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Personal Mastery

Why Great Biz Ideas Fail

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Over the last few weeks, we’ve talked a lot about mindset, secrets to success, and high income skills etc…

But if you’re interested in starting a business, reading this newsletter could be the most intelligent decision you make this year.

Because, I believe not everyone has what it takes to make it in business…

So, I’m going to help you make that decision today.

And if by the end of this newsletter you decide business isn’t for you, that’s OK.

You can still become financially successful as I’ve mentioned in previous newsletters.

So let’s begin.

How To Know When You’re Ready To Start A Business  

As you may know, I failed at 13 businesses before my first success.

When I think back on why I failed so many times, it was because I clearly wasn’t ready, but more importantly…

I didn’t have these 5 things in place before starting:

  1. A clear profit path
  2. Proper and focused business model
  3. An edge over my competition
  4. Enough capital
  5. Being okay with not making money for a certain period of time

If you’d like a deeper dive into why these are important, then click here >>

A lot of people get into business without knowing what they’re getting themselves into.

Just because they see people on Instagram with abundant lives and successful businesses, they think they can do it too.

But that’s not the case.

I shot a follow-up video to the one above with another 5 things you must consider before you start a business, and I advise you watch it if you’re serious about entrepreneurship.

In this video, you’ll also discover the most important skill in business >> 

How Much Money Do You Need To Start A Business 

A lot of new entrepreneurs believe they need millions of dollars to start a business.

In some cases, that may be true, but oftentimes they haven’t done their due diligence or enough research to figure out exactly how much they need.

In fact, usually they need far less than $1 million to get things started.

In this video, you’ll discover how much you need to start a business and also how to know with certainty whether your idea is good or bad >>

How to Start a Business With No Money

I always say, if you don’t have any money, you shouldn’t start a business.

Now are there entrepreneurs out there who start with no money?

Sure, but you don’t hear much of them once they fail, and the ones that do succeed have specific business skills which make their business work.

“But Dan, what about a business loan?”

If you want to know whether you should take out a loan to start a business, then watch this video >>

Why Start A Business When You Can Buy One?

If you caught one of my past newsletters you may have seen the 3 ways my close friend Brian Scudamore (CEO of 1800-GOTJUNK?) said you could get started in business.

2 of those are starting from scratch or buying into an already successful business or franchise model.

So with a failure rate of 95%, doesn’t it make more sense to buy an already successful business and skip the launch phase etc?

It really depends on your goals.

If your goal is to own a successful business in a niche that interests you, then you could absolutely do that if you find the right investment.

But if you want to build something that isn’t already out there, then you have no choice but to build from the ground up.

For further insight into this concept, click here >>

How To Buy A Business With No Money Down

Although I don’t advise you to start a business with no money, buying a business with no money is different.

Why?

Because there’s an old saying in the business world…

“You don’t need money, you need a better strategy.”

If you can strategize a way to buy a business with none of your own money, then you’re already streets ahead of most business owners.

And I’m not just talking about getting a loan, because as you’ve seen, I think that’s a bad idea.

So if you want to know how to buy a business using other peoples’ money, then click here >> 

Why Great Ideas Fail

How many great ideas have you had in your life?

They don’t have to be business ideas, just great ideas in general.

Now, did those great ideas work out how you wanted them or did they hit roadblocks along the way?

My guess is if you didn’t execute it properly, it wouldn’t have worked out.

The same applies to business.

Almost every entrepreneur thinks they have a “great” idea, and they may have.

But if they don’t execute their idea, then their business is destined to fail.

Here’s a quick example I gave at a live business event >>

I hope this newsletter has helped you decide whether business is the right path for you.

Feel free to watch any of the videos in this business building playlist to gain clarity where needed.

Don’t forget, skills are the key to a successful business…

And if you have the right skills, you can be wildly successful even without starting a business.

If you’d like to upgrade your business skills, click here to check out my products at the Dan Lok shop >>

I’m certain you’ll find something there that will help you get to the next level.

Until next time,

Dan Lok

P.S. – It’s important you stick with your high income skill and make at least $10K per month for one year before you start a business.

