Vancouver Entrepreneurs Group

Date: October 16, 2016

Name: How to systemize your business so that it runs without you

Presenter: Dan Lok

Most entrepreneurs are limiting their business’ growth because they are relying on hard work. Moreover, successful entrepreneurs focus on something different. Vancouver Entrepreneurs Group invites Dan Lok, the serial entrepreneur, to discuss how to create system to maximize business. In this presentation, Dan Lok will reveal the unwritten strategies to help entrepreneurs free up their time while creating above and beyond business profit. Entrepreneurs will discover the hidden truth behind systems and be able to enjoy the progress of their business.

Dan Lok is the Founder of Vancouver Entrepreneurs Group. He is also the multi-millionaire and one of the international best-selling authors. Young entrepreneurs refer him as the “Millionaire Mentor” because he has the passion to help entrepreneurs elevate their businesses to the next level. He dominates the internet business platform and publishing field. In addition, he is also the CEO of Charm Junction Inc and the keynote speakers for many leadership conferences.

The value of intuition is what Dan Lok refers as “Zen”. In order to absorb new value, Lok suggests entrepreneurs to empty their cups, which contains their current “Zen”. Business is like a mirror image. Instead of accepting the reality or the truth, many entrepreneurs blame others for their problems. They feel it is easier to accept. Therefore, in this presentation, Lok will reveal the truth for entrepreneurs. The truth can hurt entrepreneurs, but in long term, they will be relieved. Sometimes it is best to walk away and cut the loss.

“If you cannot get 6 figures in 5 years, you need to empty the cup”

There are thousands of reasons why people start their businesses. Based on the book, “The E-Myth”, the myth that most people who start small businesses are entrepreneurs. However, entrepreneurs have the assumption of by only understanding the technical work of business can successfully run the business. Therefore, Michael Gerber, the author of The E-Myth, believes most entrepreneurs are merely technicians with an entrepreneurial seizure; in fact, they fail because they are working in their businesses rather than on their businesses.

Lok believes any business needs 3 types of people: entrepreneur, manager, and technician. It is a see-saw situation if the business only runs by the owner. The reality is that most entrepreneurs are running their business like a see-saw. Most entrepreneurs are technicians and they believe they can solve business problem by working harder at what they do. Nevertheless, they are preventing themselves from growing their businesses. Lok reveals in order to be a successful entrepreneur, they need to understand the skills that make them a successful technician has little or nothing to do with the skills that are required to build and manage a business. They do not realize that most business owners do not have a business; instead, they have a job.

Lok has a blueprint of a successful cycle that every successful business will go through.

1. Attraction
2. Retention
3. Optimization
4. Systemization
5. Delegation
6. Automation
7. Expansion

Not many entrepreneurs are aware that they are going in the wrong direction by going form step 7 to step 1.

Attraction means to attract ideal customers. If entrepreneurs do not have a method to attract their ideal clients, they have a hobby instead of a business. Retention means to retain ideal customers. Optimization means to optimize the values for client from the start. There are 3 simple ways to make more money: increase customers, increase the frequency of customer visits, and increase the transaction size. Many entrepreneurs do not realize that systemization is the forth step and not the first because entrepreneurs need something that works first in order to start systemize.

“If you have a lousy result and you systemize it, you get lousier result”

Entrepreneurs need a system first before delegation. Delegate without system means inconsistent results. It depends on people’s personalities to run the business. Therefore, instead of manage people, entrepreneurs should manage the system.

Automation means to use the tools to automate the system, and expansion means to increase business market by duplicating the system. Entrepreneurs should be system depended, not people depended. Lok likes to ask entrepreneurs the following question: “Can you walk away from your business and maintain the same result?”. If not, entrepreneurs do not have a system in place.

The purpose of business is to provide entrepreneurs what they want. It is not to make them miserable. Most entrepreneurs are miserable because their businesses are consuming all their time, forcing them to whine, stressing out the financials, and hating their customers. A typically question most entrepreneurs ask is “how many hours do I need to work?”. Lok believes that is an employee mentality. The problem for entrepreneurs is that they want freedom from day 1. Entrepreneurs want more sales and profit. In order for them to get more, they need to systemize their business to reduce the hours they need to work.

Lok provides 3 simple steps to systemize business for entrepreneurs.

Step 1: Describe your perfect business

Lok wants entrepreneurs to visualize their perfect business. Entrepreneurs can use these questions to help the process.

• What would it do?
• How big would it be?
• What type of products, services, or projects would it be known for?
• How would it be unique and different from the competition?
• What type of customers would it target?
• How much money would it make?
• What would it do for you?
• Would it deliver peace of mind, security, freedom and fun?

If entrepreneurs are not clear of their perfect business, they would not know when their perfect business arrive. They need to think business like a product. It is important to develop the skill of business to make their perfect business into reality.

Now entrepreneurs need to know the purpose of owning that business. They need to know what that business can allow them to have, what kind of enjoyment that business can create, and what the abilities that business can bring. Usually the first thought is the most accurate. When entrepreneurs are clear, they might realize the business is not as big as they think. The price they have to pay will be different.

Lok believes business is a vehicle to get what entrepreneurs want. Entrepreneurs should not get attached to business because entrepreneurs can always sell and create.

By looking at a typical online business, the business needs content, list building, finance, technology, copywriting, traffic and offers. Dan shares a list of tasks require for each section.

Without systems, all tasks will lead to entrepreneurs themselves. It is important to leverage other people’s resources. Entrepreneurs need to know what are the roles, goals, and responsibilities in their businesses. Every business contains people with distinct function by doing differently towards the same objective. Lok asks these simple questions.

• What is it you are trying to do here?
• What is the structure of the business?
• Who is meant to do what, when, how?
• Who are the responsible for and answerable to?

“Entrepreneur is the conductor of his or her business”

Step 2: Create an organizational chart

Every business has a structure and it is entrepreneur’s responsibility to develop the structure that reflects the functions in business. Lok believes in any business, there are 4 core functions: operations, finance, marketing, and people.

Each core function can have many different positions. Lok believes it is important for entrepreneurs to pay attention on the titles of each position. The title should create a mindset of expectation, but not seniority. This means title can change on how others take on their roles. Lok suggests entrepreneurs not to use the word “junior” or “senior” because each position should treat fairly.

Lok shares there are 3 types of employees: mercenary, grunt, and patriot. Mercenary will ask money questions at the end of the interview. They are driven by sales. Grunt will do only minimum work. They usually ask benefit questions at the end of the interview. They are driven by security. Patriot asks quality value questions that can bring to business. They are driven by mission.

Entrepreneurs do not spend time changing grunt to patriot; instead, they should hire patriot at day 1.

Lok shares an interview tip. Entrepreneurs should give a test that is out of the norm for the candidates. If they make excuses, entrepreneurs should not hire them because they are not coachable and they only do what they want and never go for extra mile. Imagine if entrepreneurs hire them, it will be a disaster. For internet interview, entrepreneurs should give candidates tight deadline. If they make excuses, they do not want the position that much after all.

Job descriptions should not be built around the skills of current team member because people will come and go. The people need to fit the job description and the job description should not be designed to fit the people.

“You have to start thinking of your business as apart from you, not a part of you”

Step 3: Develop business management system

Entrepreneurs need to find the best practice to produce the best results in business. When the best practice is identified, it is important to break down and document the procedure so it can be reproduced.

System stands for “saves yourself stress, time, effort, and money”. The key mentality for entrepreneurs is to solve a problem not once, but forever. Entrepreneurs need to give their team members the chance to grow. Treat them as adult, but never do the work for them. They need to give expectation to team members so they can grow from their mistakes.

Lok believes there are 3 types of systems. The first type is called hard system. Hard system is what something looks like, such as uniform and logos. The second type is called soft system. Soft system is what something sounds like, such as the way people answer the phone, the way to greet customers, the method to deal with complaints, and the procedure to sell and follow up.

Entrepreneurs should be the best salesman in the company. If they are not the best, there is a problem because they are not able to set others for success. How can entrepreneurs teach others to sell if they cannot sell? People will work for entrepreneurs who can help them succeed.

The last type is called information system. Information system is the standardized reports or process in business, such as training program, tracking KPI, and website traffic report.

The secret is a script. Script can help entrepreneurs deliver consistent results and they will know what is not working. Unfortunately, many entrepreneurs do not have a script. Lok encourages entrepreneurs to start with one page; eventually, they can create the system and run the system.

“If your business is not system dependent, it is dependent on you”

Successful entrepreneurs do not perform core functions; instead, they delegate to others. Some entrepreneurs do not delegate because they are tired all their self-worth in their business. They want to feel important and they want control. Ultimately, they are contradicted with what they want in the first place, which is freedom.

“Only if it hurts so you can do something different”

Lok emphasizes making money and building business are two different things. Polices and procedure manual are essential. These are the materials that allows others to run it. Entrepreneurs need to think this as important things to do. They must remember they cannot get this all in overnight.

Entrepreneurs must distinguish the difference between what they do not like to do and what they do not need to do. The solutions to most business problems are system and training solutions. After they systemize their business, they can concentrate on high end productive activities.

Lok suggests entrepreneurs not to keep everything in their head; instead, they need to map it out. When they map it out, they will realize it is not overwhelming. Now entrepreneurs will have the sense of running their businesses and not driving their business with blindfold.

“Who do I need to be to win in business?”

Entrepreneurs are suggested to master their skills of business. If they could not even do the things they want in life, there is no hope to have others to do what they want. Therefore, entrepreneurs cannot manage people. They can only manage time, space and systems.

“The systems run the business and the people run the systems”

“Success is the sum of small efforts, repeated day in and day out”

Date: September 14, 2016

Name: How millionaires manage their time and achieve maximum personal productivity

Presenter: Dan Lok

Many entrepreneurs are struggling with their productivity because time is not enough. Moreover, successful entrepreneurs have methods to improve their productivity. Vancouver Entrepreneurs Group invites Dan Lok, the Serial Entrepreneur, to reveal his time management strategies and productivity secrets. Entrepreneurs can use these techniques on their businesses. In addition, Dan Lok will share his insight on why many conventional productivity managements will not work for successful entrepreneurs. In addition, entrepreneurs will learn the proper way to maximize their time on their productive activities.

Dan Lok is the Founder of Vancouver Entrepreneurs Group. People refer him as the “Millionaire Mentor” because his leadership and advices have proven to increase business productivity for many successful entrepreneurs. He published many top sell books, including “FU Money” and “Lies Salon Owners Believe”. Dan Lok is a keynote speaker that has strong and high profitable business ventures. Many young entrepreneurs follow his footsteps to become the best in their industries.

Dan Lok shares an important quote for all entrepreneurs: “the use or misuse of your time on the degree to which you achieve peak products will determine your success”.

Productivity is the key ingredient for entrepreneurs. By narrowing it down, entrepreneurship is the conversion of knowledge, talent, guts, and etc through investment of time into money.

“If I have your productivity, I will have your income”

Based on conventional time management theory, if someone wants to earn $1 million dollar a year, presuming 220 work days will require $56 dollar per each hour. Lok indicates the problem with the conventional time management theory is that it only works for employees and not entrepreneur. There are 3 problems with that statement.

• Entrepreneurs do not just work 8 hours a day and 5 days a week
• Entrepreneurs do not get paid for the hour because they get paid for what they bring to the hour
• Workday hour is not always equal to productive hour

A study for Fortune 500 CEOs shows they have average of 28 productive minutes a day. Honestly, people are not productive. Entrepreneurs should take their annual expected income and divided by 220 days in 8 hours. Afterwards, they need to take that amount and times it by 3. Lok indicates that is the “Base Earnings Target”.

Lok wants entrepreneurs to focus only on income producing activities. When there is doubt, entrepreneurs can ask themselves a simple question: “Is what I am doing worth the base earning target amount per hour to do it?”

Lok emphasizes learning is not productive time. Learning is learning, and only when entrepreneurs convert learning to result is productive time.

