July 21, 2020

Doubling Down on Your Dreams: Daniel Shemtob, chef/owner TLT Foods & Hatch Yakitori

Doubling Down on Your Dreams: Daniel Shemtob, chef/owner TLT Foods & Hatch Yakitori

You’ve gotta bet big to win big

In 2019, Daniel Shemtob leveraged millions to build the hospitality empire of his dreams. Food trucks to fine dining and even a catering company, he’s focused on absolute domination of the industry. Daniel built a big ship and now he needs to captain it through an economic disaster.

On this episode we cover the lessons he’s learned over the last 4 months and the plan he’s created to thrive in the future.

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SHOW NOTES

  • Successes in 2019
  • Daniel considers himself an entrepreneur first and foremost
  • Redefining goals in 2020
  • Changing perspectives with assets and liabilities
  • Preux and Proper was 6000sq ft
  • Was an asset
  • Now a liability - too much space
  • Honing focus can help avoid this shift
  • Taking on too much can turn an asset into a liability
  • Fixed costs have been the most challenging
  • Rent
  • Opportunities during Covid
  • Big shifts in the market cause opportunities
  • Previously would jump on opportunities
  • Now considers things for longer
  • Josh realized he struggled with focus
  • Busy isn’t successful
  • Busy isn’t profitable
  • Pairing down from 15 objectives to 3
  • Best decisions made during the first 90days of the pandemic
  • Getting ENDL loans
  • He wanted as much capital as possible to have a runway
  • Thinking like a startup
  • Being willing to pivot
  • Deploying funds correctly
  • Rolling out a late-night experience
  • Compensating for losing 40% of dine-in revenue
  • Daniel lost a lot during the pandemic
  • Becoming charitable
  • Giving away shoes
  • 100s shoes to those who needed them
  • Giving away food
  • 1500 meals
  • Daniel’s mentor felt inspired by his positivity
  • Reforming the businesses
  • Fine-dining restaurant reopened to great success
  • Catering will take the longest to reform
  • Large events are where you make the most money
  • Shoe company is doing well
  • Sold out very quickly
  • Is there more value in being small?
  • Pre-Covid Daniel was doing well but not “crushing”
  • Working extremely hard - spinning his wheels
  • The ability to reset is a gift
  • Brands Daniel is inspired by
  • Sweet Green
  • Looks at his own staff as the prize piece of his empire
  • Being most proud of the culture he created
  • The future of businesses are not in your control
  • Being a great leader
  • You are only a great leader if you know where you’re leading your team
  • Daniel is leading team into a successful work dynamic
  • Making money
  • Quality of life
  • Enjoy coming to work
  • Have the team be more autonomous in their initiatives and taking ownership
  • Ideas for creating a great culture
  • What does post-Covid look like?