7 Lessons I Learned from Losing a Million Dollars Before I Was 21 [Young Entrepreneur Motivation]



7 Lessons I Learned from Losing a Million Dollars Before I Was 21 [Young Entrepreneur Motivation]

7 Lessons I Learned from Losing a Million Dollars Before I Was 21 [Young Entrepreneur Motivation]



As a entrepreneur you're goona lose money and make mistakes but today I am goanna help you avoid making the most common ones.Hi everyone.Im Neil Patel and I am goona share with you seven lessons learned from losing a million dollars before I was 21 As a entrepreneur everyone thinks that "Oh its great"and you just climb up and to the right and make more money the longer you do it.Thats not the reality.Entrepreneurship is like a roller coaster Theres ups and downs and scary moments.I remember when I was 16 there was points where I was making twenty grand a month and I thought I was on cloud nine but you know what?By the time I was 21, I had lost it all plus I lost another million dollars that I borrowed but eventually I paid it back.And it didn't take me longer than one year to pay it back but I made some big mistakes and I wish I didn't make demand someone was there to guide me.Hopefully by me sharing my lessons to you cause yeah you may look at me and be like"Neils great. Hes successful."I do okay, but Ive made lot of mistakes as well.The first lesson that I have for you guyses business ideas are a dime a dozen.That business, that I lost a million dollars into was cloud computing.That was before Amazon Web Services.had that idea before them but you know what?Business ideas are a dime a dozen.Its all about execution.I had the wrong team to execute on it and I came up with that idea and Im not saying I was the only one who did cause I wasn obviously.I came up with that idea because I was getting all this traffic to my website and it was coming in spurts and I was getting big bombardment of traffic my servers would crash.And Im like "Why cant we just all share resources"with all the other sites out there?"And at that moment I had this idea but poor execution poor team.So execution and team is very important.Just because you have an idea it does not matter.The second lesson for you need a focus.Thats a good idea that I hadbut I already had a business that was making money.That business I had was only making a few million bucksa year at that time and I know thats good money but that business couldve gone to ten twenty fifty a hundred million if I focused on it.Dont do too many things at once.I dont know why everyone has Addend wants to do 20 different things at once.Its a bad idea. Focus your time and effort.The third lesson I have for you is to be creative.Your gonna be up against a wall as an entrepreneur and people are gonna come to you and be like"We need more money. This is what we need to do."We need to spend this."No theres creative ways to solve your problem and money isnt always that solution.Theres other ways to solve a problemother than spending money.Moneys tight as a entrepreneurs you need to get creative.If you cant get creative youre not gonna do well.And that gets me to the fourth lesson.The fourth lesson is saving your money.Its harder to make money than it is to save it.So when good times are there save it because they wont always last.Even some of the biggest companies in the worldlike Apple they were doing really well they went under.Companies like Microsoft had to give em $100 millionto keep em afloat and now Apple is a huge company again.But thats what happens in business.Not everything just keeps doing wellso you need to save your money for the rainy days.The fifth lesson I have for youis pick your business partners really carefully.Just because you talk to someone over Insta gramor you hang out with them a few timesits not that easy to get a divorceespecially when a business is working out.Its easier to get a divorce in real lifethan it is to get a divorce with your business partners once you have something that is up and running and working.So you need to make sure you really know your business partners they complement youtheyre able to do other things that you wanttheyre working just as hard as you and you guys have a really good understanding.If you pick the wrong business partners you wont do well.Divorce in business is very messy.Its easier to get 1% of a big market than it is to get 50% of a smaller markets might as well go after a really huge market."No give it time. Be patient.Thats a big mistake I continuator see people making even today.The sixth lesson I have for you is having a lawyer.Shit gets messy in business.If you do not have contracts you do not have things in writing people can steal from you.Ive lost lot of money from silly stuffy not having contracts.Have a lawyer. You can pick anyone you want.Just have a lawyer.Someone whos mediocre and does not even have a lot of law experience is better than no lawyer.The seventh lesson I have for yogis solve a really big problem.See when I was staring off I had a really small viewpoint.I was like "Oh how can I help"small and medium businesses?"You need a really big market cap.Small and medium businesses this space have a lotta churn.Bigger enterprise businesses do not.By picking a really big total addressable marketist much easier to build a bigger business.The moment you pick a small total addressable marketist ganna be really hard to grow.Its easier to get 1% of a big market than it is to get 50% of a smaller markets might as well go after a really huge market.So those are the lessons I have for you.Hopefully they wont cost your million bucks like they cost means if you need help growing your businesscheck out my ad agency Wajahat Tech Digital.

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