Because if your skills aren’t good enough to make you $10K per month, there’s no way you’ll make business work.

I tried skipping steps and it caused me to fail at 13 businesses and get $150K of debt. That was until I developed my first high income skill.

So, if you’re committed, I believe you can do it.

The Dark Side of High Income Skills..

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I’ve got a bit of wake up call newsletter today…

Oftentimes it can be difficult to decide which direction to take for your career.

Do you start a business…

Develop a high income skill…

Or if you’ve tried both of those and decided to go back to a job, is that the right decision?

To be honest, there’s no right or wrong.

Not everyone is cut out for entrepreneurship…

Depending on mindset, not everyone could be cut out for high income skills, although if you work hard at it, I believe you can do it.

There’s nothing wrong with being an employee, but each path has pros and cons.

So, today we’ll talk about the darkside of each of the above.

I hope you’ll find this newsletter both valuable and informative and it helps you decide which path to take.

The Dark Side of Employment

On the surface, employment seems great.

You go to work, do your job, go home, and don’t have to worry about generating revenue, unless you’re in sales.

You get a certain amount of paid leave per year…

Sick leave…

And long service leave if you stay long enough.

But if you’re like most people, you’re in the 65-85% of people who’re unhappy at their job.

And if so, you’ll know how unfulfilling it is working a job you’re unpassionate about.

Waking up to an alarm every day, to rush to a job for 8-9 hours every day at a job you hate isn’t fun.

I worked in a supermarket for over a year and hated every minute.

You can only do that for so long before something has to give.

Either your mental health or your job ends up breaking.

And so you look for a solution, and that’s why you’re on my email list, [Name].

If you’ve been following me for a while, you’ll know I’m a big advocate of high income skills.

You develop your high income skill BEFORE you start a business.

But although high income skills are far less stressful than business there is a dark side to them too.

And if you want to know what to look out for so you don’t fall victim to any traps, then click here >>

Now don’t get me wrong…

Even though high income skills have a dark side, it doesn’t mean you shouldn’t pursue them.

They can be very rewarding and everything has a dark side…

Especially entrepreneurship.

The Dark Side of Entrepreneurship 

You see entrepreneurs on the covers of Forbes and Success Magazine, but you never hear about all the ones who failed.

You see me online in my penthouse or driving my Bentley, but only my wife Jenny, my mom, and I know the struggles I had to endure to get where I am.

I’ve had many times in my career where my mental health suffered.

I became depressed and anxious, and my self-doubt spiraled out of control.

Business has a way of kicking you when you’re down, and if you haven’t set up a safety net, then things can get pretty serious pretty fast.

This is why I shot you a video, where I speak on the dark side of business that almost no one talks about >> 

4 Types Of Entrepreneurs And How To Identify Which One You Are

So let’s pretend you’ve decided business is for you.

There are 4 categories of entrepreneur you could fall into.

The mission-based entrepreneur…

The passion-based entrepreneur…

The opportunity-based entrepreneur…

And the undecided entrepreneur.

Personally, I’m both mission-based and passionate about what I do, and have on occasion seen gaps the needed filling in the marketplace.

But BEWARE.

It’s important you identify which type you are, because each has a dark side you must be aware of >>

If you begin your entrepreneurial journey without knowing what your dark side is, you’ll fall into a trap you could have avoided. 

So Where To From Here?

Remember, you’re the driver of your vehicle.

Only you can choose what to pursue.

Each choice has pros and cons.

Each choice will be hard for different reasons.

Business is harder than high income skills.

High income skills are harder than a job.

But working an unfulfilling job for 40 years and getting only 2 weeks leave per year is hard as well.

Some choices may bring you fulfillment while others bring you perceived “safety”.

In my opinion, if you’re just getting started and want to move on from your 9-5…

A high income skill carries the least risk.

You could see financial results far quicker than with business, which has extremely high failure rates, and can take 2-3 or more years to become profitable.

Ultimately, you won’t fail if you never give up.

