Every week I have coffee, lunch, or even dinner with a few entrepreneurs. I get to hear about their so called revolutionary business idea, how great their team is, and how much more money they need to take their business to the next level.
After doing this for a few years, you tend to get tired of hearing all the bullshit that comes from most entrepreneurs.
So for all of you entrepreneurs out there, here are the 7 harsh realities that you need to know if you want to be successful. [click to continue…]
I was watching The Real Housewives of Orange County yesterday and I was shocked to hear that 4 out of the 6 housewives are broke. I couldn’t find their salaries, but if The Real Housewives of NYC are getting paid $30,000 an episode, the Orange County ones must be making more.
Even if you account for the recession, there is no reason why they should be having financial troubles. The only conclusion I could come to is that they are spending all of their income, similar to how 78% of athletes go broke.
Now I don’t want to be judgmental because it is their life and they can live it how they want to. But the first thing that came to mind when I saw this was that if they were a “Patel”, they would have never ran into these situations.
There are a lot of reasons why many Patels do well, but the main reason is that we are cheap.
The main reason I think I am somewhat successful is because of what my parents taught me at a young age. They didn’t groom me into being a businessman, but instead they just taught me what their parents taught them.
Here are some things I learned as a kid that helped me down the road: [click to continue…]
In 2006 my business partner and I were running an Internet marketing agency called ACS. We were looking for new channels that would not only drive us more clients, but would also create additional revenue streams.
After brainstorming for a while we decided that I should start blogging. Our logic behind starting a blog about Internet marketing was that it would help brand myself as an Internet marketing expert, which would help us bring in more clients.
In addition to that we thought that if we could build a large enough blog about Internet marketing, we could then make additional money by selling ads. [click to continue…]
As I have mentioned to you in the past, I have made a lot of mistakes. Luckily most of these mistakes where small and didn’t cause much harm to my business or me. But the one occasion I have made a big mistake not only did it cause one of my businesses to go under, but it also caused me to almost go bankrupt.
So here is the story of my million-dollar mistake.
The early days
Towards the end of my high school career, I started my first real Internet business. The business was called Advantage Consulting Services (ACS), which consulted small to medium sized businesses on their Internet marketing strategies.
At first, like most businesses ACS struggled. But from blogging, speaking at industry events, and cold calling, my business partner and I were able to grow ACS into a cash cow.
During our peak, we were pulling in millions of dollars with high profit margins. Once ACS started to do well my business partner and I decide to expand, but we didn’t expand in a good way.
Most entrepreneurs would expand their core business and try to accelerate their growth. But my business partner and I aren’t like most entrepreneurs; we decided we would be different and expand into new ventures that weren’t related to our core business. [click to continue…]
Finding the right business partner isn’t easy. I have been an entrepreneur for about 8 years and I have been through my fair share of business partners. And although I have been blessed with having some great partners, I have also had a few that didn’t work out.
The business partners that didn’t work out weren’t necessarily bad guys and they didn’t do anything wrong, but for one reason or another things just didn’t work out.
Now before I go into finding the right business partner, I want to break down some reasons on why you should have a business partner: [click to continue…]
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About Neil Patel
Neil Patel is the co-founder of 2 Internet companies: Crazy Egg and KISSmetrics. Through his entrepreneurial career Neil has helped large corporations such as Amazon, AOL, GM, HP and Viacom make more money from the web. By the age of 21 not only was Neil named a top 100 blogger by Technorati, but he was also one of the top influencers on the web according to the Wall Street Journal. Continue reading
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