Link to join StockHub free investing discord server: –~–
Good day subscribers thank you so much for joining me today i am jeremy and this is the financial education channel in two gay we’re talking a little entrepreneurship honesty we’re talking do you really have what it takes to start a business i’m gonna take you guys through seven things that you kind of have to have to start a business and i’m just trying to keep an
Honest video here and i it’s the video is not to scare you away from entrepreneurship because i think that’s what i preached on this channel you know starting your own business i think it’s very important at some point in your life you’re probably gonna want to do it there’s a good chance of that so it’s very important to learn so my purposes video is not to scare
You it’s simply just to give you an honest perspective from an entrepreneur from someone that’s been around entrepreneurs that there’s some of the deep stuff and i think it’s it will actually help you when you go to start that business or if you’re thinking about starting that business because what would happen if if only you heard about the good things right only
You saw on tv you know the steve jobs or the elon musk or the guy that started snapchat or mark zuckerberg the guys that make billions of dollars if you don’t really know the struggles behind it and the struggles you have to go through to start business and the situations you have to go through and then we could end up happy you get an unrealistic perspective when
Things are hard you’re more likely to quit it’s no different than imagine if if i knew someone trying to play football right and i’m talking about you know football nfl football you know in america’s football game right i told everybody here just watch his highlight tape this guy and look at all the money he’s making i’m just showing you the good side you’re gonna
Get a very unrealistic perspective and then when you actually get out on the field and you’re trying to play football and you get smacked upside the head in your ear you get blindsided and you feel like you just died and you get up and you’re seeing stars you have no clue where you are you’re probably gonna give up at that point if i didn’t tell you you know you’re
Probably gonna break bones or tear ligaments or you’re gonna see other teammates alive on the field tear bones or break bones excuse me or tear ligaments if i didn’t keep it real like that you’re gonna get an unrealistic perspective and then the next thing you know you’re gonna see some guy break his leg and you’re gonna be discussed in your billet screw this this
Sport is not for me and you’re gonna get out of it right away right you’ve gotta have a realistic perspective going into whatever you do in life so that’s what the purpose of this video is let’s get into it guys number one you would ask yourself are you willing to stay awake at night for months and months and think is this gonna work is this even gonna work because
That’s what’s gonna happen most businesses for at least the first six months you’re gonna stay awake at night you never be thinking what am i doing is this even gonna work out is this this plan even gonna work out is this business even gonna work out you’re gonna stay awake thinking about that night you’re gonna be thinking about that all the time should i just go
Work for a company show maybe try to start another business so just go back to the old company i was working for if i was working for somebody before that’s what you’re gonna be thinking about constantly because it’s gonna be hard most i mean 99.9% of time it’s gonna be very difficult those first six months of getting that business up and running there’s the point
One percent chance you’re just gonna be an overnight success you’re gonna be a snapchat or facebook or something it’s just gonna go huge whatever you’re trying to do overnight right but for the the other 99.9% it’s gonna be very difficult those first six months you’re gonna have to try to build or client relationships you’re gonna have to try to build the business
You’re gonna have to try to talk to all these people all these things it’s gonna be difficult so you the first six months you’re gonna just stay awake at night if not the first year and think is this gonna work you better be willing to say to yourself i know this is gonna be really hard and i know i’m gonna stay awake at night thinking is this even gonna work out
If you’re willing to do that then you can go on to the next step number two you’re gonna be willing to have that door slammed on your face whatever product whatever service you’re trying to sell more people way more people are not gonna want that product or service and actually want it so when you’re sending those emails when you’re making those phone calls when
You’re doing those meetings in person you’re gonna be willing to be you’re gonna you’re gonna turn down your flat out like you nine out of ten times if not more than that you’re gonna get turned down so don’t be scared if you’re scared of rejection you’re gonna have a lot of trouble guys i mean the people that are actually the most successful entrepreneurs a lot
Of them at least are the people that it would you know when it came time for prom you know if they asked a girl on a date and they got rejected they weren’t scared to go ask the next one and the next one the people that have trouble are the ones that got rejected and then they never asked anybody again they said okay i guess i’m not going to prom when you’re
Going when you’re asking people to buy your product or service and they have no clue what you’re about the chances are they don’t want to buy it like straight up they don’t want to buy it so but realize there’s law the probability if 90 if if five out of every hundred customers actually are interested it might actually buy it then realize when when the door slam
And ninety five times in a row in your face those next five times there’s a good chance those are gonna be the ones that buy it so don’t get discouraged by that don’t be scared of rejection because you’re gonna face a ridiculous amounts of rejection when you start a business you’re gonna face the most rejection you probably face in your entire life guys so be
Ready for that be prepared number three you’re gonna have the ability to change lanes so meaning it may be your business idea was a certain way from the get-go right you’re gonna be willing to change that business idea and go maybe a different direction because maybe that original business idea it wasn’t enough maybe it wasn’t a great idea for instance with my
Business my real estate marketing company i had the idea right off the bat that i was gonna only focus on luxury homes it’s only gonna focus on videos what i realized a couple months in i was not gonna cut it i was not gonna make a living doing that i hate expand into more products like regular photography which is the main selling point i had to be willing to
Learn all that i need be willing to execute on it then i had to be willing to go out and sell that product to people and remind you i only have a few months experience at this point so you got to be willing to change lanes if you cannot go in a different directions really quick you’re gonna struggle you’re gonna strobe if you’re so caught up on all this ideas
