Posted on Leave a comment

No experience-Entrepreneur stories

Entrepreneur Stories

Entrepreneur stories

For a foreign student no foreign. I’m sorry I’m just like joking right now.

Yes we got you we’re not hanging up okay, so for someone like me.

Who just travels from Asia of Malaysia to us and 20th also I just started college and all that.

I watched many of your videos about be listening to hospital and basically

going into this entrepreneurial.

Let you say so where do I start I won’t start doing things on the spot experiencing things.

But you know I don’t know where alright so real quick and and this seems like this could get real good.

Actually for a couple reasons um you know Tim said something super interesting earlier about should I write books.

He was like no and you know I came out the gate with the hustle.

The entrepreneur thing you know for our work he crush it, you have these moments where like you’ve got a lot of more Life to Live to like.

Reconcile those those headlines that people put you into um you know you know as I hear your question.

I’ve been doing a lot more of this over the last two years which i think is a maturity of that I’m happy with do you have to be an entrepreneur.

You know to me I always think about the number eight at Facebook versus the number one of the nine million things that didn’t work.

You know I want to make sure that I’m not inspiring something that MIT sounds great but isn’t really you or do you feel like you are.

Maybe the culture you grew up with suppressed that in school like what’s your read right now at a young age you are you excited about that do.

You need it like why are you gravitating because when I hear how do I start an entrepreneur.

I’m scared already because when you’re a pure-bred you don’t know I don’t know go buy something at the dollar store right now.

I’m posted on Craigslist I mean you know that feels very raw and real to me the modern-day entrepreneur of like making a deck.

Raising four million dollars on an idea and this that that is student entrepreneurship sometimes not.

I’m curious where you are right now obviously I have no background

experience in sales or being an entrepreneur in in fact.

I just recently have the urge what’s the word for it it’s like I just wanted to be an entrepreneur

Because you really inspired me to be there and I some because my mom

she’s in marketing sales

So it kind of picks up from there and for now I’m actually in liberal arts which I’m actually planning to change the business

International business major but that was another question I was about to ask you if it’s the right path if I want to be an entrepreneur.

I am very passionate to be an entrepreneur okay I don’t look let me jump in here for saying we’re where do you live right now

Where do you live right now I’m living in Rochester right now in area alright so there are there a few thoughts.

I have for you the first is that there are as many paths to entrepreneurship as there are entrepreneurs there’s no one right way

So the most important thing that I would want to convey first is that you’re not gonna make any fatal mistake at 20 that’s gonna prevent you from being an entrepreneur for the rest of your life.

You could you could have 20 failed businesses and then still go on to be a

billionaire all-time right you could become whatever that you probably own ten.

Wayne Gretzky’s but the Wayne Gretzky and Mike Tyson maybe if you get

that of of your chosen field

So I would say number one like don’t be afraid of your first steps because there really isn’t any clearly defined path my recommendation at 20 would be to not try.

To memorize the entire playbook and start from scratch what I would

potentially consider is finding a small fast growing company nearby and either interning.

Volunteering or doing something that allows you to be in any room with people who are negotiating.

Deal-making because at the end at the end of the day I like it correct yeah

yeah I could be real estate

It could be design it could be web services it really doesn’t matter what the industry is it’s the skill set so you want to get very good at crafting deals.

Persuading and negotiating and the easiest way to get good at that is

to observe someone who is doing that regularly.

Whether that’s on the phone or otherwise so so I would suggest that you

look for opportunities to learn from other people who are already good at

deal making.

Negotiating because you will use that in everything whether you’re buying selling or anything in between the just to answer your other question.

Then we can we can hop around a little bit well first actually to identify your obsession if you want to do that that could be part of your journey.

There’s a book called small Giants by Babar Burlingham which I would recommend checking out which profile is a number of different businesses that are not intended to scale.

So you might have a woman who makes you leather pants for the most famous rock musicians in the world and she makes a hundred of those a


She makes a few hundred thousand dollars and she only accepts clients she loves and that’s it that’s a real analogy that’s real that sounds cool.

Whatever one of her clients and so that that’s one you can take a look at and just to your question about college and majors

So I was a liberal arts major and I was in neuroscience that didn’t work out and then I went to East Asian Studies and studied Japanese and Chinese.

That has from the outside looking in nothing to do with what I’m doing right now however I would say that

it is very hard to learn business in a school setting that’s just it’s like

learning how to play football by reading books about it and then trying to go to.

