Business Q&A + League of Legends Ep. #48 ft. @RishyCupTV

What is up everybody? Welcome back to another business Q&A while we play League of Legends. I am queuing up with my— I think every game we've played with Fresh Views, who is J-Rize, Jason J-Rize Fonseca. So we're queuing up for a game together and it's the return of the cup. #ReturnOfTheCup.

Return of the Cup. Oh, that's amazing.

Return of the Cup. What was that?

I said that is truly amazing.

Return of the Cup is truly amazing?

Yeah, absolutely.

There's a song, Return of the Cup, right? Return of the Cup. No? Return of the— what is it? Return of the— it's something else, but we'll go with Return of the Cup anyway. Rishi Kheb TV back in the house!

Woo!

All right, we had Super Sub Jennifer Price in yesterday, and Rishi's back with us today. So, uh, let's go through it, Rishi. What's in the cup?

Okay, well, uh, just to start, I've got my cup of Spanish coffee as usual this morning, and I have got a cup of— now wait for it, wait before— wait for the quote before you think it's a bad cup— cup of failure.

Cup of failure, okay.

Yeah, and my quote for today is from Bill Gates, and it's— and he says, it's fine to celebrate success, but it is more important to heed the lessons of failure.

I like it.

So Yeah, I just wanted to remind everyone this morning that your mistakes are valuable like your success, and that's it.

Bill Gates, Bill Gates saved my business. He saved my business. I'm a big fan. Cool, well, I have, what do I have? I have my usual. I have my nettle tea in a Minnie Mouse cup today, my vitamin water, my water, my protein drink. Nina gave me a cup of 2 eggs that I need to go through and eat those, and at some point I'll have a cup of coffee as well, but it's not ready yet. So, I'm excited, Reach is back, I'm in game.

We're laughing. Yeah, we're laughing in the chat, Evan, because we realized that, uh, Rise, uh, put in the chat the song is Return of the Mac, and I was like, yeah, I think that's the song he was singing a couple seconds ago. This is the Return of the Mac.

This is the new improved version. New improved version. This is how it was meant to be recorded, is Return of the Cub. We're bringing it back. 2016 style.

Wow, amazing.

Better than the original.

Love it.

Alright, well, I am playing support. I'm going to lock in my Teemo soon. JRise is doing his Heimer bottom, so our experiment continues. That we started yesterday. And let's get into the first question. What do we got? Let's help some entrepreneurs.

Nice. And just a shout out to Rise Online, OptiSource Book, Damasta, all in the house today.

Love it.

All right. And our first question is coming from Dijun James. And Dajune James had a follow-up question in regards to your video called Patent an Idea: How to Get a Patent Without Spending a Lot of Money. Great video for those interested on learning more about patents. And she says, I enjoyed your video. I have product— I have a product that I need to get patented, but I do not have the resources at this time. I would like to find some investors that could fund my patent, and in return I could offer them 1 to 5% of my profit. What would be the best way to find investors? OK. Good deal. I'd love to hear, Evan, when you, when you respond. I didn't— I'm wondering if, if investment into patents is part of what investors would actually be interested in because, yeah, I think if they do, if an investor really is interested investing in the patent aspect of your invention or your idea, they are going to want to see that there is proof, you know, that this product actually is going to be a profitable business. So the first thing would be just you'd have to have some testing that this is actually a product that people want, and that's what's going to invest— that's what an investor is going to be interested in. Is it really proven that this is a product that people want and that will be profitable? In regards to what's the best way to find an investor, We talked about in a previous episode how investors, you know, they don't go around saying, "Hey, hey, I'm an investor. Come talk to me about your idea," unless of course you apply for Shark Tank. But other than that, they are just, you know, regular people out in the world that you, with a little bit of asking and chatting maybe to friends, finding out, in your network that there might be people who would be interested. You know, Evan, I think, talked about, you know, your dentist or an accountant friend or, you know, just someone that you may already know who is and just requires a little bit of looking into your network to find out maybe potential investors. But again, I think the most important thing is before you go to that step, you really want to know that you've, you really tested and proven your concept, that it is something that people want and that, that works.

