- Most entrepreneurs fail and they say
it's because of capital,
but I don't believe that
because even if you don't have money,
with the web you can do well.
Hey everyone, I'm Neil Patel
and today, I'm going to go over
the three unforeseen
laws of entrepreneurship.
(bright music)
Before we get started,
make sure you subscribe
to this channel, that way, when I release
more videos like this,
you'll get notified.
Question for you, how
many of you have failed
as an entrepreneur and you don't know why?
You've tried your best and
you just can't get things
done right, you're not
growing the way you want?
If you've failed, leave
a comment with yes.
If you haven't, leave a comment with no.
If you haven't, good for you. (clapping)
But most people fail, and it's okay.
I'm going to go over the unseen laws
that'll help you succeed
as an entrepreneur.
The first unseen law, you don't make money
because you wanna make money,
you make money by solving problems.
When I was a kid, I wanted
to be an entrepreneur
because I wanted to be rich.
And you know what, I didn't do well
because I wanted to be rich.
I started to do well, though,
when I started solving people's problems.
People will pay for solutions.
They don't pay you
because you wanna be rich.
Doesn't matter if you
create a product or service.
Whatever you do, if your
solution doesn't solve
people's problems better
than the competition's,
it's not ideally more
affordable or easier to use
or gives the results
better, people will not pay
for your products or service.
That's the first unseen law.
It's all about solving people's problems,
it's not about making money.
The second unseen law,
it's harder to make money
than it is to save it.
As a entrepreneur, you will have to
spend money to make money,
but you need to be careful.
I'm not saying don't double
down on your business.
I'm saying you don't need
that BMW, that Mercedes.
You don't need a Netflix
account, a Amazon Prime account.
You don't need a extra T-Mobile bill.
You don't need to be paying
for all these apps on the App Store.
When you start wasting money
on all these other places,
you could've taken that cash
and put it into your business.
Save it while you can 'cause
money's never easy to come by.
And my mom taught me this.
Even when you're doing
well as an entrepreneur,
what goes up, comes down.
Companies like General
Electric were once giants
and they were doing crazy well,
but now they're struggling.
That happens with all the
companies out there, even Apple.
Apple used to do really
good in the heydays,
then they went down and
Microsoft had to bail them out
so they don't get antitrust lawsuits
and now Apple's crushing it again.
But that's how the
world of business works.
So make sure you save that money,
so when there is a rainy
day or when you should be
doubling down, you have the cash to do so.
And the third unseen law,
focus on speed over perfection.
Everyone's like, oh my God,
my business is like my baby.
Yeah, it's like your baby,
you're gonna love it to death,
you may even love it more than
your child or your spouse,
but it's not being about being perfect.
Nothing is gonna go the way you want.
It's about speed and execution.
Move as fast as you can,
fix the mess at the end.
That's okay, that's how you
grow fast and become successful.
Because the moment you have traction,
there's more options out there
from raising investor
money to getting loans,
if you can't execute
fast, your competition's
gonna out-execute you and beat you.
In my last start-up,
Kissmetrics, we raised, I think,
17 plus million dollars, I don't know
what the exact number
was but it was a lot,
I know it was over 17 million.
And can you guess what
happened to the company?
It didn't do well,
eventually they put in a CEO,
he couldn't execute well
and all he kept doing
is spinning his wheels.
Our competitor who copied our product
ended up generating over a
100 million a year in revenue.
You know what they did differently?
They didn't create a better product,
'cause they copied ours,
they out-executed us.
Speed and execution is the key.
Now if you need help
growing your business,
check out my ad agency,
Neil Patel Digital.
We can help you grow faster.
And if you enjoyed this
video, please like it,
share it, tell other people about it
and if you have any
questions, leave a comment,
and I'll answer it, even if
you want marketing advise,
entrepreneur advice, I don't
care if you pay my ad agency,
I'll still help you out and
give you advice for free.
Thank you for watching.
