
continuing our challenge series with
continuing our challenge series with Telus talks business where we’re
Telus talks business where we’re
Telus talks business where we’re answering questions from you guys who
answering questions from you guys who
answering questions from you guys who have a business and have questions
have a business and have questions
have a business and have questions today’s question comes from one of our
today’s question comes from one of our
today’s question comes from one of our Facebook friends from Telus talks
Facebook friends from Telus talks
Facebook friends from Telus talks businesses in wins Jeremy and Jamie
businesses in wins Jeremy and Jamie
businesses in wins Jeremy and Jamie wrote in great advice to Mark’s question
wrote in great advice to Mark’s question
wrote in great advice to Mark’s question in my business mentor network I just
in my business mentor network I just
in my business mentor network I just launched a pilot of a new platform
launched a pilot of a new platform
launched a pilot of a new platform called mentor up how do I know when my
called mentor up how do I know when my
called mentor up how do I know when my new product is validated to the point
new product is validated to the point
new product is validated to the point where I’m ready to move out of the pilot
where I’m ready to move out of the pilot
where I’m ready to move out of the pilot beta phase and start scaling so great
beta phase and start scaling so great
beta phase and start scaling so great question Jeremy thanks for asking it I’m
question Jeremy thanks for asking it I’m
question Jeremy thanks for asking it I’m going to give you three suggestions that
going to give you three suggestions that
going to give you three suggestions that I hope will help you
number one get past survival the first
number one get past survival the first challenge for entrepreneurs in start-up
challenge for entrepreneurs in start-up
challenge for entrepreneurs in start-up mode is getting past the survival stage
mode is getting past the survival stage
mode is getting past the survival stage you need to find a way to bringing
you need to find a way to bringing
you need to find a way to bringing enough money to pay your bills and put
enough money to pay your bills and put
enough money to pay your bills and put food on the table you don’t have to make
food on the table you don’t have to make
food on the table you don’t have to make a ton of money yet that may be the
a ton of money yet that may be the
a ton of money yet that may be the eventual goal but it’s not what you need
eventual goal but it’s not what you need
eventual goal but it’s not what you need right now most businesses fail and a big
right now most businesses fail and a big
right now most businesses fail and a big reason is because entrepreneurs run out
reason is because entrepreneurs run out
reason is because entrepreneurs run out of money too quickly it’s great to have
of money too quickly it’s great to have
of money too quickly it’s great to have big ambitions to be optimistic about the
big ambitions to be optimistic about the
big ambitions to be optimistic about the future that’s what we do as
future that’s what we do as
future that’s what we do as entrepreneurs but you have to first find
entrepreneurs but you have to first find
entrepreneurs but you have to first find a way to get to the point where you know
a way to get to the point where you know
a way to get to the point where you know you’re making enough money so that you
you’re making enough money so that you
you’re making enough money so that you don’t have to worry about going to get a
don’t have to worry about going to get a
don’t have to worry about going to get a job in a few months now Jeremy I don’t
job in a few months now Jeremy I don’t
job in a few months now Jeremy I don’t know where you are at financial with
know where you are at financial with
know where you are at financial with your business at the moment but if
your business at the moment but if
your business at the moment but if you’re not pass the survival phase worry
you’re not pass the survival phase worry
you’re not pass the survival phase worry about that before thinking about scaling
about that before thinking about scaling
about that before thinking about scaling invest your time and not your money into
invest your time and not your money into
invest your time and not your money into making the model work and bringing
making the model work and bringing
making the model work and bringing enough dollars in to support yourself
enough dollars in to support yourself
enough dollars in to support yourself and your family get close to your
and your family get close to your
and your family get close to your customers provide outstanding service
customers provide outstanding service
customers provide outstanding service change your model as many times as you
change your model as many times as you
change your model as many times as you need to in order to solve their problems
need to in order to solve their problems
need to in order to solve their problems and you’re on your way to break in
and you’re on your way to break in
and you’re on your way to break in through number to make one dollar bring
through number to make one dollar bring
through number to make one dollar bring in more than one dollar once you’re past
in more than one dollar once you’re past
in more than one dollar once you’re past your survival phase it’s time to start
your survival phase it’s time to start
your survival phase it’s time to start investing some money into your business
investing some money into your business
investing some money into your business in the early days of any business I’m a
in the early days of any business I’m a
in the early days of any business I’m a big believer in bootstrapping only
big believer in bootstrapping only
big believer in bootstrapping only invest money that you have from your
invest money that you have from your
invest money that you have from your business and put it back into your
business and put it back into your
business and put it back into your business you know from the survival
business you know from the survival
business you know from the survival phase that you can turn your time into
phase that you can turn your time into
phase that you can turn your time into money now you’ve got to turn money into
money now you’ve got to turn money into
money now you’ve got to turn money into more money you have a model that works
more money you have a model that works
more money you have a model that works on a small scale and it’s paying the
on a small scale and it’s paying the
on a small scale and it’s paying the bills where can you invest some of your
bills where can you invest some of your
bills where can you invest some of your dollars into growing the business is it
dollars into growing the business is it
dollars into growing the business is it building a website investing in
building a website investing in
building a website investing in advertising hiring a part-time employee
advertising hiring a part-time employee
advertising hiring a part-time employee doing trade shows running contests try a
doing trade shows running contests try a
doing trade shows running contests try a few different ideas that you think will
few different ideas that you think will
few different ideas that you think will have a high payout and start on a really
have a high payout and start on a really