There you go. I was peeling an egg while, while you went on that. I like those, those enjoyable, um, ah, seeing it, seeing it.

Yep.

Um, okay, so first of all, if you're working off of an intellectual property kind of deal, you're likely going to do something around revenue, not profit. 1 to 5% of profit is nothing. No investor is going to go for that. They're going to want a revenue deal. They're going to want a royalty of what is sold. In terms of being able to go out and get the investor on board though, this is not the kind of thing that most investors are interested in. Investors don't want to go out and just fund the patent. The only way that— well, the only way— anything is possible, I guess, but the easiest way to go out is if you have some kind of deal. You have something that could be sold to a big company, you have something that a big company's infringing on, and you can sue them. So it's like you have a legal fees, or you have a big order lined up with a company. That's what an investor wants to finance. They don't want to finance production. They want to finance marketing and expansion. And so really it's going to be on you to get it up and going unless somebody sees a strategic advantage. Like if you have a new way of making clothes and this person's in the clothing business and they understand it, then that's a potential fit for you. But otherwise, just funding an idea is not something that most investors want to do. So you need to take the concept a little bit further, actually get it out into production. Not mass production, not where you're "Oh, who's our support?" Okay, fine. Not when you're making millions of dollars or thousands of units, right? Like, make 10 and go sell those and invest the money to make 100 and go sell those. Start getting momentum. You want to show that you have more demand for your product than you have supply. Like, you can't keep up with demand because you have so many things. That's what you want to go with. That's where you can get an investor interested in. It's not just going to be about funding the idea. So that's what I would suggest. It's sad news, but You haven't done enough yet. You've invested, you know, in making the idea. That's great. That's a great start, but it's not enough yet.

Yeah. Great. Alrighty. Well, good luck with that. I can't say it without it sounding weird now. Okay. Next question comes from Ali, and Ali says, I'm not hungry enough for new business. Any advice? I'm not hungry enough for new business. I'm assuming his new business. Any advice? Alright, so obviously hunger is something like, if you think about what hunger is in life, like you don't, you don't, and I could be wrong, maybe there's something scientific that I'm missing about this, but from what I understand about my own body, I'm just hungry. Like, I don't have to conjure up hunger. Either I'm hungry or I'm not. And if I'm not hungry for something, it means that I'm not hungry for it. Like, you know, and I would assume with, with business, it's like if you're doing something you're not hungry for, if your business is— if the idea of your business is not pulling you forward every single day in spite of whatever the obstacles or, you know, even laziness, all the things that we can experience, like the hunger drives you really without you making a decision for it to do that, if that makes sense. So I would just conclude that if you're not hungry for the business, then maybe one, it's not the right business, or two, are you trying to just create a business because you think it's something that you should do? So I guess I would just kind of question— we've talked so much on the channel about how, you know, Evan believes in entrepreneurs. When he gets up in the morning, he's never not excited about it. Even when I— Evan, I was just like, I was laughing because you put out a quote recently like, being an entrepreneur sucks a lot of the time. However, whenever we see you doing what you're doing, you're even on a hard day, you're still bubbly about it. You're still excited. And so I think that's a good indication when even if things are hard, even when things like are sucky, your hunger continues to pull you forward because you're passionate about it. And so I guess it would be a good time for you to rethink if this is the right business or, you know, yeah, I think it's kind of comes down to that. What do you think?

