My Worst Investment Ever Podcast Michelle Hon – Don’t Build a Business Only to Boost Your Ego
BIO: Michelle Hon is the author of The Chill Mom, founder, and business coach for moms at MomBoss Academy.
STORY: Michelle spent half of her life savings on a soup and salad bar that she had to close down after a month due to the wrong location.
LEARNING: Don’t build a business for yourself or boost your ego. Build a business because it fills a market gap. Build systems and frameworks that enable you to implement and replicate your business ideas.
“Swallow that humble pie and ask for help from experts.”
Michelle Hon
Guest profile
Michelle Hon is the author of The Chill Mom, founder, and business coach for moms at MomBoss Academy.
She was named by Zine as one of the “Top 10 Mommy Influencers in the World,” and she’s been featured regularly on Channel News Asia, The Asian Entrepreneurs, Lifetime Asia, Asian Money Guide, SmartParents, and many other publications.
Worst investment ever
In 2010, Michelle decided to open a soup and salad bar after working in employment since age 16. She spent almost a year researching and coming up with a thick business plan. She got a space, renovated it, formulated the recipe, and was ready to open the doors.
Within the first month of business, she knew the company would not work because it was in the wrong location.
Lessons learned
- Don’t build a business for yourself or just to boost your ego. Build a business because it fills a market gap.
- Get advice from someone in the same business space.
- Borrow from systems and frameworks that successful people or businesses are using instead of trying to build new ones.
Andrew’s takeaways
- Build systems and frameworks that enable you to implement and replicate your business ideas.
- Don’t get so excited about your idea and forget to focus on how to implement it.
Actionable advice
Slow down and find people who have done this before and ask them about their systems and the critical things that have gotten them to where they are today.
No.1 goal for the next 12 months
Michelle’s goal for the next 12 months is to take her family on holiday.
Parting words
“Just go for it. We have this one sweet life. Whatever you want to do, just go for it. You never know where it will take you.”
Michelle Hon
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Connect with Michelle Hon
Andrew’s books
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- How to Start Building Your Wealth Investing in the Stock Market
- Finance Made Ridiculously Simple
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points