#14: Reinvest in Your Business, with Neil Patel

Neil Patel is the co-founder of Crazy Egg and Hello Bar. He helps companies like Amazon, NBC, GM, HP and Viacom grow their revenue. The Wall Street Journal calls him a top influencer on the web, Forbes says he is one of the top 10 online marketers, and Entrepreneur Magazine says he created one of the 100 most brilliant companies in the world. He was recognized as a top 100 entrepreneur under the age of 30 by President Obama and one of the top 100 entrepreneurs under the age of 35 by the United Nations. Neil has also been awarded Congressional Recognition from the United States House of Representatives.

In this episode, Neil and Stacy talk the ins and outs of running a business in its early stages. They discuss why it takes time, effort, and money.

Some highlights include:

“With my first business, I started it because I wanted to make money. It was the wrong reason.” At minute 2:00, Neil talks about why he cut his losses on his first business and moved onto the next one.

Continually learn from your customers. At minute 3:00, Neil talks about why it is so important to actually listen to what your customer wants.

At minute 4:00, Neil talks about why you should reinvest your business profits into making the business grow. Neil invested in other ideas, and it was a big mistake.

Build the traffic before you start the business. At minute 5:00, Neil talks how to monetize your business from the start.

“No excuses. No if's, and's, or but's.” At minute 7:00, Neil talks why task-based goals are the best way to structure your day.

At minute 9:00, Neil talks about the ability to learn more as an entrepreneur than he ever could in a nine to five job.

Make sure you’re closing down your business for the right reason. At minute 11:00, Neil gives a list of the reasons you should and shouldn’t end your business.

Ways to contact Michael:

• Website: neilpatel.com
• Website: www.crazyegg.com

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