Uh, J-Rice signaling be careful. What is he going back? What's he doing? Uh, you just need a bigger why. You know, at the beginning, the why may be, you know, you need to feed the family, and that may motivate you for a little bit. Like, this is where money is only your motivation, then as soon as you have a little bit, then things fall off. So you just need a bigger why. Why is it so important? Like, everybody can be hungry. There's been times where you've been really hungry, um, just for different things. You know, I, I am not hungry enough to— you know, I'm not hungry enough to be a, uh, bodybuilder. You know, like, I work out, but I'm not hungry enough to, to want to do it more. I am not hungry enough to be the world's greatest salsa dancer, right? I'm, I'm pretty good, but I don't want to be the world's greatest at that. I want to be the world's greatest at something else. And so it just sounds like you have some goals that are not, uh, motivating for you. You don't have a strong enough why, and might be better to go out and find something that is more exciting and interesting for you. Because there's been times when you haven't motivated. All of us, there's been times when we've all been motivated. I don't think there's— I don't think it's just a matter of, you know, lazy people. I think it's just all of us have been— Oh, Jay's gonna die. No, he made it out. I don't think it's a matter of just being a lazy person or not. I think it's just much more about having goals that are interesting and inspiring for you. We've all had times where we've been inspired and working hard, and we've all had times when we have been, you know, like, "Eh, today, whatever," you know, just been kind of lazy. And so understanding those— Oh, we're going to get a kill! I didn't get— I wasn't involved in it, but the team got a kill. Which is good. So just having more important goals. Like, everybody can be hungry. Just have a bigger why. Why is what you're doing so important?

Yeah. And can I just ask a— here's a follow-up, Evan, because I've been thinking about this whole Evan Carmichael hustle concept, right? And I like it, but I think the part that I like to include in it is that the hustle only works if you love what you do. I think people can start doing stuff that they don't like to do, and then they are like, I gotta hustle, I gotta hustle, I gotta hustle. And it becomes like, it actually becomes something that really works against them because I think the people who hustle are the people who are, the reason they're able to do that is because they absolutely love what they do. So I think sometimes people take the hustle and they think, oh, I just gotta hustle, I just gotta like kill myself doing this thing that I'm trying to do because it's is what I'm supposed to do, I'm supposed to hustle. But if you don't love it, if you're not hungry for it, if you don't think every day about it like it's the thing that you really know you're supposed to do, I think it makes the hustle really hard.

I agree. I mean, I think— uh-oh, we're under attack! J-Rise, watch out! We are fighting. It's dangerous times for Evan. We got a kill! Am I gonna die? Am I gonna die? I am not gonna die. All right, yeah, team, go team, go, go team, go! Um, yes, thank you. Uh, so Hustle Yeah, I agree. You know, I keep coming back to the Jerry Seinfeld quote about the— what's torture for you— or sorry, what's torture for somebody else is not torture for you. You know, the thing that you do, you would do it because you need to do it. You know, I've been— I look at my YouTube videos and I want to do something that is amazing. And I've just spent the past 2 days working on a Justin Bieber one.

Cool.

And I feel it's really important because a lot of people see Bieber as somebody who is just a punk kid who has nothing good to add, nothing great to say. And I, you know, that upsets me that people feel like they can't learn from him. And it's like he's just a symbol. He's a symbol of all the people that people feel they can't learn from. Oop, getting into fights. And so we did a video and it was good and I wanted it to be better, so I spent the past 2-3 days working on it, maybe more. It's a lot of work. Why? Like, why is it so important? Is Justin Bieber gonna see it? Maybe, you know. Did he ask me to do it? No. It's just I feel it's important. Like, that symbol for me is important, and most people would not put in the work that's needed. Most people wouldn't do the work. It's just too much work. It's crazy. Yeah, but why do I do it? I don't know, because I feel it needs to get done. And so, right, that's why I put in the hustle. So, you know, you'll— when you, when you are attached to the cause, when you're on a mission, when you're doing something important, then you— yeah, you're willing to work harder. It doesn't feel like— like, does it feel like work? Yeah, but again, it's work that I like. I want to do it, you know, I feel it's important. So as much as it's work, it's also pleasure, you know, like I'm so proud of what is gonna come out of this.