Gonna work you’re gonna struggle and you might end up failing unless somehow that idea is so perfect you know but you’ve got to be willing to adapt you got to be willing to change some things here and there number four you got to have the ability to see the glass is half-full if you’re not an optimist if you’re not optimistic about situations in life if you’re not
Eternally optimistic it’s gonna be difficult for you if you’re negative nancy and everything’s a negative thing for you good luck try to start a business you got to be entrepreneurs people starting businesses are almost overly optimistic they’re almost unrealistically optimistic but that’s what gets them through the hard times if you’re not optimistic and you want
What’s happened that’s just gonna confirm your non optimism right and you’re just gonna get down on yourself and you’re gonna quit you’re gonna quit your business you’re gonna you know throw in the towel to three months in and that’s gonna be that and you’re gonna go back working your forty thousand dollar job here or whatever you’re doing so you’ve got to be an
Optimist if you’re gonna start a business if you’re not optimistic about things don’t even try it because it’s never gonna work for you i’m just being straight up because like i said 99.9% of the time you’re gonna have struggles and if you see those struggles is just negative you’re just gonna get yourself fed up yeah i throw in that towel quick number five that
I have high confidence in yourself you got to have high confidence in the product or service you are selling because you’re probably going to need to sell to somebody that product or service you’re gonna need to sell yourself to somebody so you better have high confidence in whatever you’re trying to sell and in yourself because people want to know if if you have
High confidence in yourself if you’re like a low self-esteem person good luck trying to start a business it’s gonna be very hard and how to get high competence and those kinds of things i can’t really tell you how to do that i mean you do some psychology work or some types of things like that do some things in life that will slowly raise your confidence you know
Look at things from a different perspective and trying to build yourself up rather than you know oh i didn’t do this so i need to tear myself down i did do this i did achieve this so build that confidence higher have high confidence in yourself have high confidence in a product service because otherwise he was gonna come across as unconfident when you do that and
Especially when it’s a business no one knows anything about when you come across as unconfident they’re not gonna do business with you straight up number six be willing to invest in that business rather than buy stuff i’m always reinvesting on my business now i do realistic investments i do investments that are probably going to bring me a return on capital right
But i’m always willing to reinvest in my business first and foremost rather than go out and buy stuff some examples i just bought a new camera from my my real estate business right thousand bucks just bought a new camera it takes things to a little bit of the next level just bought a segway type thing i don’t know what you call it it’s got two wheels on the side
Then i’m gonna be able to roll around people’s houses i’ve done a couple it’s pretty cool and get videos and whatnot those are another four hundred bucks from best buy so that’s 1,400 bucks i just spent in the last month on my business mean besting it rather than spending that $1400 on buying myself a new flat-screen buying myself a playstation 4 by myself district
That i just bought a super high-end like 250 dollar router a router and whatever you call that a part of it you know wi-fi connection and whatnot i bought one of those over there super high-end i spent that money because it’s willing i’m upload videos every single day on this channel and it saves me a lot of time if i can get that upload done in 20 minutes rather
Than 40 minutes or an hour which the old one was taking this one’s phenomenal top of the line it’s been two hundred seven dollars on that last month i bought some new additions here you know i bought a new picture that’s actually my city instead of new york city i’m always willing to spend the money i’m always willing to spend the money on the business because
That’s what’s gonna build me more money rather than spending it on myself going out and buying a new car going and doing this go and doing that you’ve got to be willing to reinvest into your business rather than buy things for yourself number seven last it last but not least number seven you have to be very self-motivated if you’re not very self-motivated i don’t
Know how entrepreneurship will work for you i seriously don’t i mean being an entrepreneur is much like being an athlete you got a lot of people you’re competing with you know whether you’re an athlete or whether you’re starting a business you’re not self motivated to go do that run go do those sprints go run until you throw up go to lift those weights for the
Next two hours you’re gonna have a hard time succeeding as an athlete unless you just have such a god-given abilities that you can do that right but that’s point zero zero one percent of the people same thing with business unless you have such an amazing idea that it’s just so easy for you which is point zero one percent of the probability you’ve got to be very
Self-motivated you’re gonna be get up you have to be a self-starter you gonna be able to get up in the morning and be ready to go like you can’t have somebody else pushing you because when you start a business there’s no one else to push you there’s no boss ahead of you that says eh get your ass to work or i’m gonna fire you tomorrow there’s no one doing that
It’s you versus you so you gotta be a self-starter if you want to succeed in business and that’s honestly why a lot of people that play sports are actually a lot better chance of them succeeding in entrepreneurship because they all the work you have to put in they know how hard you have to bust your ass to be successful at something to even be halfway decent at
Something so if you have that type of mindset going in to start a business you’re very self-motivated you can probably succeed i can guarantee that even if even if your business is not the best idea in the world i hope you guys enjoyed this today 7 things that are just entrepreneur type honesty you know i want you guys to enjoy this today and i want you to kind
Of look at that not as the thing to scare you away from starting a business just to look at it from a real perspective of an actual business owner on some things because then you’re not going to you’re not going to be as likely to fail and throw in the towel really quick when you start a business if you’re aware of these things and if you do not commit them guys
So if you just came across this today you may want to subscribe we talk personal finance in the channel i’m an actual business owner i give away so many business tips like we did today we talked the stock market the most of anything thank you for watching guys and have a great day you
Transcribed from video
Do you REALLY have what it takes to Start a Business? Entrepreneurship HONESTY By Financial Education