The Truth About Starting A Business (And Some Lies!!!)

My best friend and I were smoking a cigarette behind the shed and drinking a beer… dreaming up business ideas, and ways to get rich.

We were only 14 years old and the ideas we came up with required hundreds of thousands of dollars, a huge number of workers and a ton of support.

Since we didn’t have the money, didn’t know anyone who could help us, in fact we didn’t even know a single successful business person. We thought that if we failed, we would go bankrupt – and that we would end up being homeless on the streets.

Little did we know…

The Truth About Starting A Business

We thought like most ordinary people and thus we acted like most ordinary people.

I’d like to share with you how successful people think, and how they can fail at multiple businesses without becoming broke, or getting in severe debt.

But before I tell you that – I’d like to make a quick disclaimer. I’m not Richard Branson, or Elon Musk. I’m not even a millionaire… YET.

I’ve started several businesses over the past few years that have failed and they’ve taught me various lessons, one of them being – how not to go broke when you start a business.

I’m a regular guy who thought starting a business was hard or that I would go broke if I failed. Until I finally discovered the mindsets that helped me create a successful business.

These mindsets are what I want to share with you today.

If you read this answer, you will get clarity of why you should start a business, whether it is the right thing for you to start or not, and who you should get in touch with if you do want to start a business.

By reading this answer you will quickly discover why the most successful people on Quora insist that you should start a business.

Plus, you won’t spend your time looking for things that don’t support your business, your time will be focused on getting the results that you want without wasting a single second.

If you don’t read this answer you will probably miss out on starting a profitable business that could help you fulfill all your dreams and desires.

You won’t achieve the success that you want, and your goals will seem like an idle dream.

So let’s look at why most Quorans recommend starting a business.

But before we do that, let’s look at what’s been the big problem starting a business traditionally… also known as…

The Excuses Most Ordinary People Use About Why They Can’t Start A Business

Here are 7 excuses that most ordinary people use. Each excuse is a myth that has been perpetuated by our culture and society.

These excuses keep you tied down without getting all the things that you want in life, and without being successful in business or even starting one.

Excuse #1. Risk Is Dangerous

Our brain is unable to calculate real risk of things. Instead it puts every risk in one of two categories – pain and pleasure. But then it generalized the pain and pleasure to the nth degree.

Some of us are motivated by pain, others by pleasure – but neither are really ‘true’ or accurate for most of us in our lives.

The risk that the brain is thinking about – is ancient… it is the risk of death. And it connects every risk and dangerous situation to ‘death’ – that’s why we have the natural response of fight or flight.

But this is no longer true in the modern world.

Excuse #2. You require a very specific set of skills

The only person who had a very specific set of skills was Bryan Mills (Liam Neeson) in Taken. And unless you’re looking to liberate your daughter from an international sex-trafficking ring then you don’t need a specific set of skills.

You already have all the skills that you need to start and become successful at a business.

You learned these skills the day you were born, and as you grew up.

I don’t know if you’ve seen very young kids talking to their parents… but it doesn’t matter how tough the parent is… if a kid wants something – she gets it.

This is the only skill you need – you already have it – but you’ve stuffed it down inside you.

Excuse #3. You require experience

Experience is the excuse old men use to keep the young out of their exclusive clubs.

Experience might be a good teacher, but by the time you learn all the lessons from experience you’re too old to use them anyway and they become useless.

You have all the experience you need to be successful in starting a business.

Excuse #4. It’s not as easy as it sounds

Yes it is. It is just as easy as everyone makes it sound. The difference is that the successful people know this, and don’t let their inhibitions come in their way.

Everyone else has an excuse to make it harder; to make it sound more complicated than it actually this.

This gives most people a reason to ‘blame’ for their failure. As it is, it is better to have ‘potential’ than to actually fail for most people in their lives.

So they make this excuse that ‘it’s not as easy as it sounds.’

Excuse #5. Failure is bad

The only way you learn to do anything is by failing. You learned to walk by failing. If you thought failure was bad – you’d still be crawling everywhere.

This excuse comes from schooling – where if you failed in producing the right answers at the end of the school year you had to stay back – while all your friends progressed to the next class.

On top of this – parents would shame you, bullies in school would call you names, and you would generally have a tough time if you failed in school.

This is pervasive in our society, where any kind of failure is looked down upon as a ‘bad’ thing.

Excuse #6. You go broke if you fail in business

You will go broke if you ‘bet’ on anything. If you put all you money on one thing and then ‘hope’ for it to work, you will fail and go broke.