Mm-hmm.

And I'm really proud of the results. So we're gonna start hyping up the Justin Bieber top 10 rules video a little early. Stay tuned, guys. Coming probably— what day is today? Maybe this week, but probably early next week.

Um, yeah, this has been happening a lot lately. You're getting really intense with it.

Yeah, I know. I don't know. I just— yeah, it's— yeah, I mean, I always review everything myself, and I always, you know, pour some love into things. Um, but yeah, I don't know, like, even the Tyrese one was one that I just felt like he deserved more. I felt like— I felt for the, the, you know, he's, he's a different dude, and the way he goes about explaining things and acting is very different than most. And so I felt like he deserved it, um, to do something that was different than what our normal process was. I felt it was worth it. Uh, our jungler died. Uh, but I didn't expect it to be a great— like, I didn't expect it to be a fantastic video in terms of views, because I don't know how well Tyreese is known, you know. I mean, he's, he's, he's a, he's a well-known guy, I guess, but not compared to some of the other people that we've done. I just did it because I felt like it's the right thing to do.

Mm-hmm.

Um, yeah, like, that's when you grind, that's when you hustle, when you feel like you're doing something important.

Mm-hmm.

So you just need a bigger why. Like, maybe you're doing the wrong thing, that's fine, explore, find something else till you feel like you've— we've all had those times where you can't wait, like you don't want to go to sleep, or you're sitting in front of the computer working and— and, um, whoa! Big-time fighting happening here. That was a terrible teleport. Um, you're sitting in front of the computer and you didn't realize how much time has already gone by because you're just working. You're just You know, we've all had those moments where we get lost in our work. Everybody. And so that's what, uh, that's what I want people to experience more. Yeah, the game is chaotic here. Chaos happening in the game, but, uh, we're winning. We're 10 and 8 so far, so this is fun. Let's see how we do. Keep going. What's our next question?

Okay, our next question today is coming from another Ali. So we've got Ali, and his question is, "Hey, great videos." I guess I should clarify too, because I know these two people might come back and listen to their responses. So the first Ali was Ali A, and the second Ali was Ali N, as in Nancy. All right. All right, so this is Ali N. Hey Evan, great videos. I'm currently in the last year of my school. I'm a pre-medical student. But I don't want to be a doctor. I'm always intrigued by business. Can you suggest whether I should give my O-level papers for the science subjects or choose business instead and give it— and give its papers? We still have 8 months to our CIEs. All right, do I need to read that again for you, Evan? Is that clear? I know I don't know what O-level papers are or CIEs, but I assume it's technical terms for medical field or school education and that sort of thing.

Okay, so whether to continue on in med school or, or go into business, that's what I'm—

is that what I'm taking? Yeah, yeah, exactly. Yeah, so I love it. I think if you have an opportunity to— first of all, I think that's just I'm sure that's very daunting to go all the way through your pre-med, your pre-med, go all the way through your last year of school and kind of be questioning, you know, I don't even know if I want to be a doctor and I really actually like business. So I just want to kind of acknowledge that first, because I know most of us can go through that. We, we invest our time, our energy in into something and then discover that it might actually, actually be what I want to do. And that can be scary. But I just want to encourage you and say, even if you do decide business is where you want to be, you know, nothing, nothing is really lost. You probably have gained tremendous amount of skills and education and knowledge that can then be applied to a business. So that's something to keep in mind if you're feeling really anxious about that. If you have an opportunity to do business, I would say yes, absolutely, go for it. Yeah, I don't know how that would impact your medical goals, your medical school goals. So I don't, I don't really know what the implications of you deciding to do that would be. But if it's something that you feel you can do, I think it'd be great. Why not start getting some kind of momentum in a direction that might potentially be where you end up anyway?

