Business Plan - Which business should I start?

Evan Carmichael advises a viewer torn between starting a comic-book business and launching a book-rental venture to fund it. Focus on the business you're passionate about, not a second startup you don't understand. Get a part-time job for survival income instead.
Chapters
Which business should I start? So I got a question from one of my YouTube viewers, Jacob, love you guys, who wrote in to say he wants to start a comic book business, okay, and to fund it he wants to start a business that rents out old books. And he's writing to me to ask, how do I stand out from the libraries and the other companies out there that are renting books and to make money so I can fund my comic book business? How do I stand out and make this business work because there's so much competition? So here's the thing, okay? I get that you need to get funding, right? You gotta get money to launch your business, and at the start, you gotta get past survival. This is the most important part in any business. You need to get to the point of survival. Survival is where you have enough money to do your business full-time and not have to worry about going back and getting the job or other sources of income or capital. That's survival, okay? I'm not talking glamorous lifestyle, I'm not talking about renting Ferraris, I'm talking about eating, okay? Eating, survival, paying the rent, survival. That's where you gotta get your business. The challenge I see here is you've got two really early-stage ideas, okay? You don't know how either of them are gonna work out. You have your comic book business, comic book business and you've got your renting out old books business. Neither of them, you don't understand how you're gonna market it, you don't understand how you're gonna stand out, you don't know how you're gonna make money. Why are you focusing your energy, your efforts, your resources, your time into solving the renting the book business when you're not passionate about that, you're passionate about comic books? I could understand that if this business were further ahead, if you had customers, if you were making a lot of money, and you weren't passionate about it, you want to transition to comic books, you were making a lot of money here, so you're going to keep that gravy train going to fund this other business while it was just getting started. But you don't know how you're going to stand out with the library book business either, right? You haven't figured that out. So why are you spending your time on this business that you're not passionate about, that's not making you a lot of money, when you could put that same time and effort into the one that you are passionate about, which is the comic books? Right, that's where I would spend my time. As an entrepreneur, especially at the start, right, you're— I get that it's hard, right? Like, you really want to do this one thing you're passionate about, you want to chase your dream, you want to build something great, but you don't have enough time and money to live, so you can't focus on that business. You need to get to the point where you're spending as much time on your business that you're passionate about as possible. And that may mean doing something else as another business that makes money. That may mean taking on a part-time job just to make money to pay the bills to survive. But you have to start carving out time to focus on that comic book business. That's where you need to spend your energy. When you're asking me a question, you're asking for help, it should be about the comic book business. How do I get my comic book business to be amazing, right? That's where you gotta be focusing your mental energy and time and resources. And again, I could understand if this library book idea thing was taking off and making a lot of money already, but it's not there yet. You don't know how it's gonna work out. You don't know how you're gonna stand out, and you're not passionate about that business. So forget about that business and worry about the comic books and find a way to survive with the comic books. When that becomes a must, you start seeing great changes in your business. Belief. For those of you watching, like the video, give it a thumbs up below, leave a comment, let me know what you think. You have a question, leave it below, I'll make a video response. And subscribe to the channel if you want to see more videos like this. Thank you guys so much, and I'll see you soon.
More from Evan

How the Biggest Mistake in History Created A Trillion-Dollar Empire | Sergey Brin

9 Machiavelli Principles That Force People To Respect You | Machiavellian Philosophy

The First 10 Words That Instantly Ruin A Sales Conversation | Vanessa Van Edwards

The Top 1% Mindset Behind The First $5 Trillion Company | Jensen Huang (Nvidia)