To your success

Dan Lok

P.S. – If you’ve decided business and working 9-5 isn’t for you…

Then click here to check out some of my high income skills trainings at the Dan Lok Shop >>

I promise if you work on your skills, eventually you’ll be able to leave your job…

And after making money with your skills for a few years, you may even like to start a business, and you’ll be well prepared.

How To Get Good At Anything, FAST..

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I’m almost certain you’ve heard the phrase “the more you learn the more you earn”.

It’s very true, and as the new year is in full swing…

I thought it would be a good idea to give you actionable steps and strategies for learning and getting good at anything fast, so you can increase your income faster than you ever imagined.

Before we begin, it’s important you’re patient with yourself.

Everyone learns at different rates, and in different ways.

Learning takes time and effort, but that doesn’t mean there aren’t ways you can fast-track your absorption of concepts and skills.

Let’s go!

How to Uncover Your Favorite Learning Style

Some people are more visual and learn best with pictures and videos…

Some are more auditory and learn best with sounds and Mp3s…

Some are kinesthetic and learn best by doing, and some learn best by reading.

What do you think your favorite way of learning is?

That’s one of the biggest problems with the school system, it’s passive learning, and they make everyone learn the same way.

So, now you know your best learning style, don’t deviate from it.

3 Ways To Set Yourself Up For Success

1. Set specific learning goals

You must clearly define what you want to learn and why.

When you know the reason why you’re learning something, it gives you the motivation you need to continue when you run into roadblocks.

2. Environment is KEY

Your environment is always more powerful than your willpower.

If your environment doesn’t support your learning goals, you’ll make things more difficult than they have to be.

Find a quiet and comfortable place free of distractions.

3. Retain What You Learn

Find the best method of retaining what you learn.

Be sure to test yourself on the material by using flashcards or quizzing yourself, or asking someone else to test you.

If you want to know how to absorb and remember 70% of what you learn, then watch this video >>

How To Become A Fast Learner

Not only does the school system make everyone learn the same way.

They don’t actually teach you HOW to learn.

They just give you the information and it’s your job to work out how you learn best.

That’s why so many students get discouraged and think they’re stupid.

Because they’re not understanding the concepts they’re being tested on.

Having a solid blueprint to follow that ensures you’ll pick things up faster is KEY…

So if you’ve ever felt like a slower learner, this video does a great job of explaining how to create a learning blueprint for yourself >> 

Why WHO You Learn From Is MORE IMPORTANT Than What You Learn

If you’ve been following me for a while, you’ll know I believe WHO you learn from is more important than what you learn.

It’s something the content creator in the previous video alluded to as well.

And in this video, I explain exactly why I believe this to be true >>

I highly suggest you watch the video above, as it outlines 3 ways you could learn and which I believe is the best way to give you the best chance of success…

And why other ways of learning are a waste of your time.

How To Get Good At Anything FAST

When learning any skill there are 6 things you must do to ensure you get the information and feedback you need to progress at a steady and fast pace.

One of the biggest things you can do to fast-track your learning is by figuring out what the key points of leverage are.

For example, if you learned the top 100 Spanish words, you could be around 50% fluent.

That’s leverage.

If you want to know the other 5 keys to getting good at anything fast, I strongly suggest you watch this video >> 

Why I Don’t Read Books

What I’m about to share with you is VERY counter-intuitive.

If you’re someone who likes reading but doesn’t get the results you desire from books, then pay close attention to what I say next.

I read 2-3 books per week, but I rarely read a book cover to cover.

Why?

Because I’m not reading for pleasure.

I’m reading for action steps.

Every book I read, I look for action steps I can implement right away.

This cuts down my reading time significantly and allows me to implement FAST.

If you want a deeper dive into my method of “reading” then click here >>

How To Improve Your Reading Speed

Even though I don’t often read entire books, reading at a faster pace allows me to read and implement even faster.

In this video, you’ll discover my best tips for reading faster so you can implement what you learn and grow quicker, as a result >>

Now you don’t have to go crazy and read multiple books per week.

