060 | The Millionaire Mindset | Having a Right Business Mentality | With Dan Lok

Dan Lok. Dan is a well known online entrepreneur. Most of you already know Dan but if not, hopefully this interview will give you some insights about this talented individual. He is a Chinese-Canadian businessman, global CEO and educator best known for his books, videos and also for being the founder and chairman of Closers dot com – the #1 virtual closers network. Dan has led several global movements redefining modern education by capitalizing on the power of the digital age to teach thousands of people from over 150 countries how to develop high- income skills, unlock true financial confidence and master their financial destinies. He is also an accomplished public speaker. I highly recommend you check out his channel on youtube.

 

So, before we move further, can you tell us a little bit about your journey so that we can get to know you better?

 Sure. And, you know, I’ll share my story many, many times that unlike most people, like I wasn’t born with a, you know, I wasn’t born with a silver spoon in my mouth. I immigrated to Vancouver, Canada when I was 14 years old. And my parents got divorced when I was 16 years old. So shortly after that, unfortunately, my dad had a bad business partner and he went bankrupt. And the business partner basically took his money and disappeared. So when I was 17 years old, my dad was about a million dollars US dollars in debt, and that wiped him out emotionally financially as well. So starting at a very young age, I’ve always been very driven as the only child in my family. I got into the business because I wanted to take care of my mom. Because at the time my mom was taking care of me in Vancouver, we were living in a small one-bedroom condo. And, and so I don’t like I don’t know about most people, but I’ve been an entrepreneur all my life. And it’s all about bootstrapping. Of course, we had no money. So bootstrap my way to, to success, of course, throughout the journey have had massive, massive failures. And of course, fast forward today. Yeah, we’ve done some cool things we’ve done. We’ve done some great things impact a lot of people. But it was a very, very humble beginning. 

 

Yeah. Oh, that’s, that’s an amazing story. And, you know, as you said, bootstrapping, this is the theme of the show. And your story really aligns well with what we are trying to convey to the world as well. And it must have been really tough to get from that situation to have come from a family where your parents are no longer together, and you have a huge amount of debt, to get over that mentally and sort of pick yourself up and still get going. So tell us a little bit about that. Like, how did you gain the mental strength to keep going? I think one thing I believe in it’s I call that the immigrant edge. As someone who’s an immigrant that I think when you immigrate to a country where you don’t speak the language, you do know anybody without a lot of resources that it taught us that we need to work twice as hard. Just to level the playing field, right? And we don’t take things for granted that we know everything that we want, when we desire, we have to fight for it, right? We have to earn it. So from a very young age, I learned that because I got bullied when I was in high school, I got beat up. It was a very difficult time for me. So it taught me mental toughness because I don’t take that as ‘Oh. It’s like things are working against me. The system was rigged against me. Now, look at this. You know what I just need to work twice as hard. I need to, I need to focus I need to, to pay the price I need a sacrifice in order to just to be a little bit more successful.’ I remember back then, and when I, when I couldn’t speak a word of English, I would get these like index cards, right? And I would while I had a paper dictionary, and I would write down words, and I would learn a word and I would look at it every day. I look at it. Look at a car I want to learn to do work, right. Yeah. And that’s like, that’s how I got started. I watch TV. And remember the very first movie that I watch. It was, I believe, a Jim Carrey movie. I remember correct, I think it’s the Ace Ventura or something like that. Okay. And first time I walked into a theater this because in Hong Kong, their subtitle Yeah, yeah, there’s no subtitle.

Right, and I couldn’t understand a damn word. Like I could understand. It’s funny, but I can understand them what he was saying right?

Yeah, but then I said, that’s not okay. And I say, Okay, I’m going to learn it. And I remember eventually, as I put there for learning to speak the language, English, understand, like 5% of it, right? And then 10% and then 15% to 25%. Eventually, I could understand the whole movie. That’s what I could improve my English. So what kept me going is knowing that I started off with at a disadvantaged position. It gave me the motivation to actually strive and push forward. 

 

Yeah, that’s awesome. That’s a great story. And I completely agree with you, you know, this sense of entitlement. I see that in young entrepreneurs, the young generation, but I think, to your point, I think we should let go of that and focus on hard work. I am also an immigrant. So I completely understand where you’re coming from, you know, we come here in search of opportunities. And inherently we know that we have to work hard but that doesn’t mean that you know people who are born are here, you know, they have similar opportunities and they can grab them by working hard and letting go of this sense of entitlement. Right? 