The Super Bowl this does not tend to work out very well so if you are going

to stay in school and you know

I’m of the mind that there is some value in that depending on your circumstances and certainly your parents would probably like that if I had to guess so the view college as a way to become a better rounded human being

Also if you are interested to develop certain skills like I would if you were say if you were to say to me my passion is entrepreneurship 100% that’s all

I want to do I would probably tell you to take computer science and math classes before business because if you have those skills you can figure out the business

Stuff in a three day tutorial from someone so those are those are a few thoughts but just my perspective based on my life experiences brother here’s let me tell you something

Entrepreneurship is tricky right now because it feels like anybody can do it you don’t see Steph Curry and set at 20 and say

I’m inspired now I’m gonna be an NBA player and think that that’s tangible entrepreneurship has zero cost of entry it’s awfully cool right now.

You know it’s very scary for me one of the things I’m trying to combat Adam is people jumping in.

Because I’m an inspiring character but it was what I always was and always will be and so I think I think that there’s a lot there from Tim that’s important.

You can’t you can’t like you can’t think it’s that easy to just be inspired and be successful it’s something

I would spend more time tasting I think you should try to do so many things possible and to Tim’s credit and point try to surround yourself

I would really pour on the extrovert nature I’m empathetic immigrant in a new country or foreign exchange or whatever you want to call it so might not come as natural to roll up on anybody

You might just be introverted by nature but I would I would take advantage well-rounded person in college

I get it I know that’s a narrative to me it’s just take advantage of a captive group of people in the same place and try to meet as many people as possible

Entrepreneurship is hard being a successful entrepreneur is stunningly rare you know way more than people think Adam

So I think patience also 20 years I mean like to Tim’s point the next 10 years you could taste fail it’s why

I’m pushing people to get closer to big time mentors because what you will siphon out of them is gonna be so much more ROI positive don’t put pressure on yourself to thinking it’s either school.

Entrepreneurship there are so many twists and turns yeah there’s there’s there’s there is a lot on the spectrum which is you know Gary you and I.

I think see this a lot in our respective audiences those people where people make a false dichotomy out of full-time employment or full-time Watership that’sit

So there’s actually a spectrum in between so as a student for instance one thing that I did

When I was in college which you might consider is becoming a star a part or beginning a student club or a student union of some so that you have to sell membership

You have to actually take notes contractor records right so if there’s some it doesn’t matter what it is like if you are say the graphics editor of love that the school newspaper

You’re gonna have to learn how to deal with deadlines you’re gonna have to learn how to maybe interact with ad sales because so-and-so is buying a two-page spread now

You have to integrate and reflow the entire design of the magazine these are all experiences that mimic the real world of meaning non-school world

So I would encourage you to learn on someone else’s dime right at school you aren’t necessarily paying a lot for your mistakes which relates also to my recommendation to maybe work with.

A smaller company where you have the opportunity to observe a really good deal maker where you can make mistakes and someone else is paying for that education

Adam do me a favor also buy something on Craigslist or Ebay or a store and resell it on the Internet figure it out

I just go through the exercise the exercise of buying something and selling it for a profit is an incredible incredible indicator and exposes a lot in the game

Because it’s always some level of buying and selling just do that it’s a very easy fun or not fun venture and it will be quite telling in the success or non-success

You have if you do it couple of times I’ll give one more good which is actually so Adam I don’t know you but I’ve spent a good amount of time in Singapore Malaysia so another exercise

I would suggest because entrepreneurship if you choose to take that route is full of uncertainty and what I would suggest and also nervousness in many cases

So when you when you go out to get a cup of coffee or tea or whatever it is and this is borrowed from a friend of mine named Noah Kagan asked for 10% off so like for the next 10 coffees that you get at each time

You get to the head of the line I don’t care if it’s Starbucks it doesn’t matter if they say yes or not but ask for a 10% discount you can’t say you’re doing an experiment you can’t say that Tim Ferriss told you

So you just have to ask for 10% off and just sit there and wait for them to respond did you do this – yeah and what conversions well it makes you more comfortable with discomfort

You also realize that downside is so limited the limit the downside is you just respect the macro amazingnes no what were the conversions Oh common version yeah

How’d you do oh the conversions are surprisingly high yeah like 70% seven of the ten people at a Starbucks or Pete’s coffee or some random place we’re like okay sir yeah.

They’re just like so stunned that they’re like wait this is Starbucks and I’m like I know I would still love I’d really appreciate 10% off and like half the time

There’s like okay guy sure yeah I don’t like I don’t want to fight this fight right now

So okay fine 10% off yeah knock yourself out I love it I’m try some of those things get back to us

okay all right thank you very much good luck good luck

Leave a Reply

Your email address will not be published. Required fields are marked *