Dan Lok knows a little something about going into business for yourself. After all, the self-made entrepreneurship guru also happens to be the owner of an entire network of multi-million dollar companies, including Closers.com and Copywriters.com.
A quick glance at his Instagram account paints a picture of a lavish lifestyle filled with ful and luxury. “Wait a minute,” you’re thinking. “I want that lifestyle, too! And if Lok can go into business for himself, why can’t I?”
The Reality Check You Really Need
With enough motivation and drive, you absolutely can — but is now really the right time to launch that project? Can you afford to run a business, and do you have what it takes?
Lok points out five major “red flags” that you just aren’t ready in this video:
Can’t Watch? Here’s a Quick Run Down
Lok’s video states that you shouldn’t start a business:
- Unless you have the cash. It may take you a year or longer to make any profit, and being your own boss means you get paid last. You won’t have that regular paycheck to rely on, and you’ll need to survive somehow until your business begins to pay off. Don’t quit your day job just yet.
- If you don’t understand the industry. Ask yourself what qualifies you to be in this space right now. What do you still have to learn? Educate yourself and gain advice from other powerhouses in your area of interest.
- If you don’t have the stamina. The number one quality of profitable CEOs is stamina. You’ll likely endure the hardship of financial struggles for a long time before you start climbing toward the top. Do you have what it takes to ride out those painful, stressful times?
- If you demand free time. As an entrepreneur, you must put in the hard time. You may need to put in long hours, and you might not get any days off, at least until your business is well established.
- Unless you can master the art of closing. Get the loan terms you need from a broker or a solid investment from a business partner. If you can’t communicate well with people, you probably aren’t going to get far.
~Here’s to Your Success!
Copyright 2019, DailyProsper.com