Yeah. And when it comes to business, maybe you’re thinking about Oh, but I don’t know enough people, I don’t know the right people, or I don’t have the resources. I don’t have the capital, don’t have money, whatever limiting beliefs that you might have that may be holding you back. But here’s what I believe. I believe that if you cannot make money without money, you probably cannot make money with money. 

 

Yeah, yeah. That’s so true. That’s so true. That’s how traditional businesses start, you know, without any money. And these days, people are, you know, more geared towards any business that needs to start it needs to start with venture capital on the table. 

It’s so true, you could bootstrap your way to pretty like I everything I do with my company. That’s a global company. I bootstrapped. I never took any outside funding I never raised capital. 

 

Awesome. Now you brought up a point about beliefs and I think, you know, more than strategy more than tactics. I think your mindset and your core beliefs are very fundamental to your success. Will you agree with that statement?

 I think self-esteem is the foundation of all success. Yeah. That unshakable confidence knows, not arrogance, but unshakable, unshakable confidence within yourself that I’m going to make it. Yeah, I’m going to be successful, that I can see that right. I’ll give you a prime example. Many years ago, I was already speaking, I had a goal. I wanted to be a TEDx speaker. Yeah. Before Ted TEDx. Now you have more speakers, but back then not as many speakers. So I said, that’s my goal. I want to be a TEDx speaker, because to a speaker that’s like, it’s an accomplishment. So what’s sitting down with one of my mentees in a restaurant and I told him I’m going to be a TEDx speaker. And he’s like, Okay, how you plan to do that, Dan? Right. I said I have no idea. Do you know anyone that can like, make a recommendation or help you get in? And I don’t know, has no clue. I said by No, I’m going to be a TEDx speaker. Two months later, I got an email from what the organizer and say, Hey, Dan, TEDx Stanley Park, it’s we’re opening up we’re looking for speakers. Now. I don’t know if you, you know, it would work or not, but you can enter. Right. So that’s cool. And stood up your time. Just so you know, before that happen. My team, we apply to many, many of the TEDx stages.  Me, me Dan lock got rejected. 15-20 times before I had an opportunity to like that. And of course, later on, I was on stage. So that unshakable confidence because that becomes your self-fulfilling prophecy. Exactly. Yeah. Right, you got to see it first you got to visualize, you got to believe in it before you can actually do it. It’s not the other way around. So people say, I’ll believe you and I see it that’s not true. You got to believe it first, then you will see it then you accomplish it.

 

Completely agree. Yeah. And you know, the persistence that you need and the courage that you need to, to keep trying. To your point, it all comes from self-esteem. So if you don’t have you know, very high self-esteem, not arrogance, you can never continue to, you know, strive for your success, right? 

Correct. Correct. 

 

All right. Great. And now, you know, obviously, when you started you had a very good reason very well. Why you’re why was to take care of your family, your mother. Now you know, you are in a different position you have achieved A lot. So what is your drive right now? Like, how has it changed over time?

 I think more that matter a lot. I think what drives you today may not be the same reason that you did like the day after tomorrow, like, you know, evolved still. So in the beginning, I was driven by survival, meaning that I was I just want to get my mom. Yeah, there was it there was like if I can make enough so that my mom doesn’t have to be stressed out and we can pay rent. I’m happy, right? That was the beginning that later on as I  tasted success. I wanted more than I was driven more by comfort. Yeah, I wanted to be livable, comfortable. I wanted to have nicer things. I wanted to drive a nicer car, right? Then I transitioned into I was driven there more by success. And then, unfortunately, I’m not proud admitted Ego. and there were a good 10 years of my life, I would say maybe from 20 to 30 years old that I was driven by ego that I want to prove other people wrong. Because remember, I got bullied in school? Yeah. So it’s almost like a thing where I wanted to show the world that I am somebody that I wasn’t the invisible kid back in high school and no one knows my name. Right? That I that I’m, I’m somebody look at how smart I am. Look at how accomplished I am. Right? Yeah. And that drove me for a good 10 years.

