hi I’m Evan Carmichael welcome to another edition of ask Evan today I’m
another edition of ask Evan today I’m
another edition of ask Evan today I’m gonna answer a question from one of my
gonna answer a question from one of my
gonna answer a question from one of my newsletter readers George he wrote in
newsletter readers George he wrote in
newsletter readers George he wrote in saying he’s 47 years old he’s got his
saying he’s 47 years old he’s got his
saying he’s 47 years old he’s got his MBA he started a company when he was 30
MBA he started a company when he was 30
MBA he started a company when he was 30 and for 17 years he’s you know had the
and for 17 years he’s you know had the
and for 17 years he’s you know had the best best time with his age is in his
best best time with his age is in his
best best time with his age is in his best he’s in his peak and because of the
best he’s in his peak and because of the
best he’s in his peak and because of the crisis he’s approaching bankruptcy he’s
crisis he’s approaching bankruptcy he’s
crisis he’s approaching bankruptcy he’s you know disappointed he’s about to be
you know disappointed he’s about to be
you know disappointed he’s about to be ruined and wanted some suggestions on
ruined and wanted some suggestions on
ruined and wanted some suggestions on what to do next
what to do next
what to do next so thank you for the question to George
so thank you for the question to George
so thank you for the question to George that’s a really tough situation to be in
that’s a really tough situation to be in
that’s a really tough situation to be in something a lot of entrepreneurs are
something a lot of entrepreneurs are
something a lot of entrepreneurs are facing I think for you the biggest thing
facing I think for you the biggest thing
facing I think for you the biggest thing now is figuring out how can you go back
now is figuring out how can you go back
now is figuring out how can you go back to making money you know any
to making money you know any
to making money you know any entrepreneur can spend money and it can
entrepreneur can spend money and it can
entrepreneur can spend money and it can be hard when times get tough and you’re
be hard when times get tough and you’re
be hard when times get tough and you’re used to a certain way of doing things to
used to a certain way of doing things to
used to a certain way of doing things to keep up the expenses you got to figure
keep up the expenses you got to figure
keep up the expenses you got to figure out a way to start making money and not
out a way to start making money and not
out a way to start making money and not just spend money right anybody can spend
just spend money right anybody can spend
just spend money right anybody can spend money it’s that the challenge of making
money it’s that the challenge of making
money it’s that the challenge of making money I mean you may have to pare down
money I mean you may have to pare down
money I mean you may have to pare down maybe even all the way back to the
maybe even all the way back to the
maybe even all the way back to the beginning you identify what it is that
beginning you identify what it is that
beginning you identify what it is that you’re really excited about passion
you’re really excited about passion
you’re really excited about passion about try to identify customers who have
about try to identify customers who have
about try to identify customers who have a pain point that you can go help them
a pain point that you can go help them
a pain point that you can go help them solve and build around that I try to do
solve and build around that I try to do
solve and build around that I try to do it around the service if you can
it around the service if you can
it around the service if you can especially at the beginning biggest
especially at the beginning biggest
especially at the beginning biggest couple of reasons one doesn’t cost
couple of reasons one doesn’t cost
couple of reasons one doesn’t cost anything besides your time so at the
anything besides your time so at the
anything besides your time so at the beginning you know again we don’t want
beginning you know again we don’t want
beginning you know again we don’t want to be spending money here if we’re
to be spending money here if we’re
to be spending money here if we’re talking about bankruptcy you don’t want
talking about bankruptcy you don’t want
talking about bankruptcy you don’t want to be spending more money you want to be
to be spending more money you want to be
to be spending more money you want to be making money so you’re investing your
making money so you’re investing your
making money so you’re investing your time you know you’re trading your time
time you know you’re trading your time
time you know you’re trading your time for money but you’re making money coming
for money but you’re making money coming
for money but you’re making money coming in and I want to see you get to the
in and I want to see you get to the
in and I want to see you get to the survival point we’re making enough money
survival point we’re making enough money
survival point we’re making enough money from your service business that if you
from your service business that if you
from your service business that if you want to expand enough for products then
want to expand enough for products then
want to expand enough for products then you can’t later on the first step is we
you can’t later on the first step is we
you can’t later on the first step is we got to get you you know out of
got to get you you know out of
got to get you you know out of bankruptcy and you know making money
bankruptcy and you know making money
bankruptcy and you know making money enough so you can survive on a
enough so you can survive on a
enough so you can survive on a day-to-day basis next thing I would try
day-to-day basis next thing I would try
day-to-day basis next thing I would try to do is just keep in mind that you know
to do is just keep in mind that you know
to do is just keep in mind that you know you 47 years old it’s still young you
you 47 years old it’s still young you
you 47 years old it’s still young you know it’s not something that you’re too
know it’s not something that you’re too
know it’s not something that you’re too old to get started again even if it’s a
old to get started again even if it’s a
old to get started again even if it’s a completely different business it can be
completely different business it can be
completely different business it can be really hard but you could chalk it up to
really hard but you could chalk it up to
really hard but you could chalk it up to lessons learned and some experience that
lessons learned and some experience that
lessons learned and some experience that you didn’t have before but there’s a lot
you didn’t have before but there’s a lot
you didn’t have before but there’s a lot of entrepreneurs
of entrepreneurs
of entrepreneurs had a lot of success you know still at a
had a lot of success you know still at a
had a lot of success you know still at a much greater age whose partner Harland
