How To Start Your Own Cafe Business || Timeless Talk || Featuring - Yuhanna Rai || Lam Cafe

Rikesh Pun

19 Sept 202409:27

Summary

TLDRIn this discussion, the speaker advises young entrepreneurs who are new to the coffee business. They emphasize the importance of research, strategy, and hard work. The speaker reflects on their own journey, highlighting the value of understanding potential opportunities and challenges. They encourage aspiring business owners to be sensitive to cultural nuances and aware of the difficulties they may face. Additionally, the speaker underscores the significance of goal-setting, proper accounting, and maintaining a strong business mindset. Ultimately, they inspire the younger generation to seize possibilities and pass on their knowledge to future generations.

Takeaways

📚 Research and strategy are essential before starting any business, especially in the coffee industry.
💡 Passion is a crucial driver for success in business.
🤝 Collaboration with partners can help push a business forward.
💪 Hard work and perseverance are necessary to make a coffee business successful.
⚠️ Entrepreneurs must analyze potential threats, opportunities, weaknesses, and strengths in their business environment.
🌍 Understanding and respecting the local culture is vital for business growth and customer loyalty.
🚧 Expect challenges and struggles when starting a business, but they are part of the growth process.
📊 Proper financial management and accounting are crucial for business sustainability and growth.
🎯 Having clear goals is essential for motivation and business success.
🧑‍💼 For the younger generation, possibilities are everywhere. Setting goals and working hard towards them can lead to success.

Q & A

What advice would you give to someone new to the coffee business?
-They should research thoroughly, make strategic plans, and be passionate. It's important to understand the possibilities, threats, opportunities, and weaknesses before starting.
How important is hard work in starting a coffee business?
-Hard work is essential. You need to be very serious and sensitive towards the culture of the business. There will be many struggles and problems, but perseverance is key.
What challenges did you face when starting your coffee business?
-We faced many challenges, especially in understanding accounting and business progress. But through dedication, we were able to overcome these obstacles.
Why is it important to understand your finances in the coffee business?
-Knowing your accounts is critical for growth. Without proper financial understanding, the progress of your café will stagnate.
What role does passion play in starting a business?
-Passion is the driving force. From the beginning, my partner and I had a passion for coffee, which fueled our desire to start the business despite the challenges.
What should young entrepreneurs focus on before starting a business?
-Young entrepreneurs should focus on doing extensive research, making solid strategies, and setting clear goals. Having a goal helps guide your efforts and leads to success.
How can someone identify opportunities in the coffee business?
-Opportunities are everywhere. You need to observe the market, understand what’s missing, and find ways to offer something unique. It’s all about spotting gaps in the industry.
What mindset should aspiring entrepreneurs have?
-They should have a mindset of perseverance and adaptability. Entrepreneurs must be prepared to face struggles but should also stay committed to their vision and goals.
What would you say to the next generation of entrepreneurs?
-I’d say to always pass down knowledge and inspiration to the next generation. Every success and struggle is a learning experience that can help future entrepreneurs.
What is the key takeaway from your experience in the coffee business?
-The key takeaway is to have goals, work hard towards them, and always be aware of your financial health. Passion combined with strategy leads to success.

Outlines

00:00

☕ Starting a Coffee Business: Key Considerations

The speaker discusses the challenges and necessary steps for anyone new to the coffee business. They emphasize the importance of research, strategy, and having passion. The advice touches on the importance of hard work, understanding opportunities and threats, and being sensitive to cultural aspects when entering the business. The speaker suggests that entrepreneurs should expect struggles but stay focused on building something people will love, while considering strengths and weaknesses of their business model.

05:07

📊 Financial Management and Entrepreneurial Mindset

The speaker stresses the importance of understanding finances when growing a business. They highlight that proper accounting and financial tracking are crucial for business progress. Additionally, the speaker offers advice to young entrepreneurs, suggesting they remain open to opportunities and focus on setting clear goals. Achieving success, they assert, requires effort and continuous work toward goals. The message ends with a motivational call for the next generation to embrace their potential and be an inspiration for future entrepreneurs.

Mindmap

Keywords

💡Coffee Business

The main focus of the video is on starting and running a coffee business. It refers to the specific industry of selling coffee, either through cafes or other venues. The speaker emphasizes the need for passion, hard work, and knowledge in order to succeed in this competitive field.

💡Research

Research refers to the essential preparatory work one must do before starting a business. The speaker stresses that understanding the market, culture, and potential challenges are critical steps. Thorough research allows entrepreneurs to avoid mistakes and seize opportunities.

💡Strategy

Strategy in the context of this video means the planning and decision-making process necessary for the success of a business. The speaker discusses the importance of making strategic choices to tackle possible threats and capitalize on strengths, highlighting that having a good strategy is crucial for new business ventures.

💡Passion

Passion refers to the intense enthusiasm or dedication one needs to succeed in the coffee business. The speaker mentions how their passion drove them to explore opportunities and persevere through challenges, suggesting that passion is a key driver for success in entrepreneurship.

💡Hard Work

Hard work is presented as a fundamental requirement for anyone starting a coffee business. The speaker repeatedly emphasizes the necessity of being dedicated and diligent, noting that success is not possible without putting in significant effort to overcome obstacles.

💡Opportunities

Opportunities refer to the chances and possibilities that arise when starting and running a business. The speaker encourages young entrepreneurs to look for opportunities everywhere, not just in one place, and to always be on the lookout for new avenues to grow their business.

💡Threats

Threats in this context are the potential risks and challenges that could negatively impact a business. The speaker highlights the importance of identifying these threats early on through research and strategy to mitigate their effects and protect the business.

💡Weaknesses

Weaknesses are internal factors that could hinder the success of a business. The speaker encourages entrepreneurs to be aware of their weaknesses, whether it's a lack of experience, knowledge, or resources, and to work on improving them in order to build a strong foundation for their business.

💡Entrepreneurship

Entrepreneurship refers to the process of starting and running one's own business. The speaker talks about entrepreneurship in a broader sense, offering advice to younger generations on the importance of setting goals, staying motivated, and being prepared for the challenges of building something from the ground up.

💡Goals

Goals are the specific objectives that guide the actions of an entrepreneur. The speaker stresses that without goals, it's impossible to achieve success. Having clear, actionable goals helps entrepreneurs focus their efforts and measure progress as they build their business.

Highlights

For someone who is young and new to the coffee business, there are many aspects to research before starting.

You must have a clear strategy and do a lot of research before starting a coffee business.

Having a passion for the business from the beginning is essential.

It’s important to work hard and stay dedicated to the cafe or coffee business.

Before starting, one should assess the possibilities, threats, opportunities, and weaknesses.

Entrepreneurs in the coffee business must be serious and sensitive towards the cultural aspects.

Starting a coffee business will come with many struggles and challenges.

You need to be aware of accounting and how it progresses the cafe business.

Knowing your financials is crucial for growing a successful business.

For those wanting to become entrepreneurs, there are always opportunities available.

Possibilities are everywhere, not just in one place, and we must keep exploring them.

Having clear goals is essential to achieve success; effort towards those goals makes the difference.

You cannot succeed without having defined goals to work toward.

The younger generation must look for opportunities and set goals to achieve success.

Inspiration for the next generation is key to ensuring the future of entrepreneurship.