Today, I’ll give an about any of that stuff. Because I’ve already done it. Yeah. Once let’s say you know you want to buy certain things, you will accomplish certain things. Who says I want to read a book. I’ve read written 13 books, right? I want to speak impact X amount of people. We reach 10s of millions of peoples every month, right? I want to have I want to buy a car. I’ve got four. Do you know what I mean? It’s just like there are so many things that don’t interest me that much anymore. And that’s why I wrote the new book that’s coming out unlock it. It’s the subtitle: ‘The master key to success, wealth and significance. Life living a life significance’, that’s no longer just chasing success, but what’s your legacy? What’s, what’s your legacy? Like? Who do you want to impact what you’d want to leave behind? So today, what drives me? It’s a very, very different reason. It’s like, it’s like a car. You can power a car with diesel, always like premium gas or the electricity still goes, Yeah, the field, your motive does matter. It does matter a lot. So that’s what drives me today. 

 

That’s great, great answer. Now, tell me one thing, you know, because I have watched a lot of your videos and I know a little bit of your background. And I know that you went through some tough times, initially. But you kept going, you know, you mentioned self-esteem and all that’s all good. But do you think, you know, in order to get through this entrepreneurial journey, you have to be a little bit crazy to try that.

It’s not so much crazy, is I think that the price of admission, a price of ambition of a successful entrepreneur is a high tolerance of pain. Yeah.

That means that your ability to endure pain for a long period of time, not talent. Yeah, not even you’re like no luck. Right? Not knowing the right people and is to build and do a pain problem is this: with social media, everybody’s a CEO. Everyone is a founder. Okay? Everyone is an entrepreneur, right? You can be a one-man operation. You’re an entrepreneur, right? Your social media person, your entrepreneur, right everyone is an influencer. So the problem with that is it creates this illusion of, oh, entrepreneurship. Everyone can be an entrepreneur. Yeah, everyone could be an entrepreneur. But not everyone will be successful as an entrepreneur. No, just by hanging out assigns a ham entrepreneur that anyone can do that you can have your Twitter or Instagram account and say I’m an entrepreneur, whatever it is, it doesn’t really matter. But are you solving problems? are you creating value? Are you generating revenue? Are you building a company, right? Like most or not most entrepreneurs will make money, right? Most entrepreneurs actually make less money than when they were working for a job. Yeah, right. Most people don’t make it. Yeah. So So then how do you call it it’s like you call yourself I a champion basketball player. I’m a good basketball player. But you know, you don’t win championships. It doesn’t make sense right now. The cannot be so what I’m saying is most people now they get to entrepreneurship with a lot of expectations. That’s right. And they see someone’s lifestyle. They see someone success and they can see what I do. Is it? Oh, yeah, I want to be like, Dan, I want to do that. And, and I’m like, I don’t know, if you’re willing to pay the price, right? Everyone wants to eat. No one wants to hunt. And most people are not. They greatly underestimate what it takes. Yeah, that’s true. So you think it’s going to, it’s going to take you two years? It’s going to take you 10. Yeah. Are you willing to put in 10 years of your life to learn and develop yourself as an entrepreneur? This is not buying an online course for like, for three months, and now you’re an entrepreneur or your digital marketer, right? Yeah. It’s no one talking about. 

 

Exactly. I completely agree. And to your point, you know, a lot of people they look at the shine and glitter of successful entrepreneurs, what they never look at the failures or the mistakes or you know, the tough times you have to go through. And also to your point, you know, I always say to people, like, you know like a lot of people are concerned about somebody stealing their idea. So, I, I told them, Hey, you know, we can rely on the laziness of majority of people of, you know, not taking action. And this is not to put anybody down, but I just experienced it even in myself. Sometimes I procrastinate, I get lazy and, you know, taking action is the number one key and a lot of people don’t want to do that. 

And it’s 99% execution and 1% idea. Having the idea doesn’t mean shit. It doesn’t mean anything. A lot of people have great ideas, but it is how do you implement How do you execute? Can you put a team together to execute that with you together? Right? You know, most again, most of one man, one woman operation it is they don’t know. They have no 

Leadership, don’t know how to build a team. They know how to execute an idea. They have no business acumen. So you think about if anyone can steal your idea, then your idea isn’t that good. Yeah. Like if you can do, I’d say this and this is not coming from a religious way if people can do what I do that I’m not very good at what I do. Like I tell people, I share my model with people. You know what, like, even with my business circle, yeah, I show them here’s what I do. Are you want to block your social media is what I do. I show them all this stuff. Guess what’s the reaction? I can do that. Yeah. Like watching Bruce Lee on a movie doesn’t mean you can kick like Bruce Lee. Yeah, exactly. Okay, so it’s like watching basketball, watching Michael Jordan slam dunk. It doesn’t mean you can do the same thing. So if people can easily knock you off and copy what you do, then you can be very good at what you do. So don’t worry about it. 

