I Failed At 13 Businesses - Here's What I Learned

Dan Lok

25 Jan 202004:52

Summary

TLDRThe speaker candidly reflects on their early business failures, including ventures in vending machines, computer repair, network marketing, and mail-order businesses, which led to significant debt. Despite the setbacks, they persisted, attributing their eventual success to learning the skill of copywriting. This skill, they argue, is crucial for effective marketing, regardless of the product or service. The speaker emphasizes the importance of understanding marketing to create compelling messages that drive sales and revenue, ultimately providing an 'unfair advantage' in the marketplace.

Takeaways

📉 The speaker experienced multiple business failures including vending machines, computer fixing, network marketing, and mail-order businesses.
💡 The common denominator in these failures was the lack of experience and inability to analyze the market or execute the ideas effectively.
💼 The speaker emphasizes the importance of learning a skill set, specifically mentioning copywriting as the first skill that changed his life.
📝 Copywriting is defined as the ability to use written words to sell and market products or services effectively.
🚀 After learning copywriting, the speaker's business began to succeed, highlighting the power of effective communication in business.
🛍️ The speaker asserts that regardless of the product or service, the core of business is marketing and understanding how to articulate value to the marketplace.
📈 The speaker identifies a lack of revenue as the primary struggle for most businesses, attributing this to an inability to market effectively and create compelling offers.
🤝 The importance of creating an engaging story and communicating it in a way that elicits a response from potential customers is stressed.
🏆 Even the best product or service will fail if people are not aware of it or do not feel compelled to engage with it.
💡 The speaker suggests that knowing how to market gives one an unfair advantage in the marketplace.
📚 Resources are available for learning mental skills and improving business acumen, as suggested by the speaker directing viewers to www.sap.com/learnbi.

Q & A

What were some of the early business ventures the speaker attempted?
-The speaker attempted a vending machine business, a computer fixing business, a network marketing business, and a mail-order business.
What did the speaker refer to as 'NFL Club' and why was it problematic?
-The 'NFL Club' was a term the speaker used to describe the situation where they had 'No Friends Left' due to their business failures and the impact it had on their personal relationships.
What was the main reason the speaker believed led to the failure of their early business ideas?
-The speaker believed that the failure was due to a lack of experience, an inability to analyze the market, and a lack of skills to execute the ideas effectively.
What was the speaker's financial situation after experiencing multiple business failures?
-The speaker was in debt, approximately $150,000, and was not making enough money to cover their expenses.
What was the turning point for the speaker that led to a change in their business approach?
-The turning point was when the speaker realized they had hit rock bottom and decided to learn a skill set, specifically copywriting, to improve their business outcomes.
What skill did the speaker identify as the first high-income skill they learned, and how did it impact their business?
-The speaker learned copywriting, the ability to use written words to sell and market effectively, which significantly changed their business for the better.
What is the core message the speaker is trying to convey about the importance of marketing in any business?
-The speaker emphasizes that regardless of the product or service, the key to business success is understanding and mastering marketing, as it is the means to attract customers and generate revenue.
What advice does the speaker give to businesses struggling with revenue?
-The speaker advises businesses to focus on learning how to market effectively, create compelling messages, and engage stories to attract customers and generate a response.
What is the analogy the speaker uses to explain the importance of marketing in making people aware of a business?
-The speaker uses the analogy of dating, where even if you have the best personality, no one will find out unless they go on the first date, similarly, people won't know about a business unless it markets itself effectively.
What resources does the speaker suggest for individuals looking to improve their mental skills related to business?
-The speaker suggests visiting www.sap.com/learnbi for mental skills improvement resources.
What is the final message the speaker leaves for the audience regarding the importance of marketing skills in any business venture?
-The speaker's final message is that having an unfair advantage in the marketplace comes from knowing marketing skills, which are crucial regardless of the specific business or product one is involved with.

Outlines

00:00

📉 Overcoming Business Failures

The speaker reflects on their early business failures, including ventures in vending machines, computer repair, network marketing, and mail-order businesses. They highlight the common thread of poor execution and lack of market understanding as the main reasons for these failures. Despite accumulating significant debt, the speaker was motivated to persevere due to family responsibilities. They emphasize the importance of learning a skill set, specifically copywriting, which played a crucial role in turning their business around and understanding the art of communication and marketing as the key to success.