You must pick your books wisely and only implement what makes sense to you.

That’s where self-awareness comes in, and that’s a newsletter topic for another week.

I hope you’ve found this newsletter valuable.

If you implement just a handful of these tips, you’ll look back one year from now and you’ll be amazed at what you’ve achieved.

Till next time,

Dan Lok

P.S. – With all this in mind, now you’re in a great position to develop a high-income skill faster than you would have before.

So, if you’re looking for a high-income skill that can help catapult your income, then click here to check out our range of high-income skills training at the Dan Lok Shop >>

Can You Succeed Without Business?

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As you may know…

I don’t think everyone should be an entrepreneur.

Just as not everyone can make the NBA, become a professional musician, or professional actor.

But that doesn’t mean you can’t make a lot of money.

Because, I have many friends and mentees who have become very financially successful without starting a business.

What’s the secret to their success?

High income skills and the right mindset, and the right investments.

In fact, even if you don’t become a business owner, you still want to adopt entrepreneurial ways of thinking.

So, in this week’s newsletter, I’m going to share with you different ways to think like an entrepreneur…

Because if you change the way you think, you’ll have no choice but to get different and better results.

How To Embrace Chaos

We’re taught to think in sequential steps.

But, business is all about innovation and doing things differently.

Most people think in steps…

But, I teach all my clients and mentees to think simultaneously, not sequentially.

When you do things at the same time, rather than one after the other, you create organized chaos…

And you’ll get far more done.

If you’d like some real life examples of how to think simultaneously, watch this quick presentation >>

Why Positive Thinking Is B.S.

How many times have you thought “if I just think positively, nothing will go wrong.”

Well, if something can go wrong, it will.

And what’s worse, it will go wrong at the same time as many other things in your life.

With that in mind, it pays to be prepared.

Because I believe there are 4 kinds of people in this world.

  1. Those who make things happen
  2. Those who watch things happen
  3. Those who wonder what the hell just happened
  4. Those who anticipate what may happen and act before it does

That’s why I regularly ask myself these 3 questions.

“What could go wrong?”

“What don’t I know?”

“What don’t I see?”

If you ask yourself these questions and think hard about the answers, you’ll be able to anticipate things that could happen in the future and take the necessary precautions.

Great entrepreneurs do this, and they also think positively, but prepare for the worst.

So apply this to your life to get the best results possible.

Why Money Loves Speed

As you may know, I’ve had many business failures…

And some people experience business failures and it derails them for years.

But I couldn’t afford to wait years to recover.

I had to move fast, and that’s how I managed to fail at 13 businesses and go on to make multiple six figures in a few short years.

It pays you to be nimble and quick with your decisions and actions, as money loves speed.

Because it’s not how much you know, it’s how fast you can implement.

If you’d like to hear a story told by one of my business partners about how fast we implement in our business, click here >>

How Millionaires Stay Productive

Have you ever met someone who is always busy but doesn’t achieve much?

Maybe you’ve been there yourself, and if so, it’s OK.

We’ve all been there at times.

But another way entrepreneurs think is they think in terms of accomplishments instead of tasks.

You could complete many tasks but if they’re not important they won’t move you forward.

When you create a daily ‘to-do’ list, you want to ask yourself…

“What can I accomplish today?”

Then make sure you complete around 3 things that will move you forwards each day.

Over time, you’ll make huge progress.

If you’d like some of my best tips on being productive, watch this quick 6 minute video >>

How To Turn Knowledge Into Money

If you ask most people if they’d like to start a business, my guess is they’d say “yes”…

But they don’t know what they would do.

They may spend a good amount of time trying to come up with an idea no one has ever done, seen, or heard of before.

This is being “inventive”.

What they don’t realize is you don’t need a brand new idea to be successful.

Nothing I do is new, but here’s the secret.

I’ve taken what works and I aim to make it better, faster, simpler, etc.

That’s called innovation.

Are there some people who invent new things?

Sure, think Steve Jobs with the iPod and iPhone etc, but you only need to improve upon things.