 

All right. So you mentioned you know, social media and you have what maybe 1.7 million followers so you had to come out of your shell you know, you didn’t know English and you learned English watching TVs and movies. So how, like how important this is to be a showman in as an entrepreneur to grow your business. 

I think showmanship plays this a degree has you want to be living more exciting and be more interesting on camera right?  Yeah. Boring. But at the end of the day, I think what allows me to grow social, my social following on YouTube, Instagram. I think last time I looked at the YouTube party, 1.61 point

Seven of one 1 million on Instagram and another couple million on Facebook, we’d reach about organic content would reach about 50 million people per month. Nice. Okay, so what allows us to grow? Well, first of all, I’ve been doing marketing online since 2004. Yeah, it’s not new to me. People see me on social Oh, Dan Lok just came out of nowhere. I didn’t come out of anywhere.

I’ve been doing for a long time. I’ve been doing social recently for the last four or five years. Yes. But I’ve been in the space for a long time. That’s number one. Number two is that being interested in what your audience wants. Yeah, not what you want. But what kind of are you paying attention to what kind of content they want you to create is I know it sounds so simple, but I’m shocked how many influencers they actually don’t look at what people commenting. What do they want to want to know, when you pay attention to that, you will know, okay, if like, it’s like you’re in a restaurant and people like to say, people, my customers like a stick, let’s give them more steak, or they like the salad. Let’s give them more salad. Instead of you just make whatever you want from the kitchen. Let’s pay very close attention. If you look at the data, data will tell you everything you need to know, for example, let’s say your podcast. So the topics would take off better than the others. Do more of those. Yeah, they were telling you people are voting with the time and say, I want more of that type of content. Great. Let me give you more. Like it’s as simple as that we pay very close attention to what my fans want. My audience wants me and gives them more than.

 

Yeah. So to summarize, you not only have to be a showman, but you also have to have the business acumen to be able to read all this data, analyze this data, figured it out and actually put into motion and execute it 

And you have to understand that social media is not a business. Fame without fortune is frustration. Okay you cannot go to the bank and say hey I have got no money but can I be partner, you know I’m very popular on Instagram. Can I deposit some likes? Yeah, you can do that. So people don’t understand that they focus so much, like this the other day I was on the industry on a street walking, someone comes up to me and he was a fan. He was super excited we took a selfie and he was sharing with me ‘Hey Dan, I’ve got this Instagram account and I post motivation and stuff like that and it’s already got a few thousand followers, but how do I grow this right? Yeah, but I said for what? Like for what? What was the business model first? We having all those followers and then people lose sight of that. Yes. You want Social but what’s the outcome that you want? Yeah, what are you trying to build? It could be popular like, the other day I saw a news article, someone on Instagram with over 2 million followers. A girl who cannot sell like 36 t-shirts. Wow. 2 million followers cannot sell 36 T-shirts for like 20-30 bucks, right? So what good is that? Yeah. So I think that you should not lose sight of. Yes. Important. But that’s not a business. Yeah, it’s a way to get your name out there so you can put more whatever you do. But that’s not a business. Unless you’re like a blogger you get to like YouTube essence revenue, even then, that’s a way to make a living, but that’s still not a business. Right? 

 

Yeah, I agree. Very well said. Thank you so much. Now going back to your beginning, say You said you had many failures, you may have made some mistakes as well. So are there any key mistakes that you remember that taught you a very important lesson?

