In this brand new video, I share with you 4 critical business tips that I wish I knew when I was starting my first business.
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Have you ever heard people tell you that you need to be passionate and love what you’re doing to be successful?
Just because you’re passionate doesn’t mean you’re gonna make money and do well in business.
Hey everyone, I’m Neil Patel, and today I’m gonna share with you
four business concepts and advice that I would have given my younger self.
0:41 #1 is FOCUS!
Yes, you may be passionate about what you’re doing, but just because you’re passionate, it doesn’t mean you’re gonna make money.
Passion just means you’re gonna put in the time and energy into whatever your idea is.
It means that you’re not gonna give up.
And should you have passion?
Yes, but if you’re not focusing on a big idea, you’re not gonna make a ton of money.
My first business, Crazy Egg, and that was more so my first real business, it’s not a billion dollar company.
It does extremely well.
It makes millions and millions of dollars in profit, but why isn’t it a billion dollar company?
Because the total addressable market isn’t big enough.
I’m passionate about Crazy Egg,
I love it to death, our customers love the product, we have hundreds and
thousands of companies paying us a ton of money, but it’s not a billion dollar
company and it never will be.
And it’s not anything due to passion, it’s more so it’s not big enough.
You need to focus on a big idea.
If you’re focusing on self-driving cars, focusing on disrupting the taxi industry like Uber, or focusing on sending people in outer space and living on Mars, those are big, gigantic ideas.
You may not have to go that big, but you can go to Google Finance, and you can go to Google Trends, type in words and phrases or stock symbols, you can see how big other people are.
Even if you’re a fraction of them, like 1% of them, it they’re a $300 billion company, you’ll still be a multiple
billion dollar companies. So focus on a big idea.
1:47 Tip #2: You need to move as fast as possible
As a little kid, I treated my business like a baby.
You know, with your baby and your child you don’t want to get hurt, you want to be perfect, everything is precious;t hat’s not the reality of the business world.
If you don’t move fast, people are gonna trample all over you.
So execute as quickly as possible.
It’s okay not to be perfect.
It’s more important to move fast.
3:08 Avoid Making the Same Business Mistake Twice
You’re gonna make mistakes, and that’s okay, but avoid making the same mistakes over and over again.
Mark Zuckerberg, Elon Musk, Bill Gates, Warren Buffet,
They’ve all made big mistakes, but they’re still billionaires.
How could that be?
Well, they learned from their mistakes.
Look at Mark Zuckerberg and Facebook.
He tried buying Snapchat.
Didn’t go through.
He tried creating something that killed Snapchat.
Didn’t work out at the beginning.
But eventually, Instagram, which they own, overtook Snapchat in usage.
Because Mark learned from his mistakes.
You’re gonna make mistakes too.
But just because you make mistakes, it doesn’t mean that you won’t do well.
Learn from them, avoid making the same ones over and over again, and
eventually, you’ll learn what not to do.
And if you learn what not to do, you’ll start doing the right things.
3:!6 Tip #4: Follow the 80/20 rule
A lot of people are like, I work so hard. Why am I not doing well?
I don’t give a shit that you’re a lawyer or that you went to Harvard or Stanford.
Working hard and having a good education doesn’t guarantee success.
I’ve gotten job applications for people who came from Stanford who is willing to work for 10, 15 bucks an hour.
It does not mean success at all. It just means you’re book smart.
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