Let me give you some key business advice: don't lose
money! Here are some critical business lessons I learned from losing 1 million
dollars when I was 21. Subscribe here to learn more of my secret business
advice tips: https://www.youtube.com/channel/UCEOZgj57xoJ3-Ud0MgehVXw
Find me on Facebook: https://www.facebook.com/besteducationpage2/
Read more on my blog: https://neilpatel.com/blog
Everyone these days gives business advice telling you how they're making millions of dollars
They're flying in private jets, they're driving Ferrari's, but you know what?
That's a bunch of BS.
For all those people that are making money, they've made mistakes and probably have lost millions and millions of dollars.
I'm Neil Patel, and in this video, I'm sharing with you some important business advice about how I lost a million bucks by the time I was 21 years old.
I don't discuss my personal life online.
You see me discussing a lot of business stuff, but this is one of the first times I'm going to open up and talk about one of my own stories. I had an Ad agency when I was 16 years old.
I learned internet marketing on my own because I got ripped off from other agencies.
They couldn't do one simple thing. And yes, that is hard right now, but when I was 16 years old, that was one of the easiest things to do, and I was paying thousands of dollars to people who could have just added keywords to my website.
Eventually, I had to learn it on my own, and I got good at it, but from there I learned that I hated being a consultant, so I decided that I wanted to create a company, and you know what this company did?
It was so revolutionary. At least right now you may think it is.
It's Cloud computing, but back then there weren't any cloud computing solutions.
So, I wanted to create a system where all these servers were combined, and everyone would share server resources.
As you can see with companies like Amazon Web Services, and they're doing brilliantly well. But, here was the thing, the idea was amazing, but the people that I was working with, who claimed to know all about hosting and cloud computing, they weren't executing.
Because they weren't executing, nothing ever got done, and the business never launched.
And I have a question for you, and you tell me what you think the answer is.
How much money do you think you can make from a company that never releases?
Zero.
The second reason is I picked the wrong people.
These people weren't scrappy.
They were used to working in the corporate world, like at companies like Microsoft, and you know what happened?
And there's nothing wrong with Microsoft, or Google executives or employees, but a lot of times they're used to doing things in a costly manner. They want to spend spend spend, but that's not the reality.
You can't just keep spending money. You have to make it as well; this is some business advice I wish I were given when I was younger.
And these guys wanted all the best solutions like we had big servers, and racks from Sun Microsystems.
So much so, that when I say I lost a million bucks, I technically lost more than a million dollars. I lost a million bucks of borrowed money, not investor money, borrowed money which means I had to pay it back.
And what's crazy is I paid it back in less than a year, but that's a different story. I don't want to go into how I made money, cause I hate talking about how I make money, but you know what?
If you guys leave likes and comments and I get over a thousand likes, I'll share with you on how I made a million bucks in less than a year.
The next tip that I have for you guys is time money, execute as fast as possible.
You know what, you're going to have competitors. I don't care if you have them right now, the question is just when.
So if you can execute and stay ahead of the competition, you're going to be much better off.
There's a thing, the person who's the first to market, is much more likely to do better because they're getting all the press, the branding.
So execute as fast as possible. The other reason that I lost a lot of money is I was in over my head.
I didn't pay attention to other people around me.
I was getting feedback from entrepreneurs, and I was ignoring all the people who were around me.
I was too in it.
If you're getting feedback from people around you, even if they don't understand the business, they do understand human interaction, emotions, psychology.
Because they're here on this earth interacting with thousands, if not millions of people.
So when they give you advice, I'm not saying you have to take their business advice, but you should consider it.
But if you or people can't avoid making the same mistakes over and over again how are you going to learn and ever succeed?
You need to make the right decisions, and the right moves to make money.
That's how I lost a million dollars. Take this business advice to heart, it could save you millions.
Find me on Facebook: https://www.facebook.com/besteducationpage2/
Read more on my blog: https://neilpatel.com/blog
Everyone these days gives business advice telling you how they're making millions of dollars
They're flying in private jets, they're driving Ferrari's, but you know what?
That's a bunch of BS.
