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?

Linda Thompson, Founder of BIOGRAPHY