Q&A Session with multi-millionaire Dan Lok
I consider myself a serial entrepreneur. I have been lucky enough to start, run and turnaround a dozen companies. Now in my spare time, I coach a select group of entrepreneurs, helping them profit wildly while making a huge difference in the world.
Networking tip #59: Keep your promises.
What is the formula for success?
- There is no such thing as a one size fits all formula to success because it depends greatly on what you are trying to accomplish. Every business Is different.
- But there are certain factors that play a large role in your success. Ask yourself;
- What is your level of persistence?
- How big is the need for your product or service in your niche market?
- Do you have the skills to do it? What do you need to learn? Your results dictate what you know.
- Timing can also play a huge factor.
- Study successful people. Learn how they did it.
- But more importantly study other peoples failures, so you don’t repeat their mistakes
What is the BEST advice you have ever received?
- Strive for FREEDOM not comfort
- You can be comfortable but not have your freedom but when you are free you are automatically comfortable.
- DOMINATE DON’T COMPETE
- How can you dominate your market.
- How can you make yourself the obvious choice out of everyone else.
- Competition is only good for your customers, not for you.
- Niche down and dominate your sector of the market, become #1.
- How can you deliver the best results for your market?
- INVEST YOUR MONEY DON’T SAVE IT
- Money loses value over time
- How can you invest in yourself and your business so you get it all back and then some?
- We do too many things. STOP! What are you good at? Outsource the rest.
- How much is your time worth? If you can hire someone to do it for cheaper than what you could earn in that time OUTSOURCE IT.
- A millionaire’s time is worth $2000+/h
If you had to start from scratch with a minimal $2000-5000 investment what would you do?
I always pick battles I know I can win. I would pick the easiest method to make money.
Starting a business from scratch is too much work and has a higher risk.
Don’t reinvent the wheel. Take something existing and make it better.
Pick an existing platform to sell products
3 Levels of business
- Use your skills to make you money
- Deliver a skill in the marketplace as a contractor
- Start here, learn how business works then work your way up
- Social Media, SEO, Design, web development etc
- Copywriters can make really good money if they are highly skilled
- $5000-10,000/mo part time $100/h
- Using money to make money
- Have a team that is managed well
- Capital to invest
- Have developed great business, marketing, management, time management and problem solving skills
- Become incredibly resourceful
- Develop processes so you can automate and outsource
- Using other peoples money to makes money
- Highly skilled in business and marketing
- Have a lot of high level connections that trust you
- Proven expert that can get amazing results every time
- Have a massive tribe of people and an ocean of resources at your finger tips
How to be a successful networker?
Do not go to networking events to get sales. Its a waste of time since 99% of them are not your ideal clients. That’s a measly 1% success rate. Use a better strategy.
Search for strategic partners, influencers, experts and build a network of mutually beneficial relationships.
- Give them value for FREE and business will naturally come to you
- Build their trust and develop a relationship
- Play the contribution game
- Add value to their life. What do they need? What are their goals? How can you help them.
- It’s simple but only few do it. This will make you stand out in the over crowded market place.
- Give value to the right people. You have to be Selective to be Effective.
- If your marketing is set up correctly, you won’t even be thinking about getting clients at networking events
Why do businesses fail?
- No company fails because of too much business and customers. They fail because they have problems with either marketing or management.
- If you are too busy raise your rates. Cut out low paying customers.
- Works not getting done. How can you better manage your team and business?
- Not enough customers. Your marketing is not working. FIX IT!
- Small business owners often fail to develop essential business skills before opening their doors. This often leads to quick failure as business is tough.
How do you stay motivated when things get tough?
- Business is always tough. Suck it up. As you become more successful your problems will only become increasingly complex.
Have a powerful WHY that motivates you. Know your why and live it everyday.
- Why do you want to be in business? Is it to…
- Provide for your family?
- Have ultimate life and financial freedom?
- How do you want to be remembered after you die?
How does Dan Lok make his money?
Partners with businesses for a share of their profits. Flips businesses that have a potential for huge success. I have many businesses of my own that I have other people run to free up my time.
- I have high expectations of my employees
Dan Lok’s Books
(Buy one of Dan Lok’s fantastic books with these links to help support my FREE note taking service)