For me, when it comes to business development it really comes back down to what are my chances
of winning as opposed to yours.
What I mean by that is, whenever I look at an opportunity I need to look at whether I
have all the key components and whether I have the resource to make sure that these
key components are all taken care of.
To give you a little bit of an example.
With 720 Sweets, what is one of the major hurdle or major advantage that we would have
when you're developing a dessert chain or a dessert shop?
Number one thing is your supplier because at the end of the day it comes back down to
the quality of your products.
So, for me, because I knew the owners of the biggest Bubble Tea suppliers in Western Canada
and he has a farm in Taiwan.
So, for us, it became a very good strategic partner for us to partner up together.
When I have the marketing skill set and I understand exactly what's going on in the
marketplace and he has the resources to support me when it comes to research and development
and when it comes to supplies.
A lot of people ... That's one of the biggest costs when it comes to developing a product,
especially in the food and beverage industry, is your supplies.
So, if you can really control that, that's a really big plus.
So, for me, finding him as a resource and as a partner is super, super important when
I was deciding whether I want to enter this business or not.
If he wasn't on board, I most likely wouldn't be choosing this business to be in.
A second component and a second resource is that for any business, because I'm handling
multiple different projects at the same time, every single business that I'm handling with
there must be a spearhead.
What I mean by spearhead is someone that is fully dedicated, 120% into that project, because
you're not.
That person, that spearhead, needs to be super, super dedicated and committed right form the
get go and all the way to the end.
Luckily I was able to find Brian, who became my partner and he's been amazing and he's
been super dedicated throughout this whole term, which really helped support the operation
on the business.
I feel like because of the fact that I have these two components and also with my experience
with sourcing in China, I was able to go ahead with this business because I was resourceful
when it comes to this business.
I feel like that if I were to open this shop versus you were to open this shop, I would
have much more advantage in doing so.
My percentages of winning would be at least 60% to 70%, in comparison to everyone else
in the market.
That's when I decide to enter into business.
So, when you said resources, being resourceful.
How does someone develop that?
At the end of the day when it comes to being resourceful, a lot of times when a budding
entrepreneur, they try to do something, they try to start a new business, whether it be
online, offline, doesn't matter, E-commerce, they handicap themselves by thinking that
it's all them.
That they are the ones that are in charge of developing the whole business.
That they're not going to reach out for help.
So, this is what I teach all my mentees and clients, is to look at your circle on influence
and look at basically and just jot down what exactly they do.
Whether it be your relatives, whether it be your uncle, uncle's dad, or your dad's friend
that does cup designs or manufacturing or packaging designs.
You'd be looking at basically all of your friends, what do they do, what kind of resources
they have.
When you're able to really fully audit your whole resource and your whole connection,
you would start to fill in the gaps and fill in, hey, you know what?
Jason's the guy that knows all the foodies and bloggers, so if I were to do anything
to do with food, I would talk to Jason.
My other friend that does packaging, if I am to create a product to sell online, on
Amazon, packaging is one thing that I'm super, super anal about, then I would talk to my
friend that's in packaging because now MLQ, instead of a 10,000 piece packaging order
it would drop down to 5,000 or 500 for that matter, because I know him.
That would give me more room to play with when it comes to my resources.
That's a resource that not every single person has.
When you can start being creative and resourceful around the people that's around you, that's
going to increase your level of success.
The chances of you succeeding in the business, is when you become resourceful to the people
around you.
That's exactly how I determine whether a business is a go or no.
Is it look at whether I have all the key components to make this business successful or not.
Right, I think a lot of times ... I hear a lot of this.
A lot of people that come and ask me when they're first starting out.
It's like, "Hey, you know what, I don't know anyone.
I don't have any network.
That's hindering my success and I can't start this business or I can't do E-commerce because
I don't know anyone in the game."
That is only an excuse.
Quite frankly, I didn't start off with any network in Vancouver and it takes years to
develop these relationships that you can count on, but that doesn't hinder your level of
success just because you don't have the connection to do so.
There are a lot of meet up groups out there.
There are a lot of ... Nowadays especially, with meetup.com, with all your business networks
within your own city.
These are a lot of different good places where you get to meet new people in your industry.
That's one place to network and another thing is that when I say it's an excuse is because
if you don't know something you're going to find that, oh, you know what, I don't know
any resources around me, I don't think I can count on anyone because you never really have
that perspective of seeing your friends, per se, or your family members as a resource.
As a resource to give you insights or introduction to people they know.
So, if you put out the intention of seeing these people as a potential resource, then
you would see it from a different perspective and that would open your eyes and they then
become your resource.
It's a matter of the perspective, I think.
The fear of rejection from your friend as a resource is ... Just to clarify a little
bit more.
When it comes to seeing your friend as a resource, I'm not telling you to partner with them or
rub anything off them or anything of that sort.
It is seeing them as a resource or potentially putting it out there as, "Hey, can you make
an introduction to someone you know who does this?"
When you put that intention out there, automatically they would have someone in mind.
So, for example, if someone asks you, "Hey, I want to start an ice cream shop.
Who would you go to automatically?"
You would be like, "Oh, Wilson.
I know Wilson.
He started an ice cream shop."
Or Amazon, "Yeah, I know this guy.
He does Amazon."
Or business development, "Oh yeah, I know that guy.
Wilson does business development."
These are things that come to top of mind when you have those conversations and when
you put the intention out there of trying to look for a certain type of people.
Or, "Hey, you know what?
I'm thinking about creating baby product."
Then, I talk to my friend who's a parent.
Perhaps they would know someone that's in the industry of baby products.
I don't know, right.
Manufacturing, let's say in China or let's say in the States, doesn't really matter.
It is putting the intention out there and seeing it from a different perspective.
Not seeing them as someone that you poach or someone that you take advantage of because
that's taboo right.
That's like, oh, I don't want my friend to see me in a different light.
I don't want to mix friendship with business.
It's not mixing friendship with business, it is putting the intention out there and
people love and would want to help you if you just put the intention out there.