Hi Fam!!!

Welcome back to Part 4 of frequently asked questions(FAQ) on how to start and build a business. Click here to read Part 1 , Part 2 and Part 3.

FAQ About Starting And Building A Business (Part 4)

• When should I give up on my idea? When you can’t generate revenues, customers, interest, for two months.

• Why didn’t the VC or customer call back after we met yesterday and it was great? Because they hate you.

• Why didn’t the above call back after we met yesterday and it was great? “Yesterday” was like a split second ago for them and a lifetime for you. There’s the law of entrepreneurial relativity. Figure out what that means and live by it.

• Should I hire a professional CEO? No. Never.

• Should I hire a head of sales? No. The founder is the head of sales until at least $10 million in sales.

• My client called at 3 a.m. Should I tell him to respect boundaries? No. You no longer have any boundaries.

• I made a mistake. Should I tell the client? Yes. Tell him everything that
happened. You’re his partner. Not the guy that hides things and then lies about them.

• My investors want me to focus on one thing. Should I listen to them? No. Diversify in every way you can.

• I personally need money. Should I borrow from the business? Only if the business can survive for another six months no matter what happens.

• I just bought two companies. Should I put them under the same roof and start consolidating? No. Not for at least two years.

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• Should I quit my job? No. Only if you have salary that can pay you for six months at your start-up. Aim to quit your job but don’t actually quit your job.

• What do I do when I have doubts? Ask your customers if your doubts are trustworthy.

• I have too much competition. What should I do? Competition is good. It shows you have a decent business model. Now simply outperform them.

• My wife/husband thinks I spend too much time on my start-up. What do I do? Divorce them or stop your business.

• I’m starting my business but I have relationship problems. What should I do? Get rid of your relationship.

• Should I expand geographically as quickly as possible? No. Get all the business you can in your local area. Travel takes up too much time.

• I undercharged. What should I do about it? Nothing, now. Charge the next client more.

• I have an idea for an app but don’t know how to execute. What should I do? Draw every screen and function. Then outsource someone to make the drawings look like they come from a real app. Then outsource the development of the app. Get a specific schedule. Micromanage the schedule.

• I want to buy a franchise in X. Is that a good idea? Only buy a franchise if it’s underperforming and you can figure out how to improve it. Don’t buy on future hopes, only on past mistakes.

• I want to buy a business in X. Is that a good idea? Rely on the three D’s: Death, Debt, Divorce. When someone dies, the heirs will sell a business cheap. When someone is in debt, they will sell a business cheap. When someone divorces, the couple usually has to sell a business cheap. Important: even if the industry trends are in your favor, you cannot predict the future. But you can use the past to help you get a deal. Always get a deal.

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• I have a lot of website traffic but no revenues. What should I do? Sell your business. There’s only one Google. (Well, there’s two or three Googles, if you count Facebook and Twitter. But you’re not any of them).

• I have no traffic. How do I get traffic? Shut down your business.

• Should I hire a PR firm? No. Do guerilla marketing. Read Newsjacking and Trust Me, I’m Lying. PR firms screw up from beginning to the end. The first time I hired a PR firm, instead of sending me my contract they accidentally sent me their contract for Terry Bradshaw. He was paying $12,000 a month. Was it worth it for him?

• My competition is doing better than me across every metric. What should I do? Don’t be afraid to instantly shut down your business and start over if you can’t sell the business. Time is a horrible thing to waste.

You can download the full eBook here. And if by any means you’ve benefited from this post, kindly share it with us in the comment box below 👇.

Good Luck Fam!!!