For all those people that are making money, they've made mistakes and probably have lost millions and millions of dollars.
I'm Neil Patel, and in this video, I'm sharing with you some important business advice about how I lost a million bucks by the time I was 21 years old.
I don't discuss my personal life online.
You see me discussing a lot of business stuff, but this is one of the first times I'm going to open up and talk about one of my own stories. I had an Ad agency when I was 16 years old.
I learned internet marketing on my own because I got ripped off from other agencies.
They couldn't do one simple thing. And yes, that is hard right now, but when I was 16 years old, that was one of the easiest things to do, and I was paying thousands of dollars to people who could have just added keywords to my website.
Eventually, I had to learn it on my own, and I got good at it, but from there I learned that I hated being a consultant, so I decided that I wanted to create a company, and you know what this company did?
It was so revolutionary. At least right now you may think it is.
It's Cloud computing, but back then there weren't any cloud computing solutions.
So, I wanted to create a system where all these servers were combined, and everyone would share server resources.
As you can see with companies like Amazon Web Services, and they're doing brilliantly well. But, here was the thing, the idea was amazing, but the people that I was working with, who claimed to know all about hosting and cloud computing, they weren't executing.
Because they weren't executing, nothing ever got done, and the business never launched.
And I have a question for you, and you tell me what you think the answer is.
How much money do you think you can make from a company that never releases?
Zero.
The second reason is I picked the wrong people.
These people weren't scrappy.
They were used to working in the corporate world, like at companies like Microsoft, and you know what happened?
And there's nothing wrong with Microsoft, or Google executives or employees, but a lot of times they're used to doing things in a costly manner. They want to spend spend spend, but that's not the reality.
You can't just keep spending money. You have to make it as well; this is some business advice I wish I were given when I was younger.
And these guys wanted all the best solutions like we had big servers, and racks from Sun Microsystems.
So much so, that when I say I lost a million bucks, I technically lost more than a million dollars. I lost a million bucks of borrowed money, not investor money, borrowed money which means I had to pay it back.
And what's crazy is I paid it back in less than a year, but that's a different story. I don't want to go into how I made money, cause I hate talking about how I make money, but you know what?
If you guys leave likes and comments and I get over a thousand likes, I'll share with you on how I made a million bucks in less than a year.
The next tip that I have for you guys is time money, execute as fast as possible.
You know what, you're going to have competitors. I don't care if you have them right now, the question is just when.
So if you can execute and stay ahead of the competition, you're going to be much better off.
There's a thing, the person who's the first to market, is much more likely to do better because they're getting all the press, the branding.
So execute as fast as possible. The other reason that I lost a lot of money is I was in over my head.
I didn't pay attention to other people around me.
I was getting feedback from entrepreneurs, and I was ignoring all the people who were around me.
I was too in it.
If you're getting feedback from people around you, even if they don't understand the business, they do understand human interaction, emotions, psychology.
Because they're here on this earth interacting with thousands, if not millions of people.
So when they give you advice, I'm not saying you have to take their business advice, but you should consider it.
But if you or people can't avoid making the same mistakes over and over again how are you going to learn and ever succeed?
You need to make the right decisions, and the right moves to make money.
That's how I lost a million dollars. Take this business advice to heart, it could save you millions.
