In this edition of the Affiliate Buzz, host and Instructor of the Affiliate Marketers BootCamp James Martell talks with guest Dan Lok who shares tips and takeaways for how to create a successful internet business of your own. Plus we learn about some of Dan’s failures and success along the way.
Some listeners may remember Dan from Affiliate Buzz #365 (link in the Resources section below) which aired last December. The episode was the second-highest rated for 2014, which is amazing considering how late it was in the year.
Some Background about Dan Lok
Dan Lok is serial entrepreneur, best-selling author, and an authority on internet marketing and building Internet businesses that lead to financial freedom. During the podcast he explains what holds people back and why you may be struggling in your own efforts.
Dan first came to Canada at age 14. Two years later, his parents divorced so he grew up an only child of divorced parents.
- Dad's bankruptcy left him unable to send money to Dan and his mom
- this led Dan to earning money to help support his family
- Dan originally wanted to be a martial arts instructor. When he realized his instructor was struggling financially, he knew that was not the life for him.
Dan had lunch with a wealthy individual and asked the person for advice. The person confirmed that Dan doesn't have the physical build of an athlete, wasn't a good student, and didn't have a screen presence - all that was left was entrepreneurship.
Dan's Early Days as an Entrepreneur
When Dan first tried his hand at being an entrepreneur, he lost everything - maxed out credit cards, lost all his money, lost equity in his home, and so forth.
Then Dan explains that his early choices with money, which included buying a new car every year and treating friends to expensive dinners, were not great choices. He cautions other entrepreneurs to make smarter choices with money when profits start turning.
Next Dan lists some of his early failed ventures, which include lawn mowing, software and computer repair, vending machines sales, and network marketing, to name a few. When Dan was jumping around, he was looking for something outside of himself to find success.
Dan says this was a big mistake because he never took time to develop the mindset and skill sets to be successful. People tell him everything he touches turns to gold - but he is quick to let them know that ten years ago everything he touched turned to crap.
Finally Dan tried his hand at marketing and copywriting, which led to online marketing, which provided some light at the end of a debt-ridden tunnel.
Insight from a Serial Entrepreneur
Wealth is committing to one idea over time. Dan says to master something, you have to focus on one thing and dedicate time to it, and then it will begin to turn a profit. Dan uses the example of James being a master of affiliate marketing.
Dan's research included the book Think and Grow Rich by Napoleon Hill and personal development tapes by Bryan Tracey. The result was being more successful, motivational and productive, but he still didn't have the breakthrough he needed.
Then Dan switched things up and focused on the other end of the spectrum - his business skills. He doesn't believe in faking enthusiasm and isn't a big believer in positive motivation. To those who say "Feel good and you'll make a lot of money" Dan says "if you make a lot of money you'll feel pretty darned good!"
"Motivation Is Good but Desperation Is Better."
All the good energy and intentions in the world won't close a sale. Dan's advice is to look at the objections a customer might have, and then find a way to overcome the objections. In short - prepare for the best while expecting the worst.
Dan's breakthrough came when he found his first mentor, Alan Jinx. For the next year Alan took Dan under his wing. Dan calls this his "Million Dollar Year" of his life, since he got a million dollar's worth of education.
However it wasn't until Dan connected with his second mentor, Dan Pena, that he began experiencing geometric growth and financial improvement. Dan Pena, over eight years, grew $820 into a $450 million company while similar companies were failing left and right.
Dan Lok bought one of Dan Pena's out-of-print books, "Your First Hundred Million" on eBay at the tune of $400. Although he was making six figures, he wanted to grow to reach his full potential. After It took a couple of years' worth of convincing on Dan Lock's part, but Dan Pena finally agreed to mentor him.
Next Dan explains that mentoring is a one-on-one accountable relationship that goes beyond reading a book or taking a seminar. It is a long-term relationship where the mentor and mentee really connect, with the mentor giving advice and helping out where he can. Dan says he wouldn't be where he is today without his mentors.