much greater age whose partner Harland
much greater age whose partner Harland Sanders from KFC was in his mid-60s
Sanders from KFC was in his mid-60s
Sanders from KFC was in his mid-60s before he started KFC Ray Kroc from
before he started KFC Ray Kroc from
before he started KFC Ray Kroc from McDonald’s was again in his 60s or think
McDonald’s was again in his 60s or think
McDonald’s was again in his 60s or think he was in his 50s I have a quote here
he was in his 50s I have a quote here
he was in his 50s I have a quote here that I saved here for you that might be
that I saved here for you that might be
that I saved here for you that might be inspiring so he said I was 52 years old
inspiring so he said I was 52 years old
inspiring so he said I was 52 years old so Ray Kroc I had diabetes arthritis I’d
so Ray Kroc I had diabetes arthritis I’d
so Ray Kroc I had diabetes arthritis I’d lost my gallbladder
lost my gallbladder
lost my gallbladder most of my thyroid gland in earlier
most of my thyroid gland in earlier
most of my thyroid gland in earlier campaigns but I was convinced the best
campaigns but I was convinced the best
campaigns but I was convinced the best was ahead of me so here’s a guy who you
was ahead of me so here’s a guy who you
was ahead of me so here’s a guy who you know had a whole bunch of bad stuff
know had a whole bunch of bad stuff
know had a whole bunch of bad stuff happened to him 52 years old at the time
happened to him 52 years old at the time
happened to him 52 years old at the time where people are starting to think you
where people are starting to think you
where people are starting to think you know getting close to retirement and
know getting close to retirement and
know getting close to retirement and planning the rest of their life and
planning the rest of their life and
planning the rest of their life and here’s just starting up a new company
here’s just starting up a new company
here’s just starting up a new company and built McDonald’s into the success
and built McDonald’s into the success
and built McDonald’s into the success that it was so there can be a lot of you
that it was so there can be a lot of you
that it was so there can be a lot of you know still lessons to be learned and a
know still lessons to be learned and a
know still lessons to be learned and a lot of excitement that could be ahead
lot of excitement that could be ahead
lot of excitement that could be ahead for you I would start again around that
for you I would start again around that
for you I would start again around that service identify a passion that you have
service identify a passion that you have
service identify a passion that you have how you can help people provide a lot of
how you can help people provide a lot of
how you can help people provide a lot of value the you know the amount of money
value the you know the amount of money
value the you know the amount of money you’re gonna make is gonna be depending
you’re gonna make is gonna be depending
you’re gonna make is gonna be depending on how much value provides somebody and
on how much value provides somebody and
on how much value provides somebody and how much you help them alright so start
how much you help them alright so start
how much you help them alright so start a service around that slowly build it up
a service around that slowly build it up
a service around that slowly build it up invest the profits back into the
invest the profits back into the
invest the profits back into the business and then continue to expand and
business and then continue to expand and
business and then continue to expand and hopefully you can get yourself out of
hopefully you can get yourself out of
hopefully you can get yourself out of that situation and maybe with this
that situation and maybe with this
that situation and maybe with this business or maybe doing something else a
business or maybe doing something else a
business or maybe doing something else a lot of times people decide just to you
lot of times people decide just to you
lot of times people decide just to you know shut the doors on that business and
know shut the doors on that business and
know shut the doors on that business and start something new if you feel like
start something new if you feel like
start something new if you feel like there’s time to move on and sign them
there’s time to move on and sign them
there’s time to move on and sign them law to a new project that maybe a little
law to a new project that maybe a little
law to a new project that maybe a little bit more exciting and invigorating for
bit more exciting and invigorating for
bit more exciting and invigorating for you so hopefully that helps I I’m still
you so hopefully that helps I I’m still
you so hopefully that helps I I’m still you know positive for you and optimistic
you know positive for you and optimistic
you know positive for you and optimistic for you I think with dedication hard
for you I think with dedication hard
for you I think with dedication hard work and maybe pouring your heart into
work and maybe pouring your heart into
work and maybe pouring your heart into it something you really enjoy I think
it something you really enjoy I think
it something you really enjoy I think you can definitely turn it around and be
you can definitely turn it around and be
you can definitely turn it around and be a successful entrepreneur and I’d love
a successful entrepreneur and I’d love
a successful entrepreneur and I’d love to hear your progress and your plans for
to hear your progress and your plans for
to hear your progress and your plans for what you’re doing going forward so thank
what you’re doing going forward so thank
what you’re doing going forward so thank you for the question if you guys liked
you for the question if you guys liked
you for the question if you guys liked the video for those of you watching
the video for those of you watching
the video for those of you watching please give it a thumbs up but makes
please give it a thumbs up but makes
please give it a thumbs up but makes gonna do more of them for you and if you
gonna do more of them for you and if you
gonna do more of them for you and if you have a question about finding your
have a question about finding your
have a question about finding your passion or about you know being too old
passion or about you know being too old
passion or about you know being too old to start a business or whatever it is
to start a business or whatever it is
to start a business or whatever it is about your own company feel free to
about your own company feel free to
about your own company feel free to leave in the comments below I always
leave in the comments below I always
leave in the comments below I always read those and I always respond to
read those and I always respond to
read those and I always respond to people as soon as I can so thank you and
people as soon as I can so thank you and
people as soon as I can so thank you and I’ll see you in the next episode
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