We’ve been getting so many questions from you or our fans all over the world. Asking about marketing, entrepreneurship, starting a business, investing, and closing. So today, the very first question from you.
So you have some kind of idea, an invention or you want to open up a restaurant, that will revolutionize whatever industry, but you’ve got no money. How should you get started?
The answer is very short. You don’t. You don’t f*cking get started when you’ve got no money. You need money to start a business. One of the biggest mistake and I’ve said it many many times, is that most people they think starting a business will solve all their money problems or solve all their financial problems.
That is simply not the case. It is exactly like saying, you know what I want more time, I’m gonna have more freedom or I’m gonna have a baby. A business is like a baby. You just don’t do that.
If you’ve got no money there’s a reason why you’ve got no money in the first place. What does that tell me? Maybe you are working on a job, in a small business, still in school or you’ve got no income coming in.
Well, how are you gonna grow a business when you’ve got no money? Because it cost money. It takes money to make money.
Now, from a business context, it does. From a skill context, no. You can nourish your skills and say you want to teach high-income skills to make money. That you can start with no money. But, when it comes to starting a business, to grow a business or to scale a business, you need money.
What it tells me is, I get so many questions, Mac-Dan I’ve got the kills and ideas but I’ve got no money, how should I get started. You don’t. Because you haven’t earned the right to get started yet or to be an entrepreneur. Nowadays any moron can out on social media, on Instagram from last minutes they are like college students, next minutes I’m an entrepreneur.
F*ck you. You are not an entrepreneur. You haven’t earned the right to be an entrepreneur, yet. You need to work your way up. Develop your high-income skills first. Then you can be an entrepreneur.
When you think your product is everything, your recipe, invention or you wanna open up a restaurant and you think that is it. It tells me you are not ready to be an entrepreneur.
You’re gonna loose your shirt. DON’T. See, when you think like about to open up a restaurant, I ask you some question. See how many of these questions you can answer me. You have this recipe or want to open up a restaurant. All you know is how to make the f*cking food. That’s not how an entrepreneur thinks.
An entrepreneur is asking a different very set of questions.
Hmmm, how much does it cost for rent? What’s my lease? My menu, what’s my margin? My supplier, how consistent are they? What’s my population? What’s going on in the area? Who are my competitors? What are they selling? Who are some of the proven models I could study? Who are some of the restaurants that are successful or that are selling similar items that I could model? What about, in terms of traffic flow? What about hours? Are there any developments around the area, is this area growing or is it declining? What about peoples income? What about my restaurant, is it middle class, high end or low end? Is there a market for it? How do I bring people in? What is my acquisition strategy? How am I gonna bring customers in and how am I gonna keep bringing them in? How am gonna launch a restaurant? How do I make some noise? How much cash flow do I have to sustain the business? How many employees do I need and where am I gonna find those employees? Who’s gonna manage the business, is it me or somebody else?
Do you have answers to all those questions?
If you don’t, you are not qualified to start a business.
It is that simple, that’s the way that you think, that’s why people fail and that’s why 95% of small business fail. Because most people are not entrepreneurs or they are not qualified to be an entrepreneur. They are employees suffering from the entrepreneur’s seizure.
I’ve got a great idea so what? That doesn’t make you an entrepreneur. Is like hey, you know what I buy a basketball. It doesn’t make me a professional basketball player. It doesn’t make me an NBA player. All I have is a stupid basketball. That’s it.
You gotta play the game, you gotta develop your skills. When have money coming in or when you develop that high-income skills, then maybe.
Maybe, you have what it takes to be an entrepreneur.
It is not a pleasant answer, but it’s the f*cking truth.