5 Things I'd Tell My 19-Year-Old Self About Running a Business

TL;DR

After 10 years as a content creator and entrepreneur, the speaker shares valuable lessons, including the importance of deadlines and accountability, building relationships, understanding taxes, hiring professionals, and becoming an independent learner.

Transcript

• Thanks to Shopify for sponsoring this video and supporting my channel. Okay, so I am running the risk of making myself look pretty old here but 10 years ago this month, I opened up a laptop on the desk underneath my dorm room loft bed and I bought the domain collegeinfogeek.com which started out as a side project blog then eventually became my fu... Read More

Key Insights

• 🖐️ Deadlines and accountability play a crucial role in maintaining self-discipline and productivity for entrepreneurs.
• 🏛️ Building relationships with fellow entrepreneurs and content creators provides a network of support, feedback, and collaboration.
• 🚕 Understanding and planning for taxes is essential to avoid costly mistakes and ensure compliance with tax obligations.
• ❓ Hiring a lawyer and accountant early on can prevent legal issues and financial missteps.

Questions & Answers

Q: How did the speaker learn the importance of deadlines and accountability?

The speaker lost structure and found it difficult to stay on task when working for himself, as there were no external controls. This lack of discipline led to distractions and stagnation until he implemented external commitment devices, like apps, to create deadlines and accountability.

Q: Why are relationships with other entrepreneurs and content creators important?

Working for oneself can be isolating, and having friends who understand and share one's passions can provide valuable support, feedback, and collaboration opportunities. Building these relationships online or in local communities can help foster growth and success.

Q: What was the speaker's costly tax mistake, and how could it have been avoided?

The speaker mistakenly believed that self-employment tax was lower than regular income tax, only to realize later that it is an additional tax on top of regular income tax. This $30,000 mistake could have been avoided by understanding and planning for all applicable taxes with the help of an accountant.

Q: Why does the speaker emphasize the importance of hiring a lawyer and an accountant?

Although it may seem expensive, having professionals to handle legal and financial matters is crucial. DIY approaches may lead to mistakes and potentially costly consequences. Building relationships in the local entrepreneur community is a great way to find reputable professionals.

Q: What does it mean to be an unprompted learner as an entrepreneur?

An unprompted learner takes the initiative to proactively seek information and solve problems independently. This proactive mindset is necessary as entrepreneurs have to figure out what they need to do and be willing to put in the effort to research and learn.

Summary & Key Takeaways

• Deadlines and accountability are crucial for self-discipline and productivity as an entrepreneur, as external controls can help guide and control one's impulsive tendencies.

• Building relationships with fellow entrepreneurs and content creators not only combats loneliness but also provides a network of support, feedback, and collaboration opportunities.

• Understanding and planning for taxes is essential when working for oneself, as overlooking tax obligations can lead to costly mistakes.

• Hiring a lawyer and accountant, even as a solo entrepreneur, can provide invaluable assistance and guidance, and prevent missteps and legal issues.

• Becoming an unprompted learner is crucial for entrepreneurs, as they need to take the initiative to research and figure out the necessary steps and information to run their own businesses.