That you may not just be getting I still make mistakes, make plenty of mistakes. And even the last 12 months, I made plenty of mistakes. Because when you’re growing and hyper-growth, you’re going to try things and some things work. Something doesn’t work. Yeah. I think when it comes to mistakes, yeah. There’s so many, but I’m going to give you a kind of liberal framework. I think most people, they look at mistakes as I failed, or I take it personally. Yeah. Example. Let’s say you’re closing on the phone. Okay. So the prospect says, No, I don’t want to buy and then you say to yourself, Well, I suck. I’m no good. I’m not a good salesperson. I’m not a good closer. I’m not. Maybe this is not my career. Why am I even doing this news? Just go back and get a job like this not to place for me, right? Why am I so bad? Like why don’t people like me, right? It’s simply just the prospects not ready to buy. But we took a so personal because our self-esteem is low. We’re looking for validation from other people. So instead of looking for that, if you sell security like you know what the prospects are ready to buy, not a good fit, move on, next. And it’s those failures that slow people down. They spend way too much time. Kind of like staying at the low and kind of thinking of all Yeah, why didn’t it work? Why am I so horrible? Why am I not good at this? Why am I not good enough? There is a plane that they see in their mind. It is what it is. I made a mistake. Right? I made the wrong decision. I bet on the wrong thing. A test the wrong marketing idea. All right. What can we learn from it? Yeah. What can we learn from it? Okay, we’ll learn from it. We just move on. Yeah, we try to improve it next time around and then things I have. It’s a one time I was speaking, I was groove entrepreneurs, right. Yeah. And arguably, I’m probably the most successful guy in the room. And I said, put up your hand if you’ve lost more than $10,000 in business, right? Okay, keep your hand up if you lost 150 thousand dollars in and you can see that right? And you can a hundred thousand and you can see the house the hands slowly coming down. Get a few of your people lost half a million dollars by a million dollars in business $2 million in business. And then you go on the couple hand like right, and then I said look at my hand. My hand is still up. Right? What does that tell you a lot more money than most of you guys? Yeah. That’s why I’m in front of you. Sharing my story with you because I failed and almost all of you. Yeah, I feel more than probably this chunk of the combined So it doesn’t it’s not that it’s a failure. Think about this. Failure is not the opposite of success because we think of success and failure. They are the opposite. Not true. Failure is a part of success. You cannot get to success without failure. If someone who’s a number one top salesperson, in any industry, I can guarantee you that person gets more rejection than anybody else. Yeah. Because he or she takes more action anybody else. Do you have more false land them on their face? More nose? More rejections? More lost deals than anybody else? And that’s why they’re the number one. Yeah, guarantee it any industry. But yes, people, yet people shy away from that. Shy away from that. It’s cool. It’s a good thing. Right. It’s not if you are not failing on a regular basis. You’re not growing. Yeah.

 

Yeah, I mean, well aside, I think taking that kind of risks and betting on yourself, even though the outcome is not known is the key. And I think it all sort of ties back in whatever you have said. It’s all tying back together that you know, you need to know yourself. Have good self-esteem and persistence to keep going. And taking risks is the key. If you know, I’m fond of the history channel. And in one of the documentaries, they were talking about Julius Caesar, and at many points in his life, he bought everything, including his own life, just because he wanted to win and you know, he was just so driven that he did not care about the outcome. He just kept ongoing. 

That’s why he’s Cesar. That’s why we do write about him in history. That’s exactly why. 

 

Exactly, exactly. All right. So now when you started off, you know, you said okay, I want to try this. Tell us a little bit about how you got your first client.

So, I had multiple failures. So I tried a lot of different things I tried to. I had a landscaping business when I was young. I was I had a delivery business was fixing computers for people. I tried all different things, right? Yeah, none of them really worked for me. Until I found my first mentors name is Allen. And Allen taught me this first what I call high-income skill. And you can see on my YouTube channel, on my social I talk about high-income skills are locked, right. That’s like one of the key concepts that I talk about all the time. I want people to get this. So my first high-income skill and high-income skill is a skill that could make you $10,000 or more per month. Okay, now, wouldn’t you agree if you’re making $10,000 a month? I mean, life is okay. Right. But it’s cool, right? But mostly, yeah, six-figure income a year. So my first high-income skill was actually copywriting. Yeah, so I was writing ads for companies and entrepreneurs. For like the self-literatures and sales letters and ads. So Alan taught me copywriting and I was in my early 20s and just writing for people, right? And because at a time think about it was in my early 20s I was speaking with an accent. I am Chinese you know like that’s not a very good combination for a copywriter. You understand that right? Like you were taught when I was talking with a client like you speak with an accent I like broken English can’t even right. And it’s difficult. So I talked to young people all the time say, Dan, how do I get a client I don’t have any credibility. I don’t have any track record. How do I get-go? Here’s what I did. I made an offer that they cannot refuse.