There are 3 stages of entrepreneurs’ growth: productivity, leverage, and freedom. Productivity defines the maximum results in minimum time. Leverage means the maximum productivity with minimum effort and freedom is the maximum leverage with minimum stress. The problem with many entrepreneurs is that they skip to the second stage before completing the first stage. Lok believes in order to have maximum growth, entrepreneurs need to go through all stages.

“You cannot delegate what you do not understand”

“Time management ultimately is self-management”

Lok defines self-management is about knowing what to do at any given moment. Entrepreneurs need to deal everything towards goals and purpose effectively Moreover, they need to know what is important on the information they are receiving. Entrepreneurs should not be slave to their to-do list because they are facing new obstacles and opportunities every moment. Lok suggests entrepreneurs to question their to-do list and cut down all unproductive activities. They need to learn to say “no” to other things.

“Communication is message send, message received, and message act upon”

When entrepreneurs know how valuable their time is, they will not do it because they know what is costing them. Many people do not respect others’ time because they do not respect their own time first.

Time is not equal to money because entrepreneurs cannot get time back. Time cannot be saved and entrepreneurs cannot make more of it. Therefore, rich people will value time over money and poor people will value money over time. The problem is not lack of time; in fact, it is a lack of direction.

There are 3 questions entrepreneurs need to ask themselves to improve productivity.

• What is the highest and best use of time right now?
• Why doing this?
• What is the payoff of this activity?

Lok shares his top 5 time management secrets of millionaires.

Secret #1: Put a stop to interruptions

The average entrepreneurs will be interrupted once every 8 minutes. The more employees they have, the more they will get interrupted. Furthermore, many entrepreneurs have the conception that they need to be immediately and constantly accessible.

The strategy is “to be inaccessible”. If people cannot find them, they will not interrupt them. The open door policy is not effective because it invites interruptions. If the door is closed, it shows to other they do not want to be bothered. Entrepreneurs should never take any unscheduled incoming calls. To get maximum productivity, entrepreneurs need to be in a non-interrupt environment.

Entrepreneurs can make pre-scheduled phone appointments. It is efficient, effective and it creates win-win situation. It benefits everyone else because it eliminates phone tags. It gives other party full complete attention.

When entrepreneurs take incoming call, they should set up the exit time first.

“I have a conference call starting in just 15 minutes, but I wanted to take your call – I hope that will be enough time of your discussion. Do you agree or should we set up another telephone appointment?”

“Distraction is the only true luxury of poor people. Laser-beam focus is mandatory for success”

Secret #2: Eliminate time vampires from your life

In this society, people think it is necessary to respond immediately and instantly to unrelenting communication. Successful entrepreneurs should refuse to operate in the environment of constant, mindless, open communication.

The strategy for entrepreneurs is to turn all the notification off and only check them when it is time to check. This habit can train people around them on how they should respond to them. When entrepreneurs respect their own time, people will respect their time as well.

Lok believes it is a bad slogan for entrepreneurs to say “Call me anytime”. It is showing entrepreneurs are not valuable.

Lok asks all entrepreneurs these 3 questions to reflect on themselves.

• Do you have all of your notification turned on?
• How many time you check your email everyday?
• How many time you check your social media everyday?

Entrepreneurs need to find something important enough to do that they are unwilling to be so easily and frequently interrupted and distracted. Entrepreneurs must remember that other people’s emergency does not become their priority. It is important to train clients how to treat entrepreneurs. It is entrepreneurs’ responsibility to sell others on doing business with them on their terms for their benefits. There is no virtue in thoughtless response given unrestricted access, cell, email, social media, pressure for expectation of instant response.

“Respond when you feel they deserve to help”

When entrepreneurs think they cannot afford to take this approach, they will never be. There is never a perfect time to start, but there is always a reason to wait. Lok emphasizes entrepreneurs do not gain or secure power in the marketplace by giving into everybody, by accommodation or acting out of fear because power comes up supply and demand.

Secret #3: Fight to link everything to your goals

Everything entrepreneur do is linked or moved closer to his or her goals. Busyness is a form of laziness and entrepreneurs cannot b productive without measurement.

People are busy all the time shows they have low self-esteem. Constant interruption also shows low self-esteem.

Lok shares the money circle theory. Entrepreneurs have layers of circle. The inner layer is family. The layer outside the inner layer is people they trust. The layer outside of that layer is other. Entrepreneurs should spend more time with inner layer and less time with outer layer. Entrepreneurs need to ensure they place people in the right layer.

“The amount of attention you get from me is in direct proportion to how much you pay me”

Secret #4: Create a peak productivity environment

Entrepreneurs are the product of their environment. They need to ensure the environment works for them. The expected income is the average income of the 5 friends in the environment.

“Elevate your success, dress for your success”

Wealth triggers are important for entrepreneurs. It can remind entrepreneurs to think certain way. Each trigger can represent something meaningful; in fact, environment is more powerful than will power.

The best environment for most entrepreneurs is semi-organized environment. Sometimes their creative, innovative thinking will come out in that kind of environment. Just to remember to start the day fresh and never pile up.

Lok shares a big time saving tip. Entrepreneurs should stop meeting people at restaurants for meal. The environment will affect the meeting, such as time wasting. If it is mandatory to go off-site meeting place, entrepreneurs should have something to read or some work to do with them.

Secret #5: Scheduling vs scripting 

Entrepreneurs should have the habit of scripting their time, and not scheduling it. Having an outline is not enough. If they are making a movie, people will not invest to produce a movie without a script.

Scheduling is working with other people’s agenda and scripting is creating personal agenda. If entrepreneurs are selling on stage, they are scripting. Lok believes if entrepreneurs want result, they need to script.

The hidden secret for high performance is to make inviolate appointments with themselves. Successful entrepreneurs will block time for themselves.

Lok wants entrepreneurs to develop their daily disciplines on 6 areas.

1. Emotion well being: 30 minutes a day on morning rituals
2. Financial well being: 30 minutes a day looking at financials
3. Business well being: 60 minutes a day on marketing self-promotions
4. Growth well being: 60 minutes a day learning
5. Psychical well being: 60 minutes a day exercising
6. Goal well being: 60 minutes on email management

If entrepreneurs do not schedule it, it will not get done. If entrepreneurs can see their goal clearly, their goals are not big enough. The purpose of goals is to get entrepreneurs out of their comfort zone.

Lok believes extreme control is equal to extreme freedom. If entrepreneurs use extreme measure, they will get extreme productivity.

“Raise your standard, be more productive, and you will get more”

Date: June 25, 2016

Name: Dan Lok – How to get more referrals and attract more clients now

Presenter: Dan Lok

Referrals are important for successful entrepreneurs because they help them expand their business. Moreover, many entrepreneurs are struggling to get clients from referrals. Vancouver Entrepreneurs Group invites Dan Lok, the serial entrepreneur, to provide strategies for entrepreneurs to gain more referrals for their business. Dan Lok will discuss the hidden secrets behind referrals and he will provide strategies to help entrepreneurs overcome the fear of asking for referrals. In this presentation, entrepreneurs will be able to control their referral process and utilize the power of network to improve their business market.

Dan Lok is the Founder of Vancouver Entrepreneurs Group and also a multi-millionaire serial entrepreneur. Many entrepreneurs refer Dan Lok as the “Millionaire Mentor”. With over many years of experience, he managed to launch many successful internet companies and mentor many new young entrepreneurs to the top of their game. Dan Lok is a leadership speaker who owns many high profitable business venture. Moreover, he launched many best selling books, such as “FU Money” and “Secrets of Canadian Top Performers”.

Dan Lok believes often entrepreneurs think there is a external problem; in fact, there is not. The problem is in within. To search for the answer, entrepreneurs need to get out of the box ideas and apply massive actions.

Traditional techniques, such as coffee, BNI or business cards, do not work as well as used to. If these techniques are not working, why entrepreneurs are still applying in their business? Lok believes the answer is that these techniques occasionally work.

A majority of businesses come from referrals. The reality is entrepreneurs create referrals on purpose. The top 4 average strategy for common entrepreneurs when they could not get referrals are “hope”, “pray”, “do noting”, or “bitch and moan about the results”. Many entrepreneurs are not thinking about their problems deep enough. In fact, most business people do not get more referrals is because they do not believe they deserve referrals.

“Hope is not a strategy”

Lok shares the 4 common mental referrals barriers.

1. Fear of not providing enough value
2. Fear of hurting the relationship
3. Fear of looking unprofessional or needy
4. Fear of not knowing how to get out the conversation

Because of these 4 fears, entrepreneurs look for way out. This includes waiting for the best time, they want customers to read their mind, or even being too polite. Lok states people will no refer others to entrepreneurs if they are not confident the result is going to be positive. When people give referrals, they feel obligated on the result.

Giving referrals is like an actual purchase. People have the mentality that they rather take the lost instead of their friend take the lost. They do not want to refer because they do not want to take the risk.

“Be active because passive referrals is never work”

In order to get referrals, entrepreneurs need to b referable. In order be referable, they need to be reliable and able to deliver great services and products.

Refer-ability factor

The key question is can entrepreneurs really deliver what they say they will deliver. Entrepreneurs need to trust that no only can they provide great products and services, but they are consistent inlacing up to high business standards.

Lok suggests ideas to get entrepreneurs to be more referable.

• Confidentiality
• Living up to their branding
• Consistency in follow-up a system of regular communication with clients
• Consistent billing practices; ensuring clients get value and their pricing does not vary
• 100% satisfaction guarantee
• How they communicate with their clients
• When do they communicate with their clients
• How they promote themselves
• How they show up at the networking event

Entrepreneurs need to apply the principle of slight edge. This means entrepreneurs need to think all decisions are either being poorer or richer. Make quick decision will help entrepreneurs apply the slight edge.

Lok emphasizes consistency is key to everything. Entrepreneurs need to give consistent delivery value to clients. People will watch and observe. In this uncertain world, people are selling certainty. People are willing to buy certainty. Entrepreneurs do not get more referrals because they want it, demand it or desperately need it; moreover, they only can get referrals when they deserve it.

“Either you are high performer or not”

Lok mentions there are only 2 times clients will ever refer. The first time is right after they have a positive experience with entrepreneurs. The second time is when a friend express a need for a solution.

The number one key to get unlimited referrals is to have clients remember entrepreneurs when someone they know need them, and not when they decide they want a new client. Clients need to understand the solution entrepreneurs are delivering. If entrepreneurs can make that easy to recall, clients will remember them when they hear someone describe a need for what they do. People do not really want their clients to share with entrepreneurs the names of their friends. However, they want clients to share their name with their friends at the right time.

Lok shares the fundamental of referral marketing is being able to describe something unique that entrepreneurs can deliver to a specific kind of client. Lok suggests entrepreneurs to use the word “professional” in their pitch because the word “professional” is a powerful word. The pitch will follow what specific kind of clients they work with. Afterwards, they need to process and follow by the call to action.

8 proven referral strategies

Strategy #1: Move clients up the loyalty ladder as quickly as possible

In every business, there are 5 major stages in the loyalty ladder: prospect, customer, client, member, and raving fan. Entrepreneurs need to make sure not to people go up by themselves; instead, entrepreneurs need to pull them up by accelerate and proactive. Entrepreneurs need to be assertive and proactive in moving first-time buyer to customer to member.

Lok thinks the best way to have a member is to have them paid forward or on auto-charge, especially if there is pain of disconnect with the auto-charge. The key is to find the method to get them to pay repetitively.

Best members is the best client. People who are already clients are already giving money, so it is easier for them to give more money. Therefore, Lok suggests to get them on prepaid system. In any market, there will always have a segment that will go for premium.

Giving referrals deepens the commitment of client. It will extend the life and activity spending of that client in the business.

“The more clients refer, the longer they stay. The more money they spend”

Strategy #2: Give people an interesting story to tell and provide good tools to their referral partners

The key thing is that facts tell and stories sell. Entrepreneurs need to have stories they can tell about themselves. Simple and straightforward referring can be awkward or comfortable. However, if they use interesting stories, they can help others discover more about them. Entrepreneurs just need to provide easy tool for them to direct others to them.

