Learn HOW to WIN as an Entrepreneur!

Bootstrap your business. If you want to have success as an entrepreneur, you have to learn how to bootstrap your business from the ground up. Otherwise, you're going to spend all your money, end up broke, and going back looking for a job. Hi, I'm Evan Carmichael. I believe that hungry entrepreneurs deserve help, and today I'm answering a question from YouTube viewer Michelle. Thank you, YouTube guys. Wrote in saying, "I have a plan to start a hair coloring business on a lower budget. How do I find a company that manufactures a product, or do I have to spend a lot of money on an R&D chemist?" "Michelle, you gotta find a way to bootstrap this thing. Do not go out and start spending money until you found a way to make money." I hate spending money until I'm making money. Anybody can spend money, right? If I gave you $1 million, I'm sure you could find a million ways to go out and spend it. But not many people can make money. Invest your time, invest your energy, invest all your ideas and your thoughts into making this thing happen. But don't put in a ton of money because if it doesn't work out, you're gonna end up bankrupt, and I don't want that for you. And it happens to too many entrepreneurs. You do not need to go out and hire an expensive R&D chemist to make this thing for you. Experiment on your own. Start small. Make it in your kitchen. Try different things and see what works. You have to have a solid plan in place before you go out and start spending money. And this is for every entrepreneur. If you're starting the business, have a plan in place that you know works before you go out and start spending money. When I was in the venture capital business, we saw so many entrepreneurs who just wanted to spend money. They had not proven anything. And that's the hardest kind of money to raise. If you want to bring capital on into your business, you have to show that it works. Not on a big scale, but show that it works. And you should be just as ruthless on your own business. Prove to yourself that this works before you're going to invest your money into it. You're an investor. Show that it works. Go out and get some customers. It doesn't mean you have to go out and find tons of customers. If you can show that it works on a small scale, then it's worth investing some dollars into it to grow. You have to learn bootstrapping. It's so essential as an entrepreneur because this is on you, and I don't want you spending your life savings putting it all into this business and not having it work out. You bootstrap it, you start small, you find a way to make it work on your own, out of your house. If it's in your extra hours, that's fine. You keep your full-time job as a way to maintain your family, that's fine. But you have to learn how to bootstrap your business to get it to the point where it can feed you pay your bills, put food on the table, and then when you're putting money into it, you know you're going to yield results because you've seen it work. Start with your time, start with your energy, show that you can get some results, and then put your money in to blow it up, to expand it, to go for new heights. Good luck. For those of you watching, you like the video, please give it a thumbs up below. I love seeing those come in, and I also want to hear what you have to think about Michelle's company or your own business. Feel free to leave leave it in the comment section below. I always read those. I love seeing them come in. Thank you guys. I'll see you soon.