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I'm old now, I'm 32. But what many of you don't know about me is I built my first multi-million dollar company before I was 21 years old.
And I built four of them before I was 28 years old.
That's quick, not as quick as Mark Zuckerberg but still decent enough.
Hey everyone, I'm Neil Patel, and today, I'm going to share with you how to start an online business.
See, there's a lot of similar things that I ended up doing to build these companies.
It took me a long time to build my first one, but I learned what not to do.
#1 How to Start an Online Business
The first thing that I learned is I need to focus, and you do too. You probably have a lot of ideas out there. But just because you have a lot of ideas doesn't mean you should go after each and every single one.
#2 How to Start an Online Business
It takes more than 40 hours a week to run a business. You only have time for one, and you need to put in as much time as possible to do well. So if you look at me, everyone's like oh, you made some money you probably have a chill life now. No, I don't have a chill life now. I'm not just watching TV shows all day. I don't even have a TV in my house. Heck, I don't even have a home. All I'm doing 24/7 is working. Yes, you may look at that, and you'd be like oh, your life is miserable. Well, if you want to succeed you've got to do more than everyone else out there. If my competitors are gonna work 60 or 70 hours a week, I'm gonna go work 80 or 90. I'm gonna do whatever it takes to beat them. I don't care, that's how badly I want to win. And that's why you need to put in more than 40 hours a week into your business.
#3 How to Start an Online Business
The third thing is, business doesn't sleep. When you're sleeping, someone else is awake competing with you. You want to do well? You've got to figure out how to work 24/7. Yes, you're gonna be asleep. You need your rest. If you don't get enough rest, you're not gonna be productive. But, you can have a website, an online business that's continually promoting and selling for you. If you look at all of my businesses none of them are retail stores. Why I hate retail. But, I love the internet. Your internet, your website is, or not really your internet, but your website is your store front. It can continually sell for you over and over again even when you're sleeping. That means you can make money when you're sleeping. And someone in a different country could be buying your products and services. So have your 24/7 salesman, which is gonna be your website.
#4 How to Start an Online Business
The next tip I have for you is to focus on one product or service. Everyone, even if you're in eCommerce, you're like, oh I gotta go sell 20 things or 100 things. No, you don't, just sell one product. Yes, you're focusing on one business. We already got that out of the way. But, within that business one product or one service, that's it. Not two, not three.
Focus on one product, one service. Then, when your growth flatlines then expand into more products or services. The next tip I have for you is adapt super fast. As for me, I'm a quick executor. I keep executing, I keep testing things out. And when things go wrong, I adapt fast. If you don't adapt, you're going to get your butt handed to you.
You don't want to be the loser. You want to be the winner. And to win, you're always gonna be competing with that next 16 year old or 14 years old who are building a company and is gonna hustle harder than you. So you know what? Keep adapting, never stop. The moment you stop, you're gonna get crushed. The last tip I have for you and I learned this one the hard way is listen to your peers. See, my mom and dad would give me advice about entrepreneurship when I was younger and they'd be like, oh you're investing in the wrong stuff. Don't trust these people.
And I'm not saying they were always right. And your peers won't always be right. But they have feedback. Listen to it, I'm not saying you have to take their advice each and every single time. But keep your ears open and listen. And if you're unsure if their advice is right ask other people. When you get multiple opinions you'll figure out the right decisions to make. As you're getting the feedback you will improve, and you'll increase your odds of succeeding.
#5 How to Start an Online Business. BONUS!
And I know I already said that was the last tip but this is the bonus one. And this is one that has really helped me. See, as an entrepreneur you are going to fail.
Don't give up when you fail. Keep getting out there and working hard and you'll succeed.
Find me on Facebook: https://www.facebook.com/besteducationpage2/
Read more on my blog: https://neilpatel.com/blog
I'm old now, I'm 32. But what many of you don't know about me is I built my first multi-million dollar company before I was 21 years old.
And I built four of them before I was 28 years old.
That's quick, not as quick as Mark Zuckerberg but still decent enough.
Hey everyone, I'm Neil Patel, and today, I'm going to share with you how to start an online business.