Lok believes the easiest way to do this is to offer information that their customers or referral partners can give out,  that allows them to control the story being told about them while being helpful to people receiving the information. Also, entrepreneurs need to give ideal prospect something they do not have before that will help them see more clearly.

Entrepreneurs must remember the important business philosophy, which is they create their own rules.

“If you hear you cannot do that, you are on the right track”

Strategy #3: Using powerful testimonials to generate more referrals

Entrepreneurs need to have a system to generate testimonials. Lok recommends 6 ways to do that.

1. Help them write testimonials
2. Use photos as much as possible
3. Use audio and video testimonials
4. Make them as specific as possible
5. Put them on the website
6. Use the actual letters

Strategy #4: Send other people referrals

Lok shares an interesting story in the presentation. He uses a website called Vancouver Trade exchange that provides the service to exchange service with another service. Dan sends referrals to Scott, the owner of that website. and Scott promotes him back. The important thing is that entrepreneurs should always deal with people that get referrals.

Entrepreneurs need to deliver an experience people want to pass along. The delivery is the prerequisite. The amount of things entrepreneurs do to demonstrate they are the best to handle clients’ problems is significant.

“Become a hub, a connector, or an influencer”

Strategy #5: Use reverse prospecting

Lok defines reverse prospecting as reverse engineering client’s network of contacts. Afterwards, entrepreneurs can present them with a list of people they know. Then ask them this question.

“I’d like to help more people in your group. Who on this list do you think we should send your gift to?”

Traditionally, entrepreneurs are taught to say “do you know anyone who needs the service?”. Clients do not know anyone who needs the service at that moment will respond back “No one comes to mind, but I will keep my eyes open”. This simply means no referrals.

Reverse prospecting is different than traditional referrals. Entrepreneurs have already done the homework for clients. Entrepreneurs have figured out who they might know, who is similar enough to them that might need their services.

Strategy #6: Let clients know they will be asked for referrals later on

Lok shares a proven script for entrepreneurs to use.

“Good morning, my name is ____ and I am the owner of this business. Before we get into that it is you require, I’d like to let you know how we work with our clients would that be ok?”

“We get about 80 percent of our business from referrals and I like working with people just like you. So, what I’d like to ask is that if you believe you get value from working with me, you’ll refer at least two people to me who are just like you. I’m not asking you for them now, but at some stage when you believe you’re received great value. Would that be OK?”

Entrepreneurs need to plant the seed so when they go back to them, they are not surprised. Based on the proven script, Lok suggests two people because it does not sound too threatening. 5 people might be too much.

When entrepreneurs are asking for referrals, they need to take it away so the want it even more.

“I’ve been giving it second thoughts, I’m beginning to think I may have been overly hasty in asking for a referral from you. You see, we have been inundated with referrals lately, and quite honestly, I only want to take on referrals if we can guarantee the same fantastic level of service that our current clients enjoy.”

“I’d hate to disappoint new clients by not being able to live up to their expectation”

Strategy #7: Make giving you a few referrals a condition of doing business with you

Lok suggests entrepreneurs to use a commitment statement. This is a document that sets out what entrepreneurs will do for clients in return for their making certain commitments for them. Entrepreneurs can also make a video that outlines how they want to work with clients and why they should give them referrals. Many places, such as The Vancouver Club, will only accept clients who are referred by current clients.

When entrepreneurs advertise this special offer, this gives them an air of exclusivity, which makes certain people want to do business with them.

Strategy #8: Use events to create referral opportunities

Sometimes talking is not enough because other parties might be distracted, time pressed or minding elsewhere. Entrepreneurs must give their clients a reason to talk about them and bring their referrals directly to them. When there is an event, they can introduce referrals directly to entrepreneurs.

Based on advanced human psychology insight, Lok believes if people look at the patterns for starting human relationships outside of business, they mostly begin with introduction in group setting because it is less pressure for people. Entrepreneurs should go after that because that is where the profit lives.

Allow them to now it is their best interest to see entrepreneurs succeed. Lok provides 9 areas for referrals to see entrepreneurs succeed.

• Seminars
• Luncheons
• Book signing
• Parties
• Social activities
• Sports activities
• webinars and teleseminars
• Google Hangout
• Facebook livestream

Lastly, Lok wants entrepreneurs to embrace the referral mindset. They must believe that asking for referrals is a safe thing to do. They need to consistently give referrals to others and expect to get referrals as well.

Date: April 13, 2016

Name: How to make obscene profits with joint ventures without customers or experience

Presenter: Dan Lok

Successful entrepreneurs leverage Joint Venture strategy to create additional income streams for their businesses. Moreover, many entrepreneurs are limited to the usage of Joint Ventures due to the lack of understanding. Vancouver Entrepreneurs Group invites Dan Lok, the serial entrepreneur, to discuss the true perspective of Joint Ventures. In this presentation, entrepreneurs will learn the structure behind the true meaning of Joint Ventures. They will discover how to use Joint Ventures to position them in the market for maximum success. In addition, Dan Lok will reveal strategies to give entrepreneurs the unfair advantage using Joint Ventures.

Dan Lok is a multi-millionaire and an international best-selling author. With hard work and strong determination, Dan Lok managed to become a respected figure in the Internet Marketing world. He launched many successful internet companies. In addition, he is a keynote speaker and a business mentor that support many young entrepreneurs. Moreover, he is also the Founder of Vancouver Entrepreneurs Group.

Dan Lok believes Joint Venture is the world’s most powerful strategy. In boxing, there are four types of punches: jab, cross, hook and uppercut. In the world of boxing, Joint Venture is like the jab in boxing. Joint Venture can reduce entrepreneurs’ expense and risk. Joint Venture is a like an out of the box strategy that many entrepreneurs are not aware of. In fact, Joint Venture is a type of strategy that raises the most capital using other people’s money.

“If you do not know how to make money without money, you probably cannot make money with money”

Lok wants entrepreneurs to remember that they need to live in their lives as if they are rich, but they should run their businesses as if they are poor. Entrepreneurs need to have abundance. They need to have gratitude.

In business, in order to get things done without writing a single cheque, entrepreneurs need to know how to manage their profit and manage their money. As profit increases, their money starts to decrease. This happens to many entrepreneurs because they get loosing up when they see their profit increases. They start to focus on revenue and lose focus of money they receive.

Dan defines Joint Venture is an agreement of mutual benefit between two or more people or business who have complimentary resources. Resource refers to any business asset that has relationship with the owner that can be leveraged for minimum cost. For example, many chocolate companies will co-brand with public figures to maximize their sales. The ingredients of making the chocolate are the same, but by leveraging the public figures, they are able to increase sales significantly.

Joint Venture is everywhere; however, less than 5% of all business owners are able to use Joint Venture properly. In fact, most business owners do not even know how to use it at all because of their egos. Lok believes instead of crushing the competitors, entrepreneurs should think about how to profit from the competitors.

Lok emphasizes client database is the most valuable asset in any business. The relationship between a business owner and customers is the valuable asset that can be leveraged; however, most small business owners are intimated from Joint Venture.

Joint Venture is very simple. All entrepreneurs need to do is to ask a simple question of “Wanna do a deal?” Real Joint Ventures do not need lawyers or long drawn negotiation. Real Joint Venture should be natural. Lok believes when other party is making things complicated, entrepreneurs should not do Joint Venture with them.

Joint Venture is not just for business. It could be in other forms as well. When entrepreneurs are buying Groupon, sharing resources or carpooling, they are forming Joint Ventures with others.

“When in doubt, Joint Venture”

There are 3 major reasons why entrepreneurs should do Joint Venture.

• Gain time
• Leverage “piggyback effect”
• High net profit for both parties – conversion with no risk

The key element in Joint Venture is to be resourceful. Lok shares a business story happened in January 2013. He was overseeing a medical company that produces hearing aid. The company was in a bad shape. Lok needed to find a way to be resourceful by implementing three kinds of Joint Venture strategy. The first strategy is to collaborate with the largest direct mail company in the medical industry. The second strategy is offer VIP buying groups and bonus by collaborating with suppliers. The last strategy is to launch appointment maximizer by joining force with another software company. The company was able to turn around with huge profit and savings. The key thing is to be resourceful.

Lok encourages entrepreneurs to joint venture with authors. This is considered as the ultimate business card strategy. Entrepreneurs are able to leverage authors’ list and creditability. Many entrepreneurs are afraid to ask. In fact, many authors are likely to join force with entrepreneurs.

Lok suggests entrepreneurs to become the Joint Venture broker, where entrepreneurs are the middle person to profit from Joint Venture from different businesses. Joint Ventures partners might not always want money. Therefore, it is important to figure out what others needs and wants. Entrepreneurs need to ask questions and find the core issue.

“You cannot do a good deal with bad partner”

It is important to make sure both parties benefit from the deal so they can continue to do deals in the future. Other than that, Lok indicates there are no rules – the type of deal entrepreneurs make are limited only by their creativity.

Lok reveals 6 types of Joint Ventures Entrepreneurs can leverage.

1. The simple affiliate
2. The list building
3. The content
4. The co-marketing
5. The platform
6. The backend

The simple affiliate refers to the mailing, product reviews or referrals of existing customers. Lok illustrates a strategy of list building. Entrepreneurs can create a virtual summit and ask experts to promote the event. Entrepreneurs can upsell on their products. At the end, entrepreneurs will build a list based on the attendance of the virtual summit. The cost of building that list is zero. After the list is build, entrepreneurs can go back to all experts for future Joint Venture.

Lok believes the main question entrepreneurs need to ask themselves is “who already has my customers?”

The content refers to blogging or finds contributors for blogs. The co-marketing is to put resource together with many entrepreneurs to do marketing. The platform is using a directory to find someone to market or find others and make money. The backend ties in with the list building. When entrepreneurs have a list, they are able to build trust with customers. They can sell them advance package. The benefit of the backend is that entrepreneurs are able to keep all the profit because the list is theirs. The bigger the list, the more negotiation power entrepreneurs have.

It is important for entrepreneurs to find the reason for others to do Joint Venture with them. Again, entrepreneurs just need to ask and they are able to initiate Joint Venture. Entrepreneurs can find qualified Joint Venture almost everywhere as long as they are dealing with the decision maker.

“Do Joint Venture with people, not business”

Lok shares 15 places to look for potential Joint Venture partners.

1. Entrepreneurs’ own customer list
2. Networking events and training seminars
3. Industry association and trade shows
4. High level mastermind groups
5. Article publishing site
6. Launch leaderboards
7. Niche specific blogs
8. Newsletter publishers
9. Top sites
10. Google an Facebook ads
11. LinkedIn and Facebook group owners
12. Clickbank market place
13. Podcast, video channel, and radio show owners
14. Authors in entrepreneurs’ niche
15. Software and app publishers

Lok believes there are 7 important questions entrepreneurs need to ask potential Joint Venture.

• Is your mailing list composed of buyers or visitors / leads?
• How big is your mailing list?
• How often do you contact your mailing list?
• Do customers buy from you often and, if so, how often on average?
• What is the percentage of clients who bought more than once from you?
• How much did customers pay per product on average in the past?
• How often (and what type of) promotion do you send to your list on regular basis?

Many entrepreneurs are using the wrong strategy to approach their future Joint Venture partners. Lok shares 6 simple tips for entrepreneurs to improve their approach.

Tip #1: Keep it personal

Entrepreneurs should not use templates emails when they are approaching their future Joint Venture partners. Emails that have generic subject heading will turn off the interest of Joint Venture.

Tip #2: Do not approach by asking for something

Entrepreneurs should only approach with a favor when they have absolute positive relationship with them. They are not obligate to read the emails if they know entrepreneurs have not done anything to warrant respect or justify their attention.

“The best way to get heavy hitter is either send them sales or become their clients

Tip #3: Do not take rejection personally

Entrepreneurs must understand people have the option to reject the offer. However, many entrepreneurs will take it personal and burn the bridge. Perhaps, it could be timing is wrong. In addition, entrepreneurs should never send back angry emails.