If you want a deeper insight into how to be innovative, click here >>

How To Think Big

If you’re going to think, think BIG.

There’s no point in thinking small when it comes to your life.

And with the internet, there’s no reason why you can’t create your dream life.

You’ve just got to figure out what your ideal life looks like, and create it.

Here’s a quick tip.

I’ve achieved quite a lot in my life, but I’ve still got so much I want to achieve.

And I’m driven to leave a legacy.

So what drives me to continue taking massive action despite my achievements?

If you want to know, click here for an emotional speech I gave at the Vancouver Club >>

In closing…

I hope you’ve enjoyed this newsletter, and it’s helped you think bigger, change your mindset a little, and take more action.

Because when it comes to achieving your dreams, action is the only thing that matters.

To your success,

Dan Lok

P.S. – I’ve created something special for you, so you can get more done in less time.

It’s called Get Sh*t Done, and it’s a selection of my favorite productivity secrets in one concise but powerful training.

If you’re ready to make this year your most accomplished year yet, click here to check it out >>

Blueprint To Kick The 9-5..

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I want to share a quick story with you…

I was in my late teens and I’d been working at the supermarket for nearly one year.

One day, I got to work and my boss started yelling at me, and calling me names.

This wasn’t the first time this had happened, and I was growing tired of it.

That day, I decided I’d had enough.

Not just of him, but the whole situation.

I hated the work, I hated the commute, and obviously I hated my boss too.

So, I did what almost anyone would do in that situation…

I told him “I QUIT!”

Actually, I said a few other things to him I won’t repeat, but you get the idea.

So, maybe you’re in the position where you’re done with your job and you feel like quitting.

You’re not alone.

But I don’t advise you to do what I did…

Instead, read this newsletter to discover what I’d do differently if I had my time again.

This will help you make a smooth transition, and you’ll also get an insight into what pitfalls to avoid when you end up working from home.

What To Do Before You Quit Your Day Job

So, if you’re certain you want to quit your day job, you’ll want to start a high income skill side hustle first.

I define a high income skill as a skill that can make you a MINIMUM of $10K per month.

The main two high income skills I teach are closing (sales) and copywriting (selling using the written word).

These two skills are in high demand online.

But they aren’t the only two skills you could develop.

In fact, there are many others to choose from…

And I share them in this blog article where you’ll also discover how to make your first $10K online >>

When choosing a high income skill, it’s important you choose something that resonates with you.

For example, if you’re more of a technical person, you may like computer programming.

If you love talking to people, closing could be a good option for you.

If you’re creative, then you could try graphic design or copywriting.

The opportunities are endless.

Making The Leap From Job To Self-Employed

So, let’s assume you’re at the point where your high income skill consistently makes you money every month.

You want to get to the point where you’re making double your monthly income.

Here’s why I say this.

Imagine making double your monthly income in your spare time.

Imagine how much more you could make when you quit your job and jumped in feet first.

If you quit before having this set up, you’ll panic when reality kicks in and you have to pay your bills, mortgage, and put food on the table, etc.

Now when you get to the point you’ve fully transitioned, and you’re working from home full time, here are some…

Deadly Working From Home Traps To Avoid

There are a number of traps that could affect your focus, productivity, and personal data security…

And quickly turn your work from home dream into a NIGHTMARE.

One of the biggest traps is knowing when to stop work.

This can be a challenge, especially if you’re on a roll or have a tight deadline.

But in my experience, if you don’t make time for work, rest, and play, you’ll wind up burnt out.

This will destroy any so-called “perks” of working from home.

I highly recommend you read this article on how to avoid the 9 other work from home “traps” >>

To recap, don’t be stupid like I was.

Quitting your job in the heat of the moment may seem like a good idea, but we all have financial responsibilities.

I was lucky everything worked out, but it always pays to have a solid plan, plus it gives you something to work toward.

With the extra money you make, you can save to invest for the future, so it’s a WIN/WIN.

