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 question from Fatima who’s
gonna answer question from Fatima who’s
gonna answer question from Fatima who’s one of my facebook readers who wrote in
one of my facebook readers who wrote in
one of my facebook readers who wrote in about how to start a new business that
about how to start a new business that
about how to start a new business that doesn’t require money so specifically
doesn’t require money so specifically
doesn’t require money so specifically the question was I’m a third year
the question was I’m a third year
the question was I’m a third year student in accounting and you want to be
student in accounting and you want to be
student in accounting and you want to be an entrepreneur after I finished my
an entrepreneur after I finished my
an entrepreneur after I finished my course my question is what business
course my question is what business
course my question is what business should I do especially since I don’t
should I do especially since I don’t
should I do especially since I don’t have capital right now
have capital right now
have capital right now Thank You Fatima so thanks for the
Thank You Fatima so thanks for the
Thank You Fatima so thanks for the question I think it’s a great question
question I think it’s a great question
question I think it’s a great question one that a lot of people are thinking
one that a lot of people are thinking
one that a lot of people are thinking about how do I start a business not a
about how do I start a business not a
about how do I start a business not a lot of money the key here is you don’t
lot of money the key here is you don’t
lot of money the key here is you don’t need a lot of money to start almost any
need a lot of money to start almost any
need a lot of money to start almost any business there are very few businesses
business there are very few businesses
business there are very few businesses where you absolutely need to have a ton
where you absolutely need to have a ton
where you absolutely need to have a ton of money to get started and so what I
of money to get started and so what I
of money to get started and so what I would encourage you to do is instead of
would encourage you to do is instead of
would encourage you to do is instead of trying to find an opportunity where you
trying to find an opportunity where you
trying to find an opportunity where you don’t need a lot of money look at
don’t need a lot of money look at
don’t need a lot of money look at something where you feel that you can
something where you feel that you can
something where you feel that you can add a lot of value to and that you’re
add a lot of value to and that you’re
add a lot of value to and that you’re really passionate about that’s gonna be
really passionate about that’s gonna be
really passionate about that’s gonna be the key you look at any famous
the key you look at any famous
the key you look at any famous entrepreneur how they got started and
entrepreneur how they got started and
entrepreneur how they got started and you ask them what the key to success was
you ask them what the key to success was
you ask them what the key to success was almost always one of the key reasons to
almost always one of the key reasons to
almost always one of the key reasons to come back is that they had a strong
come back is that they had a strong
come back is that they had a strong passion for that business it wasn’t just
passion for that business it wasn’t just
passion for that business it wasn’t just to make money they wanted to change the
to make money they wanted to change the
to make money they wanted to change the way things were done in a certain
way things were done in a certain
way things were done in a certain industry you wanted to add a lot of
industry you wanted to add a lot of
industry you wanted to add a lot of value to people’s lives so don’t just go
value to people’s lives so don’t just go
value to people’s lives so don’t just go out looking for the opportunity to make
out looking for the opportunity to make
out looking for the opportunity to make money you’ll often find that the the
money you’ll often find that the the
money you’ll often find that the the people who just try to make money really
people who just try to make money really
people who just try to make money really do and it’s because they quit at the
do and it’s because they quit at the
do and it’s because they quit at the first sign of trouble they don’t put in
first sign of trouble they don’t put in
first sign of trouble they don’t put in the hard work to get past the hurdles I
the hard work to get past the hurdles I
the hard work to get past the hurdles I come in front of them and it’s only
come in front of them and it’s only
come in front of them and it’s only because you love your business so much
because you love your business so much
because you love your business so much and you love what you’re doing and you
and you love what you’re doing and you
and you love what you’re doing and you look how much you’re helping people
look how much you’re helping people
look how much you’re helping people that’s what gives you the fuel to keep
that’s what gives you the fuel to keep
that’s what gives you the fuel to keep going even when times get tough a lot of
going even when times get tough a lot of
going even when times get tough a lot of entrepreneurs say that they would do
entrepreneurs say that they would do
entrepreneurs say that they would do what they were doing for their business
what they were doing for their business
what they were doing for their business even if they weren’t making any money