Tip #4: Start by making friends

When entrepreneurs go in cold, they will get cold response. It is suggested for entrepreneurs to know each other as much as they can to have them at least listen to them. It is important to attend their events. Personal time spent with them is the best way to get personal connection.

Tip #5: Do favors first to invoke the law of reciprocity

Entrepreneurs must realize reciprocity is a huge motivator. People will remember how others make them feel. Eventually, they will do the same in the future. Therefore, the best way to get someone to at least consider the Joint Venture offer is to promote their product and help them make sales.

Tip #6: Have a great offer

The offer must be something in the interest of other parties. Many entrepreneurs have their future Joint Venture partners’ attention, but they fail to provide the right offer. Lok emphasizes entrepreneurs should not use Joint Venture partners as guinea pigs.

Lok wants entrepreneurs to ask these questions before approaching the Joint Venture partners. These questions will guide entrepreneurs if they are ready for Joint Venture.

• Are you on top of customer support?
• Do you have a quality follow-up process to convert prospects into customers?
• Is your sales page tested and converting well?
• Do you have proof of your own results?
• Do you have proof of results from the people you have helped?
• Are you capable of presenting your ideas and over delivering value regardless of what you get in return?
• Is your intention first to help others, not just to make more sales of your product?

Lok believes good Joint Venture is a result of entrepreneurs being on top of their game and understanding the nature of relationship. If they want to benefit from this superior form of marketing, they need to come from a place of strength and awareness of how things are done. Few entrepreneurs can do Joint Venture well. People will see the result and they will grow. Therefore, entrepreneurs just do what they supposed to do and do well.

Date: March 16, 2016

Name: How to build your million dollar personal brand

Presenter: Dan Lok

Many entrepreneurs understand the importance of technical application, but they still fail because they underestimate the power of personal branding. Vancouver Entrepreneurs Group invites Dan Lok, the serial entrepreneur, to help entrepreneurs build and promote their personal brand. Dan Lok will share his strategies to help entrepreneurs create their desire image in their market. In this presentation, entrepreneurs will learn how to become well-respected influencer, how to leverage their brand for new business opportunities, and how to communicate their ideas to brand value.

Dan Lok is a multi-millionaire and a serial entrepreneur. Lok has published many bestselling books for business, especially in the field of internet marketing. With determination and hard work, Lok establishes his knowledge and influence in the world of internet marketing. Lok appears in many social media, including his own YouTube channel, “Shoulders of Titans”. Moreover, he is also an international motivation speaker and a business mentor for many young entrepreneurs.

How to build your million dollar personal brand

The term “personal brand” originally started in 1997 from an article by Tom Peters. Peters defined the term with the following statement.

“To be in business today, our most important job is to be head marketer for the brand called YOU”

Dan Lok indicates the worst any business owner can have is to obtain a personal brand that they hate because they have to fake the whole life to sustain that personal brand.

There is a huge difference between branding, marketing and sales.

1. Sales is convincing
2. Marketing is generating business
3. Branding is influencing

Sales come from the words entrepreneurs use to overcome objections, negotiate deals, and persuade clients. Marketing highlights a product or services that generate revenue for entrepreneurs. Branding touches desire and emotion. Lok defines the goal of branding is to emotionally predispose clients into entering business relationship. Moreover, it can position a product or service for people to feel irresistible urge to purchase.

However, the biggest challenge for entrepreneurs is to become the first thing people thought of before they actually need the service, and branding can help entrepreneurs achieve that. There are many people know how to sale. Only some know how to market, but only a small percentage of people know how to brand. The reason why branding only obtain by small portion is because most owners do not think they are the brand.

Personal image versus personal brand

Lok emphasizes personal brand is not the same as personal image. Entrepreneurs can only have personal image without proper strategies. Personal image comes from short term feeling from others, yet personal brand comes from long term emotion from what others feel.

Personal brand is not a person; in fact, it is the public projection of certain aspects of entrepreneurs’ personality, skills or values. In addition, personal brand is considered the perception of the entrepreneur.

In business, many clients do not know the real life entrepreneur, and they only know the personal brand of the entrepreneur. Lok wants entrepreneurs to understand that they are not the brand and they are human beings who project the brand. Furthermore, they need to apply the personal brand to their companies.

Personal brand means create the unique identity around a leading attribute. Personal brand can manage the perception that allows clients to feel certain way about the entrepreneurs and the product they offer. Personal brand can also pre-sell entrepreneur. It allows clients to aware of their characteristic. Therefore, the purpose of personal brand is not to attract sales, but attracts power.

“A personal brand gives the power to influence the decisions, attitudes and action of an audience”

Lok mentions one of the best assets entrepreneurs can gain from personal brand is reputation capital, which is when clients give referrals without selling. Personal brand opens more door than just a company name.

“Who I work with is secondary, who I am is primary”

Everything entrepreneurs do can affect their personal brand. Even the way entrepreneurs act can impact personal brand in the long run.

Lok reveals the 3 million dollar personal branding strategy.

Strategy #1: Being known as

Lok believes the last thing entrepreneurs want to appear to others is another business they already familiar with. The name is a part of the brand. Entrepreneurs need to create more memorable moments for others. It is important not to wait for others for their permission to claim their spot in the market. Moreover, entrepreneurs should start as expert at the beginning and then get backup support along the way.

Lok believes it is important for entrepreneurs to get their domain name as soon as possible. To make the name more memorable, Lok suggests to take two different words and combine them for extraordinary effects.

Strategy #2: Specialization

Personal brand can grow by specialization. The term “specialization” refers to a specific target market with specific product or services that can meet their needs. Entrepreneurs understand the more presentations they deliver the more sales they close. However, marketing and branding are the opposite. The more focus their clients, the more energy and more business they can generate. This also means when entrepreneurs try to brand all people, they will end up being nothing to anyone.

“The more often you reject the clients you do not really want, you will attract the clients you really want”.

Lok shares 7 ways to specialize a personal brand to target an audience.

1. Specialize by ability
2. Specialize by behavior
3. Specialize by lifestyle
4. Specialize by mission
5. Specialize by product
6. Specialize by profession
7. Specialize by service

When entrepreneurs specialize their abilities in their personal brand, they can outrank their competitors. Lok suggest awards, testimonials, or proof can become a powerful differentiator. Specialize by behavior shows certain personality and the ability to listen. The dominant behavior will attracts the market and produce positive reaction. Lifestyle can be used to draw a certain future perspective for specific audience. When personal branding includes specific mission, it separates from other general organizations. It will also create a niche or community. Products can also impact personal branding. Moreover, products can limit certain market sector.

Many entrepreneurs attach their profession with their personal branding. This sends the message that entrepreneurs want to own a piece of that specific market through personal brand development. Lastly, when entrepreneurs specialize their services in their personal brand, it narrows down the market to the most compelling target market.

Lok believes the wealth is indirect proportion to the knowledge of the market. Entrepreneurs should at least specialize 1 out of 7 ways for their personal brand.

Strategy #3: Attributes

Personal branding is all about attributes. Attribute can attract or benefit target market. Every entrepreneur should have one leading attribute that can used as core message to drive all their branding collateral.

Lok wants entrepreneurs to think about these two statements.

“What do you want to be known for”

“What do you want to be known as”

With the right attributes in place, people will remember and come back for more services. It is entrepreneurs’ obligation to ensure clients know about their attributes. Additionally, entrepreneurs need to think if their actions congruent to what they known for.

Lok thinks the way entrepreneurs cultivate their characteristic that makes them famous is through tribe. Seth Godin defines a tribe is a group of people connected to one another, connected to a leader and connected to an idea. Lok believes in business, the group should also connect to character. It is important to be famous in the niche that nobody heard of.

People who stay with particular entrepreneurs because of they provide certain clarity, breakthrough ideas, and curiosity.

“Clients may come to you because of what you do. They stay with you because of who you are”

A way for new members in the tribe to promote their personal branding is to have a backstory. The backstory can reveal who they are, where they are from, and what they are doing. Backstory is entrepreneurs’ mythology, legend and life story. Entrepreneurs need to keep repeating their backstory with different ways to use as their foundation.

Lok shares the 5 elements for crafting a character in the tribe. Each element must be carefully craft to match the desired outcome.

• Backstory
• Beliefs and values
• Magic power
• Parables
• Secret language

The keys to the effectiveness of personal brand are in the character in the storyline. People remember characters when they can relate to them. Stories can create eager for people to wait for the next installment. Moreover, stories create the effect of curiosity for entrepreneurs. The good character stands for a belief with recognizable backstory.

When entrepreneurs are able to create characteristic that stands out, memorable and passion, they have developed the uniform of personal brand.

3 examples of types of characters

Lok explains 3 types of characters entrepreneurs can use for their storyline: the reluctant hero, the exceptional man or woman who overcomes huge challenges, and us versus them.

The reluctant hero consists of the storyline that transforms from a regular person to someone who is trying to make a difference. The storyline will show how the person stumbled through something and change at the end. Spiderman is a perfect example of reluctant hero.

The exceptional man or woman who overcomes huge challenges comes from the storyline where people are intrigued by the characters who are good at what they do. The process of overcoming the challenge and triumphs against all odds, handicaps, and skepticism can win really demonstrates who they have become. Tony Robbins is the best example.

The us versus them character works well since most people like to blame others for their problem. When the storyline represents them to be on their side can greatly improve reputation and followers. The formula for this character comes with 3 steps. The first step is to discover a secret that proves there is a problem in the market. The second step is to unite together and solve the problem. The third step is to emphasize the product so others can become one of them.

Lok emphasizes all character crafting requires flaws and disclosure. Nobody likes a perfect character because there is no such thing as perfect human being. They must show the willingness to be transparent.

Magic power is also important element to craft character. Nobody likes to follow a boring character. Entrepreneurs need to identify the character with special or exceptional abilities that leads to exceptional result. When crafting the character, entrepreneurs need to remember to tie in what they are selling and the end result of the product or services they provide.

The forth element is the parables. Lok explains the best way to teach or convey information to others is by telling a story. The parables must support the character’s identity. Entrepreneurs should have an inventory of stories. Each story should make a strong point.

The fifth element is the secret language. All tribes have their unique secret language. When the character attach with secret language, people who want to bond with the character must learn the language. This enhances the relationship between the character and entrepreneurs.

Secret element: create your own technology

Entrepreneurs can create their own ideas or concept that can help their clients to achieve their needs. When entrepreneurs discover the problem that everyone wants to solve, the technology should take care of that. This means entrepreneurs can revamp the solution into something unique that only they can offer that solution.

Lok shares 3 sites that can help entrepreneurs build their personal branding.

1. Google.com/alerts
2. Socialmention.com
3. Imageraider.com

Google alerts can search any brand name that is mentioned in the internet. Social mention is similar to Google alerts, but it is for social media. Image raider is to reverse the image search and discover websites that are talking about the brand or the image. This can be used to track people who are stealing or distorting pictures.

Here are the 8 primary marketing channels that can help entrepreneurs to launch their personal brand.

1. Client referrals
2. Direct mail
3. Networking
4. Joint Ventures
5. Seminar
6. Public relations
7. Warm calling
8. Internet

Lastly, Lok believes entrepreneurs in this generation are living in the time where they are given a chance to become a thought leader or influencer without others’ permission. Not everyone is entitled to have personal brand and made money from doing what they love. Building a brand takes hard work. With the tools and strategies, everyone has a chance to develop their own personal branding.

Date: February 10, 2016

Name: How to think like an unconventional millionaire

Presenter: Dan Lok

To create maximum wealth, mindset is the key element for successful entrepreneurs. Skills can only reach a limit, but success philosophies, beliefs, and thinking will go beyond the limitation. Vancouver Entrepreneurs Group invites Dan Lok, the serial entrepreneur, will reveal the ultimate truth for entrepreneurs to reach the millionaire level. Dan Lok will cover the system behind the millionaire thinking and the hidden secret of the definition of money. In this presentation, entrepreneurs will transform their beliefs; moreover, entrepreneurs will learn how to manage their business in a more powerful way.