So I was talking with any business owners as a Hey, you know what? I saw your ad I see what you do. I think I can make it better. Don’t pay me anything let me get to work. Let me write it for you. Only if you like it then you pay me. Now some said nope I lost it yes yeah and some now did I did this someone did some of them take advantage of me that they actually like to stop but they don’t pay me. Yeah but also some like me know and say I’ll pay you, in fact, I like you so much I’m going to hire you for the next project because you see when you’re getting started when you have no track work What you need is you need some work yeah. You get a foot in the door then from there what happens is those group of clients some just don’t pay me at all that’s fine. That’s on them. That’s not me. But even though if they don’t pay me Have I got something out of it tell me. What did I get?  The experience though I can take that away. Even I wrote it. It’s still me. I learn how it works, right? So it’s practice fine. I don’t get paid but I got to experience. So they pay me now. I’ve got a paying client. Yeah, great. Some they think it’s okay, but I’m more than happy to give you an endorsement. Yeah. So some I got some testimonials. Right. I remember back then, J. Conrad Levinson. Jay is the founder of guerrilla marketing. It’s a very popular guerrilla marketing like in the business world. Right. Jay, so I don’t know. 20 million books worldwide. Crazy. Okay. Kind of the godfather of like guerrilla marketing. Early. I was in my early 20s. I wrote at a time Jay has a membership, Coca Cola Marketing Association. I saw this page. I wrote we wrote the entire page. I think I sent it to Jay, I didn’t ask I just sent it to this ‘Jay. I saw your page and he’s what I wrote is like, okay, that’s you adding value before you ask anything in return. That’s the key asset value. He looked this is great. He ran the page it triple. It triples his conversion. Nice from Dan. Dan is like, Yo man, I like your attitude. I like you adding value. I got an endorsement from Jay. Someone who’s like a very huge like, you know, influencer figure in the marketing world. I took that testimonial that I talked to other prospect and say, Hey, I rule for JI triple his results. They’re like this is awesome. Right? Great. That’s how I got my foot in the door. It’s adding value before you ask me to integrate versus what everybody else wants to do. They want to get paid before they deliver anything. You’re not paying me. I’m not doing anything. Yeah, you’re nobody yet. You don’t have any track record yet. All you have is your like, sweat equity, right? All you have it’s your time. Let’s invest that get that going first, right. You could say I charge X amount of dollars, and what but if no one’s paying you. Who cares? Yeah, it doesn’t matter. Get your foot in the door, learn to get the experience, get the endorsement, and get some money first. And that’s exactly how I do my career. Nothing fancy. if you think about it. Yeah, it works. 

 

Yeah, these are the simple things and very good advice. You know, you just have to be able to implement it and go with it. And anybody can do it, basically, you know, and, and the internet and social media platforms, they allow us to kick off these businesses at almost no expense. So we have no excuse not to take advantage of them. 

Correct. Correct. 

 

Alright, so now, tell me a little bit about your rituals, because I know you know, you have a lot of you put a lot of emphasis on rituals and psychology. So what are your daily rituals that you follow? 

The morning ritual is probably the most important right. So I would get up I would listen to a, First of all, I look at what I have to do that day? Okay, usually it’s planned that the night before, I will write down what are the things I want to accomplish the next day we build that. I will start the morning with what I call attitude gratitude, which is a piece of music and I in a kind of meditation, but as a guided meditation with my own voice, that I would go through and focus on what am I grateful for, right? Even the little things in life, so I want to start the day with gratitude. Because when you are grateful, you will not be fearful. Yeah. Okay, those two emotions cannot coexist the same time. So I started with that. And from there, I don’t check my emails in the morning. I don’t like to look at all those things in the morning. I would work on the important things first, right. So in the morning, like it’s simple, and sometimes I will do some yoga. Yeah, just get the blood flowing, some kind of stretch exercise to get the blood flowing. So focus on what I need to accomplish that day. Gratitude, a little bit of stretching exercise. That’s then I start the day. I get very simple. It’s nothing fancy. Yeah, yes. I’d like to skip things simple as when it is complex, you don’t do them. Exactly, you know, give us some things and boom.

 

True. Alright, so, you know, we have a lot of aspiring entrepreneurs, a lot of people who are just starting their journey. Is there anything else that you may want to share at this point with them? I haven’t asked.