Surrounding Yourself with Like-Minded Individuals
Then James asks how important it is to surround yourself with like-minded individuals aside from your mentor. Dan replies with a quote from his mentor - Show me your friends and I'll show you your future. Dan hosts mastermind groups such as "Make your way 7 figure club" for people running 7-figure businesses.
Dan says back when he was making six-figures, he networked with like-minded successful people. He was the youngest person in the group and making the least amount of money with everyone else in the group. He says this benefitted him because he got to be a curious student of life, learning from their:
- what makes them tick
- how they manage and market
- their belief systems
- and more.
Dan goes on to advise that hanging out with people where you are the smartest person in the group feeds your ego but doesn't give you much opportunity to learn anything.
Networking with Entrepreneurs in Vancouver
James has attended several of Dan's Vancouver Entrepreneurs' Group events, and even had the opportunity to speak at one. Dan's original goal was to positively affect 100,000 entrepreneurs. Dan multiplied the goal by ten after talking with his mentor, and now plans to affect one million entrepreneurs in the next five years.
Dan plans to achieve this by building a bigger platform and being more active on social media networks such as YouTube. He says technology allows us to do so much more to reach people than the models, such as ones requiring people to buy things, that were popular in previous years.
It was never Dan's plan to be a guru who led speaking events for profit. Being at a stage where life and money was good, he wanted to make his materials available for free through podcasts and YouTube. Aside from some books he authored, Dan doesn't sell anything on the internet.
Dan's first workshop was for an audience of 200 who, at the end, were surprised that he signed off without a sales pitch. One guest attended four consecutive meetings before Dan convinced him that he wasn't asking for anything in return. Dan is currently in the process of making his former DVD materials available for free on YouTube.
Dan explains that he gains income through building companies. Building his brand with an attitude of giving allows him to invest in companies geared toward success. James adds that the $20 fee Dan charges at the door for his workshops is all donated back to charity.
Donald Trump - From Business to Politics
Then the conversation turns to the topic of Donald Trump. James loves the entrepreneur-turned-politician and Dan agrees, adding that whether you love or hate him as a politician, Donald Trump has a lot to teach from an entrepreneurial point of view.and that anyone who makes the money, loses the money, and makes it again has his respect.
Dan calls Trump a shameless self-promoter who uses the media to his advantage. A prime example is Trump's hair, a target of jest for many. When someone asked Trump why he didn't change his hairstyle, he answered because people would stop talking about him. His hair gets their attention.
Speaking of getting attention, James asks Dan about his trademark red tuxedo. Dan says he was trying on tuxedos in Las Vegas when his wife suggested a red silk one. A selfie on Facebook led to a huge reaction, so Dan bought the outfit. Now when Dan wears the edgy, stand-out tuxedo, he stands out from other speakers and people remember his message.
The Shoulders of Titans
Next James segues to Dan's Shoulders of Titans podcast. James says he loves the podcast and that the guests are of a whole other caliber. Dan explains it stemmed from an event held in March 2015 for the Vancouver Trump Tower, a $360 million project for a 5-star hotel and condominium in Downtown Vancouver. Dan says he's received more positive feedback from that event than any other event he's ever done.
Dan says he wanted to sit down every six months or so with a business titan and give the money to charity, but James gave him the idea to do it as a podcast to reach people all over the world, not just Vancouver. Now Dan interviews an inspiring entrepreneur every week, the first of which was his mentor, Dan Pena.
Dan says he doesn't want to talk to people with mediocre success. He wants his podcast to give people the benefit of the knowledge of billionaires. He said so far he's learning a lot from these fascinating entrepreneurs while having a lot of fun.
You're invited to come be a fly on the wall and eavesdrop on his next conversation with a billionaire via the link below. Take the 3-step incentive to subscribe. Those who leave 5-star reviews will receive complimentary copies of two of Dan's books.
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