Dan Lok is the Founder of Vancouver Entrepreneurs Group. Many entrepreneurs consider him as the “Millionaire Mentor” in the internet marketing world. Lok had launched many successful internet companies and written many bestselling books. With his guidance and leadership, Lok helps many young entrepreneurs to lead their success in the right direction. Furthermore, Lok is a keynote speaker that motivates many entrepreneurs in this generation.

Dan Lok strongly believes the way entrepreneurs think can change their beliefs in business. Lok will share his personal philosophies and business practices that help him achieve extraordinary entrepreneurial and financial success. Therefore, Lok will reveal the harsh reality of business mindset.

Within 100 people, if entrepreneurs follow them for 40 years, they will discover only 1 will be wealthy, 4 will be financial secure, 5 will continue working, 36 will be deceased, and rest will be broke. Based on statistic, 5% will be successful and 95% will be unsuccessful. This means in order to be successful, entrepreneurs should do the opposite of what other people are doing.

Lok believes success is ultimately and fundamentally about behavior, and not about attitude, education, skill, and even luck. When entrepreneurs behave incongruent with their goals, they will have difficulty achieving them.

There are too many entrepreneurs focus on the management of their business instead of themselves. Therefore, Lok shares the top 4 common inner conflicts that hold them back from improvement.

Conflict #1: Negative association with money and wealth

When entrepreneurs associate negative thoughts about money, the universe will not attract money to them. Lok reveals the top 10 money limiting beliefs.

The main reason why people associate these money limiting beliefs is to be a good person in front of the society. These beliefs come from 95% of the people. To become successful, entrepreneurs need to do the opposite to become the remaining 5%.

Money limiting beliefs are considered to be defensive statement. Defensive statement is build when people have no clue how to get money. How do entrepreneurs know they are on the right track? If entrepreneurs are successful, people will hate them.

Conflict #2: Overly sensitive to others’ opinions and perceptions, criticism, and gossip, outright attacks

When people attack with their opinions, usually they are afraid because they are witnessing things that are not aligned with their beliefs. Then, entrepreneurs will give in and lost focus. Successful entrepreneurs will not take others’ negative opinion and influence their beliefs. When beliefs are strong, nothing can change their direction.

Conflict #3: Fear of changes required or caused by higher level of success

When people acquire success, they will discover they are facing many unfamiliar emotional obstacles. When the belief of “not good enough” appears in their mind, they will stop thrive for more success. The fear of change will make entrepreneurs question their beliefs.

Conflict #4: Realization of unwillingness to pay the price, but equally dominant unwillingness to admit it

Success has a price and entrepreneurs need to pay in advance. When entrepreneurs receive success, they know they pay enough. Many entrepreneurs are not willing to pay for the price. That is the difference between average and successful entrepreneurs. Lok mentions there is never a right age to achieve success. Mentor can make entrepreneurs do the tasks that they do not want to do so they can become what they want to be.

Lok believes low 6-figures earners can operate with relatively high levels of unresolved inner conflicts about money and wealth. Therefore, millionaires have no margin for these weaknesses.

“Money is the amplifier of who you are”

Lok wants entrepreneurs to remember the 3 levels of earning money

1. Make it
2. Keep it
3. Multiple it

Many entrepreneurs can make the money, but successful entrepreneurs will have strategy to keep it in business, and millionaire will have the strategy to multiple it with investment.

Lok shares the 15 millionaire mindset wealth principle that will shift entrepreneurs’ beliefs and thinking.

Principle #1: Think abundance, not scarcity

Many people do not know how to handle large amount of money. Based on statistic, people who won the jackpot will go bankrupt within 3 years. The reason is because they do not know how to make the money. When people buy lotto tickets, they are sending the message of “relying on luck” or “hoping to win” to their sub-conscious mind. Subsequently, they are adapting that belief in their lives.

Millionaires do not put “luck” in their sub-conscious mind. Lok believes when people believe wealth is limited, they will view it as a zero-sum game. When people believe each dollar they make comes from other people’s expense or other people’s loss, the universe will keep their power of wealth attraction low.

Instead of putting bills on the fridge or in the drawers like everyone else, Lok suggests entrepreneurs to put cash. They will reframe their mindset with money instead of payable. This will help entrepreneurs to obtain wealth triggers. Entrepreneurs should pay their bills immediately and put it away. They should only spend 5 minutes on it; otherwise, they will keep on thinking about it.

“Whatever you think on, expands”

It is important to adapt good and positive into the mind. Entrepreneurs should take as much as they can, so the universe will make more for them.

“Your wealth is addition for you, but subtraction for no one else”

Principle #2: Think needs, not money

When people chase money, they usually will not receive it. This statement illustrates the way people thinking can influence the result. Lok emphasizes if entrepreneurs want to donate and make a difference, they should make more money so they can donate more.

Elon Musk’s first wife, Justine Musk, mentions in order to be successful, entrepreneurs need to find innovative ways from fusing two different worlds.

Lok defines the law of attraction as people become who they think and their conscious and unconscious thoughts will make their reality. However, thinking alone will never make anyone rich unless that thinking manifests itself. Consistent action is the key for entrepreneurs.

Scale creates millionaire. Magnitude creates millionaire. Therefore, scale and magnitude create billionaire. Making money is easy if entrepreneurs know scale and magnitude, but keeping and multiplying are difficult.

“If you want to be billionaire, you need to impact billion people”

Instead of believing the law of attraction, entrepreneurs should believe in the law of effection. The more lives entrepreneurs affect in an entity they control, in scale or magnitude the richer they will become.

Principle #3: Think process, not event

Many people do not realize the method behind successful entrepreneurs’ success. Millionaires are forged by process, and not by event. All self-millionaire create their wealth by carefully orchestrated process. To obtain wealth, entrepreneurs need to learn successful entrepreneurs’ process. Process makes millionaire and events are by-product of process.

Lok believes when entrepreneurs try to skip the process, they will never experience the events. When they try to skip the process, they will usually make bad investment.

Mentor is important. Mentors can help entrepreneurs to correct their practice of business. Entrepreneurs will go nowhere if they keep doing incorrect practice. When entrepreneurs are doing the same thing over and over, they will not improve until someone corrects them.

So what holds people back from getting a mentor? The answer is pride.

Principle #4: Think simultaneous, not sequential

In early childhood, people are conditioned to learn progress in strict linear fashion from sequential steps. Business has no steps; instead, entrepreneurs can learn from the progress. However, most entrepreneurs are trapped by a limiting belief that everything should have a local order.

Millionaires know that is not how things are done. They take massive action and juggle things simultaneously.

There is no law of sequential. Lok indicates what entrepreneurs want to do is drag the future toward them in the present and not waiting to catch up to it at some distant time and place.

When entrepreneurs feel overwhelm with business activities, Lok recommends entrepreneurs to make overwhelm their friend.

“Overwhelm can help you grow. Aim for process, not perfection”

Principle #5: Think environment, not will power

Willpower can be highly overrated. Entrepreneurs must realize they are a product of their environment. It is important to choose the right environment that will best develop them towards their objectives. When entrepreneurs analyze their environment, they should be aware what things are helping them toward success or holding them back from success.

The people entrepreneurs hang with the most and the books they read will determine their next 5 years of success.

“Rich people have big library and poor people have big TV”

Lok shares some of his wealth triggers in his office environment.

Lok wants entrepreneurs to remember that if they do not alter the environment, there will be no implementation. Nothing gets done without a deadline and entrepreneurs should not start something new until they finish the current.

Principle #6: Think accomplishments, not activities

When people are busy, it does not mean they have accomplished a lot. Entrepreneurs should stop being “I gotta” person. Results are all that matters. Lok defines productivity as the use of time, talent, energy, and resources in a manner calculated to move people progressively closer to worthwhile goals.

“Priorities should govern schedule, and schedule should not govern priorities”

Money loves clarity, money loves speed, and money loves circulating. Therefore, most entrepreneurs are producing 90% of their wealth from only 10% of their time. With a slight adjustment in time, wealth can change significantly.

Lok always question himself with these two questions every day in business.

• Are we making money today?
• How can we make more money?

Few entrepreneurs will take the time to analyze or study their current customers or accounts for contribution to net profit; Moreover, only few entrepreneurs will analyze their activities and time usage the same way.

“Making splash in water does not mean you are swimming”

Many people like to multitask. Lok thinks multitask is not productive in business. Multitask is waste of energy. Successful entrepreneurs will focus their energy to complete one task and continue to the next.

Principle #7: Think assets, not income

The skill of leverage is extremely important for entrepreneurs. Entrepreneurs who are earning less than 6-figures receive their all income from work. Anyone above mid 6-figures has some portion of income from leverage. To achieve 7-figures, entrepreneurs will need to leverage 25 to 30% of their work. Moreover, to sustain 7-figures, entrepreneurs need to leverage 60% of their work.

Robert Kiyosaki mentions rich people acquire assets and the poor middle class require liabilities that they think are assets. In this generation, there are only few entrepreneurs get to sustain their millionaire status purely through work. Lok suggests entrepreneurs to own income-producing assets.

The biggest income-producing asset any entrepreneurs can have is their name brand. Usually, entrepreneurs can also obtain these 3 kinds of assets.

• Other people’s money (OPM)
• Other people’s resource (OPR)
• Other people’s connection (OPC)

Principle #8: Think global, not local

It is important for entrepreneurs to think international. They should always think about how they can serve a bigger market place. Many entrepreneurs will only focus on their industry’s news. They never suspect all industries are linked in the same economy.

Lok recommends entrepreneurs to travel to obtain different perspective from different countries.

Principle #9: Think investment, not expense

Many people refuse to invest themselves because of “worth”. They do not believe they will receive the value. Instead, entrepreneurs should think about Return on Investment (ROI). Successful entrepreneurs will not think how much it costs, yet they will think how much it can make them. Rich people will tie the negation first then worry about money later.

Principle #10: Think resourceful, not resources

Entrepreneurs should always think how they can use the resource instead of just acquiring the resource. Most people will wait for things to come along, such as the right time or right resources). There is no such thing as the right time. People will also wait for other factors, such as permission or experience. Most of the time, people will lose the opportunity.

Lok defines resourcefulness as to drive by a constant desire and process of self-help and information gathering. When unexpected events happen, people will think, “There is nothing I can do”; however, unconventional millionaire will think, “There is always something I can do”. This is resourceful thinking.

Principle #11: Think collaboration, not isolation

In this generation, entrepreneurs, who go solo, will have lower chance to be successful. In business, entrepreneurs should always ask these two questions.

• Who is backing me up?
• Who is my network?

Entrepreneurs should always aim for the win without a fight. They must know who they can work with. Entrepreneurs should hang around with people who are more successful than them.

“I teach you everything you know, but I did not teach you everything I know”

Principle #12: Think pragmatic, not idealistic

Entrepreneurs need to remember the Murphy’s Law. In business, whatever can go wrong, it will go wrong. It will go wrong at the worst possible time. It will go wrong on the worst component, and it will all be remembered as entrepreneurs’ fault.

When a negative situation happens, entrepreneurs can treat it as the opportunity of preparation. There are 3 types of people.

1. People who make things happen
2. People who watch things happen
3. People who wonder what happened

Lok believes there is a forth type of people, which is people who anticipate what may happen and act before it does. Millionaires have the aggressive and anticipatory attitude to response to threats.

Things can go wrong in business. Entrepreneurs should always remember to think before and have a backup plan.

Principle #13: Think big, not small

Lok wants entrepreneurs to think about this important question.

• What is your legacy you want to leave?

Death is something everyone terrifies. Entrepreneurs should always have the sense of urgency. Life is short and time is precious. Therefore, entrepreneurs should always think about the big picture. If they think big, they can change the way they operate.

Lok suggests entrepreneurs to write their goals every morning with present tense. This will help remind entrepreneurs their directions.

“Big goals? It is ok, I have my whole life working on it”

Principle #14: Think fast, not slow

Fast is the new big. Because of internet, people can access knowledge almost anywhere. In business, it is not how much entrepreneurs know, it is how fast they can implement.

“Fast fish eats slow fish, not big fish east small fish anymore”

Principle #15: Think innovation, not invention

The major difference between innovation and invention is to take something exist and make it better.

