LET'S TALK BUSINESS!!

hi everybody here we are again sat in my house Adam is 20 miles away and we're doing this zoom thing so we can make content for you normally would do a Q&A set next to each other or driving around making fun but this is the best we can do so I hope you enjoy it a couple of weeks ago I asked everybody to submit questions and we kind of randomly picked like Tennessee I don't know how many get think so yeah roughly we've got it we've got a good few to get through okay cool so let's just let's just do it there's no glam in this unfortunately but so what can do for glam I don't have any nevermind no yet so parser a did five eight five says how to have a millionaire mindset love your videos so I guess the question is how would you have a millionaire mindset well first of all of us thank you for supporting the videos let you enjoy them millionaire mindset is is an attitude basically it's not about money it's not about how much money you have how much money you can make is the difference between thinking positively and thinking never negatively somebody who's successful thinks of all the great things that they can achieve somebody that's not thinks of all the things that can go wrong if you can eliminate the part where you're thinking about all the things that go wrong that's how you have a millionaire mindset well the next question is from Blackmore one-one-one and he says what would you say are the most common mistakes that people make when thinking about setting up a business that's a great question so the biggest mistake people make I believe is they're thinking they're going to make a ton of money overnight and that they think it's gonna be relatively easy it isn't it takes a lot of hard work it takes a lot of thought I'm a strong believer anybody can do it I mean you don't have to be a rocket scientist to start a business but you do have to have the right mindset so the first thing is learn baby steps look at your long-term goals look at your short-term goals and plan accordingly first thing is cashflow manage your cash flow you can be very successful that they can go bankrupt if they don't have the correct cash flow so by saying now that means don't spend more than you have to and don't spend more than your income is gonna be otherwise you'll find yourself upside down even if you know profits are coming you still gonna pay the bills so always maintain your cash flow so I have a question about that there Michael because a lot of people when they start to start your businesses they'll go and they'll take a bank loan to get going obviously not many people have the collateral there in order to start a business how do you weigh up what is worth taking out a loan versus what you should save up for you know do you start a business now with a loan or do you start a business a little bit further down the line but with your own money that's a great question to Anam obviously if you have the money and you're not taking a loan it makes it easier but most people don't so there's a middle ground there if you have a little bit of money try and match it from the bank but again for my previous answer you've got to really look at your costs reduce your expenditure if you can get your costs as low as possible that's when you can take the money that you receive either by a loan or that you save and you can use it to build your business the biggest thing about a business is recognizing who your customer is identify who your customer is and also if you have people working with you make sure that you treat them like your partner they'll be happy they'll do the best they can your customer will be happy and you'll maintain an ongoing business next question is from Phillip FL SN and he says is it worth it to take the risk to start a business I believe if you do take the risk you're taking the risk you have to take a calculated risk as long as it's calculated long as you've put a lot of thought into it you have an endgame then it's not really a risk you're investing in yourself and I don't much rather invest in myself than somebody else that have no control over so the answer is absolutely it's worth taking that risk if you don't do it and never enough with anything but again make sure you take care to analyze what's coming in the future don't think about the next week or the next two weeks from the next month but look at it long-term and break it down write it out on a piece of paper get an Excel spreadsheet write down your costs all about costs if you can survive the costs even if you don't make everything happen that you dream up you're still winning stibo be inspired says how do you protect your business against the scare mongering doomsday cult that is the media ie covert 19 is the end of the world stay away from everyone um Wow doomsday cult I've never actually thought about that that it's a very interesting question how do you protect yourself well maintain a positive attitude if you believe everything that you're told and you believe everything that you read on the Internet you're in for doomsday because the media they don't sell news unless they dramatize it I'm not trying to underplay Kovac 19 it's a very very serious situation but it's temporary just like anything else if you knit yourself in it hurts guess what it's temporary the pain will go away sometimes the pain is longer than others but you can't look at it that way turn the negative into a positive and think well they're telling me one thing I'm gonna prove them wrong as opposed to just going with it and letting them shoot you down Steve and XO says will you have a stop working slash retire will I ever stop working slash retire gosh I hope not but the answer is probably they'll become a point where I'm not able to do it and I think there's a point to everybody they're not able to do it working for me is not working I enjoy working so to me it's having fun I try to make it enjoyable in fact I do make it enjoyable otherwise I wouldn't do it but working is