So I think in my boots I died, but I'm alive again and we're coming back. It's a very dangerous thing to realize that you're not passionate about something and then continue continue on just for the sake of continuing on, just in general. Um, are they still fighting? Are we fighting? What's happening, guys? I'm not a big fan of it. I'm also not a big fan of just, again, as I just talked about before, burning the bridges and going all in on, on switching paths. What I would do is I would I would continue on with my medical studies while also trying to figure out business. You know, I'm an entrepreneur, I'm in business, but honestly, the education that I got around business didn't really help much for my business. So don't feel like to be in business, to be an entrepreneur, you have to go to business school at university and have a degree, because it doesn't really mean a whole lot, to be honest. But that being said, you know, if you have an interest in something, you owe it to yourself to explore it. You may not— you know, it's gonna be harder in the future as you get more responsibilities to be able to go and do it. Not that it's not possible, it's just gonna be harder. So spend the time to go out now, invest a little bit of your energy that you could take extra classes or even just drop in on classes just to, just to get a flavor, just to get a sense, right? Even if you don't get a credit, just see, did you enjoy it? Did you like it? Was it helpful? Oh, we're fighting. No, we're not fighting. I think that's super important. So, you know, I think about this, I think of Steve Jobs, you You know, dropping out of his classes to drop in on calligraphy classes and not even knowing how it was gonna work out. And then, you know, obviously it led to him having beautiful fonts for when he had, um, Apple came out with the Mac and came out with all his computers and they had beautiful fonts. So that's, it's super frustrating. I get it when like, if you, if you're in a zone that you don't want to be in. You're not passionate about it anymore and you feel like you're just doing it because you started it, or you're doing it because your parents want you to do it, or, you know, you don't have a great reason for doing it really, which, uh, that's a, that's a, that's a not great place to be in. And so I would really encourage you to look at alternatives, just not, again, not going all in on it, just finding some way to get started on this thing so that you build momentum towards it. Oh, we're under attack, but we got it. Yeah, and so like you can apply that to everything. Look at the work that you're doing, look at the day-to-day work that you're doing. Are you excited by the work? You know, are you longing for something else? The more days that you go through and you said, man, this day kind of just another day, ho-hum, you know, super boring, I hate my life, you know, like, that's not, that's not, it's not great. It's not, it's not a way to live. You know, I have, I have a video day coming up and I'm looking forward to filming.

Mm-hmm.

You know, I still look forward to doing my YouTube videos. 4,000 videos later, I still look forward to doing my videos. I'm excited for what's gonna come. Oh, I'm under attack. I'm excited for what's gonna come. Whoa, I'm really under attack now. With the channel, I'm excited for what I'm gonna film today. Like, I'm still super pumped by everything. And if I stop, then I'll need to go and find something else. I need to go do another thing that I'm excited by. And I think the key for me has always been small tests. Like, don't let something go so long that you hate doing it, uh, that you haven't experimented with other things that you can do. And then constantly evaluate and constantly trying something new and constantly trying to make things better than what it was before. You know, this, this livestream here is an experiment. It's something we tested and we've enjoyed it. We've had some success with it, so we continue. But there's been lots of other things that, you know, don't do well, that, that, you know, don't have results, that don't have success, that I don't enjoy doing. But I'm willing to try it out once as a small small test, experiment, and then see. So I think that's really important.

Absolutely.

That's what I got.

Cool. All right, so we got a good question in the live chat.

Mm-hmm.

And Damasta is Demasa57 is asking, any good streams set for tomorrow, Evan, for your Hangouts?

Oh, that is a great question. Probably. I have to see. I don't know.

You find out, day of.

Pretty much. Yeah, I have no idea. It'll be on the live channel. I don't know if we have anything on the main channel. Yeah, I have no idea. I mean, one of the most frustrating things for me with my schedule was booking everything. And so I hired an assistant to basically book all the stuff for me. And so the pros of that are everything gets done. The cons, I don't really know what's getting done. So I don't pay attention to it. Yeah, I don't pay attention to it at all until really the day of. So I'm going to be looking at it tomorrow and seeing what we have. But yes, I know there are some Hangouts. I have a coffee meeting. I have a phone call. But I have at least one Hangout. So we'll see what it is.