What entrepreneurship is? You imagine you have to travel somewhere. Okay. The traveler somewhere. Let’s see what to go to New York. You get to the airport, you walk up to the gate and the gate the flight attendants safety. ‘Hey, are you flying to New York? Yes. I’m flying. New York. Okay, you see all those parts in the wheels and pieces and metals out there all under one way? To go to New York, you have to put all the pieces together. Yeah, they know playing for you. What do we know about the play? No, that’s it. So you need to put all the pieces together. Put from nothing, no blueprint, by the way, but the plane together, and hopefully to put also put feel in it, which is money capital. Yeah. Take off the plane, pilot the plane, get there and land safely. Hopefully, before it doesn’t crash. That’s entrepreneurship. That’s entrepreneurship. So it is very, very difficult. There’s nothing easy about it. So don’t go in thinking is easy. It’s going to be extremely difficult. Right. now if that’s one way to do it. On the other hand, isn’t it safer? Imagine a different scenario. New York still has all the pieces in place. You kind of get on the plane that’s already halfway there. Okay, halfway there. And there’s a pilot and you become the CO pilot. Kind of learn the ropes. Yeah, eventually you get good. You might even switch the main pilot becomes the CO pilot, you become the main pilot. Now, what are the chances of you getting a destination compared to like, looking at all the pieces, right? Yeah, that’s what I’m talking about. So the metaphor really is, either you can if you don’t know anything, work with someone who actually knows a lot. Shadow them. It would greatly reduce your risk. That’s number one. Number two, or you have some kind of a mentor to show you the way that has been there and done that. You tried to figure this out on your own. That is extremely costly. Yeah. And you know, it’s playing if you miss certain parts, the thing would crash. And that’s exactly why the failure ratio of small businesses is so high. Most people never get to the destination because they missed one piece. It falls apart, you crash or they run out of the field, they run out of money, a crash. Yeah, then why not get on a plane that’s like, hey, it’s we already halfway we’re like, 80% there. Why don’t become the CO pilot, learn the rope? And do that like to me, I think that’s a much better way to do it versus starting from scratch and say, I’m going to figure this out on my own. Great. It’s going to take you a long time. And by the way, chances are you won’t make it. 

 

Yeah, that’s, that’s very true. And I completely agree with you. Because I’ve seen this, you know, in many cases, and people will get arrogant and they get, you know, to love it their own ideas. And eventually, they failed. 

Yes, I get all the time. Oh, Dan, I’ve got an idea. Yeah, so what? Like, it’s like, oh, it’s like when you say I’ve got an idea. Hey, I want to go to New York. Yeah. Do you know the thing about the plane? No. Do you know how it works? No. Do you know how to put it together? No, you’re not a pilot. No. Yeah, I want to go to New York. It’s like you think it’s idiotic when you think about it. Yeah. But that’s exactly how most people operate as I want to be this want to be an entrepreneur and this professional entrepreneur. The problem is that you don’t need credentials. Yeah, anybody can watch entrepreneur. That’s the problem and no, look, there are zero barriers of entry. But people don’t understand they don’t have the business acumen. They don’t. They don’t understand or have the skill sets. Yeah. 

 

You know, as you said, like, the good thing is in this today’s age, there is help available. There is you know, these mentors available these you know people available who can build you know part of the plane so this did not exist in you know when I was starting out like 20 years ago I’m sure you had to learn entrepreneurship from the ground up so

 It’s good at that nowadays there is this there are more resources there are more this much occasion there’s, there’s more than more videos to watch. So there’s so many there’s so much information there are so many different people you can learn from the key is always considered a source. Who are you learning from? I always say I tell my students what who you learn from is way more important than what you learn? Yeah. So like what determines how good you are? Aesthetic martial art a martial artist, dictates your how good your skill is? Is your instructor. Not the style you can learn karate, boxing, jujitsu, whatever style you pick, you can learn from a lot of people. But who is your instructor? Makes a huge difference. And most people don’t know. Unfortunately, I hate to say it. People can tell chicken from chicken salad. They, they can tell I think this person teaches social media, their person teaches social media, they kind of have to say, yeah, people don’t understand the difference. The wiser people will know. But most of Yeah, they can’t. They can’t tell the difference, right? The smart ones they would or they’ve been burned so many times. Finally, when students when my students found me. Yeah, don’t go anywhere else.

It’s usually people come to me usually they’ve learned from a lot of people first. Yeah, usually that’s what happens and they found me to this day this like I’m home. I don’t need to go to somebody else. Right. Right. 

 

That’s great. Now I know we are running out of time if you if you’re okay with it. I would love to ask you one more question which is really related to what you brought up, like martial arts. So I’ve seen a lot of successful people and they do have some sort of martial art, you know, in their skill set. So what role did martial arts play in your, in your success? 