See, there's a lot of similar things that I ended up doing to build these companies.
It took me a long time to build my first one, but I learned what not to do.
#1 How to Start an Online Business
The first thing that I learned is I need to focus, and you do too. You probably have a lot of ideas out there. But just because you have a lot of ideas doesn't mean you should go after each and every single one.
#2 How to Start an Online Business
It takes more than 40 hours a week to run a business. You only have time for one, and you need to put in as much time as possible to do well. So if you look at me, everyone's like oh, you made some money you probably have a chill life now. No, I don't have a chill life now. I'm not just watching TV shows all day. I don't even have a TV in my house. Heck, I don't even have a home. All I'm doing 24/7 is working. Yes, you may look at that, and you'd be like oh, your life is miserable. Well, if you want to succeed you've got to do more than everyone else out there. If my competitors are gonna work 60 or 70 hours a week, I'm gonna go work 80 or 90. I'm gonna do whatever it takes to beat them. I don't care, that's how badly I want to win. And that's why you need to put in more than 40 hours a week into your business.
#3 How to Start an Online Business
The third thing is, business doesn't sleep. When you're sleeping, someone else is awake competing with you. You want to do well? You've got to figure out how to work 24/7. Yes, you're gonna be asleep. You need your rest. If you don't get enough rest, you're not gonna be productive. But, you can have a website, an online business that's continually promoting and selling for you. If you look at all of my businesses none of them are retail stores. Why I hate retail. But, I love the internet. Your internet, your website is, or not really your internet, but your website is your store front. It can continually sell for you over and over again even when you're sleeping. That means you can make money when you're sleeping. And someone in a different country could be buying your products and services. So have your 24/7 salesman, which is gonna be your website.
#4 How to Start an Online Business
The next tip I have for you is to focus on one product or service. Everyone, even if you're in eCommerce, you're like, oh I gotta go sell 20 things or 100 things. No, you don't, just sell one product. Yes, you're focusing on one business. We already got that out of the way. But, within that business one product or one service, that's it. Not two, not three.
Focus on one product, one service. Then, when your growth flatlines then expand into more products or services. The next tip I have for you is adapt super fast. As for me, I'm a quick executor. I keep executing, I keep testing things out. And when things go wrong, I adapt fast. If you don't adapt, you're going to get your butt handed to you.
You don't want to be the loser. You want to be the winner. And to win, you're always gonna be competing with that next 16 year old or 14 years old who are building a company and is gonna hustle harder than you. So you know what? Keep adapting, never stop. The moment you stop, you're gonna get crushed. The last tip I have for you and I learned this one the hard way is listen to your peers. See, my mom and dad would give me advice about entrepreneurship when I was younger and they'd be like, oh you're investing in the wrong stuff. Don't trust these people.
And I'm not saying they were always right. And your peers won't always be right. But they have feedback. Listen to it, I'm not saying you have to take their advice each and every single time. But keep your ears open and listen. And if you're unsure if their advice is right ask other people. When you get multiple opinions you'll figure out the right decisions to make. As you're getting the feedback you will improve, and you'll increase your odds of succeeding.
#5 How to Start an Online Business. BONUS!
And I know I already said that was the last tip but this is the bonus one. And this is one that has really helped me. See, as an entrepreneur you are going to fail.
Don't give up when you fail. Keep getting out there and working hard and you'll succeed.
