If we have not met before, I've been a business owner for over sixteen years & I've been well over $8 million in online business sales.

And today I'd like to share with you my reaction to business advice on TikTok.

Watch the full video here: 7 Figure Entrepreneur Reacts to Biz Advice on TikTok.

Business Entrepreneurs on TikTok

Below are some of the quotables from business entrepreneurs on TikTok along with my reaction to their business advice.

1. Mark Cuban

“When you're starting a business and you take out a loan, you’re a moron. There are so many uncertainties involved with starting a business, yet the one certainty that you have to have is paying back your loan.”

“99% of small businesses you can start with next to no capital. It's more about effort.”

“Small businesses don't fail for lack of capital. They fail for lack of brain, a lack of effort.”

“If you start a business, you better know your industry and your company better than anyone in the whole wide world. If you're going to compete with me on one of my businesses, you better realize that I'm working 24 hours a day to kick your ass.”

My Reaction:

Honestly, right off the gate. This is really, really good advice.

I remember when I was really young, starting my business, I went to a bank to get a loan. I don't even know why. Like, I remember I wanted to buy a bunch of camera gear in a studio and all these things. I just thought that I needed those things. And the bank obviously denied my request for a loan.

I'm pretty sure I had like a really bad credit score. I didn't have any reason for them to give me a loan. And I remember being so mad.

But honestly, to this day, I've never had to take out any money to start and grow my business.

And I agree with Mark Cuban. It's just not necessary and it's also just not smart. I also feel the same way about taking on investors. I've never personally done it, so this is just my opinion based on my experience.

But it just seems like, you know, for me at least, I started a business for freedom, right?

And so if I'm now taking out money, or if I have an investor, I now owe it to that person. And it's just really no different to me than just having a job at that point.

2. Amelia Sordell

“Everyone wants to be like an entrepreneur and live the best digital nomad life. This is that level of what they perceive to be a success. Reality is, it's the total opposite. You lose friends, your family doesn't understand what you do, and you can never switch off.”

My Reaction:

I do agree to some extent that a lot of people, before they start a business, they're like, I want to be a millionaire in three months and I want to travel the world in those three months.

And I want to blah, blah, blah, blah, blah.

I do see that a lot, where people want the reward like immediately without putting in the work. And I just personally don't know anyone who's been able to really do that.

That said, yes, you can still do those things. Like I've been to over 28 countries, I've traveled all over while running my business.

And she also said that it's hard to switch off.

It only happens to me when I'm really excited about something.

And personally, I would way rather be really excited about my business than work a job that I absolutely hate. Or maybe waking up in the middle of the night stressed about something.

I will say that I have run a business in the past where I was really stressed out and I can tell you that I'm at a level now of the same amount of money with my business and I am not stressed out at all.

So it really just depends on how you choose to run your business.

I feel like you do also need to go through some of those experiences.

Personally, I went through a bad experience with my last business and I learned what to do and what not to do, and be able to work out what was stressing me out.

With anything you do in life, obviously, there's going to be positives and negatives, and being a business owner is not for everyone. For if the only reason you're going into business is to make craploads of money and never work, you can never make it.

And I've done surveys to my audience and asked: “Why do you want to start your own business?” And I've seen some people say: “Because I don't want to work.”

And I was like, well, no one else is going to build your business for you. You have to build your business!

3. Beau Norton

“Before you create a course, you have to do the math. I've been selling educational content on the Internet for about ten years, and I've seen that the average course conversion rate is only between 1 and 2%. That means only 1 or 2 out of 100 people.”

“People on your email list or inside your private community will actually convert into sales.”

“You have to have realistic expectations. I highly recommend if you're thinking about launching a course, make sure you first have at least 1000 people on your email list or inside your private community.”

My Reaction:

I don't say 1000. I usually say about 500 because here's the thing, it will convert about 1 to 2% for an email list.

If you're going to have a private community, it can convert higher than that, like 5 to 10%. But it all really depends. It depends on where your followers come from.

Did they come from cold paid ads? They're probably not going to convert as high. Did they come from warm organic traffic, like building a following on YouTube or TikTok or Instagram that's probably going to convert higher in a community, say, like Discord or Facebook group or some sort of group.

You know, they're probably going to convert higher. I've seen them convert higher because, you know, it depends on how much you're interacting.

But if you're actually interacting and forming relationships with your following, then you are going to have a higher conversion rate.

But I 100% agree with this Tiktok, and I think it's good to set goals of 1 to 2% conversion. And then that way when you convert higher, you'll just be happier.

And also it's so important, you know, you cannot launch a course or digital product without having a following or anyone to sell to.

So if you are going to join a course or digital product program, just make sure that you either already have a following or there is some sort of lesson or training included that's going to help you grow your following before you actually do that pre-sell or launch.

4. Always Astraya

“Digital products trending in 2023.

-Self-reflection journals

-Gratitude journals

-Daily planners

My Reaction:

As somebody who has sold over $8 million in digital products and has helped over 10,000 plus business owners all around the world, I know for a fact that just making random planners and journals like these are all really basic.

These are things that you could literally just Google and get for free online.

You could get these for free through Canva. And there is also a lot of competition for these on Etsy.

So unless you have your own following of people who specifically want to buy from you or some sort of crazy different design, then you can actually sell these things.

5. Lace Media

“How to make a boring business viral on TikTok? Let's imagine I owned a candle business. Then I would go into Walmart and buy the cheapest candle that they sell the same as mine. Then I would go up to random strangers and have them smell those candles. That cheap Walmart one and mine. And ask them which candle they think smells better.

Now here's why the video would do great. It involves storytelling. It involves curiosity, incentivizing the viewer to keep watching, to see what the strangers pick.”

“Any business can thrive on social media. You just have to have some creativity and a lot of confidence.”

My Reaction:

I absolutely love this idea. So cool!

This is a great way for you to grow a following online!

I know one of the biggest creators on TikTok right now is that guy who asks like, What do you pay for rent in New York City? And what's funny is I listen to a podcast about him and he started with tons and tons and tons of different channels, and he grew all of them really large, but he wasn't able to really monetize any of them.

And he actually kind of stumbled upon this whole like, what does rent cost in New York thing? And I guess he does have sponsors and stuff now.

Anyways, my point is, asking people on the street to answer a question or smell something or whatever is really fun and it makes for really good content.

Yeah, this is really, really good advice.

Final Thoughts

I enjoyed reacting to business advice on TikTok.

What did you think was the best advice?

What did you think was the worst advice?

What did you agree and disagree with me on?

Watch the full reaction video here and let me know what you think!