Kitsilano Business Leaders – What really goes on in back office of lucrative million business
Date: November 12, 2015
Name: Kitsilano Business Leaders – What really goes on in back office of lucrative million business
Presenter: Dan Lok
Many entrepreneurs are curious about what goes on in the back office of lucrative million dollar business; in fact, the reality is tougher than they imagine. Kitsilano Business Leaders Meetup invites Dan Lok, the multi-millionaire and serial entrepreneur, to discuss his secrets behind his business mindset. Entrepreneurs will learn to master his impressive business skills and have the opportunity to learn from his entrepreneurship. In this presentation, entrepreneurs will discover the true potential attitude behind the mind of a multi millionaire empire.
Dan Lok is known as the multi-millionaire and the serial entrepreneur in this century. He is also an international best selling author and business mentor for many high profitable business venture. With his powerful leadership, he manages to generate many companies with over 10 million in sales revenue in few years. Dan Lok helps entrepreneurs to reveal their true potential and opportunities.
Growing up in a different country can be difficult. Dan Lok immigrated to Canada when he was a child. Due to a lack of confidence, Lok had a tough high school years. Eventually, Lok received confidence and managed to be a part of 20 companies. The transformation was not easy for Lok, especially the mindset. Therefore, Lok wants to share his 7 lessons that pushed him from being a nobody to somebody.
Lesson 1: Your adversity is your advantage
Lok believes his adversity is the greatest gift. Because of his dad’s bankruptcy, he was forced to push his limits to another level. Lok explains this is similar to building muscles. When trainers want to develop their muscle strength, they need to put stress. When their muscles are teared down, they will rebuild the muscles and become stronger and tougher.
Lok failed over 13 businesses before his first success. Everything comes down to a statement.
“How bad do you want it?”
Based on statistic, only 4 percent of startup businesses will survive. Lok believes business is not for the weak and it is not for everyone. When entrepreneurs overcome business obstacles, they will receive tremendous outcome that other will never receive.
“I lost more money and make more mistakes than anyone, but I still keep learning”
Lesson 2: It is not do what you love, it is love what you do
Many entrepreneurs believe the statement of doing what they love and the money will follow. Lok disagrees with that statement. It is important to remember that entrepreneurs must do what they love and make sure that passion of theirs will solve problems in the market. Otherwise, it will just be a hobby.
Lok believes entrepreneurship is not about money, it is about lifestyle. It makes no sense if entrepreneurs do the handwork and still struggling to be successful. Lok emphasizes money earn is a byproduct of creation. It can be either impact or volume. The secret is that most successful entrepreneurs deliver great values to other people. Therefore, the true meaning of leadership is to be a server to many people.
Money is important in business, and money is meant for two things:
- Give comfort
- Do more goods beyond physical presence
Lok shares that when entrepreneurs learn how to make money, they will be obligated to make even more.
Lesson #3: Save yourself before you try to help the world
Lok believes knowledge and time are the two most valuable commodities for entrepreneurs. For example, when people will donate blood to help patients; however, successful entrepreneurs will build hospital to help even more patients. Entrepreneurs will only give when they have abundance.
Lesson #4: Promotion over creation
Many companies are not successful because they do not create enough attention. Lok believes attention is the new currency and in this generation, entrepreneurs must obtain as much attention as possible. There are many unnecessary noises in the market, and it is entrepreneurs’ responsibility to cut through those noise.
Money follows attention and if entrepreneurs are not able to let their clients know they exist, they will eventually fail.
It is important to create attention. Lok suggestions entrepreneurs to do 10 times more than everyone else. The reason behind this is to increase the possibility of getting successful results.
Entrepreneurs tend to wait until things are perfect to launch their business. Lok wants entrepreneurs to understand that they should not let perfection get in the way that is possible. Do not wait for permission to claim their spot in the market.
Lok believes elevator pitch is not effective because it is impossible to get someone’s referral within 10 seconds. What really works is to build meaningful relationship. Lok uses his book as his business card because he believes people do not throw away books. Books help Lok promote his message in the market.
“If you know what others do, do the opposite”
“What should you be doing?”
Constantly push entrepreneurs’ marketing and promotion. Entrepreneurs should not do their marketing when they are desperate. People will do business with entrepreneurs who show competence.
Lesson #5: Stop pretending and start asking
Lok experiences many entrepreneurs love to tell him their stories, but they do not ask. Many entrepreneurs have the conception that asking is for the weak. Based on statistic, about 5% of the audience will come up and talk to the presenter. However, only 1% will follow up.
Entrepreneurs must understand the their network is equivalent to their net worth. Lok shares 3 secret tips that will help entrepreneurs to develop high quality connections.
The first tip is not to pitch or sell services in front of high quality people. High quality people are busy and they will never remember that moment. The second tip is not to give them their business cards. Lok wants entrepreneurs to realize that it is not high quality people’s job to remember, it is entrepreneurs’ job to remind them. The last tip is to ask for other people’s contact information and actually follow up.
When entrepreneurs discover they are not receiving their response, they need to contact them constantly.
“Only one email? How bad do you want it?”
When entrepreneurs write their email, they should include two main questions:
- How can I learn more from you?
- What is the most important project you are working right now and how can I add value to it?
It is easy to develop relationship with people. Lok suggests entrepreneurs to remember one statement:
“Add value way beyond the core product or service”
It is important to know the audience. If entrepreneurs give enough, they will eventually get some return. When entrepreneurs say their business are fine, it really means they are freak out, in debt, not making enough money, and emotionally stressed out.
“It is ok to ask for help”
Lesson #6: Master, do not dabble
Entrepreneurs must master one step at a time. They should always stay focus and not have shiny object syndrome.
Lesson #7: You do not have to get it right, you just have to get it going
Perfection is alway the enemy of progress. When entrepreneurs are not embarrassed by their first version of their product, they are already launch too late. This is why Microsoft have the style of “make it, sell it, and fix it”. Nevertheless, Lok wants entrepreneurs to stop being perfect and start creating attention to the market.