a mindset like everything else if you enjoy what you're doing you're really not going to work if you don't enjoy what you're doing and is stuck in a job that's just because you need to make an income well hey guess what look for another job don't give in the one that you've already got until you find something that you really enjoy I'm a great believer in following the eyshan using your passionate now and if you do that you'll be happy Steve Burbridge says do you support a certain charity if so wich one he actually said do you support a Curtin charities if so which ones I presume you means certain charity but I guess also is there a Curt and charity that you're the most of all Steven I don't have a curtain charity but let's go with certain charity I support lots and lots of charities it's not something I normally talk about on social media and I'm not really going to talk about it now either other than to let you know I'm a great believer in giving back I try to help those that need it I don't want to get into details of where who and why but these are certain things I'm passionate about and if I can ever help that's what kawar gabbar says how do you balance business and friendship have you ever been an awkward situation because of this I found I've made a lot of friends doing business so now I try not to do business deliberately with a friend having said that friends happen because you're doing business with them sometimes not so I don't really look at it that way I just get into a business situation it and hopefully we're going to be friends everything works out and we become friends have I ever been in an awkward situation I've been in many awkward situations unfortunately doing business with friends because sometimes expectations are high on either side somebody might feel they're not pulling their own weight we're not putting in the same amount of work of whatever it might be so going into any business relationship where you working with a partner or a friend or stranger it doesn't make any difference make sure that you set your parameters and your expectations out upfront so that nobody gets it wrong later down the line so I'm not even gonna pronounce right pronounce this please do please okay so it's tough tough edge Zig tough tough edge sick Luca Luca says what is the best advice for a startup Lucas agree question the best advice is to manage your expectations don't have this grandiose thoughts that you're gonna be a millionaire the following day when you start a business manage your expectations set out a plan a week a month six months a year and you have to make an adjustment as you go so if you set up a plan and the first week doesn't happen the way that you anticipated amend it fix it change it to what actually happen and then change the rest of the plan accordingly and if you continue to modify your plan to meet what's actually happening you will become successful Manuel Gerardo says how do you react to negativity and hate I try my best to avoid it there is nothing worse than being surrounded by negative people there will always be haters there will always be there you know the thumbs-down people I just feel bad for them because they probably they have a great opportunity to change themselves and be successful but if they allow themselves to be negative if they think negative thoughts if they have negative people around them guess what that's just a whole bunch of negative so my recipe for fixing that is avoiding though if somebody's negative you know you keep your thoughts to yourself by and then move on TJ code Len says hey what is the most important thing in running a business greetings from Germany thumbs up hi hello Germany um well I think the most important thing is making your customers happy because if your customers aren't happy your clients unhappy you don't have a business basically they're not coming back so customer service customer service customer service be honest provide what you say you're going to do do the best to give a good service whatever it is you're doing and you will succeed okay this is the last question from Gabriel pana o21 and he says tips for a job interview ah what a great question Gabriel tips for a job interview okay so the first thing you need to do is if you go for an interview in a company research company know everything about them know exactly what they do know the names of the executives in the company not whether when you go and sit down with them you can say well mister whoever has done a fantastic job taking the business from here to here or his role make sure you know everything about them the next thing is be confident and also be honest if if you are asked a question if you don't know the answer to that question don't make it up to say you know I don't know that I'm looking forward to learning it always be positive same thing always be positive and if you just hate that roller don't try and impress anybody you'll get a job well that's MA that's all the questions that was it that's it so I need to say goodbye yeah just the outro now so I hope this was helpful I know this isn't the ideal circumstance to do any video really we just want to keep you going with with fun videos informative I think until we get released back into the open spaces we'll be doing more of these we're just gonna try and give you content that's what's worthy of a look and you I hope you enjoyed it stay tuned hit the subscribe button hit the bell do you have anything to say Adam no that's it you've covered all my and didn't in it to win it [Music]

Channel: ProducerMichael

Views: 232,603

Rating: 4.9196815 out of 5

Keywords: producer michael, producermichael, michael blakey, hollywood, beverly hills, los angeles, business advice, mentor, mentoring, mentorship, life coach, businessman, wealth management, startup advice, how to get rich, wealth, entrepeneur, mogul, how to start a business, millionaire mindset

Id: wJUKyMxvAQo

Length: 12min 32sec (752 seconds)

Published: Tue Apr 14 2020