 Hey guys, my name is Wilson. Today I'm going to share with you a story, a story of how I get tons of people asking me how do they start their restaurant and throughout the hundreds of emails that I've received I've finalized the top four reasons why someone should not jump into the restaurant business because they're basically sending themselves up for failure. So many of us see opportunity in restaurant because of the fact that we can visually see it. We can see that there are tons of line up. We can see opportunity. We can see that we can do something about it, which is a reason why so many people jump into food and beverage as their first try for business. And when that's the case, that's the reason why more than 80% of food and beverage fail within the first year. Today I'm going to be sharing with you that the four traits that if you fall into any of these four traits, you better either tweak that and change that mentality or you may want to consider other business modules. Without further ado, let's dive right in. The number one mindset that you shouldn't have if you want to start a successful restaurant is to get rich quick. So many people ask me how do I make my money back within the first year? How do I make my money back within the first two years? And I'm telling you that if you want to get rich quick, this is not the model for you because with the food and beverage industry, we're talking about anywhere from five to 15% margins. And what that means is that it takes a few years before you can recoup your investment and before you can start being profitable. Food and beverage industry is all about a volume game. The more people you serve, the more of all volume you get and the more profitable you become. And it takes a lot of time to build this loyal base of customers. So if you're in the mindset of wanting to create something that gets you rich real quick, unfortunately, food and beverage models are not for you. So on the other hand, if you want to create something that gives you longevity, something that has a little bit more stable and something that you can serve to the world, food and beverage restaurant may be something you want to consider. The second mindset that you cannot have if you want to start a successful restaurant is not passionate about customer service. And what I mean by that is if you don't like customer interaction, if you don't like serving people, unfortunately, the food and beverage restaurant is not for you. And why is that the case? It is because on a day to day basis, unfortunately, the nature of what we do is customer service. We need to make our customers feel at home. This is something that they feel comfortable around. They feel included. They feel belong. And when they're able to feel belong, that's when you have a loyal customer. When you have a loyal customers, you don't need to worry about your competitors. This is how customers and this is how restaurants become successful. It is through one customer at a time, building that loyal customer one at a time. So if you don't like dealing with negative people, if you don't like dealing with people that gives you nonsense, unfortunately, in the food and beverage world, we have a lot of people like that. So you need to be super, super passionate about customer service and understanding that this is the essence and is critical for your success when you come to food and beverage restaurants. So if you do have passion about customer service or if you do not have kind of passion about customer service, you should really reconsider whether food and beverage restaurant in this industry is for you or not. For example, there's this one restaurant that I always go to for the last five years. They don't serve the best food nor are they the cheapest. The only reason why is because they always address me by the first name because they care about me and because I feel belonged. I talked to the restaurant owner on a regular basis and he shares with me that his philosophy in running his business is to always make sure that they serve the customers right because they deserve to be served right. They pay for that experience and it is his mission to make sure that everyone that comes into a restaurant, whether they like it or not, they get the best customer service ever. And by doing that, I can see that passion in his eyes and that's part of the reason why he is super successful and that's why they have line up out the door all the time. The majority of these people are loyal customers, repeat customers and that's exactly what you'd want when you're in the food and beverage world. The third mindset that you cannot have if you want to be in this restaurant world is working long hours. And what I mean by that is you need to be ready to work those 10, 15 hour days in your food and beverage restaurant. It is because that's just the nature of this business. If you are wanting that nine to five mentality, if you think that you're off just after eight hours, unfortunately, this is not the model for you. If you're looking for that passive income, passive investment, this is not for you because in the food and beverage world, you're always in putting out fires, machine malfunction, customer problem, HR problem, training problem, marketing problem, all these problems always comes back down to your shoulder, which is the reason why you need to be able to build a team, a team of all star people who can take care of these things for you, people who care about your business, people who have common sense. And this takes months if not years to create and it takes a lot of passion and it takes a lot of time to nurture this group of people. So then that way you can actually build a well oiled machine that can run by itself. So now we can take care of the people you love and all this takes tons of time. So if you're looking for that quick buck, if you're looking for something that's a nine to five, if you're looking for that passive income, unfortunately, food and beverage model is not for you. The fourth mindset that you cannot have if you want to build a successful restaurant business is not listening. And what I mean by that is this is very different from the second point of customer service, not listening, not wanting to interact with people takes your eyes and years away from the front lines. And what I mean by that is if you're not willing to listen to what your customers have to say, you cannot understand and know where to improve your offering, whether it be the quality of your product or whether it be the service or whether it be the ambience or whether it be any other touch points that your customers are experiencing and they want to express that. And if you're not willing to listen and if you're not willing to investigate and understand how your customers' feedbacks are, you would not know what levers to pull. You would not know how to improve. And if you're not improving, unfortunately, in the food and beverage world, then you are on the decline. And that new restaurant, that new competitor would come around the block and they would replace you. They would steal your loyal followings from you. And then another point is if you don't communicate and if you don't listen, if you don't ask, if you don't talk to your customers, you would never be able to build that loyal fan base. They won't feel as belong. They won't feel that they know the restaurant owner. They won't feel that they are inclusive into this community. So if you want to build a successful food and beverage restaurant, you've got to listen. You've got to interact with your front lines. First, it is to understand how you can improve. And second, it is to build that loyal following. So if you don't like talking to people, if you don't think that their opinion really matters, if you don't want to build that relationship, then unfortunately, this becomes very, very difficult uphill battle for you because you don't have the first-hand experience. Your gut's not telling you the right thing because you're not listening. So if you're not that type of people, really do reconsider whether food and beverage industry is for you or not. And to give you an example at 720 suites, our ice cream shop, the only reason why we know what flavors we create and what offerings we need to improve on is by listening to our customers. We always talk to our customers and we always interact with them, whether it be in person or whether it be on Instagram and on Facebook, we understand what exactly they're looking for. And in turn, we try our best to cater to their needs. And this is why we have been staying relevant for the last five years. And this is the reason why we're able to have all these types of collaborations with big brands like Nespresso all because of the fact that we're willing to listen. So if you want to be successful in this industry, make sure you listen and make sure you interact with your customers. So there you go. If you are any of these four types of people, the type that want to get rich, quick, that wants their return within that first year, or if you're not passionate about the customer service industry, if you don't like serving people, if you don't like making them feel happy, if you don't like working long hours, you want your nine to five, you want to passively invest. Or lastly, if you don't like listening, if you don't like interacting with your customers, then unfortunately, food and beverage business is not for you. However, if you are any of those, then you're going to be super, super successful in this industry because these are the things that would make a restaurant here super successful. If you want to learn more about how to build a successful seven figure business, check out my ultimate food and beverage course below. This is something that I've learned in the last 10 years. And I'm putting it all into this course anywhere from negotiating free rent, to getting into the minds of your customer and offering them exactly what they want to creating that first thousand loyal fan, that community that will always buy from you, all that into the restaurant link below. So I really, really hope you find value in this video. If you want to learn more, once again, check out the link below. Otherwise, smash the like button, subscribe along the journey as I bring to you much more value and much more content in the food and beverage world. Otherwise, I'll see you guys in the next video.