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

Summary

In 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.