How to start a Business with No Money: Insights from a Rich Man!

Today we're doing something different. I'm sharing the story of someone very successful and how he did it. Watch to the very end to learn how to start a business with zero money. Welcome back to Veritalogic and for those of you who are new here I'm Sam, your host for YouTube Talks. I'm currently pursuing a PhD in economics and yes I've survived not one but two business schools. Love economics and business? You're in the right spot. Now let's get into the story. Today we will be sharing the life story of David. He was born in a communist country and David's childhood was marked by surviving a nuclear incident, a war, poverty, and famine. His journey took a significant turn when he moved to the United States at a very young age and then he began working in construction. From those humble beginnings David managed to save money and eventually he launched several successful businesses. In our interview David shared the secrets behind his success and I'm so excited to get into the details with you. In the interview with David I asked about the skills he mastered to achieve success. He shared I mastered three skills, consulting businesses in trouble, building hotels and commercial properties, and restoring homes. David emphasized the importance of making lifetime customers and closing the deals. To make a lifetime customer he said you give the customer what they need. David shared that marketing your services doesn't cost any money. He said if people see that you're good at one thing they will hire you to get it done for them. He said you don't need money to sell your services. The business is you. Whatever you're good at that's what you can offer and continuously learn new skills. The more you know the more you can offer and do. When asked how he convinced people to buy his services David gave an example from his consulting business. I never charged anything up front he said. I first brought the value to them. He would tell them I will not charge you anything but if I turn your company around from being unprofitable to profitable then I want 25% of your monthly profits. Then they know that I will continue to help grow their business because it is in my interest to do so as I will be a partner. He said you have to remember that you're not just trying to gain a client. You are trying to gain a lifetime partner or a lifetime client. The beauty of this is he said if you don't succeed in doing the task they asked of you you will not gain a lifetime enemy because you did not charge them a dime. This way they will appreciate your efforts. It's also important to stick to your word he said because that is your reputation and he said once you lose it you cannot get it back. So if you say I will be there on Tuesday then you should show up on Tuesday. If you quote $50 per hour for a job then that's the price for the job. He said it doesn't fluctuate after you realize you made a mistake and you should have charged more. You must stick to your word never lie. I asked David if school is important and if he had to go to school to learn. His response was clear. He said yes the very first years of school are the most important thing that you will apply in life. He said from basic school you need math physics reading and grammar. He said these subjects help with numbers and business understanding capabilities through physics and good communication skills through reading and grammar. When I asked David if there were other useful areas of study he recommended business administration. He said if you study business administration you will know how to run any business. He said I pursued it because I was managing multiple businesses and I wanted to improve. For the older audience looking to increase their income David advised think of things that will help in day-to-day life with other older folks like themselves and sell those services to people who have more money than them. This way they pay you a little extra for your help. On why other successful business owners might not share their knowledge David cited it's simple competition and greed. However he himself is not worried about competition. He said trends always change. There's always space to offer new services. I asked David about his views on the future particularly the impact of AI on our lives and businesses. He shared a personal note. He says in the next five to ten years AI will change everything we do. It will revolutionize the way we conduct business and provide services. This moment is a golden opportunity to start a new venture and offer new types of services because we're at the beginning of a major shift. Manufacturing will be done predominantly by robots making it cheaper and more efficient he said. Hence it's crucial to open as many businesses as possible to provide new services as the workforce from manufacturing will need jobs. When I inquired about the kinds of services that people could do David had some clear ideas. He said repair and maintenance and painting of robots will be essential. Energy will be booming industry as robots will need more power requiring an advanced grid that needs building maintaining and repairing. Travel and leisure services will see increased demand as people work less and earn more. The construction industry will remain critical to build new roads infrastructure and buildings for robots to function. Also continuous delivery will be necessary to keep prices low for consumer products. I asked about the potential profitability of companies despite the increased production capacity to which David responded even if companies make less money per item the higher production capacity means they sell more thus making more profit overall. Lastly we touched on universal basic income or UBI. David had strong opinions. He said it's a hot and sensitive topic but he said he believes UBI will become essential. He said as people get laid off or transition to other types of work we will need a mechanism to support them. He said he foresees UBI becoming necessary within the next decade. Finally the most important question that everyone is dying to know. I asked David the secret to his success and how he went from having nothing to having everything. His response was super eye-opening and I quote don't chase the money he says start addressing problems instead. I have taken burnt or water damaged properties and restored them when no one thought it was possible. I was chasing the challenges not the money. If you master the challenge it opens the door to the money because when you do challenges you gain experience and knowledge which ultimately turns into a skill that people will be willing to pay you for. As a result they choose you to resolve their problems or their challenge. That's how you get the money to come to you. You have to become good at something however you can become good at many things and that is how you can optimize your possibilities. David goes on to explain most people want to aspire to become lawyers and doctors or have high-paying jobs. Everyone thinks that way and everyone wants that he said however that is not how you will become successful. David said you become successful by learning how to build something and by learning how to solve problems. For example he said if I build five houses in one year I would make more money than any doctor or any lawyer would make in one year. Building houses is not hard he said it's the skill of managing people that work for you your clients and your bankers. You have to master communication skills. David highlights the importance to stop lying because everyone knows you're lying and you're not fooling anyone. He said you have to speak very clearly and directly and manage your demands from people. Don't ask for more demands than you can honor he says. For example if you have money to hire two people then that's it that's what you should hire just those two people. Don't try to stretch it and hire more than you can treat fairly because no one will work for slavery type wages. That's how you gain money by mastering all these skills. It's okay to need more money he says because that's what bankers are for but you have to establish yourself first. You have to prove to the world that you can build something and you can solve problems. So when someone is thinking about giving you money they look directly at your capacities. It's important to establish yourself and quit chasing the money. Also what is important is not to tolerate lies. He said don't be afraid to fire people that are not performing and don't waste your money he said. When you start making money don't buy more than you can really need because you will just waste your money. Also when you buy something buy it from the source directly at the cheapest price possible and when it comes down to what you will charge for your service or your product he said you have to stay competitive. You have to be one of the best prices on the market and the rest is your reputation. Don't try to save the world because you will get tired trying. Imagine a community where we inspire each other. Tapping into our own unique talents. I'm here as your guide but the real power lies with you. Each of you has something incredible to offer. Surviving tough times shapes you into a resilient and quality human being. What we can take away from David is that success isn't about money. It's about persistence, learning and mastering your skills. You don't need cash to kick start a business. You need dedication, good communication and unshakable credibility. Bankers can provide the money and will trust you as long as you're truthful and dependable. So that was the secrets on how you can start a business with zero money. So tell me what is the best thing you ever did in your life? Please comment below so others may use it as their own inspiration. Thank you so much for joining me today. Let's build this inspiring community together where we share, grow and thrive because information is power. See you tomorrow in the next video.