Mindmap

Keywords

💡Business Failures

Business failures refer to unsuccessful business ventures that did not meet their intended goals or resulted in financial losses. In the video, the speaker mentions several business failures such as a vending machine business, computer fixing business, network marketing, and mail-order business. These failures are central to the narrative as they set the stage for the speaker's eventual success and the lessons learned from these experiences.

💡Execution

Execution in the context of business refers to the process of implementing a plan or idea effectively. The speaker emphasizes that while the ideas for his businesses were good, the execution was poor due to lack of experience and market understanding. This concept is pivotal as it highlights the importance of not only having a good idea but also the ability to carry it out successfully.

💡Market Analysis

Market analysis involves studying the market to understand consumer needs, competition, and market trends. The speaker admits he did not know how to analyze the market, which is a critical component in validating the demand for a product or service. The lack of market analysis contributed to his business failures.

💡Copywriting

Copywriting is the art of writing persuasive content that promotes a product or service. The speaker identifies copywriting as the skill that changed his life, as it allowed him to effectively market his offerings. Copywriting is a key concept in the video as it represents the skill that turned around the speaker's business fortunes.

💡Marketing

Marketing is the process of promoting and selling products or services. The video emphasizes that regardless of the business type, the core is marketing. The speaker learned that understanding marketing principles is essential for business success, as it is through marketing that a business can attract customers and generate revenue.

💡Revenue

Revenue refers to the income generated from business activities. The speaker points out that most businesses struggle due to a lack of revenue, which is often a result of poor marketing. Revenue is a central theme in the video as it represents the financial success of a business.

💡Compelling Message

A compelling message is a persuasive communication that resonates with the audience and motivates them to take action. The speaker mentions the importance of creating a compelling message to attract customers. This concept is integral to the video's message, as it underscores the need for effective communication in marketing.

💡Engaging Story

An engaging story is a narrative that captures the audience's interest and emotions. The speaker talks about the importance of storytelling in marketing, as it helps to connect with potential customers on a deeper level. The concept of storytelling is used in the video to illustrate the power of emotional appeal in business communication.

💡Debt

Debt is an amount of money borrowed that must be repaid. The speaker mentions being in debt as a result of his business failures, which adds a layer of urgency to his need to succeed. Debt is a significant theme in the video as it represents the financial challenges that can arise from unsuccessful business ventures.

💡Mental Skills

Mental skills refer to the psychological attributes that contribute to success, such as resilience, determination, and problem-solving abilities. The speaker suggests that mental skills are crucial for overcoming business challenges and achieving success. The concept of mental skills is highlighted in the video as an essential component of the speaker's turnaround.

💡Resource

A resource in the context of the video refers to materials or information that can be used to improve skills or knowledge. The speaker mentions a website as a resource for learning mental skills, indicating the importance of continuous learning and self-improvement in business success.

Highlights

The speaker discusses their early business failures and the lessons learned from them.

Mistakes from past business ventures such as vending machines, computer fixing, and network marketing are shared.

The negative impact of joining the 'NFL Club', which led to a loss of friends.

The speaker's attempt at a mail-order business and the realization of their poor execution skills.

The acknowledgment that ideas alone are not enough for success; execution is crucial.

The speaker's financial situation, being in debt and the motivation to improve due to family responsibilities.

The turning point in the speaker's life when they decided to learn a skill set to improve their business.

The first skill set learned was copywriting, which significantly changed the speaker's business outcomes.

The importance of understanding marketing as the core of any business, regardless of the product or service.

The necessity of knowing how to articulate value and create compelling offers in the marketplace.

The common struggle of businesses due to a lack of revenue, often due to poor marketing skills.

The speaker emphasizes that having the best product or service means nothing without effective marketing.

The analogy of business to dating, where being the best doesn't matter if no one knows about you.

The speaker's turnaround strategy, which involved gaining knowledge and resources.

The mention of resources available for learning mental skills, such as the website www.sap.com/learnbi.

The final message that regardless of the business, mastering marketing is essential for success.