How To Decide Which Business To Start | Entrepreneur Advice 2022

Summary

The speaker emphasizes the importance of assessing one's chances in business development by evaluating key components and resources. They share their experience with 720 Sweets, highlighting the significance of supplier relationships and finding dedicated spearheads for projects. The speaker also discusses the value of being resourceful by leveraging personal connections and networking to increase business success, challenging the notion that a lack of network is a barrier to entry.

Takeaways

• 🚀 The speaker emphasizes the importance of assessing one's own chances of success in business development by evaluating key components and resources available.
• 🔑 Highlighting the significance of suppliers in the food and beverage industry, the speaker shares a personal example of leveraging a strategic partnership with a major Bubble Tea supplier for a competitive advantage.
• 💡 The speaker underscores the value of having a dedicated 'spearhead' for each business venture, someone fully committed to the project from start to finish, as a critical resource for success.
• 📈 The speaker believes that with the right resources and a deep understanding of the market, their chances of winning in business are significantly higher, estimating a 60% to 70% success rate compared to others.
• 🤝 The concept of resourcefulness is explored, with the speaker advising budding entrepreneurs to look beyond themselves and consider the skills and connections within their network as potential resources.
• 🔍 The speaker encourages a thorough audit of one's circle of influence to identify and utilize the expertise and resources of friends, family, and acquaintances.
• 🛍️ The speaker illustrates how knowing the right people in the industry can lead to cost savings and flexibility in business operations, such as negotiating better terms on packaging orders.
• 💼 The speaker dispels the myth that lack of a network is a barrier to success, suggesting that entrepreneurial success is not hindered by the absence of pre-existing connections.
• 🌐 The speaker suggests using platforms like meetup.com and business networks within one's city to expand one's network and meet new people in the industry.
• 💭 The speaker challenges the common excuse of not knowing anyone in the industry, advocating for a shift in perspective to see friends and family as potential resources for insights and introductions.
• 🤔 The speaker addresses the fear of rejection when approaching friends as resources, clarifying that the intention is not to exploit but to seek introductions to others who may be helpful.

Q & A

What is the key factor in business development according to the speaker?

The key factor in business development is having all the necessary components and resources to ensure success, as well as the ability to control the major costs, such as supplies in the food and beverage industry.

Why is supplier quality crucial for a dessert shop or chain?

Supplier quality is crucial because the quality of the products directly impacts the business. A good supplier ensures the quality of ingredients, which is essential for the final product's taste and appeal to customers.

What advantage did the speaker have when partnering with a major Bubble Tea supplier in Western Canada?

The speaker had the advantage of knowing the owners of the biggest Bubble Tea suppliers in Western Canada, who also had a farm in Taiwan, which provided a strategic partnership for research and development as well as supply chain management.

What is the role of a 'spearhead' in a business project?

A 'spearhead' is a person fully dedicated to the project, working with 120% commitment from the beginning to the end. They are essential for driving the project forward and ensuring its success.

Why is it important to have a dedicated spearhead in a business project?

Having a dedicated spearhead is important because they can focus entirely on the project, ensuring that all aspects are well-managed and that the project progresses smoothly towards its goals.

How does the speaker's experience with sourcing in China contribute to their business?

The speaker's experience with sourcing in China allows them to be resourceful, which is beneficial for the business by enabling them to control costs and ensure the quality of products.

What percentage of winning does the speaker believe they have in the market?

The speaker believes they have at least a 60% to 70% chance of winning in the market due to their资源优势 and experience.

What advice does the speaker give to budding entrepreneurs regarding resourcefulness?

The speaker advises budding entrepreneurs to look at their circle of influence, audit their connections, and utilize the resources and expertise of their network to increase their chances of success in business.

How can one develop resourcefulness according to the speaker?

One can develop resourcefulness by auditing their connections, identifying the skills and resources of their network, and creatively leveraging these connections to fill gaps and gain advantages in business.

What is the speaker's perspective on the common excuse of not having a network?

The speaker believes that not having a network is just an excuse. They suggest that by putting out the intention of seeking resources and connections, one can start to see their friends and family as potential resources and gain introductions to new contacts.

How does the speaker suggest overcoming the fear of rejection when asking for introductions or resources from friends?

The speaker suggests that the fear of rejection can be overcome by framing the request as an ask for an introduction rather than directly seeking help or partnership. This approach allows friends to feel more comfortable and willing to assist.