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
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
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