even if they weren’t making any money
even if they weren’t making any money because of how good it makes them feel
because of how good it makes them feel
because of how good it makes them feel but the value that you they’re adding
but the value that you they’re adding
but the value that you they’re adding and they would go and get a job to
and they would go and get a job to
and they would go and get a job to support this passion are there so that’s
support this passion are there so that’s
support this passion are there so that’s what you want to try to find you want to
what you want to try to find you want to
what you want to try to find you want to find what you love so much that you’re
find what you love so much that you’re
find what you love so much that you’re really helping other people and you
really helping other people and you
really helping other people and you would do even if you’re not getting paid
would do even if you’re not getting paid
would do even if you’re not getting paid to do it because you really love what
to do it because you really love what
to do it because you really love what you’re doing for me I love helping
you’re doing for me I love helping
you’re doing for me I love helping entrepreneurs I love making these videos
entrepreneurs I love making these videos
entrepreneurs I love making these videos I love
I love
I love talking entrepreneurs I do a lot of this
talking entrepreneurs I do a lot of this
talking entrepreneurs I do a lot of this stuff without getting paid I’m making
stuff without getting paid I’m making
stuff without getting paid I’m making this video for you because I’m not I’m
this video for you because I’m not I’m
this video for you because I’m not I’m not getting paid to do it unless there’s
not getting paid to do it unless there’s
not getting paid to do it unless there’s some secret person paying me that I’m
some secret person paying me that I’m
some secret person paying me that I’m not quite sure about but really I don’t
not quite sure about but really I don’t
not quite sure about but really I don’t make a lot I don’t make money from from
make a lot I don’t make money from from
make a lot I don’t make money from from these videos but I do it because I love
these videos but I do it because I love
these videos but I do it because I love doing it I love helping entrepreneurs
doing it I love helping entrepreneurs
doing it I love helping entrepreneurs hopefully you can take this advice go
hopefully you can take this advice go
hopefully you can take this advice go away put it into your business and
away put it into your business and
away put it into your business and become successful so that’s what you
become successful so that’s what you
become successful so that’s what you want to find with your own
want to find with your own
want to find with your own entrepreneurship venture something that
entrepreneurship venture something that
entrepreneurship venture something that you’re really passionate about will you
you’re really passionate about will you
you’re really passionate about will you wake up excited to do it and you’re you
wake up excited to do it and you’re you
wake up excited to do it and you’re you know you’re adding a lot of value to
know you’re adding a lot of value to
know you’re adding a lot of value to people’s lives and that’s gonna be the
people’s lives and that’s gonna be the
people’s lives and that’s gonna be the key is helping other people from there
key is helping other people from there
key is helping other people from there if you’re looking at ways to not spend a
if you’re looking at ways to not spend a
if you’re looking at ways to not spend a lot of money and that’s he you find a
lot of money and that’s he you find a
lot of money and that’s he you find a lot of the successful companies started
lot of the successful companies started
lot of the successful companies started just from bootstrapping
just from bootstrapping
just from bootstrapping start a service so service companies are
start a service so service companies are
start a service so service companies are easier to startup they don’t fail as
easier to startup they don’t fail as
easier to startup they don’t fail as often as product companies and retail
often as product companies and retail
often as product companies and retail companies the idea here is you not
companies the idea here is you not
companies the idea here is you not spending a lot of money to get started
spending a lot of money to get started
spending a lot of money to get started but you’re spending a lot of sweat
but you’re spending a lot of sweat
but you’re spending a lot of sweat equity to put in your time in to see if
equity to put in your time in to see if
equity to put in your time in to see if it’ll work the challenge that people
it’ll work the challenge that people
it’ll work the challenge that people face on the product side is you spend a
face on the product side is you spend a
face on the product side is you spend a lot of time creating this product you
lot of time creating this product you
lot of time creating this product you spend a lot of money buying this product
spend a lot of money buying this product
spend a lot of money buying this product making purchases and you have a huge
making purchases and you have a huge
making purchases and you have a huge inventory and then doesn’t sell and
inventory and then doesn’t sell and
inventory and then doesn’t sell and you’ve invested all this money into this
you’ve invested all this money into this
you’ve invested all this money into this product that then sitting in your
