7 Lessons I Learned from Losing a Million Dollars Before I Was 21 [Young Entrepreneur Motivation]

As an entrepreneur, you're going to lose money and make mistakes, but today, I'm going to help you avoid making the most common ones. Today I'm going to share with you seven lessons I learned from losing a million dollars before I was 21. These are the business tips I wish I knew when I was a young entrepreneur RESOURCES & LINKS: ____________________________________________ 7 Things to Do Before Becoming an Entrepreneur (video): https://youtu.be/N6V7gXaz_io ____________________________________________ As an entrepreneur, everyone thinks that, "Oh it's great," and you just climb up and to the right and make more money the longer you do it. That's not the reality. Entrepreneurship is like a roller coaster. There's ups and downs and scary moments. I remember when I was 16, there were points where I was making twenty grand a month, and I thought I was on cloud nine, but you know what? By the time I was 21, I lost it all plus I lost another million dollars that I borrowed, but eventually, I paid it back. And it didn't take me longer than one year to pay it back, but I made some big mistakes, and I wish I didn't make them and someone was there to guide me. I've made a lot of mistakes. The first lesson that I have for you guys is business ideas are a dime a dozen. That business that I lost a million dollars into was cloud computing. That was before Amazon Web Services. I had that idea before them, but you know what? Business ideas are a dime a dozen. It's all about execution. I came up with that idea because I was getting all this traffic to my website, and it was coming in spurts, and I was getting a big bombardment of traffic my servers would crash. And at that moment, I had this idea, but poor execution, poor team. So execution and team are very important. Just because you have an idea, it doesn't matter. The second lesson for you, you need a focus. That's a good idea that I had, but I already had a business that was making money. Don't do too many