Until next time,

Dan Lok

P.S. – If you’re ready to dive into the world of high income skills and you’re more creative and love writing, then click here to check my copywriting trainings >>

If you’re more of an extrovert and love connecting with and speaking with people, then click here to check out my sales and closing trainings >>

Don’t Believe 6 Figures Can Happen For You?

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Quick question…

Do you want to make 6 figures?

If so, then read this email very carefully, because I’m going to break down how to make it not just possible, but probable.

First things first, there’s a lot that goes into hitting your first $10K month…

No matter whether you’re working a job or you have a skill-based business like copywriting or closing.

Why You Must Believe 6 Figures Is Possible

You must first BELIEVE it is possible to make 6 figures in one year.

You must also believe it is possible for YOU.

Seeing others make 6 figures is one thing but if you don’t believe you can, then you never will.

You may have heard me say this before, “You’ll never make $100K with $50K per year habits”...

And it’s very true.

Because if you want to make 6 figures, you’re going to have to cut out all the things that don’t serve you.

TV, video games, partying, and anything else that eats your time but offers little return.

It’s possible you can do those things again after you see some success, but the question is ‘will you still want to?’

You should start viewing yourself as the CEO of your own business, and your business is your life.

Everything in your life should be worked on to be optimized, including your health and relationships, but today, we’ll talk optimizing your wealth.

How To Simplify Your Income Goals

I know $100K+ can seem like a lot of money.

Another part of making 6 figures is believing that it’s easy.

I like to break it down into a daily income goal, which I explain in under 2 minutes here >

If you’re working a job and there’s just no way you could ever get to $10K in that position, then the best option for you is to start a side hustle with a high income skill.

That way you can make money in your free time.

If you want to know what side hustles you could start to make up to $200 per hour, then click here >>

If you’ve been following me for a while, you’ll know I believe a high income skill is the best way to make your first 6 figures.

Different Ways You Can Use Your Skills To Make 6 Figures

Depending on your skillset, you’ll need to structure your deals and pricing in a certain way.

If you’re a closer, you’ll likely make 10% per sale, so you’ll want to partner with clients who have high ticket products or services.

If your client’s package is $5K, and you make $500 per sale, you’ll need to close 5 sales per week to make $10K per month.

In this video, I break down some other ways you can use your skill to make 6 figures >>

If your skill is Copywriting, then there are 3 key things you must do to increase your earning potential and hit 6 figures.

The first two are obvious, but you’d be surprised at how many copywriters either overlook them, or ignore them completely.

The third one is less obvious and VERY counter-intuitive.

If you want to know the 3 things you must do to increase your copywriting income, then click here >>

What To Do If You Feel Like You’re Running Out Of Time

Now, you may feel as though you’re getting older faster, and time is of the essence.

If so, how do you master a skill fast?

If that sounds like you, then click here for the fastest way to master a skill >>

The good thing is you don’t need to master a skill to make 6 figures.

In fact, if you mastered any skill, you’d be making far more than 6 figures with it.

All you need to do is get good enough to make 6 figures.

But What If You’re Younger And Feel Lost In Life, What Do You Do Then?

In my opinion, narrow down a number of things you’d like to try and try each one until you find something you love.

If you’d like to know what one of my successful mentees Stephen did when he was in his early twenties and lost, then click here >>

A Final Piece Of Advice Most Never Think of When Striving For 6 Figures

When I was younger people would ask me all the time to do odd jobs for them.

I told them “I’ll pay for someone to come and help you, but I won’t do it.”

My goals were too important, I had to be working, and the same goes for you.

Let’s say you’re mowing the lawn to save money, and it costs you $25 per hour to hire someone, but your hourly rate is $50. 

You’re not saving $25 per hour, you’re losing $25 per hour.

Because in the time you spent saving $25 you could have made $50.

Just some food for thought.

Now, you’re armed with the right strategies to make 6 figures a reality, I wish you all the best and hope you achieve your goals.

To your success

Dan Lok

P.S. – If you’re yet to get started with a high income skill and you’d to use the written word to hit your goals, then click here >>

If you’d like to use your phone to hit your goals and connect with prospects all over the world, then click here >>

I hope you enjoy reading this blog post.

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