product that then sitting in your
product that then sitting in your basement or your you know extra room or
basement or your you know extra room or
basement or your you know extra room or whatever it is and you can’t sell it and
whatever it is and you can’t sell it and
whatever it is and you can’t sell it and so you’re out of pack you have to go
so you’re out of pack you have to go
so you’re out of pack you have to go back and get another job or if you’re
back and get another job or if you’re
back and get another job or if you’re doing a service it brings you closer to
doing a service it brings you closer to
doing a service it brings you closer to your customer you really understand what
your customer you really understand what
your customer you really understand what their pain points are and how you can
their pain points are and how you can
their pain points are and how you can help them and then you’re not spending a
help them and then you’re not spending a
help them and then you’re not spending a lot of money you don’t really need to
lot of money you don’t really need to
lot of money you don’t really need to spend any money to start a service-based
spend any money to start a service-based
spend any money to start a service-based business you know you can protection of
business you know you can protection of
business you know you can protection of a business card maybe a website if you
a business card maybe a website if you
a business card maybe a website if you want but you don’t need to spend money
want but you don’t need to spend money
want but you don’t need to spend money it’s more your time as you’re able to
it’s more your time as you’re able to
it’s more your time as you’re able to build it up and you work with a couple
build it up and you work with a couple
build it up and you work with a couple clients and you know you might be tired
clients and you know you might be tired
clients and you know you might be tired of treating your time for money then you
of treating your time for money then you
of treating your time for money then you can’t expand into a product type of
can’t expand into a product type of
can’t expand into a product type of business but you have some cash flow
business but you have some cash flow
business but you have some cash flow built in from your service so definitely
built in from your service so definitely
built in from your service so definitely look at whatever field you’re really
look at whatever field you’re really
look at whatever field you’re really passionate about you feel like you got a
passionate about you feel like you got a
passionate about you feel like you got a lot of value to your clients start a
lot of value to your clients start a
lot of value to your clients start a service around that the third key point
service around that the third key point
service around that the third key point that I want to leave you with is try not
that I want to leave you with is try not
that I want to leave you with is try not to spend money until you’re making money
to spend money until you’re making money
to spend money until you’re making money anybody can spend money it’s easy to
anybody can spend money it’s easy to
anybody can spend money it’s easy to spend money if I give you a million
spend money if I give you a million
spend money if I give you a million dollars you can go and spend it a
dollars you can go and spend it a
dollars you can go and spend it a million different ways I’m sure you
million different ways I’m sure you
million different ways I’m sure you could and this is a challenge I had when
could and this is a challenge I had when
could and this is a challenge I had when I was in the venture capital business we
I was in the venture capital business we
I was in the venture capital business we saw so many entrepreneurs come to us
saw so many entrepreneurs come to us
saw so many entrepreneurs come to us looking to spend money what you want to
looking to spend money what you want to
looking to spend money what you want to be is that entrepreneur who can earn the
be is that entrepreneur who can earn the
be is that entrepreneur who can earn the money and so try not to go out and make
money and so try not to go out and make
money and so try not to go out and make a lot of purchases and spend any money
a lot of purchases and spend any money
a lot of purchases and spend any money on your business until you’re making
on your business until you’re making
on your business until you’re making something back and this is something
something back and this is something
something back and this is something I’ve tried to apply to all of my new
I’ve tried to apply to all of my new
I’ve tried to apply to all of my new ideas with my company every new thing
ideas with my company every new thing
ideas with my company every new thing that we try out I’ll spend some time and
that we try out I’ll spend some time and
that we try out I’ll spend some time and energy putting it into a see if it’ll
energy putting it into a see if it’ll
energy putting it into a see if it’ll work but I won’t spend any money on it
work but I won’t spend any money on it
work but I won’t spend any money on it until I’m making some money from it
until I’m making some money from it
until I’m making some money from it exactly just a couple times with these
exactly just a couple times with these
exactly just a couple times with these videos it’s a good example because
videos it’s a good example because
videos it’s a good example because you’re watching this video so it’s a
you’re watching this video so it’s a
