hi I’m Evan Carmichael welcome to the edition of ask Evan
welcome to the edition of ask Evan
welcome to the edition of ask Evan today’s question come from one of my
today’s question come from one of my
today’s question come from one of my newsletter readers Freddie who was
newsletter readers Freddie who was
newsletter readers Freddie who was asking about started a new business and
asking about started a new business and
asking about started a new business and he wrote insane many entrepreneurs lock
he wrote insane many entrepreneurs lock
he wrote insane many entrepreneurs lock objectivity and real insight into the
objectivity and real insight into the
objectivity and real insight into the market when starting the business in
market when starting the business in
market when starting the business in what ways are these considered pitfalls
what ways are these considered pitfalls
what ways are these considered pitfalls in selecting a new venture
in selecting a new venture
in selecting a new venture please help so thanks for the question
please help so thanks for the question
please help so thanks for the question Freddie
Freddie
Freddie very true a lot of entrepreneurs start a
very true a lot of entrepreneurs start a
very true a lot of entrepreneurs start a business without really knowing the
business without really knowing the
business without really knowing the market or really having a customer base
market or really having a customer base
market or really having a customer base and they end up closing down their
and they end up closing down their
and they end up closing down their company because they’re not able to make
company because they’re not able to make
company because they’re not able to make enough money to support themselves and
enough money to support themselves and
enough money to support themselves and that’s really phase one for any
that’s really phase one for any
that’s really phase one for any entrepreneur is getting past survival
entrepreneur is getting past survival
entrepreneur is getting past survival right you have to be able to make enough
right you have to be able to make enough
right you have to be able to make enough money from your business the Perry bills
money from your business the Perry bills
money from your business the Perry bills put food on the table survive right if
put food on the table survive right if
put food on the table survive right if you can’t make enough money to survive
you can’t make enough money to survive
you can’t make enough money to survive then you’re not gonna be able to sustain
then you’re not gonna be able to sustain
then you’re not gonna be able to sustain business for very long so it all starts
business for very long so it all starts
business for very long so it all starts with building around your customer base
with building around your customer base
with building around your customer base so a lot of entrepreneurs will start a
so a lot of entrepreneurs will start a
so a lot of entrepreneurs will start a business because I think it’s a great
business because I think it’s a great
business because I think it’s a great money-making opportunity but they’re not
money-making opportunity but they’re not
money-making opportunity but they’re not really passionate about that business
really passionate about that business
really passionate about that business and they haven’t talked to any potential
and they haven’t talked to any potential
and they haven’t talked to any potential customers did you think it’s a fantastic
customers did you think it’s a fantastic
customers did you think it’s a fantastic money-making idea usually when you’re
money-making idea usually when you’re
money-making idea usually when you’re going after just making money you rarely
going after just making money you rarely
going after just making money you rarely end up making money and that’s one of
end up making money and that’s one of
end up making money and that’s one of the one of the ironies of running the
the one of the ironies of running the
the one of the ironies of running the business if you look at they’re really
business if you look at they’re really
business if you look at they’re really successful entrepreneurs they didn’t
successful entrepreneurs they didn’t
successful entrepreneurs they didn’t start their business because they wanted
start their business because they wanted
start their business because they wanted to make a lot of money that’s part of it
to make a lot of money that’s part of it
to make a lot of money that’s part of it you know you’re gonna make money but
you know you’re gonna make money but
you know you’re gonna make money but they wanted to start the business
they wanted to start the business
they wanted to start the business because they had an intense passion
because they had an intense passion
because they had an intense passion forth they’re doing and they wanted to
forth they’re doing and they wanted to
forth they’re doing and they wanted to help people
help people
help people so I’d look for you know for whatever
so I’d look for you know for whatever
so I’d look for you know for whatever business you’re trying to start look at
business you’re trying to start look at
business you’re trying to start look at what you’re really good at what you you
what you’re really good at what you you
what you’re really good at what you you have a strong passion for and you feel
have a strong passion for and you feel
have a strong passion for and you feel like it helped a lot of people that
like it helped a lot of people that
like it helped a lot of people that that’s where you want to start and if
that’s where you want to start and if
that’s where you want to start and if your be able to help people you’re gonna
your be able to help people you’re gonna
your be able to help people you’re gonna make money the more the more value can
make money the more the more value can
make money the more the more value can provide people the more you can help
provide people the more you can help
provide people the more you can help them the more money you’re gonna be able
them the more money you’re gonna be able
them the more money you’re gonna be able to make in your business so money is
to make in your business so money is
to make in your business so money is definitely part of it you know if you’re
definitely part of it you know if you’re
definitely part of it you know if you’re not making enough money to survive
not making enough money to survive
not making enough money to survive you’re not gonna stay in business but
you’re not gonna stay in business but
you’re not gonna stay in business but the first principle is really being able
the first principle is really being able
the first principle is really being able to do something that you’re really
to do something that you’re really
to do something that you’re really passionate about and you’re able to add
passionate about and you’re able to add
passionate about and you’re able to add a lot of value and help people with so
a lot of value and help people with so
a lot of value and help people with so that’s where I would start next you
that’s where I would start next you
that’s where I would start next you could be really passionate or something