I'm old now I'm 32 but what many of you
don't know about me is I built my first
multimillion-dollar company before I was
21 years old and I built four of them
before I was 28 years old that's quick
not as quick as Mark Zuckerberg but
still decent enough hey everyone I'm
Neil Patel and today I'm gonna share
with you how to build for multi-million
dollar companies see there's a lot of
similar things that I ended up doing to
build these companies it took me a long
time to build my first one but I learned
what not to do the first thing that I
learned is I need a focus and you do too
you probably have a lot of ideas out
there but just because you have a lot of
ideas doesn't mean you should go after
each and every single one I was
headlining Richard Branson at a
conference in Brazil called v-tex and I
was speaking right before him as only
him and I speaking that day and I
learned something interesting from him
business ideas are like buses and
opportunities they keep going by there's
a lot of them the question is which bus
or which opportunity do you want to jump
on pick one once you have one that's up
and running and going and doing well
then you can do three or four more but
to run a successful business it takes
more than 40 hours a week which gets you
into my second point it takes more than
40 hours a week to run a business you
only have time for one and you need to
put in as much time as possible to do
well so if you look at me everyone's
like oh you made some money you probably
have a chill life now no I don't have a
chill life now I'm not just watching TV
shows all day I don't even have a TV in
my house heck I don't even have a home
all I'm doing 24/7 is working yes you
may look at that you'd be like oh your
life is miserable well if you want to
succeed you got to do more than everyone
else out there if my competitors are
gonna work 60 or 70 hours a week I'm
gonna go work 80 or 90 I'm gonna do
whatever it takes to beat them I don't
care that's how badly I want to win and
that's why you need to put in more than
40 hours a week into your business the
third thing is business doesn't sleep
when you're sleeping someone else is
awake competing
q you want to do well you got to figure
out how to work 24/7 yes you're gonna be
asleep you need your rest if you don't
get enough rest you're not going to be
productive but you can have a website
online business that's continually
promoting and selling for you if you
look at all of my businesses
none of them are retail stores why I
hate retail but I love the Internet your
internet your website is or not really
your internet but your website is your
storefront it can continually sulfer you
over and over again even when you're
sleeping that means you can make money
when you're sleeping and someone in a
different country could be buying your
products and services so have your 24/7
Salesman which is gonna be your website
the next tip I have for you is focus on
one product or service everyone even if
you're an e-commerce like oh I gotta go
sell 20 things or a hundred things no
you don't just sell one product yes
you're focusing on one business weird he
got that out of the way but within that
business one product or one service
that's it not two not three I was once
at dinner in a group dinner with a guy
named Brian Lee he was the founder of
Legal Zoom ShoeDazzle and honest company
with Jessica Alba and you know he told
me he was like hey if you want to really
do well have laser focus one product or
one service once your business flatlines
and you can't have more growth then
expand more revenue items and more
products or services one of the smartest
things I ever heard focus on one product
one service then when your growth
flatlines then expand into more products
or services the next tip I have for you
is adapt super fast so me I'm a quick
executor I keep executing I keep testing
things out and when things go wrong I
adapt fast if you don't adapt you're
gonna get your butt handed to you you
don't want to be the loser you want to
be the winner and to win your there
always gonna be competing with that next
16 year old or 14 year old who's
building a company and it's gonna hustle
harder than you so you know what keep
adopting never stop the moment you stop
you're gonna get crushed the last tip I
have for you and I learned this one the
hard way is listen to your peers
my mom and dad would give me advice
about entrepreneurship when I was
younger and they were like oh you're
investing in the wrong stuff don't trust
these people and I'm not saying they
were always right and your peers won't
always be right but they have feedback
listen to us I'm not saying you have to
take their advice each and every single
time but keep your ears open and listen
we do listen a venture you'll figure out
all right maybe I should take this
advice because multiple people have told
me it over and over again and you're
unsure if their advice is right ask
other people when you get multiple
opinions you will figure out the right
decisions to make as you're getting the
feedback you will improve and you'll
increase your odds of succeeding and I
know I already said that was the last
tip but this is the bonus one and this
is one that has really helped me see how
entrepreneur you are gonna fail the
question is when are you gonna fail and
that's okay
don't give up when you fail when you
fail that means you've made mistakes
that have caused your failure learn from
over and over again if you learn from
the mistakes and you avoid making the
same mistake over and over again what's
gonna happen eventually you'll know what
not to do I'm not that smart I went to
mediocre college called Cal State
Fullerton it's not that I'm smarter than
you I realized that once I learned from
my mistakes and I avoid making the same
ones over and over again I learned what
I shouldn't be doing and now that I know
what I shouldn't do eventually you start
doing some of the things you should be
doing and that's how you succeed follow
those tips and tactics and you can
create bigger companies than I have
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