Lok defines innovation is creating new value and capturing value in a new way. Innovation is something new to business that fills an untapped customer need. In Hollywood, there is little money made from true creativity, but a whole lot of money is made from putting old wine in a new bottle.

For unconventional millionaires, innovation actually means innovative transfer of proven methods or strategies from outside their field into their field.

Lok wants to give entrepreneurs a statement of advice.

“The universe does not give a damn about you”

Whatever is holding entrepreneurs back, it is not a big deal. Everyone will keep getting older and everyone will eventually die in the future. Everything people experience will only last for a brief moment in universe. Therefore, entrepreneurs should stop wondering what it all means, and how they can do and what other people think. Entrepreneurs’ objective is just go out and do something epic.

Date: January 13, 2016

Name: How to sell high-ticket products & services

Presenter: Dan Lok

Many entrepreneurs are struggling to reach their sales; in fact, most entrepreneurs do not realize how to use different price points as advantage to reach their sales goals. Vancouver Entrepreneurs Group invites Dan Lok, the multi-millionaire and serial entrepreneur, to discuss the mindset and strategies to provide excellent values to clients at a premium price. In this presentation, entrepreneurs will understand the theory behind selling high-priced products. Moreover, Dan Lok will help entrepreneurs to build confidence and attract the right clients for their businesses.

Dan Lok, the Founder of Vancouver Entrepreneurs Group, is one of the world’s leading experts in internet marketing. Many entrepreneurs refer him as Million Mentor. Recently, Dan Lok has successfully launched “Shoulders of Titans” podcast to entrepreneurs who are looking for ways to breakthrough their business limitations. Dan Lok also published many bestselling books, such as F.U. Money, to educate young leaders about the true entrepreneurial skills.

7 Reasons to sell high-priced products

Dan Lok believes the psychology behind selling products at different price point is the same. However, many entrepreneurs cannot see the connection behind that theory. Therefore, Lok shares the top 7 reasons why entrepreneurs should only sell high-priced products.

Reason #1: More profit and less hassle

The key to generate high profit comes from profit margins. In the business world, there are only a small percentage of companies that are able to sustain their business using low price positioning strategy. In fact, low price positioning leads to large customer infrastructure. Lok emphasizes competing on price is not sustainable competitive advantage.  Competitors will purposely lower the price to grab market share and drive others out of business.

“Business is a game of margin, not volume”

The transaction size does matter in any business. Lok provides a chart that entrepreneurs can achieve same outcome by changing different price points and transaction sizes.

Reason #2: Better customers

Different types of customers have different expectation. Comparing with customers who purchase Audi with customers who purchase Honda Civic, they both have different mindsets and they both focus on different things. Therefore, Lok believes it is important to value the expertise. The more money it costs, less complaints from customers. When entrepreneurs offer higher price, they will receive better customers.

Reason #3: Psychology of price

In business, Lok believes customers get what they pay for. Customers receive higher value when they purchase high price products. Price can be a shortcut to buying decisions and price can open the door for different customers.

In 2012, there was a wine tasting research done by Stanford University to test people their preference without knowing the real price. The research concluded that people preferred wine with higher price; in fact, the true price was significantly lower. Price can fool people’s brain unconscious chemical level.

Lok states customers enjoy paying for the things they value, and it seems more they pay, the more they enjoy. Therefore, entrepreneurs should not interfere they are receiving the simple pleasure of paying premium rate.

“You cannot get rich by looking poor”

Reason #4: Can deliver more value

High priced products contain massive value. Entrepreneurs must have the adding value mindset. When entrepreneurs are selling high priced products, they are creating extraordinary experience for the customers. When customers realize the value, they will appreciate and accept the price.

Reason #5: Some buyers only buy premium products

Different customers have different needs and wants. An example will be Nordstrom buyers and Walmart buyers. Lok believes some people want to immediately jump to the top of the heap. Unless they have something for them, they will never buy.

Reason #6: Create big pay days

When there is a big product launch from successful entrepreneurs, they usually are selling high priced products to a few people. They only need to target small quantity of customers, and they will achieve their goals.

Lok considers this as the customer-funded business model. It is important for entrepreneurs to know that the best people to fund their businesses are selling to their customers.

Reason #7: You own the marketplace

High priced products can help entrepreneurs to gain market share faster. Lok indicates there are three methods to expand marketplace. The first method is affiliate payout, which means to attract top affiliate’s attention. The third method is advertising or marketing spending, which means to spend the most resources to acquire the customers. The last method is hire best people, which means entrepreneurs can pay better to hire more productive and loyal employees.

Many entrepreneurs are slow at raising their prices. Entrepreneurs need to understand it is more about confidence self-image than the actual value delivered. Entrepreneurs must know that competitors do not set their price and they do not need to get competitors permission other than themselves. If they raise the price and no one is purchasing, it is the marketing issue because it requires more people in the sales funnel.

There are 4 types of clients. The first type is cheap, and they only buy products based on price. They usually very are demanding. The second type is difficult, and they are hard to work with. They usually ask irrelevant questions. The third type is sophisticate, and they know what they want. They will research in advance and ask many talent questions. The last type is affluent, and they will only buy based on their feelings.

The problem for most entrepreneurs is that they are selling to wrong type of people with wrong type of strategies. Lok believes successful entrepreneurs should target only at sophisticate and affluent, but not cheap and difficult.

The 5 biggest mistakes entrepreneurs make when selling high-priced products

In order for entrepreneurs to maximize the result of selling high-priced products, entrepreneurs need to ensure they are staying away these top 5 mistakes.

The first mistake is selling a premium offer at a low price. Lok mentions people are skeptical, and they usually will think the price is sounds too be true. The second mistake is selling a low-valued offer to a premium crowd. Premium buyers are based on feeling; therefore, they have stronger feeling towards high-priced over low-valued products. The third mistake is making a premium offer in a low-value setting. Environment is important and entrepreneurs should create the perception before the deal breaker.

“Close the deal at a high-end environment”

The forth mistake is making a premium offer to a low-valued crowd. Sometimes entrepreneurs need to know that it is not their problems and it is because the group of clients cannot afford it. The last mistake is making a premium offer with a low-valued mindset. There is a difference between scarcity and abundance. Furthermore, entrepreneurs should not project their values to their clients.

Lok believes when entrepreneurs are afraid to buy, they are afraid to sell. Lok suggests entrepreneurs to practice get comfortable asking in that environment. Body language can give it away, so practice as much as possible.

Entrepreneurs are recommended to read the Robb report. Average millionaires read Robb report. Entrepreneurs can read the Robb report to expand their comfort zone, change their concept of money and know what language they use. Hence, the secret to making a great income from business is to stop selling to poor people.

“Volume does not matter as much as profit margin”

All price resistance is in the mind of the business owner. Lok emphasizes price cutting is a self-inflicted wound. Nobody can lower the price for entrepreneurs themselves. Lok indicates entrepreneurs should not set their price based on market rate. To set price, entrepreneurs can based the price on the values that customers pay for. Price can change due to amount of pain customers feel. Return on Investment is also another factor to set price, and contrast pricing can be good strategy to lead customers to a desire price range.

“If you are charging the market rate, you are letting the customers to set your price”

There are other factors, such as payment terms and guarantees, which can affect pricing. In addition, customers might pay after certain outcome is reached. Therefore, people will afford what they want to afford. Entrepreneurs should stop discounting prices and start adding values.

There are 3 tiers entrepreneurs should be aware of. The first tier is DIY (Do it yourself), the second tier is DWT (Do it with them), and the third tier is DFY (Done for them). Entrepreneurs can charge higher price as they move up the tiers. Entrepreneurs should always aim for the third tier for high-priced products.

7 psychological triggers for high-priced products

Lok shares 7 psychological triggers that can use on business strategies to increase customers to buy high-priced products. Entrepreneurs should use these triggers in good ways; otherwise, they will backfire miserably.

1. Scarcity
2. Rarity / Collection
3. Exclusivity
4. Ego appeal
5. Part of group
6. Experience
7. Takeaway selling

People can be motivated by the fear of lose instead of gain. When products are rare, people will value more. When products are market with premium standard, people will treat them premium as well. People are willing to wait when products are expensive. People want to belong to something, so when people are a part of the group, they feel proud. People will pay to be entertained and they will pay for premium experience. Lastly, people will want something if they know someone else has it.

Entrepreneurs should always ask these 3 questions:

• How can I increase the level of perception?
• How can I increase the level of service?
• How can I increase the level of experience?

Lok provides two strategies that can help entrepreneurs to improve their businesses. The first strategy is to figure out what is next. Entrepreneurs can create funnel to allow different choices for their premium clients. The second is the tier pricing strategy. By providing 3 different tiers, clients will pick the most optimal or appealing option.

“The quality of your business is directly related to the quality of your clients”

“Low prices attract disloyal, unfaithful clients, and those clients cannot build a business on it”

Date: December 9, 2015

Name: How to maximize your profits in minimum time with Dan Lok

Presenter: Dan Lok

Many entrepreneurs often forget to master the key of understanding financial statements. Moreover, entrepreneurs make mistake of leaving resources behind that could their business around. Vancouver Entrepreneurs Group invites Dan Lok, the serial entrepreneur, to discuss the important skill of reading and using financial statements. Since this is not an accounting course, Dan Lok will reveal simplest ways to use financial statements to make strategic business and investment decisions. This presentation will help entrepreneurs to clarify their business financial position and mitigate the fear of numbers.

Dan Lok is a multi-millionaire entrepreneur and an international author. His studies and strategies help many entrepreneurs to break their business barriers. Lok is also a keynote speakers for many businesses. Many entrepreneurs respect him as a business mentor. Moreover, he is the founder of the Vancouver Entrepreneurs Group, the owner of Charm Junction, and the author of FU Money.

Money and time are two major assets for entrepreneurs. Dan Lok believes these two assets can distinguish between successful and average entrepreneurs. Many entrepreneurs are losing money without even know why; in fact, Lok believes successful entrepreneurs will understand it, take it and use it. Lok mentions Keith Cunningham, the real rich dad in Rich Dad Poor Dad from Robert Kiyosaki. Cunningham created over 100 million dollars, but lost by the age of 40. He recovered back quickly. Lok takes the best lessons from Keith Cunningham and he would like to share the 8 profit maximizers that will help entrepreneurs to explode their businesses.

Maximizer #1: Strategic thinking versus tactical thinking

Lok states many entrepreneurs are strategic thinking. There is a difference between strategy and tactics. Strategy is done above the shoulders and tactics are done below the shoulders. A strategy is a plan that overcomes the obstacles and the only job as an entrepreneurs is to understand the obstacles. Lok shares a philosophy from Sun Tzu, the creator of The Art of War, is that strategy without tactics is the slowest route to victory and tactics without strategy is the noise before defeat.

Lok provides a list that shows the difference between strategic thinking and tactical thinking.

“How much time you spend on each?”

Many entrepreneurs will delegate or outsource the tactics. However, Lok suggests entrepreneurs must know within first. The more they know, the more understand of the result they want to achieve because in business world, there is nobody cares more than themselves.

“What you think might not what you need”

Maximizer #2: Financial literacy is the key to life long financial success

Many entrepreneurs do not look at financial. Lok emphasizes in entrepreneurship, it is not how much entrepreneurs make, and it is how much they keep. Accounting is the language of business and if entrepreneurs do not speak the language, it will be difficult to win the game of business.

Financial statements can help entrepreneurs to guide back their direction when their business is off course. Entrepreneurs cannot improve their business when they cannot measure. Therefore, Lok believes the goal of business is not to get rich, but to stay rich.

“Sustainability always comes from knowing what you are doing and measuring your progress”

Lok has a philosophy. Instead of knowing how much he can make, he needs to know how much he can afford to lose. In any business cycle, entrepreneurs will make money and lose money. It is important to make money and minimize the lost. Usually, many entrepreneurs will feel invincible when they are making money. They tend to gamble and lost more at the end. Lok wants entrepreneurs to look at downsize risk. The problem entrepreneurs are having today is not that they do not have enough opportunities to make money; instead, the problem is that they have too many opportunities to lose it.

