Uploaded June 2024 | Updated September 2026, 1 week ago
Starting a new business can be risky and challenging. In this video, I share a cautionary tale about a family friend who ventured into the world of furniture importing and distribution. Despite having 10 years of experience in a similar business, she faced significant hurdles that led to the closure of her business within a year.
It's a very sad and tragic story, but it holds valuable lessons that every aspiring entrepreneur can learn from to avoid similar pitfalls. As you probably know, most businesses are doomed to fail. But in this video, I'm going to apply my business expertise in highlight my best business advice for anyone thinking about starting their own business.
❗Get my Bookkeeping Basics Mini Course here: noellorenzanacpa.com/how-to-setup-a-simple-and-effective-bookkeeping-system
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/_9MFngn4VCs
youtu.be/Z0jtyr3VKQs
youtu.be/QVU_ioJf2ho
Thanks for watching my video on, How To Lose $400,000 Starting a New Business
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - Best Advice: Starting a New Business
01:28 - Number One. Grow Slowly.
02:52 - Number Two. Sell, Sell, Sell.
04:01 - Number Three. Be Frugal.
05:12 - Number Four. Competence.
06:35 - Number Five. Know Your Numbers.
06:52 - Mini-course: Bookkeeping Basics
07:41 - BONUS: My Favorite Business Tip.
Replay Video Link: youtu.be/kgNxLruj-8E
#businesstips #businesssuccess #startingabusiness
Starting a new business can be risky and challenging. In this video, I share a cautionary tale about a family friend who ventured into the world of furniture importing and distribution. Despite having 10 years of experience in a similar business, she faced significant hurdles that led to the closure of her business within a year.
It's a very sad and tragic story, but it holds valuable lessons that every aspiring entrepreneur can learn from to avoid similar pitfalls. As you probably know, most businesses are doomed to fail. But in this video, I'm going to apply my business expertise in highlight my best business advice for anyone thinking about starting their own business.
❗Get my Bookkeeping Basics Mini Course here: noellorenzanacpa.com/how-to-setup-a-simple-and-effective-bookkeeping-system
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/_9MFngn4VCs
youtu.be/Z0jtyr3VKQs
youtu.be/QVU_ioJf2ho
Thanks for watching my video on, How To Lose $400,000 Starting a New Business
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - Best Advice: Starting a New Business
01:28 - Number One. Grow Slowly.
02:52 - Number Two. Sell, Sell, Sell.
04:01 - Number Three. Be Frugal.
05:12 - Number Four. Competence.
06:35 - Number Five. Know Your Numbers.
06:52 - Mini-course: Bookkeeping Basics
07:41 - BONUS: My Favorite Business Tip.
Replay Video Link: youtu.be/kgNxLruj-8E
#businesstips #businesssuccess #startingabusiness
