Episode 95 – Henry Lopez: Building And Growing A Resilient Small Business

In his younger years, Henry Lopez is a much different person than what he is today. He is introverted and shy and didn’t have the support from his parents who divorced when he was 17. Due to family responsibilities, he did not get the chance to go to college. He always knew he’d do great things and he got big dreams, but he kept it to himself. He feared embarrassment. He did not have anyone who believed and supported him.

 

But today, he is a serial entrepreneur and a coach helping people to start and grow small business.

 

How did he transitioned from being a low confident kid to a respectable business coach?

 

In this episode Henry will share the greatest obstacle he needed to overcome to eventually take the leap of faith and reinvent himself. He shared important points on how to start your own business, what to consider before starting, and how to keep it going.

 

Be sure to take out your pen and paper and take note of the valuable gems our guest is giving out, and surely, you’ll feel a lot more confident to take your own leap of faith after!

 

 

Here’s What You Missed

 

  • The first and greatest obstacle Henry must overcome for him to reinvent himself
  • What was the first huge shift in his career life and what sacrifices he needed to make to succeed
  • How mentorship or reaching out for help plays a key role for someone who wants to go into entrepreneurship
  • What are the steps a person should make before starting a business
  • What is startup’s biggest struggle and how to overcome it
  • What are the examples of business types or industries that are recession-proof

 

Knowledge Nuggets

 

Henry share key points for people who wanted to start their own business, how to keep it going and how to make it resilient specially during economic downturns. He also shared snippets of a new business he is investing now which is an example of how to choose businesses that could withstand recession.

 

 

[5:07] Do not be fearful of opportunities. Henry got a postcard advertising about learning to be a computer program. He saw the opportunity there and that was his huge turning point. We see opportunities everyday, grab it and be willing to make sacrifices to make it work.

 

 

[7:33] Tackle things one step at a time. Everybody has a unique path. Embrace it and know that if you are taking the necessary steps towards it, you will get there.

 

[8:49] Reach out for help. Back in the days, Henry did not know how to look for a mentor and he thought that having one meant an admission of weakness. But now, he understands that having a mentor and good networking is critical in any stage of development.

 

[10:36] Are you ready, willing and able? For anyone wanting to dive into entrepreneurship, take an honest assessment and ask yourself this question, “Are you ready, willing and able to start your first business?’ If not yet, take the necessary steps to be.

 

[12:49] Validate your idea. After assessing, and making sure that you are ready, willing, and able to start your first business, the next step is to validate your idea. How? Share it with the right people. Then check if there is a market for it. Always start smaller early on to validate if there is actually a market for it.

 

[16:41] Next step is marketing. Marketing and sales are interrelated. You have to start with marketing to advertise your name and start generating leads.

 

[17:45] Lack of financing is the number one reason why small business fail. Properly analyze the amount of funding needed before you launch your business. You should have at least 3-6 months of working capital, fixed expenses, and money for personal finances. Be patient until you have the funding, or combine that with scaling down at first to make sure the business is properly funded.

 

[22:45] Your business should be able to withstand recession, or look for ways that it can be. Businesses that could survive by switching online or some component of it online is a great thing. Think if you have a business that could quickly adjust or is it easily disrupted? Do you see a trend that’s developing? You may have business ideas that could serve that customer.

 

 

Important Reads and Links

 

The E-Myth by Michael Gerber

 

The Hard Thing About Hard Things by Ben Horowitz

 

Love #DreamNation? Check Us Out on Apple Podcasts!

 

At Dream Nation, we’re all about building dreams. We do that through podcasts that motivate, educate, and entertain our listeners with some of the best entrepreneurs from around the world to get you to the best tips to level up your game in business in life.

 

If you enjoyed this episode and want to keep building your dream, subscribe to the DreamNation podcast using the links below.

SHARE THIS EPISODE:

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

MORE EPISODES:

Episode 132 – Tera Carissa: How To Speak Your Goals Into Existence

Episode 131 – Laura Gassner Otting: How To Carve Your Own Path

Episode 130 – Sherry Peel Jackson: How To Keep, Protect & GROW Your Income

Episode 129 – Brian Bogert: How To Embrace Adversity

Episode 128 – Alec Torelli: Making Winning Decisions At Life

Episode 127 – Mo Bunnell: Are You Developing your Business Habits?

Episode 126 – Jack Canfield: How To Maximize Your Potential

Episode 125 – Chalene Johnson: Start Living Your Best Life Today

Episode 124 – Genesis Dorsey: How To Monetize Your Genius

DN123 – Steve Sims: Never Settle – How To Achieve Your Entrepreneur Goals

Episode 122 – Dr. Ivan Misner: How To Win The Networking Race

Episode 121 – Siri Lindley: How To Find Your Voice And Run With It

Get the full DreamNation experience!

Subscribe to our newsletter to get up-to-date news and access to premium content!