“Are you taking too much risk?”

When entrepreneurs do not understand the scoreboard, it is hard to tell who is winning. Accounting is not the scoreboard; in fact, it is the report card. Many banks will loan money to entrepreneurs when they do not need money. Therefore, Lok will explain and simplify how to read financial statements.

Balance Sheet is like the snapshot of the business. The asset section is all the resources that company has. Liability section is the stuff company owes and the equity section is the stuff company owns. Balance sheet shows the snapshot in time and it also shows what company owns and owes.

Income statement is the theory of the business. The difference between sales and cost of good sold is the gross profit. By deducing the expenses from gross profit, it shows the net income, which is the profit. Entrepreneurs must understand that they cannot deposit profit. Income statement can be very helpful, but it can also be very dangerous. The number at the bottom can be misleading. Company can have high profitability with no cash or high deficit with significant amount of cash. By just looking at the profit, it is hard to determine if business is doing well or not. Therefore, entrepreneurs should not make business decision on net income or profit.

Entrepreneurs must know the story behind the number. Lok believes it is a poor way to run business or determine the financial health of business by running the business out of a check book, tax return or looking at the net income.

Cash flow is the fact of the business. Cash is real money and it is the only thing that hits the bank account. However, not all cash is created equally. There are 3 types of cash.

1. Operating cash flow (OCF)
2. Investing cash flow (ICF)
3. Financing cash flow (FCF)

OCF is to generate or used by operation. ICF is to generate or used in buying or selling fix assets. Finally, the FCF is to generate or used from lenders or investors.

To calculate FCF, entrepreneurs can take ICF and minus the OCF. In addition, when entrepreneurs want to calculate free cash flow, they can take the OCF and minus ICF.

There are 3 ways of OCF tests entrepreneurs can use to determine the health of their businesses. The first way is to see if the OCF is positive. If OCF is negative, there is a problem. The second way is to see if OCF is greater than profits. If not, there is a problem in accounts receivable, inventory or accounts payable. The third way is to see if OCF is growing faster than profits. If not, it means the business is becoming less and less productive.

Lok wants entrepreneurs to remember that rich people get paid before they do the work, and poor people get paid after they do the work. Lok shares a strategy to change clients to pay up front is to say “The way all my clients always pay me up front”.

“You can operate a long time without a profit, but you cannot survive a week without cash”

“Ignorance is not a bliss; fact do not cease to exist just because you ignore them”

Lok believes the number one key to long term business success is to avoid bad assumptions. Entrepreneurs need to verify the assumptions. Lok provides a scenario that helps entrepreneurs to read financial statement.

Tips to read financial statements

• Figure out the trend from past history years
• Determine the increase or decrease from different accounts in financial statements
• Exam the accounts receivable for cash that are collected
• Review the liability for irregular expense not paid or outstanding loans
• Pay attention to the level of inventory
• Look at the change from expenses to see where cash spend
• Watch the gross profit percentage to understand the changes of revenue and cost of good sold
• Review cash flow statement to track where cash went

“How much more money would you still have if you did not make those bad investment or bad business decisions?”

Maximizer #3: Think time

Lok believes business is an intellectual sport. Many entrepreneurs have the misconception of thinking they can do what they love and money will follow. Entrepreneurs cannot just believe in something and it will make it true.

There are 3 most powerful question entrepreneurs can ask themselves.

1. What could go wrong?
2. What don’t I know?
3. What don’t I see?

Smart entrepreneurs have good answers and genius entrepreneurs have good questions. Lok suggests entrepreneurs to schedule their think time once per day. The process of think time is to write down a question and think as much answers as possible. When they are stuck, they can ask themselves what assumptions they are making that they are not aware or they are making what gives them what they see.

Maximizer #4: You must get owner compensation right to know what your true pretax profit is

Most entrepreneurs misunderstand the relationship between their salary and the return on what they own. In fact, many entrepreneurs should get paid a salary for what they do and they should get a return on what they own. Therefore, entrepreneurs must pay themselves at a market wage. Many entrepreneurs think they are overpaying themselves, but in reality, over 90% of them are underpaying.

Lok wants entrepreneurs to imagine if they got run by a bus today and their families decide to keep the business going in their absence, how much do they need to pay.

Lok indicates business is like a cow. Until they paid themselves a market-based wage and make a profit on top of that, they have a sick ow on their hands. Therefore, entrepreneurs should not focus on paying taxes; instead, they should focus on increasing their profits.

Maximizer #5: Master the wealth cycle

The purpose of business is to provide future profit streams. The wealth cycle is made up of 4 parts.

1. Assets
2. Sales
3. Profits
4. Cashflow

The primary reason to have assets in business is to produce and serve revenue. Entrepreneurs need to be effective at acquiring assets that maximize and serve revenue. They need to be efficient at converting those revenue into profit. They need to be productive at converting profits into cash. As an entrepreneur, it is important to have as few assets as possible to produce the maximum amount of revenue.

Maximizer #6: bigger is not always better

Entrepreneurs must understand that the goal is not to get big, yet the goal is to create sustainable success. For example, entrepreneurs would rather own a 2 million a year business that is making 15% than a 5 million a year business that is making only 5%.

Maximizer #7: No overhead growth

When entrepreneurs think about every dollar they spend as money they are investing in their business, all their investments will produce a return. Lok suggests all entrepreneurs to read “Berkshire Hathaway” to understand his way of operating business with few investments.

The reason most entrepreneurs want better office, car or computer equipments for business is because they let their emotions and ego dictate their expenditures. Entrepreneurs should ask themselves if the investment in expenditures will generate additional revenue. Better expenditures and high overhead do not define success. Spending money to look like a big deal is not the same as being a big deal. Therefore, how entrepreneurs run their business during the good time is a great indicator of how well they will survive the bad times. Lok recommends entrepreneurs to generate money as much as possible in the bank when the business is good.

Lok believes the fastest path to profit maximization is to reduce the drag of expenses and not building a bigger sales engine or pushing the growth expenses. The focus should be how to grow top line revenue and maintain or reduce expenses.

“Always pick the low-hanging fruit”

Maximizer 8: Meet with an accounting professional and review your financial every month

The business process consists of 4 steps.

1. Management
2. Decisions
3. Activities
4. Results

Entrepreneurs can utilize their accountants to monitor, review and measure the step from activities to results. Furthermore, it is entrepreneur’s job to take the result and put it back to activities.

“Manage result, change activities”

Date: October 28, 2015

Name: How to Communicate Your Way to Riches with Dan Lok

Presenter: Dan Lok

Successful entrepreneurs are required to have effective communication skill. Moreover, entrepreneurs must master their communication ability to influence others. Vancouver Entrepreneurs Group invites Dan Lok, the multi-millionaire and serial entrepreneur, to help entrepreneurs learn the true ability of communication. This presentation will allow entrepreneurs to enhance their professional relationships and improve stage fright. Entrepreneurs will understand the true intention behind communication. In addition, Dan Lok will guide entrepreneurs through his powerful system and increase their business productivity.

Dan Lok is a multi-millionaire and a serial entrepreneur. Moreover, he is also the Founder of Charm Junction. Lok is the expert in internet marketing with the title of “Millionaire Mentor”. Lok has published many books to help entrepreneurs overcome their obstacles and barriers. With his business experience, Lok becomes a professional and motivational speakers. Many entrepreneurs look upon his ability and admire his journey. Lok is considered a legend icon for many young entrepreneurs.

Communication is important because communication is the ability to persuade freedom. Lok defines the ability of communication is equivalent to the amount of wealth. When entrepreneurs use communication for good, they can influence others with integrity; however, when entrepreneur use communication in the bad way, they consider it as manipulation. Moreover, communication is all based on interpretation. It is important for entrepreneurs to continuously improve communication skills.

“The better communicator you are, the wealthier you will become”

Great entrepreneurs are great communicators. Lok indicates there are two types of communication forms that successful entrepreneurs must mastered. The first form is internal communication, which focuses on the internal dialogue within entrepreneurs. The second form is outward communication, which focuses on the ability to influence other people. Lok makes a point that the influence in outward communication is not the same as manipulation.

“If you think you can, or think you cannot, you are right”

All entrepreneurs must believe in themselves. The stronger entrepreneurs believe in themselves, the stronger their certainty. Lok emphasizes entrepreneurs can influence others when their level of certainty is higher than others. Ideas will not go anywhere unless entrepreneurs can get them across. Many entrepreneurs have difficulty influencing many people at once. Lok suggests entrepreneurs to start one-on-one first and work their way up. If entrepreneurs cannot convince someone in one-on-one conversation, it will be extremely difficult for them to convince in global base.

The art of communication is the language of leadership. Lok shares a statement that a leader can lead people to where they want to go; however, a great leader will take them to a place they do not necessarily want to go but ought to be. With effective communication, entrepreneurs can sell something to people who they do not even know they want it but they will appreciate it at the end. Moreover, if entrepreneurs cannot sell their ideas, they are not helping others. It is difficult for entrepreneurs to force people to move in the same direction, but their passion can motivate and inspire people. In addition great communicators must obtain the ability to create high energy and the ability to influence themselves first. All greatest accomplishments require passion. Entrepreneurs must always maintain high passion and always be in hungry mode. Successful entrepreneurs will prepare whatever it takes to complete their goals.

“When lion is hunting a rabbit, the lion is still at 100%”

Every entrepreneur has a little voice in their mind. It is important to overcome it. Entrepreneurs need to argue against the little voice with higher energy level. The little voice acts as protection for entrepreneurs and it will keep entrepreneurs from going forward. The strength from the little voice are fed by entrepreneurs. Lok wants entrepreneurs to conquer their little voice. High confidence with high passion leads high control. Therefore, communication can help entrepreneurs to reprogram themselves.

Lok recommends entrepreneurs to talk to themselves in the mirror and try to persuade the person in the mirror. Entrepreneurs can use this opportunities to discover their internal voice and internal obstacles. Great communicators can mange the little voice

If entrepreneurs want more people to like them, trust them or respect them, they need to be a good listener. Listening to other people’s emotions may be the most important skills for entrepreneurs. The Chinese character of the word “listen” is a combination of ear, eye, undivided attention, and heart. Lok explains out of all leadership skills, listening is the most valuable skill, but it is also the least understood. Successful entrepreneurs will never stop listening because that is their secrets to identify unseen problems and take advantage of opportunities. Human beings have two ears and one mouth, which means it is necessary to listen twice as much as talk. Listening can sustain trust from others. If entrepreneurs lost others’ trust, it will be difficult to gain it back. Moreover, it takes more work to do active listening.

“People do not buy from you not because you can sell, it is because they understood”

5 Ways to improve listening skills

Lok believes complex is the enemy of execution, so he will share 5 simple ways for entrepreneurs to improve their listening skills.

1. Maintain eye contact
2. Make notes
3. Allow people to finish their own sentences
4. Respond so the other people knows they are listening
5. Ask core questions

When entrepreneurs maintain eye contact, they show others that they are paying attention. The amount of eye contact can be various by other people. Lok suggests entrepreneurs to mirror other people and watch for their body language. Making notes can reinforce entrepreneurs’ memory. It is advisable to ask permission first. Therefore, good entrepreneurs will take notes all the time, which makes other people feel important.

Entrepreneurs need to allow others to finish their sentences and should not jump into the conversation. This will indicate respect for what others are saying. Entrepreneurs need to respond. Response can be simple as nodding or a simple action. This gives respect and recognition for others. Entrepreneurs need to ask core questions, especially the “why” questions. The “Why” questions can help entrepreneurs to go deeper into a particular subjects and gain greater understanding of their situation. Entrepreneurs should provide questions for people to respond with open and end answers. Moreover, entrepreneurs should start with broad information and continue seeking more specific responses.

“When you listen, it is a powerful weapon, you will stand out”

Lok believes the most powerful gift entrepreneurs can give to others is one profound question. Entrepreneurs need keep asking questions because what entrepreneurs say might meant something big for other people. Ultimately, all knowledge leads to self knowledge, which is to understand themselves.