Think about applying to college as an example. You don’t just apply to one Ivy League college and then sit on you’re a$$ hoping to get in. No you apply to a number of colleges to improve your chances of getting in to the right college for you.

‘Betting’ on a business will make you broke.

Excuse #7. Failure will put you in severe debt

If you borrow money to fund your ‘bet’ then you will end up in severe debt. But if you borrow money to grow your business incrementally you will not end up in severe debt.

Also, student loans – they put you in severe debt before you even learn a single thing in college.

A business debt gets written off through bankruptcy, but a student loan stays with you until you pay it off. There are no write-offs for that.

That being said – don’t borrow money to start your business, borrow it to grow your business. The difference is, when you’re starting a business you don’t know whether you’ll make any money.

When you’re growing a business – you know exactly how much money you’re churning out. You can measure your burn rate, and your conversions and base your financial decisions based on data – and not just emotions.

Now that we have your excuses out of the way… let’s look at

Why Successful People On Quora Say “Just Start A Business”

Here’s why I tell people on Quora to “Just start a business”…

Reason 1. It’s never been easier starting a business

In the last decade business has become exponentially easier to start.

Fifty years ago, you had to open a store front, stock it with product, then figure out a way to accept payments, then start selling something.

Now you can setup a website for $10, and start accepting payments using PayPal for free. That’s your business right there – for ten bucks.

Plus fifty years ago your market was limited to the geographic location – now you’re selling on the internet and it’s far easier to find people who like the same things that you like, who want to buy the things you’re selling across the globe and then sell it to them.

Reason 2. Your job is already redundant

It doesn’t matter what you do – you job is redundant. Experts are creating robots that do brain surgery through the cheek.

I’ll let that one sink in for a minute. Unless you’re the one creating that robot, your job is redundant. So is the job of everyone out there doing mundane work.

Technology is replacing the work of accountants, engineers, lawyers, even people working at the corner store with self-checkout systems tied in with RFID tracking of inventory.

Reason 3. The abundance of the 60s, 70s and 80s is never coming back

The abundant economies of the sixties, seventies and eighties are long gone. Employees are never going to go back to being that taken care of. No company is saying, “We’ve added better benefits for our employees.”

Sure some young companies are coming up with novel ideal to recruit people, but as these companies grow into corporate behemoths, the go down the same route; reducing employee expenses, cost cutting and efficiencies of scale.

Reason 4. Being permanently employed is akin to bonded slavery

Just the notion of having to show up every day, doing what someone else tell you to do, not being able to leave a certain spot designated to you even when you’ve done all that you could do in the day.

Making up work so you don’t get picked on; also known as ‘looking-busy-doing-nothing’.

Now a really anal person is going to accuse me of comparing ‘sitting-on-a-cushy-chair-in-an-airconditioned-office’ with actual slavery. That’s not what I’m saying. Slavery was bad, real, REAL bad.

Don’t put yourself in a situation where you don’t have control of your own time, or can’t eat the product of your own efforts, or can’t increase the return you get based on your own expertise.

Reason 5. The double income lifestyle is already dead

50 years ago the single-income family lifestyle died; with the mass production of packaged good, convenience foods, highways, and all the other luxuries that ‘we had to get’.

Every family needed to have two people earning to make ends meet.

Mom and dad both went to work, or if that wasn’t it – you didn’t really make it until you started working.

Now with the exponential advances of technology the double income family is dead. Society is overconsuming knowledge products, like cable, video on demand, music and apps.

Someone has to pay for all of that data consumption.

This consumption is on top of all the other consumption that moved from being a luxury to a necessity 50 years ago. Today the luxury of a ‘car-phone’ has become an obsolete necessity, with every family having as many phonelines in their cars as the number of people.

Data consumption is exploding, but with it incomes are shrinking.

The only solution left is to have more than one income per person. This can be done by having two jobs. Or be in a situation where you can control the income you get by increasing your output; but where your output isn’t limited to the amount of time you have.

Which is to say; having your own business? And this, my friend, is why successful people say that you must start a business.

But before you go… let me take this one step further and show you

Why Starting A Business Is Easy For Successful People

Most people think that there are a lot of moving parts to starting a business.  That you need to know 500 million things before you can actually start a business. But that’s incorrect. And most successful people know this.

They understand a few truths about starting a business that most people don’t. Let’s look at these truths

1. Successful people don’t ‘think’ what other people think about them

Most ordinary people are paralyzed to take action on anything that they think of, or dream of. They have to take permission from some imaginary person or authority before they go out and do things.