you’re watching this video so it’s a good medium when I first started doing
good medium when I first started doing
good medium when I first started doing video I really wanted to get in a video
video I really wanted to get in a video
video I really wanted to get in a video because I found that was really a visual
because I found that was really a visual
because I found that was really a visual learner and I learned a lot more from
learner and I learned a lot more from
learner and I learned a lot more from video than just hearing something or
video than just hearing something or
video than just hearing something or reading something so I wanted to get in
reading something so I wanted to get in
reading something so I wanted to get in the video but I didn’t have a revenue
the video but I didn’t have a revenue
the video but I didn’t have a revenue model behind it so I didn’t want to go
model behind it so I didn’t want to go
model behind it so I didn’t want to go and spend money on you know camera
and spend money on you know camera
and spend money on you know camera lighting tripod all the things that you
lighting tripod all the things that you
lighting tripod all the things that you need to make video work I didn’t want to
need to make video work I didn’t want to
need to make video work I didn’t want to spend money on it because I didn’t know
spend money on it because I didn’t know
spend money on it because I didn’t know AI would commit to this and continue
AI would commit to this and continue
AI would commit to this and continue doing this if I would like it or not you
doing this if I would like it or not you
doing this if I would like it or not you don’t know if you’re gonna like a
don’t know if you’re gonna like a
don’t know if you’re gonna like a project until you actually give in to it
project until you actually give in to it
project until you actually give in to it and I didn’t know if I’d ever be able to
and I didn’t know if I’d ever be able to
and I didn’t know if I’d ever be able to make money from it so the quickest way
make money from it so the quickest way
make money from it so the quickest way to do it is just start trying it out I
to do it is just start trying it out I
to do it is just start trying it out I took my regular camera
took my regular camera
took my regular camera and just started recording myself and
and just started recording myself and
and just started recording myself and it’s just some questions that people had
it’s just some questions that people had
it’s just some questions that people had written into me and I really did like it
written into me and I really did like it
written into me and I really did like it and if you go back to my YouTube channel
and if you go back to my YouTube channel
and if you go back to my YouTube channel and look at the earlier videos they were
and look at the earlier videos they were
and look at the earlier videos they were really bad the the the quality of the
really bad the the the quality of the
really bad the the the quality of the content was pretty good but the lighting
content was pretty good but the lighting
content was pretty good but the lighting was bad the camera was bad the audio is
was bad the camera was bad the audio is
was bad the camera was bad the audio is bad because it didn’t spend money on a
bad because it didn’t spend money on a
bad because it didn’t spend money on a microphone so that’s how we kind of
microphone so that’s how we kind of
microphone so that’s how we kind of started off but I’ve continued with it I
started off but I’ve continued with it I
started off but I’ve continued with it I realized I really enjoyed doing it and
realized I really enjoyed doing it and
realized I really enjoyed doing it and eventually was able to find a way to
eventually was able to find a way to
eventually was able to find a way to monetize the video is not all the videos
monetize the video is not all the videos
monetize the video is not all the videos but some of them through corporate
but some of them through corporate
but some of them through corporate sponsorships I know you know the money
sponsorships I know you know the money
sponsorships I know you know the money from those ones help me create all the
from those ones help me create all the
from those ones help me create all the other ones so I can spend the time I
other ones so I can spend the time I
other ones so I can spend the time I want doing these types of videos even
want doing these types of videos even
want doing these types of videos even though I’m not getting paid to do it
though I’m not getting paid to do it
though I’m not getting paid to do it because it’s fun but it gave me the
because it’s fun but it gave me the
because it’s fun but it gave me the ability to go and buy a camera and buy
ability to go and buy a camera and buy
ability to go and buy a camera and buy tripod
tripod
tripod microphone get some lighting hire an
microphone get some lighting hire an
microphone get some lighting hire an editor create an intro have some music
editor create an intro have some music
editor create an intro have some music on it just to improve the experience and
on it just to improve the experience and
on it just to improve the experience and make the videos that much better so it
make the videos that much better so it
make the videos that much better so it all started from nothing like it could
all started from nothing like it could
all started from nothing like it could have gone nowhere could have spent all
have gone nowhere could have spent all
have gone nowhere could have spent all this money on this gear and I did two
