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Business Advice 101: How I Lost 1 Million Dollars When I was 21 | Key Business Lessons I Learned
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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.
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.
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.
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Business Advice 101: How I Lost 1 Million Dollars When I was 21 | Key Business Lessons I Learned
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