could be really passionate or something
could be really passionate or something but not having intense
but not having intense
but not having intense you know understanding of what your
you know understanding of what your
you know understanding of what your customers are going through so before
customers are going through so before
customers are going through so before really starting the business I’ll go and
really starting the business I’ll go and
really starting the business I’ll go and start talking to potential customers get
start talking to potential customers get
start talking to potential customers get to know their challenges get to know
to know their challenges get to know
to know their challenges get to know their pain points see how you can help
their pain points see how you can help
their pain points see how you can help them open up friendly conversations
them open up friendly conversations
them open up friendly conversations you’re not selling them anything you’re
you’re not selling them anything you’re
you’re not selling them anything you’re just going to ask for help
just going to ask for help
just going to ask for help ask for some advice and see if you might
ask for some advice and see if you might
ask for some advice and see if you might be able to provide some assistance it’s
be able to provide some assistance it’s
be able to provide some assistance it’s great if you can build a business around
great if you can build a business around
great if you can build a business around a paying customer I would try to talk to
a paying customer I would try to talk to
a paying customer I would try to talk to you potential customers again understand
you potential customers again understand
you potential customers again understand their pain points and try to set up a
their pain points and try to set up a
their pain points and try to set up a relationship where you can get them on
relationship where you can get them on
relationship where you can get them on board as a customer before you even
board as a customer before you even
board as a customer before you even launch whatever product or service that
launch whatever product or service that
launch whatever product or service that you’re providing that’s you know great
you’re providing that’s you know great
you’re providing that’s you know great because you have cash flow coming in
because you have cash flow coming in
because you have cash flow coming in most entrepreneurs start the other way
most entrepreneurs start the other way
most entrepreneurs start the other way they spend a lot of money creating
they spend a lot of money creating
they spend a lot of money creating whatever product or service they launch
whatever product or service they launch
whatever product or service they launch it and then hustle and try to get enough
it and then hustle and try to get enough
it and then hustle and try to get enough business to support you know all that
business to support you know all that
business to support you know all that money that they spent words better to
money that they spent words better to
money that they spent words better to try to go the other way around
try to go the other way around
try to go the other way around you know that first model can still work
you know that first model can still work
you know that first model can still work but it’s a lot more expensive and a lot
but it’s a lot more expensive and a lot
but it’s a lot more expensive and a lot more risky better ways to go either
more risky better ways to go either
more risky better ways to go either around start talking to your customers
around start talking to your customers
around start talking to your customers first find out about their challenges
first find out about their challenges
first find out about their challenges and try to build around them and get
and try to build around them and get
and try to build around them and get your first customer right at the gate so
your first customer right at the gate so
your first customer right at the gate so you have cash flow coming in that you
you have cash flow coming in that you
you have cash flow coming in that you can use to then pay for all your
can use to then pay for all your
can use to then pay for all your marketing expenses pay for whatever
marketing expenses pay for whatever
marketing expenses pay for whatever products you need to buy and start
products you need to buy and start
products you need to buy and start growing your business
growing your business
growing your business so that’s what I would do I think a lot
so that’s what I would do I think a lot
so that’s what I would do I think a lot of entrepreneurs again as you mentioned
of entrepreneurs again as you mentioned
of entrepreneurs again as you mentioned do it the wrong way to think they have a
do it the wrong way to think they have a
do it the wrong way to think they have a great idea but they don’t really have a
great idea but they don’t really have a
great idea but they don’t really have a strong desire to to build that business
strong desire to to build that business
strong desire to to build that business I have a passion for it
I have a passion for it
I have a passion for it and they don’t really know much about
and they don’t really know much about
and they don’t really know much about their customers so again make sure
their customers so again make sure
their customers so again make sure you’re targeting a business around one
you’re targeting a business around one
you’re targeting a business around one of your intense passions we know you can
of your intense passions we know you can
of your intense passions we know you can help a lot of people in a really
help a lot of people in a really
help a lot of people in a really meaningful way and then try to build
meaningful way and then try to build
meaningful way and then try to build around your customer by talking to them
around your customer by talking to them
around your customer by talking to them find out what their pain points are
find out what their pain points are
find out what their pain points are hopefully that helps you guys like the
hopefully that helps you guys like the
hopefully that helps you guys like the video please give her a thumbs up below
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I always love seeing those come in and
I always love seeing those come in and it makes me want to do more of these
it makes me want to do more of these
it makes me want to do more of these videos for you guys
videos for you guys
videos for you guys and if you have a thought about this
and if you have a thought about this
and if you have a thought about this video you want to add your two cents or
video you want to add your two cents or
video you want to add your two cents or if you have a question for me as well
if you have a question for me as well
if you have a question for me as well please leave a comment below I’d love to
please leave a comment below I’d love to
please leave a comment below I’d love to hear what you’re thinking and I’ll see
hear what you’re thinking and I’ll see
hear what you’re thinking and I’ll see you on the next episode
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