How a 27 year old built a $600K business in 2 years with no prior experience
Date: September 16, 2015
Name: How a 27 year old built a $600K business in 2 years with no prior experience
Presenter: Dan Lok and Wilson Lee
Many entrepreneurs are not focusing enough on dealmaking strategies and techniques. Instead, they focus on micro management and lose the profit opportunities. Vancouver Entrepreneurs Group invites Wilson Lee, the CEO of Wun2Free Entertainment, to share his experience in negotiation for bigger profits. This presentation will motivate entrepreneurs to have the dealmaker mindset. Moreover, entrepreneurs will learn to determine if the deals are makable or no chance of closing. Dan Lok, the Founder of Vancouver Entrepreneurs Group, will also present his perspective on Apple’s marketing strategies. Furthermore, entrepreneurs will be able to adapt the tactics on their business marketing campaigns.
The secret to Apple’s marketing genius
Dan Lok, the Founder of Vancouver Entrepreneurs Group, believes many Apple product consumers are attached and loyal to their products because of the Apple’s marketing strategies. Lok states over 47 major retailers announce closing over 6000 stores across the country. This increases the competition and impact many small business owners. The retail apocalypse forces small business owners to be aware of the change, innovation, and relationship.
Based on eMarrketer from Fortune, because of the new release on iPhone, Apple increased their lead productivity and increase the profitability of $4,798.82 in sales per square foot at the end of 2014. In June 2015, Apple announced the quarterly revenue of 49.6 billion with the net profit of 10.7 billion. Moreover, Apple has over $203 billion in cash reserve in their balance sheet.
Lok shares the top 5 powerful ways for Apple to cultivate loyal fans.
Way #1: Give people products that are exceptionally good
Apple makes innovative products for their consumers. Furthermore, their products are extraordinary comparing with their direct competitors. Lok wants entrepreneurs to revisit their products and ask themselves how their products can be different and unique with direct competitors. Moreover, Lok shares it could be difficult for entrepreneurs to design products by focus groups because a lot of time people will not know what they want until entrepreneurs show it to them.
Way #2: Their product are fun and easy to use
Apple sells products with simplicity. Their products can be used by kids. Lok mentions complexity is the energy of execution and simple can be harder than complex. It takes a lot of work to make things simply for entrepreneurs, but the result will impact for long term.
Lok suggests entrepreneurs to picture their prospects as Homer Simpson. If entrepreneurs can explan their products to Homer Simpson, they got something right. In business, Lok chooses his battle by entering the market with high margin, lousy competitors and bad customer experience. Lok will have the ability to make it stronger, faster and cheaper.
Way #3: Apple strives to deliver unique and outstanding experience from the moment of contact
Apple delivers unique moments for their consumers. The consumers are purchasing the access to their system, not just the product. When consumers buy Macs, they are joining the community. Entrepreneurs should always think beyond the product itself. By creating impact and experience, consumers are willing to pay more. Consumers are linked with people who have elevated status. Moreover, perception is reality.
Steve Jobs has been positioned as the iconic celebrity in the Apple world. Furthermore, he helps Apple to create exceptional experiences through their retail stores.
Way #4: Apples has very wisely taken an overall look at what the computer market is, figured out what they really want to do with their computers and build their platform around that
Apple expands their market platform because they put themselves in their clients’ shoes. They analyze consumers behaviours and offer what and when they want. Entrepreneurs need to ensure their back end is simple. Entrepreneurs can direct leverage their client base to increase their backend with join venture.
“Go where the money is flowing and then just stand in front it”
Way #5: Apple is absolutely shameless and relentless about self-promotion
Apple promotes their product well. Lok believes attention is the new currency. Entrepreneurs need to market more when they do not need to market. Most companies go out of business because of obscurity. It is easier for deals come to entrepreneurs than chasing deals.
“Visibility is more important than ability”
Lok suggests entrepreneurs to have their personal media platform. The platform can be a community that serves greater good for other. Platform can help entrepreneurs to get attention, but it is slow to build. Entrepreneurs should start immediately. By leveraging other platform, entrepreneurs can help other people gain attention together. Moreover, there is no such thing as over exposure.
“Be somebody, do something, be somewhere”
Journey of Wilson Lee’s entrepreneurship
Wilson Lee, the CEO of Wun2Free Entertainment, started his career when he was 16 years old at an ice cream booth. After graduation, he felt his desire of entrepreneurship was still burning, so he took the opportunity to host Bubble Tea booth to gain entrepreneur experience. During one of the Carnivals, he realized the potential business opportunity in Carnival game and began his journey in game market.
Lee believes in confident. He emphasizes building the game is not the hard part. The hard part is to sell the entertainment business idea. Lee experiences difficulty of flying back to China to look for sources and stocks. Moreover, Lee has no connections in China, but he never gives up. Lee understands if people have the mindset of “do not know what to do”, they will not exceed to the next level of their business.
Lee utilizes the night market to expand his career. With Lee’s effort, Lee increases the amount of games and staff employment opportunities. Lee pitches his business idea concept to PNE based on his night market portfolio, and the revenue for the second year is double.
Lee stats there are over 700 thousand visitors per one month during the peak season of night market. Lee shares 2 main business lessons from the night market.
- Leverage the existing business for the next
- Always be determine and nothing to lose
Lee never categorizes himself as “the event guy”. He always strives to new improvement. It is just business. Lee leads his team with good principle. Since most of the employees are in average of 17 years old, he acts as the cool boss and have fun with everyone.
“With growth, there are things to work on; keep building, keep seeing, and keep going”
Lee sees himself to continue in game market for the next 5 years. He loves the idea and he enjoys the process. Lee emphasizes it is not about money, and it is about passion. He chooses to be in business. In his theory, entrepreneurs do what they love.
Lee sees many business opportunities in the future of his business. He will explore in gambling games and give more back to the community. In average, business will only contribute 20% return to the society. However, he insists of contribute back 30% or more. He understands attention is the key to promotion, and he is willing to spend resources for attention.
Lee announces his new project called “Vancouver Winter Wonderland”. He wants to use this business idea to provide business opportunity for indoor activities at winter season. With the right people, he establishes his vision within 2 years. Vancouver does not have indoor season place for festival and he wants to use this idea to create more magical experience.
For most people, Vancouver is branded for the boring place. Lee wants to change that. He expects within 10 days, the Wonderland will have over 90 thousands visitors. The Wonderland will partner with Chamber of Commerce and other tourism attractions for advertisement.
Lee does not believe in making mistakes. He indicates entrepreneurs have the drive to be persistent. All they have to do is just ask when they need help.