everyone these days talks about how
they're making millions of dollars
they're flying in private jets they're
driving Ferraris but you know what
that's a bunch of for all those
people that are making money they've
made mistakes and probably have lost
millions and millions of dollars hey
everyone I'm Neil Patel and today I'm
gonna share with you how I lost a
million bucks by the time most 21 years
old I don't really discuss my personal
life online you see me discussing a lot
of business stuff but this is one of the
first times I'm gonna open up and
discuss one of my own personal stories I
had an ad agency when I was 16 years old
I learned internet marketing on my own
cuz they got ripped off from other
agencies they couldn't do one simple
thing which was raked me on Google and
yes that is really hard right now but
when I was 16 years old that was one of
the easiest things to do and I was
paying thousands of dollars to people
who couldn't even add keywords to my own
website so eventually I had to learn it
on my own and I got good at it but from
there I learned that I hate it being a
consultant so I decided that I wanted to
create a company and you know what this
company did it was so revolutionary at
least right now you may think it is it's
cloud computing but back then there
really wasn't any cloud computing
solutions no I'm not saying that I
deserve the credit for the cloud
computing category because I really
didn't do I had idea I invested
over a million bucks in it I lost it all
and it bailed and I'm gonna share with
you the main reasons on why I lost that
million dollars and what you should
avoid so you don't lose money like I did
so the first thing that I ended up
learning was ideas are a dime a dozen
but it's all about execution the idea
for cloud computing because I was like
wait I'm getting all this traffic from
the social web why is it that I have to
keep buying all these servers why can't
I keep scaling up and down and being way
more efficient and costly right so I
wanted to create a system where all
these servers were combined together and
everyone would share server resources as
you can see with companies like Amazon
Web Services and they're doing
brilliantly well but here was the thing
the idea was amazing but the people that
I was working with who claimed to know
all about hosting and cloud computing
they weren't executing and because
executing nothing ever got done and the
business never launched and I have a
question for you and you tell me what
you think the answer is how much money
do you think you can make from a company
that never releases zero the second
reason is I picked the wrong people
these people weren't scrappy they were
used to working in the corporate role
like our companies like Microsoft and
you know what happened there's nothing
wrong with Microsoft or Google
executives or employees but a lot of
times they're used to doing things in a
really expensive manner they want to
spend spend spend but that's not the
reality you can't just keep spending
money you got to make it as well and
these guys wanted all the best solutions
like we had big servers and racks from
Sun Microsystems they didn't want to use
collocations they're like we need to
create our own centralized location get
our own bandwidth and pipeline and all
this kind of fancy stuff and that was
where a lot of the fixed cost came and I
was sending money for my hard earned
business every single month so much
someone I say lost a million bucks I
technically lost more than a million
bucks
I lost a million bucks of borrowed money
not invest your money borrowed money
which means I had to pay it back and
what's crazy is I paid it back in less
than a year but that's a totally
different story I don't want to go into
how I made money because I hate talking
about how I make money but you know what
if you guys leave likes and comments and
I get over a thousand likes I'll share
with you on how I made a million bucks
in less than a year the next tip that I
have for you guys is time is money
execute as fast as possible you know
what you're gonna have competitors I
don't care if you have them right now
the question is just when so if you can
execute and stay ahead of the
competition you're gonna be much better
off there's a thing the person who's the
first to market is much more likely to
do better because they're getting all
the press the branding so execute as
fast as possible the other reason that I
lost a lot of money those in over my
head I didn't pay attention to other
people around me see similar to me
you're surrounded by people
my parents were giving me advice I'm
like mom dad you don't know you're
talking about I'm not gonna listen to
you I'm like I'm gonna keep funding this
and putting in more money my parents
like you're crazy you're just gonna lose
all your money
and I kept borrowing more and I kept
losing more they were right I was
getting feedback from entrepreneurs and
I was ignoring all the people who are
around me I was too in it if you're
getting feedback from people around you
even if they don't understand the
business they do understand human
interaction emotion psychology right
because they're here on this earth
interacting with thousands if not
millions of people so when they give you
advice I'm not saying you have to take
their advice but you should consider it
and if you consider their advice then
what you'll see is you may make less
mistakes and the last thing I have for
you is learn from your mistakes when
these guys kept making mistakes I kept
being like all right that's fine and
they didn't learn from and they kept
making them over and over and over again
and I didn't say anything but a people
or you can't avoid making the same
mistakes over and over again how are you
gonna learn and ever succeed you needed
make the right decisions and the right
moves to make money that's how I lost a
million dollars and as I mentioned if
you guys like this video and I get over
a thousand likes and you guys comment
and share it I'll release a video
sharing how I made my first million
bucks what you can learn from it and how
you can do the same - so I'm gonna be
creating more videos like this make sure
you subscribe follow my page and you
know what I'll be here over the next few
days teaching and hand-holding you and
making sure you're succeeding through
your entrepreneurial journey and getting
more traffic to your website
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