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?