[Speaker:MEGAN FAULKNER BROWN] Yeah, and for those of you who don't know— sorry, I heard a weird echo. I'm sorry, my echo is insane right now. For those who don't know, if you want to tune in to Evan's live Hangout, he does have now his own separate channel specifically for his live Hangout. And so make sure you do a search for Evan Carmichael Live. Evan Carmichael Live. It's his second channel. And yeah, that's where you can tune in. For his live stuff. And woohoo, Evan already at 111 subscribers!

We're getting there. That was part of my gratitude stream yesterday that we hit 100 subscribers, so working our way up. Yeah baby, the next big channel on YouTube, 100 subs, what's up?

Yeah, like Evan gets 100 subs in 2 days while the rest of us slave for years.

Well, we won. They surrendered. So this is the second pretty— oh man, yeah, they surrendered. So pretty fast game again. So this new strategy is kind of working out here. So I'm just looking at my live channel. We have one scheduled tomorrow at 4:15 PM Eastern, so if you guys are here, 4:15 Eastern tomorrow. Otherwise, tomorrow I'm just— I'm gonna be in meetings. I have phone calls, I have meetings. So yeah, most— that's— it's happy and it's sad. I love the like marathon, marathon livestream days, 9 livestreams, interviews. But I also love like the one-on-one coffee. Who Who am I meeting tomorrow for coffee? Oh, someone who wants to join my mastermind group for coffee. I'm talking to someone at Google tomorrow because they want me to do— they want me to fly to New York to do— to talk about the book. They do these Google interview talks. So he's going to interview me about my book at Google and I guess it gets broadcast or I don't know if it's on the YouTube channel or podcast or what. We're looking at January to fly out there, and so I got to talk to the guy tomorrow and talk strategy or whatever he wants to talk about. Yeah, and then just a bunch of other meetings and calls and stuff, but one Hangout, one Hangout tomorrow, 4:15 PM. Can I get you the topic? Let me see the topic. How to build and grow a YouTube channel. Ah, should be exciting. But it's not— it hasn't been made, uh, you know what, I'll make it public right now. Usually I go in on the day of, but, uh, I'll make it public right now for you, new Future Builder, so you guys can go check it out and subscribe and, uh, get notifications for that live event. And hopefully I will see you guys tomorrow. Let's pop that up and public. And publish. All right, it's official. You can go to the live channel and check it out. Cool. Well, another victory. Pretty pumped, pretty excited. Anything else we need to— any shoutouts or anything else we need to go over, Rishi, before the final Rishi Thought of the Day?

That's it. We're good here.

All right, so the final Rishi Thought of The day is—

all right, well, I'm just gonna leave you guys with— I felt like most of the questions today had a lot to do with your why, and, and, you know, I want to do this, should I do it, and all of that. So I'm gonna say, what makes you bubbly? Because every time I see Evan do his thing, he's bubbly. And then I I was watching another YouTuber, Evan, I don't know if you know Dotto Tech. He does a lot of tutorials around technology and things. He was explaining Infusionsoft, which is a very intense CRM software, but he was bouncing in his chair as he explained this extremely confusing software. And I realized, you know, when you love something, you're bubbly about it. So what makes you bubbly? Cup of bubbly, everyone.

What makes you bubbly? All right, I like it. Cool, well, thank you guys so much for watching. That's it for us today. We will see you again tomorrow morning for the gratitude livestream and business Q&A, and then the 4:15 PM Eastern YouTube Hangout. Rishi, JRise, and I all believe in you. We hope that you continue to believe and cup and rise in yourself. That's it. Much love, guys. We'll see you soon.

Much love.