have a high payout and start on a really small scale invest minimal dollars and
small scale invest minimal dollars and
small scale invest minimal dollars and see if it generates a return keep
see if it generates a return keep
see if it generates a return keep playing with the model until you find a
playing with the model until you find a
playing with the model until you find a way to turn every one dollar of
way to turn every one dollar of
way to turn every one dollar of investment into more than one dollar in
investment into more than one dollar in
investment into more than one dollar in return you’ll find that some things work
return you’ll find that some things work
return you’ll find that some things work well and others don’t maybe trade shows
well and others don’t maybe trade shows
well and others don’t maybe trade shows bringing a lot of business but postcard
bringing a lot of business but postcard
bringing a lot of business but postcard advertising dozen don’t invest big
advertising dozen don’t invest big
advertising dozen don’t invest big dollars in anything until you’ve shown
dollars in anything until you’ve shown
dollars in anything until you’ve shown that it can work on a small scale you
that it can work on a small scale you
that it can work on a small scale you may get frustrated with the early
may get frustrated with the early
may get frustrated with the early results but it’s important to stick with
results but it’s important to stick with
results but it’s important to stick with it you’re building a model for rapid
it you’re building a model for rapid
it you’re building a model for rapid growth and you need to know which levers
growth and you need to know which levers
growth and you need to know which levers before you can scale number three use
before you can scale number three use
before you can scale number three use proof of concept to scale if you
proof of concept to scale if you
proof of concept to scale if you followed steps one and two you now have
followed steps one and two you now have
followed steps one and two you now have a business that feeds you step one and
a business that feeds you step one and
a business that feeds you step one and you know how to get more growth by
you know how to get more growth by
you know how to get more growth by investing your dollar strategically step
investing your dollar strategically step
investing your dollar strategically step two now it’s time to ramp up how big you
two now it’s time to ramp up how big you
two now it’s time to ramp up how big you grow will depend on how big your
grow will depend on how big your
grow will depend on how big your ambition is if you can turn one dollar
ambition is if you can turn one dollar
ambition is if you can turn one dollar into more than one dollar in return then
into more than one dollar in return then
into more than one dollar in return then you can either build slowly and continue
you can either build slowly and continue
you can either build slowly and continue your growth organically or you can raise
your growth organically or you can raise
your growth organically or you can raise capital to expand more quickly even
capital to expand more quickly even
capital to expand more quickly even though I was in the venture capital
though I was in the venture capital
though I was in the venture capital business I’m generally a fan of the
business I’m generally a fan of the
business I’m generally a fan of the organic growth you make fewer mistakes
organic growth you make fewer mistakes
organic growth you make fewer mistakes and build a more solid business just
and build a more solid business just
and build a more solid business just keep plowing your profits back into the
keep plowing your profits back into the
keep plowing your profits back into the systems that you know generate returns
systems that you know generate returns
systems that you know generate returns along the way you have to think about
along the way you have to think about
along the way you have to think about staffing and all the issues that come
staffing and all the issues that come
staffing and all the issues that come with a growing business and I’m of the
with a growing business and I’m of the
with a growing business and I’m of the belief that it’s better to tackle those
belief that it’s better to tackle those
belief that it’s better to tackle those things one at a time you’re more likely
things one at a time you’re more likely
things one at a time you’re more likely to get it right if you want to go more
to get it right if you want to go more
to get it right if you want to go more quickly though this is the time to do it
quickly though this is the time to do it
quickly though this is the time to do it since you know how to turn money into
since you know how to turn money into
since you know how to turn money into more money it’s easier and much less
more money it’s easier and much less
more money it’s easier and much less costly they get financial help you
costly they get financial help you
costly they get financial help you during the form of a loan or equity
during the form of a loan or equity
during the form of a loan or equity investor before you pass through steps
investor before you pass through steps
investor before you pass through steps one and two your business is risky for
one and two your business is risky for
one and two your business is risky for anybody to invest money with because
anybody to invest money with because
anybody to invest money with because it’s riskier they’ll want higher
it’s riskier they’ll want higher
it’s riskier they’ll want higher interest rates or bigger percentage of
interest rates or bigger percentage of
interest rates or bigger percentage of your business once you get to step three
your business once you get to step three
your business once you get to step three your business is more solid and it’s
your business is more solid and it’s
your business is more solid and it’s easier to get favorable terms from
easier to get favorable terms from
easier to get favorable terms from people how much money you need and when
people how much money you need and when
people how much money you need and when you need it depends on how quickly you
you need it depends on how quickly you
you need it depends on how quickly you want to grow thank you for joining me
want to grow thank you for joining me
want to grow thank you for joining me for another edition of ask Evan if you
for another edition of ask Evan if you
for another edition of ask Evan if you like the video you want to see more
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makes you want to do more these videos
makes you want to do more these videos for you guys I’d also love to hear what
for you guys I’d also love to hear what
for you guys I’d also love to hear what you have to think if you want to leave a
you have to think if you want to leave a
you have to think if you want to leave a comment under the video or if you have a
comment under the video or if you have a
comment under the video or if you have a question for your own business maybe
question for your own business maybe
question for your own business maybe we’ll feature you in one of the upcoming
we’ll feature you in one of the upcoming
we’ll feature you in one of the upcoming challenge video series so thank you and
challenge video series so thank you and
challenge video series so thank you and you’ll see you on the next episode
you
you you
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