this money on this gear and I did two
this money on this gear and I did two videos and shut the whole project down
videos and shut the whole project down
videos and shut the whole project down and now I’m stuck with all this extra
and now I’m stuck with all this extra
and now I’m stuck with all this extra gear that I’m never gonna use again so
gear that I’m never gonna use again so
gear that I’m never gonna use again so try not to spend money until you’re
try not to spend money until you’re
try not to spend money until you’re making money there’s a kind of a long
making money there’s a kind of a long
making money there’s a kind of a long story they kind of get back to that
story they kind of get back to that
story they kind of get back to that point whatever business you’re going
point whatever business you’re going
point whatever business you’re going into if you’re passionate about it and
into if you’re passionate about it and
into if you’re passionate about it and you’re creating it around the service
you’re creating it around the service
you’re creating it around the service you don’t need to spend money you can
you don’t need to spend money you can
you don’t need to spend money you can find ways to be able to get some
find ways to be able to get some
find ways to be able to get some contracts without spending money and
contracts without spending money and
contracts without spending money and then even though they may not be big
then even though they may not be big
then even though they may not be big contracts if you can prove to yourself
contracts if you can prove to yourself
contracts if you can prove to yourself that hey I’m able to make a little bit
that hey I’m able to make a little bit
that hey I’m able to make a little bit of money here and you really enjoy doing
of money here and you really enjoy doing
of money here and you really enjoy doing this this is definitely what you want to
this this is definitely what you want to
this this is definitely what you want to keep doing then you can invest some of
keep doing then you can invest some of
keep doing then you can invest some of the money that you make back into the
the money that you make back into the
the money that you make back into the things that will help you grow the
things that will help you grow the
things that will help you grow the business bigger and bigger bigger and
business bigger and bigger bigger and
business bigger and bigger bigger and continue expand from there so maybe that
continue expand from there so maybe that
continue expand from there so maybe that helped
helped
helped maybe not the specific answer you were
maybe not the specific answer you were
maybe not the specific answer you were looking for people sometimes want to
looking for people sometimes want to
looking for people sometimes want to kind of bullet shot here’s the exact way
kind of bullet shot here’s the exact way
kind of bullet shot here’s the exact way to go about and do it in the type of
to go about and do it in the type of
to go about and do it in the type of business you want to run without any
business you want to run without any
business you want to run without any money but the good news is you can do it
money but the good news is you can do it
money but the good news is you can do it around anything and the more you can
around anything and the more you can
around anything and the more you can build a business around your passion the
build a business around your passion the
build a business around your passion the more money you’re gonna make and the
more money you’re gonna make and the
more money you’re gonna make and the more fun you’re gonna have to and that’s
more fun you’re gonna have to and that’s
more fun you’re gonna have to and that’s part of it you’re gonna put in a lot of
part of it you’re gonna put in a lot of
part of it you’re gonna put in a lot of hours running a business you might as
hours running a business you might as
hours running a business you might as well be doing something that you really
well be doing something that you really
well be doing something that you really enjoy and that you know you’re helping a
enjoy and that you know you’re helping a
enjoy and that you know you’re helping a lot of people out instead of just trying
lot of people out instead of just trying
lot of people out instead of just trying to make some money off of it so
to make some money off of it so
to make some money off of it so hopefully that helped that if you guys
hopefully that helped that if you guys
hopefully that helped that if you guys liked the video please give it a thumbs
liked the video please give it a thumbs
liked the video please give it a thumbs up below it really makes you want to do
up below it really makes you want to do
up below it really makes you want to do more these videos for you guys and if
more these videos for you guys and if
more these videos for you guys and if you have a comment about this video or
you have a comment about this video or
you have a comment about this video or if you have a question for your own
if you have a question for your own
if you have a question for your own company feel free to leave it in the
company feel free to leave it in the
company feel free to leave it in the comment section below I always read
comment section below I always read
comment section below I always read those to try to respond to everybody as
those to try to respond to everybody as
those to try to respond to everybody as much as I can so thank you
much as I can so thank you
much as I can so thank you and I’ll see you in the next episode
”
Be First to Comment