Dan Lok is a millionaire entrepreneur, speaker, consultant, best-selling author, and one of the world’s leading experts in Internet marketing who is admired and followed by many online entrepreneurs in Africa.
He went from being a poor immigrant who spoke no English at the age of 14, to a millionaire mentor at the age of 30, inspiring the lives of millions with his teachings.
Known as “the king of high ticket sales,” he has created a network of multi-million dollar companies. He is one of the most sought after consultants in this space, teaching people around the world, how they too can build 7-figure business empires.
Dan Lok is a mentor to millions of entrepreneurs around the world including Africa and has been a mentor of mine for many years and has influenced my success and passion in online business.
In an interview with Stefan James of Project Life Mastery, he shares his inspirational story of how he went from being in debt to becoming a self-made multi-millionaire, and how you can make your first $100,000 online! Are you ready to learn how you can take your business to the next level and achieve the success that you desire? Read, learn and be inspired.
Here is a sneak peek of the interview:
Dan Lok Interview
Question: For those people who don’t know who you are, would you mind sharing a little bit about your story?
Dan Lok: I immigrated to Canada when I was 14 years old. My parents divorced when I was 16, and shortly after that, my Dad went bankrupt in Hong Kong. At the time, my Mom and I were living in a small, one bedroom apartment. Because my Father couldn’t send us money anymore, I quickly knew that I had to become self-reliant. I was always very driven to be successful. For myself, success meant protecting the people that I loved and making sure that my Mom didn’t have to suffer anymore.
I failed at 13 business ventures before I experienced success. I was backed into a corner, I had no way out, and I knew that I had to make it work. If you are in debt, I encourage you to focus on wealth creation, so that you can wipe out your debt in a shorter period of time. The biggest determining factor that allowed me to transform my life from being in debt to achieving success was when I found my first mentor. That was the million dollar year of my life.
My mentor taught me everything, from business to marketing to copywriting. After that, I started an advertising agency in my early 20’s doing copywriting for people. I was making about $10,000/month. That was my first taste of success and my first high-income skill. From there, I transitioned into marketing consultation.
I made my first million at 27 years old and became a multi-millionaire by the age of 30. I’ve evolved from a copywriter to a marketer to an internal marketer. Today, I just consider myself to be an entrepreneur, because I do so many different things.
Question: Why do you think so many people fail, despite their best efforts?
Dan Lok: The first reason is because people have unrealistic expectations. They see someone who has achieved the success that they desire, but they don’t acknowledge the years of effort that it took for that person to get to where they are today.
They jump into something, try it out for three months, and give up when things get tough, and then they jump into the next thing. I think that is what leads to disappointment and failure. These people tend to come from a place of desperation, instead of abundance.
Money is a by-product value of money creation. When you try to chase it, it doesn’t come to you. However, if you are more at ease, and are focused on delivering value, money comes. The second reason is mindset. If you want to be successful in life, you need the right mindset.
I don’t care how smart you are or how good your products are, if you don’t have the right mindset, you won’t get far. You also need a solid skill set. If you cannot communicate, teach, blog, market, sell, and deliver your ideas to the marketplace, you won’t be successful.
Question: If you could go back in time, is there anything that you would have done differently?
Dan Lok: The only thing that I would have changed is starting all of those crazy businesses because I went into them with the wrong intent – out of desperation – which is what most people do. I always tell people that, before they start any business venture, they should ask themselves, “Why you and why now?”
What qualifies you to be in the space that you desire to be in? If I didn’t get so wrapped up in the get rich quick mentality, I would have been able to invest more time in learning from my mentor and further develop my skills.
Question: I know that you have a different take on what financial freedom is. Do you mind sharing with people what that is?
Dan Lok: I think that financial freedom is a sexy concept. In my eyes, it’s an illusion, and this is something that I’ve learned throughout my career. At first, I was attracted by the idea of the 4-hour workweek. I’ve learned that, just because you are free today, doesn’t mean that you are free tomorrow.
I think the whole concept of working so hard on something in order to just get away from it in the end, doesn’t make sense. It’s not an integrative approach to life. It’s like saying, “I’m going to be a strong, healthy athlete, but when I win the gold medal, I’m not going to exercise anymore”, versus the whole concept of, “This is just what I do. I’m constantly growing, learning and contributing.”
Instead of aiming for financial freedom, I always tell people to aim for financial confidence. That is knowing that you could lose everything today, but still feel secure in your own skills. It’s knowing that, if you hit rock bottom, you could still make it back to the top. That is true security.
Look at the people who are on the Forbes 500 list. Think about what they do. All of them could have retired a long time ago, but they don’t, because they don’t desire financial freedom or 4-hour workweeks. Rather, they are always thinking about how they can improve, become more, and impact society through their work.
Question: You’ve been in the online marketing space for over a long time now. What is the direction that you see it going, and what do you see as the next big opportunities in the industry?
Dan Lok: The whole Internet marketing industry has changed so much in the last 3-4 years. There is an infinite amount of free content that is available online, whether that’s on YouTube or Facebook. The other shift happening is that, because the cost of acquiring customers is getting increasingly more expensive, people aren’t making money on their front end products.
At best, people are breaking even or losing money in the process of trying to get a customer. All the money is in the backend, which is why I’m a big believer in the high ticket model. The front end no longer makes money. If you don’t have a system for how to convert your customers into high ticket sales, then you won’t be able to grow. Everyone is getting busier, so they need specialists that can help them do the heavy lifting for them, like optimizing their YouTube channel or growing their Instagram.
Question: What advice would you give to someone who wants to make their first $100,000 online?
Dan Lok: There are so many different business models from which you can make money online, but I believe that the secret to my success has been from my ability to close.
Anything that you’ve ever wanted in life, whether that’s wealth, success, relationships, or personal fulfillment, there is always somebody else out there who already has achieved it. It doesn’t matter what industry you are in, you need to be able to close people on whatever it is that you are selling.