On top of that most ordinary people fear what other people will think about them. Successful people don’t give a flying f*&k what others will think about them. If there is something they want to do; they will go out and do it. Then adjust their course to fix it, to make it better.

While ordinary people are still ‘thinking’ about taking perfect action, the successful person is running circles around ‘perfection’ with good-enough products and making a ton of money.

2. Successful people create value for other people before they ask for money

Ordinary people want everything to be done for them first before they will do anything. They want to receive the money first, before they will go out of their way to do anything.

It’s not that ordinary people are greedy, or cruel – but they have a very hard-wired ‘justice mechanism’ which forces them to weight everything as being ‘fair’ or ‘unfair’.

For this fairness to work, before they can give, they need to receive. And then the balance of giving and receiving is balanced.

Successful people understand that everyone ‘wants’ something first. So they give other people excellent value – before the conversation of money ever comes up. This helps them be in a position of the natural giver.

Successful people give before they ask.

This forces the pendulum of the fairness balance to be out of whack. By pushing the value to other people, they understand that this will cause others to feel an unfair advantage, and the only way this unfair advantage can be equalized is if that other person gives something in return.

Thus to balance this out, most people will give their money in exchange for the value they received.

Successful people understand this and they keep pushing value to other people, knowing that the fairness mechanism will push money towards them to balance everything out.

Thus successful people create value waaay before they ask for money. And the bigger the value they create, the bigger the payoff they get.

3. They take action on their ideas

Ordinary people think a good idea is necessary for successful. They keep ‘thinking’ about new and better ideas.

Successful people know that ideas are a dime a dozen. Ideas don’t make you money. It’s the execution of the idea that is important. They don’t worry about coming up with novel ideas. Instead they take action on their ideas.

Slowly and gradually as the action increases, the idea improves. They get feedback through action, not by sitting on the sidelines thinking about the ‘perfect idea’ and then thinking about taking the ‘perfect action’.

They just take action on the ideas that they have.

Does this mean that they are stupid and take action on all their idea?

Hell no.

Successful people understand that some of their ideas are better than others. So they take action on the ones that appear to be the best – they keep improving their ideas as time goes on and they get more experienced in their field of interest.

4. They make decisions based on results

Ordinary people make decisions based on emotions, on how they feel at the particular time they thought about the idea, and how people around them think.

If everyone tells them it’s a good idea, they go out in the market place guns blazing. If everyone tells them that it’s a bad idea, they don’t do anything.

And by everyone, I mean everyone they come in contact with on a daily basis – so their friends, family, the guy at the corner shop… these people are nice people, but won’t necessarily be the target market for anything.

Successful people make decision based on results. What this means is that they will spend their time going over actual research, actual numbers, and figure out whether something has a likelihood of success.

Then they will go talk to the target market, other successful people in that market, and figure out whether this is something worth their time and effort.

This keeps successful people on track, focused, and on target. The end result seems like it’s very easy for successful people to go out there and start a successful business.

This is only possible because successful people spend that extra few minutes in planning before they go out with guns blazing.

Plus since successful people aren’t emotionally invested in the idea – they can actually think with their head and make a better rational decision.

So far we’ve discovered

–       The 7 Excuses ordinary people use that keeps them locked away from starting a business,

–       The 5 Reasons successful Quorans tell you that you should just start a business, and

–       The 4 Mindsets that successful Quorans have that makes it easier for them to start a business…

The question begs to be asked…

(But) How Do You Start A Business

Here are the simple steps you can follow to start a business.

1. Forget all the bullsh*t that teachers, professors, hack-authors, or experts are telling you about business. Listen to people who are actually doing business.

2. Figure out what you would like to ‘sell’. You have to sell something in business before you can actually make any money

3. Find three people to go ‘sell’ this thing to. Talk to people on the street, look for people who are looking to ‘buy’ this thing from you

4. Once you’ve sold to your first three people – discover how you can scale. For each business scaling is going to be different. Look at what other business in the same category did to scale.

5. Then look at business in opposite categories to find out what they did, and use that

6. Test everything that you do. Testing means trying to get the same result through different means, and then checking which one had better results in total.

7. Have relentless focus on providing value, and converting that value into money.

8. Take action. Don’t think about it too long, or look for ways to procrastinate – go out and take action on your ideas.

There.

Now you know how to start a business.

You know what ordinary people do and say that keeps them from starting a business.

You also know the mindsets successful people have that propels them to success.

Go take action, start a business. It IS as easy as putting on your clothes, don’t make it harder.