Public speaking

Lok explains all entrepreneurs are the artist of commerce. All speaking is public speaking. Simply, all kind of speaking can be either good or bad. Lok shares his story. Lok was terrified at speaking at high school. Lok would avoid any presentation. During his communication course, he was required to give a presentation. Lok was nervous, but he did it, which planted a seed for his future. Lok knew he needs to overcome the fear, so he joined toastmaster to practice public speaking. With enough feedbacks and constant improvement, he mastered the skill. Lok wanted to become a public speaker, so he started to pay attention to big success motivational speakers. Many students in toastmaster shared similar dream with Lok, but only Lok made it through. Lok believes anyone can do it.

Lok emphasizes stage time is wealth time. All entrepreneurs must cherish their stage time. Public speaking skill can leverage entrepreneurs to deliver more values to other people. Public speaking creates more opportunities and success; therefore, as pubic speaking improves, the earning ability increases.

How to overcome stage fright

A traditional advice for pubic speaking is to picture the audience naked. Lok believes this is an ineffective tactic. Lok will share the 3 quick fixes for public speaking to help entrepreneurs.

• Focus on the audience, not themselves
• Change the state
• Practice and record on video

Entrepreneurs should stop being self-fish and start focusing on audience. The purpose of presentation is to provide values to audience, and the objective of any presenter is to teach the audience to grow. Entrepreneurs should not focus on internal and focus on external. Entrepreneurs should always ask themselves if they deliver enough values to other. Before any speaking, Lok will do a ritual. He will visualize a light beam go through his body and the light will brighten the room. The energy helps Lok to relax and focus. Lok will change his state by making the switch from his own developed power move. Power move is a movement that allows entrepreneurs to shift energy. Moreover, Lok will record every speaking engagement for feedbacks and improvement.

“Cherish the stage time, you never know who is in the audience”

5 tips to improve your public speaking skills

The difference between professional and amateur is one gets paid and other does not. Sometimes speakers do not connect with audience. Lok explains professional speakers will engage audience to believe the speaker is talking to each individual.

Tips #1: Speak to one person, not to the group

The audience is always have one-on-one perspective with speakers, but speakers are looking at group perspective. Sometimes speakers will use certain phrases that will lose the connections with audience. In hence, audience will lose interests. Lok has provided a sample list of phrases entrepreneurs should not use during their presentation.

• You are such a good crowd
• What a good looking group
• You all got up early this morning
• Ladies and gentlemen
• Take your seats
• Without further ado

“Speak like you are talking to the individual”

Tips #2: Do not hide behind the black box

Most entrepreneurs limit their movements in their presentation. Lok recommends entrepreneurs to move around constantly. They should never present behind an object because it will reduce their confidence and lose engagement with the audience.

Tips #3: Deliver from your power spot

Entrepreneurs need to find their power spot in their presentation. The power spot is usually the spot that can see the most audience. After they discover their power spot, Lok suggests them to move to their right when they talk about negative or past. They will need to move to the left when they talk about positive or future. Lastly, they will deliver the present in the middle, which is the power spot. The theory behind this is that left brain focuses on logic and right brain focuses on creativity. In the audience’s perspective, when entrepreneurs move to their left, it will trigger the feelings. When entrepreneurs move to their right, it triggers the analysis. Most people write from left to right, which symbolizes from beginning to the end.

Entrepreneurs can offer their produces by putting it on their left, so it shows it on audience’s right side, which represents the future.

Tips #4: Speaking from diaphragm

Lok recommends entrepreneurs to speak from their diaphragm, and not from their throat or chest. Chest and throat usually provide soft voice and diaphragm will provide longer and powerful voice. Moreover, speaking from diaphragm can penetrate their voice to the crowd.

Tips #5: Entertain, educate, empower

The speaker’s goal is to entertain. When people have good time, it means speakers have successfully deliver the message. Entrepreneurs should focus on how to make their speech more entertain. After entertain, they can educate new information and empower them with something they can take away from the presentation.

In business, everything entrepreneurs want and do not have, they can get it form other people. Lok believes the way entrepreneurs communicate with others and with themselves ultimately determines the quality of their lives. Entrepreneurs should always master communication skills. 

Date: April 1, 2015

Name: Vancouver Entrepreneurs Group – How to generate massive passive income with Dan Lok

Presenter: Dan Lok

Passive income is a term every entrepreneur need to know and need to have. Moreover, many entrepreneurs have no idea how to create passive income. Vancouver Entrepreneurs Group invites Dan Lok, the Founder of Vancouver Entrepreneurs Group, to teach entrepreneurs the mindset and the truth behind passive income. Dan Lok’s strategy in this presentation will allow entrepreneurs  to realize anyone at any stage in their lives can have the ability to generate passive income.

Many entrepreneurs refer Dan Lok as the world’s leading expert in internet marketing. In addition, many entrepreneurs also refer Lok as the Millionaire mentor. HIs accomplishment starts in the world of internet. By publishing many digital copies of his books and helping others launching successful online businesses, he has the passion to help and motivate business entrepreneurs to create profitability. Furthermore, Lok is the CEO of Charm Junction Inc, and has helped many people transform their lives to the top.

Dan Lok came to Canada at a young age. Without understanding any english, Lok was struggling through his life. His early dream was to become a Martial Art instructor; however, he later realized the path he picked could not provide enough support for his whole family. Nevertheless, he realized he has the teacher heart. His first business was mowing lawn for the community. The business finished quickly because of no customers, and no customers equals no money and business. Lok pursued many businesses and the result was unsuccessful.

“It is not how much you make, it is how you make money”

He focused on many personal development books, but the help was not enough. Lok believed there was something missing in his career. He began to question if rather other successful people are just lucked or smarter than him. Lok started to study internet marketing because he could not understand why people buy junks on internet. After his apprenticeship from his mentor, he started to earn over 10,000 dollars per month. His strategy was selling books online to teach people to protect internet marketers. He repeated his strategy based on the economy trend and he began to generate massive passive income. He had reached financial freedom at an early age, but he realized he was still depressed, until he found the answer.

“The truth will set you free, but first it will piss you off”

Categories of Income

Lok believes there are 4 categories of income: linear, leverage, passive, and windfall. Lok provides examples for each category.

Lok emphasizes it is easier for people to generate linear income because they are taught to work in linear. In the real business world, there is no course available through school that teaches the proper way of managing money. They are brainwashed to work in linear income.

Lok wants entrepreneurs to convert linear to leverage. Afterwards, they can convert leverage to passive. Windfall is dynamic, so entrepreneurs should be based on those income by the current economy. Entrepreneurs should not convert every leverage to passive because leverage can motivate entrepreneurs’ passion and desire in business.

3 myths blocking entrepreneurs from earning passive income

Lok shares the first myth that is blocking entrepreneurs from earning passive income is the term “financial freedom”. Based on Robert Kiyosaki, the author of Rich Dad Poor Dad, the definition of financial freedom is total passive income exceeds total expense. When people reach that status, they can retired. However, when people reach financial freedom, they have the time to do what they love, not retired. Therefore, financial freedom will lead people to be bored.

Lok shares the secret of life is not financial freedom, it is progress. If entrepreneurs are growing, they are fulfilled. When entrepreneurs generate enough passive income, they have to go back to business again. Passive income will drop because economy is changing. Entrepreneurs need to find ways to adapt the changes by changing strategies.

“Just because it is passive it does not mean it is permanent”

Lok believes the truth is that entrepreneurs do not aim for financial freedom; instead, they should aim for financial confidence.

The economy is changing and the concepts will be outdated. It is important for entrepreneurs to have financial confidence. Financial confidence defines as the ability and the skill entrepreneurs they obtain to earn money any time.

Lok emphasizes financial freedom is just an illusion. It gives entrepreneurs fault free and give something for them to aim for. Moreover, financial confidence is the essence entrepreneurs should aim for.

Lok shares the second myth is the term “passive income”. In definition, passive income means it is an income received on a regular basis with little effort required to keep. Lok believes generating passive income is not easy and it takes a lot of hard work. It does not come overnight.

“Passive does not mean effortless”

All successful people do not use the term “passive income” because in reality, none of them got into their business because of free work. Successful people work more hours than regular people and it is all about progress.

Retirement means entrepreneurs can do what they want and when they want. If each successful owners from Forbes 400 is doing that, they have all retired – into their jobs and companies.

Lok shares passive income can be a dangerous fantasy for entrepreneurs. Lok listed four main reasons.

• Entrepreneurs cannot stay ahead of competition passively
• Entrepreneurs cannot maintain a loyal tribe to customers passively
• Entrepreneurs cannot lead great team without passively
• Entrepreneurs cannot create meaning, passion, or purpose passively

It is difficult to stay successful than becoming successful. In fact, this is a change of perspective. Lok shares the pursuit comes from purpose, meaning and joy. Therefore, entrepreneurs cannot create meaning, passion or purpose in their lives passively.

Lok believes when entrepreneurs have the intention of getting way from business and customers, they tend to fail. Entrepreneurs should move towards business and customers. When business are not creating values for customers, they will not generate cash as what entrepreneurs hope for; in addition, when entrepreneurs pursue passive income, they usually end up having active losses instead.

Lok believes the truth is to leverage income. Entrepreneurs need to find ways to use other people’s money to generate values. Entrepreneurs do not need rich books to teach them what they should do because there is no magic pill. Everything is about progress. Entrepreneurs should only buy things that obtain the skill or improve the skill that will generate leverage income.

Entrepreneurs should avoid the shiny object syndrome. Instead, entrepreneurs should master their skills first and proceed to the next skill after they master the previous skills. The hardest part to achieve abundance in life is getting the mind to do the right things for the right reasons.

“Build on what you have”

“Aim for leverage in a business you care about, not passive income in a business you do not care about”

Lok suggests entrepreneurs to become the creator or artist of commerce. Entrepreneurs should create value first, leverage second, and then systemized.

“I love this so much, it is the only thing I do for money. It will be unstoppable”

The third myth is people focus on what they do. Many people think it is because of the vehicle that drives the money for them.

In life, people need to master skills. The difference between an amateur and a master is the development of natural reaction. Amateur knows many different ways, but master only know certain ways that works. To become a master, entrepreneurs need to focus. They need to focus until they are good enough that people are lining up to see them. In reality, there is not a lot of masters in the world.

The truth is entrepreneurs need to focus on how they do it. They need to know how to create more leverage with their business. People have more fear in success than failure because their brain only know how to handle failure. Brains will avoid any unknown.

It is easy for people to set passive income and forget it. Lok wants entrepreneurs to understand that passive income is a great revenue source that is earned from persistent, ongoing cultivation.

2 steps to creating and enjoying the wealth you deserve

Lok shares people tend to make up rules to reach wealth. Unfortunately, the rules are usually too broad. Therefore, they will never win. There is no amount of money that will make people wealthy because wealth is a state of mind.

The first step is allow entrepreneurs to know they are already wealthy and free.The worst they can be is other’s fantasy. Wealthy is gratitude. Entrepreneurs cannot be grateful and be stress at the same time.

“what yo are grateful, fears disappear, and abundance appear”

The second step is to do a morning ritual to improve entrepreneurs’ lives. Lok suggests a 10 minutes of visualizing grateful moments and freedom in the morning will help entrepreneurs obtain the feeling of unstoppable.

FU Money Formula

Lok provides the guideline to help entrepreneurs’ business

Entrepreneurs need to focus on the niche market where there is a growing demand. Lok believes the biggest reason business fail is because they cannot find enough customers to make transactions before their money run out.

Instead of creating a new market, entrepreneurs can adapt the submarkets or existing markets because they have already obtain the community of people who will purchase products and services.

Automation can be building a team, bringing in partners, automate tasks, or outsource production. Business needs to have scalability. Without any growth problem can help business to take control.

Entrepreneurs should realize they are already wealthy. They need to find a market that can provide real value in the market. Build a strong purpose and leverage their business with automation and scale up. With enough time, business will evolve to an asset.