Huge as a businessman, as an entrepreneur, a lot of the skill sets a lot of mindset that I have I got into martial art as being a big fan of Bruce Lee. Obviously, there are a lot of my philosophies in life and business. I learned from Bruce Lee right, I’ve actually studied under put two of Bruce Lee’s original students. Nice. So I’m a big, huge, huge fan of Bruce Lee. And so in business and in life, for example, the way that I’ll give you a like a sales example because that’s the easiest to explain. In sales, you’ve heard of this before. Handling objections. Yeah. To talk about how do you handle objections? Let me teach you 30 ways to handle objections right? Very common in the sales world. Yeah. And the way that I see it is that handle objection meaning that when in martial arts someone throws a punch at you, right? And you would block right, you could block, you could do whatever you do, right? And he throws a kick you would block you would do whatever that you do. You are that’s why this handling objection doesn’t that’s in sales. But in a martial art, or at least in Bruce Lee’s martial art, called chicken dough, which is the way of the intercepting fist. Bruce didn’t believe in blocking. He believes that blocking a push in a very deep because you’re always reacting to whatever the opponent’s throwing at you. Bruce much more believes in intercepting. So when a strike is coming to stuff my block. So some of those, that’s right, I block. And then I hit right, Bruce believes that when someone wants to attack you already intercept. So that’s the finger jab. So I applied it to sales. So instead of waiting for an objection to come up, I would preamp. The objection. So let me demonstrate. Yeah. Does it make it real? So one of the most common objections you hear is, I want to think about it. Have you heard of that before? Right. Like, you know, you’re talking about the prize and talking about the prospect of prospect and then says, Hey, you know what? This sounds all good, but I want to think about it. So instead of, then, what do you say when you say I want to think about it?

 

You asking me? Yeah. Um, well, I asked them, you know, what do they want to think about and what is their objection? Is there somebody else participating in the just, I just do think about it.

What can you tell me? What do you want to think about?

 

What is it? Any question that you have that I haven’t answered?

 

Now I just need some time?

How much time do you think you need? 

I don’t know. I need to talk to my spouse. So talk to my partner. I don’t know. I’ll get back to you. 

 

Okay, so how about we, you talked to your spouse and we talked tomorrow or maybe because the offer that I’m giving you right now, it will expire by midnight this weekend.

That’s a very typical sales, person language, and right? I’m going to train you on this. That’s the opposite of what we do because that you sound too salesy, too eager. I think. So instead of doing that, but let’s, let’s not do it. Well, let’s go back to a preamp. So instead of waiting at the end, and then you playing catch up, right? You feel like you’re trying to convince right. Yeah, in the beginning, let’s say three, five minutes into the conversation. And let’s say the prospect is like John. Okay, so let’s say you’re Mr. prospect right there. Hey, john. Before we get going, before we get into what we could do for you, can we? Can we have a simple agreement? And then you say, Sure, don’t do three things that you can say to me by the end of our conversation. One, you can say yes. Which then means that you know, we’re going to move forward, we’re going to work together, which is cool. That means I can solve your problem. The second thing you can say is you can say no. Now I want you to say, I want you to know, john, it’s perfectly okay to say no. The third thing that you could say, but I don’t want you to is I want to think about it. Because I’ve worked with so many clients. Usually when people say that, I want to think about it what they mean is no, already Just tell me No. Is that fair? So now I’ve preempted the objection. That’s the finger jab. Yeah. So in the end, then john can say I want to think about it. Because already presented in the beginning. I’m not reactive and proactive. That’s how I apply Marshall on into business. This is the same idea. So I don’t want to block I want to intercept I want to preemptive strike so it doesn’t even come up. Cool. So that is anyway more effective. 

 

Yeah, for sure. For sure. 

So that’s, that’s my move. Right? Yeah. 

 

And that’s why I started by saying we have a lot to learn from you. So thanks a lot for sharing that. And you know, on that note, thank you so much for coming on the show and sharing your story and your experience and you know, giving us all these invaluable tips on how we can bootstrap a business launch a business and grow it thank you so much. Before I let you go you know, know, I’m sure that you know, your name is enough, you can search your name on Google and be able to reach out But nevertheless, can you tell us you know how if somebody wants to contact you, how can they reach out to you 

All the platforms, Facebook, YouTube and Instagram with the same name Dan Lok.

 

Awesome. That’s great. Thank you so much, Dan. 

Welcome

 

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