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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- 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
- 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?