7 min read

Why Business Knowledge Isn't Enough? [Part 1]

Why Business Knowledge Isn't Enough? [Part 1]

There's a lot of information out there that tells you how to start a business, like find what business idea you should have, how to register your company, how to do social media marketing, and many more. But the reality is - these are not enough...

I believe that there are other things that are way more important than all of those things. Watch the video to learn more.

If you find the video helpful, please help to like it, share it, and subscribe to the channel - so that the content can reach more people.

Coach Jovan

Full Transcript:

0:08

Why business knowledge isn't enough and

0:12

I want to tell you a very quick story.

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Like what I said I've been business for

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many years, in fact my interest in

0:20

business started very very long time ago

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like you know 2004 2005. some of you

0:26

might not even be born yet which is

0:29

crazy so 2004 2005 uh was the first time

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I started uh like the interest in

0:36

business and so I studied in school

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business business management like it's a

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masters degree and so I'm an engineering

0:44

graduate so imagine kind of like

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Engineers are not really trained to

0:50

be business people right... so we are

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trained to to become employed. And so

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that's kind of like when it started so I

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went to apply and and studied business

0:59

management engineering (business

1:01

management) and I learned all the

1:03

theoretical stuff basically you know

1:05

like you know how to do business plan

1:07

strategies and things like that and so

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that's kind of like after I did that I

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and I didn't finish my Master's Degree

1:17

for business management because I had to

1:19

move from Philippines, I had to move to

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Singapore and so I didn't continue but

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in Singapore another opportunity I had

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was to learn again about

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entrepreneurship and so that's when I in

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2009 you know during the financial

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crisis I was I was retrenched and then I

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was thinking okay I think it's it's time

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to look at business again and I went and

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signed up for an entrepreneurship

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program in 2009 and in this program it's

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more of a like RARA kind of program it's

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like it hypes you up you know it makes

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you feel like oh I'm motivated I'm

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gonna start my own business that's kind

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of like uh how it is but it also teaches

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some some tactics so I started

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learning about how what kind of

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tactics can I use to start my business

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because of what I've learned and then

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you know the the hype so I was like

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energetic I started my first ever first

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ever business in 2010 and so that's kind

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of like the result of that so I was like

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really really motivated to to start

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something and I started frozen yogurt

2:30

business in 2010. it it it was like

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really a new experience from being an

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employee to becoming an entrepreneur a

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lot of things was new a lot of things

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was mind-blowing you know like how I was

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earning how the the business was earning

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in a day was it equal to what I was

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earning as a salary in one month so

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those things are like wow like very

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shocking to me

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um it was a good feeling uh when I when

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I experienced that and so it's like wow

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this this is really you know different

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this is it

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um but of uh later on

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um uh the business didn't do well and

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eventually kind of like failed and then

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um so I lose a lot of money from that

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from that business in fact not only

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money other things as well and so it

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made me realize that oh okay even though

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I studied business management in in

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school like you know the theoretical

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stuff and then uh I went into this

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entrepreneurship program in 2009

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that wasn't really enough

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to make me to make me successful in

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business so I think that that's why this

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question is really important especially

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for people who who are starting, who

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wants to start their business

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to really understand what is really

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important to to know about starting a

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business so so that's what I'm going to

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be answering after starting and being

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involved in at least eight different

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businesses. What I have learned is the

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important thing is to have that

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mindset and not only me so after I... you

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know in this journey this very very long

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journey what I've learned is that

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successful people like those who have

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who have been in business for like 20, 30

4:33

years and their business is quite

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successful what they would also say is

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that um you've got to have the that proper

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the right mindset in order to be

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successful uh in business so that's what

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we what I want to share like you know

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and when I say mindset what are

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we talking about here so mindset

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basically those mental frameworks you

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know the the frameworks that you have

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inside your mind you know how is

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your mind processing things and that's

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kind of like the mindset that we are

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talking about

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so a few things that that you know might

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be familiar to you you've heard of this

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before um it's important to have you know the

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tenacity you know you need to be

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tenacious when you when you start a

5:22

business uh and and before I continue by

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the way so if if you have any questions

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uh since this is q a if you have any

5:30

questions about business or yourself as

5:33

an entrepreneur feel free to post it in

5:36

the chat and we will go through that

5:38

later so let me continue so my mindset

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so tenacity right so you need to be

5:44

Tanisha so when you start your your

5:46

business you need to have this way of thinking

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that you are going to be doing whatever

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you need to do in order to succeed

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and of course not everyone not everyone

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would have this kind of like uh way of

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thinking so especially

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um there is the the employee mindset and

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then there's an entrepreneurial mindset

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right so the employee mindset typically

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would have they would have and I know

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because I've been an employee before

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would have uh this way of thinking that

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okay just just tell me what to do and I

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will do it right

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um they they're they're always waiting

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okay tell me tell me tell me what to do

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tell me what to do then I will do that

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so once you step into uh

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entrepreneurship once you become an

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entrepreneur it's different now so you

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need to think for yourself and so that's

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the next thing that you need to

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understand as an entrepreneur having a

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more proactive kind of like mindset so

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proactive meaning thinking ahead for

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yourself like okay what do I need to do

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in order to uh be more successful in

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business and another simple thing and as

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I'm sharing this is it it can go deep

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this conversation about mindset um so

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I'm sharing just a few things so that

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you you can have a different View and

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framework later on uh another thing is

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long-term thinking let me unpack

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unpack that that long-term thinking so

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what I realized and notice because as a

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as a coach I work with people who want

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to start their own business as well

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people who have probably started their

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business and it's not doing well and so

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what what I notice is that some of this

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um entrepreneurs have kind of like a

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short-term thinking and what I mean by

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that is that they let's say for example

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they they start a business because they

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saw the opportunity to earn money right

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so okay oh you know like for example

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affiliate marketing so it's kind of like

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a buzzword now for like a few years and

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then say Oh affiliate marketing is easy

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to to earn money from affiliate

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marketing and so they would

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um go into business thinking oh I can

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easily earn money from from you know the

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business and so that's kind of like an

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example of a short-term thinking so when

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you when you start a business you need

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to look at maybe three to five years uh

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down the road if you can even imagine

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like okay 10 years time what is this

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business uh going to be or how does it

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look like

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oh hey there if you like this video

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please like share and subscribe and

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remember to click the Bell button so you

8:41

get updated on the new videos

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see you in the next one

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[Music]