At just 20 years of age, Dan Lok was already $150,000 in debt. Over three years, he launched 13 businesses — and each one of them failed. Today Lok is a multi-millionaire and business mentor. Now he believes in paying it forward.

Lok’s parents separated when he was 14 years old. They lived in Hong Kong. He and his mother emigrated from Hong Kong to Vancouver, Canada, later that year. His father continued providing for them, but when Lok was 16, his father filed for bankruptcy and informed his mother that he could no longer support them.

Galvanized into action on seeing the hopelessness and helplessness of his mother, Dan decided that he would be successful. He has never looked back.

Lok started by working part-time at a grocery store for minimum wages. After a year, he was given up for not being an ideal employee.

“I was told that I was unemployable because I don’t like being told what to do. I cannot disagree with that statement,” he smirks.

Lok began mowing lawns, delivering papers, and doing anything that had the remotest possibility of making money. After high school, he enrolled at Douglas College in Vancouver. He attended full-time business classes while moving through one failed entrepreneurial idea after another — from vending machines to delivery services and day trading.

Lok used up several credit cards and borrowed from everyone he knew. But he just wouldn’t work for anyone else.  “No one understood why I didn’t just get a job,” he says. “But I knew that I could never repay my debts and provide for my family by working for a minimum wage. I knew I would be better off as an entrepreneur, even if it took a decade. He says he never gave up because he couldn’t afford to quit — and if you don’t quit, then you can’t fail.”

“If you don’t quit, then you can’t fail”

Lok calls those early years “losses with lessons.” He acknowledges that most people would have quit somewhere between their first and thirteenth attempt. He believes, “Success is on the razor’s edge of failure. When you think it can’t get any worse, hang on just a little longer.”

“Success is on the razor’s edge of failure.

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Lok read Claude Hopkins’ book, “Scientific Advertising,” and became obsessed with marketing. He soon discovered marketing expert Alan Jacques. Lok studied his sales letters and attended his seminars, where he met Jacques in person.

Lok offered to buy Jacques lunch, and they talked for hours. When Lok asked to be his mentee, Jacques declined, but Lok wasn’t discouraged. “I visited his office every day for about a month. I did everything possible to demonstrate my willingness to help — including picking up trash around the office — until he finally hired me.”

Lok left college and went to work for Jacques. The 21-year-old spent weeks preparing his first sales letter, only for Jacques to tell him that it was terrible. Lok rewrote it seven times before Jacques was satisfied. Jacques later confessed that the first draft was “OK” — but “OK” isn’t how you master anything. Great lessons for one so young.

Though Lok didn’t earn much money, he says the 12-month mentorship with Jacques was his first “million-dollar year.” Under Jacques’ guidance, Lok started an advertising agency, and within just a year, his clients were generating millions of dollars from his sales letters. By the time he was 22 years old, Lok commanded $10,000 per project and was comfortably earning in six figures.

Worthwhile Struggles

“I could finally provide for my mom. I didn’t have to go to the ‘nearly expired’ section of the grocery store anymore,” says Lok. “The mentorship from Alan truly changed my life. That’s why I choose to mentor young entrepreneurs each and every day.”

Several years later, Lok returned to Hong Kong for the first time to visit his father, who was getting by but worried about having a place to live. Walking down the street, Lok stopped and pointed to a window. He pulled out a set of keys and said, “I bought that apartment for you.” The look on his father’s face made all the struggles worthwhile.

Lok became a millionaire at age 27. Since his businesses could run without him, he retired and set off to “live the dream.” He sat on the beach nearly every day for a month, then spent the next month watching six movies a day. After two months of retirement, he’d had enough.

Lok began sharing his knowledge with a self-published marketing manual, “Forbidden Psychological Tactics.” In a quest to sell the manual, Lok mastered online marketing. He went on to become an accomplished affiliate marketer, sell informational products, and create copywriting software.

Over the next decade, Lok founded or partnered in more than 15 companies, as part of industries ranging from beauty salons to e-commerce. Today their combined sales exceed eight figures annually. Lok attributes this success to three things he lacked early in his career: mentorship, focus, and “high-income skills” like copywriting, marketing, and public speaking.

The story of Dan Lok is so amazing because of the methods Dan Lok employed to get success. Lok packaged a set of table tennis video tutorials into a membership website and charged a subscription fee to join. As Lok said, when he was interviewed for Built to Sell Radio recently, Table Tennis Master Dan Lok got up to almost $300,000 in annual recurring revenue before he decided to sell.

His Biggest Regret and Motivation

When his father had a stroke, Lok was in the U.S. chasing his biggest deal yet. “I wanted to make my dad proud, so I told him I’d be with him as soon as I finished. That was the last time I spoke to him. I never got to say goodbye, and it’s my biggest regret.

“I realized that chasing money and achievement wasn’t making me happy. Lok’s motivation shifted from providing for his family to providing opportunities for others around the world. Now he wants to mentor a billion people by teaching them how to develop high-income skills, unlock financial confidence, and master their economic destinies.

Lok invests a significant amount of time teaching others on his social media channels, where he has 4.5 million followers at the time of writing, and on his podcast, “The Dan Lok Show.” Through his video series and programs like “Dan on Demand” and “Tube Your Own Horn,” Lok teaches others to grow their businesses with social media. He has penned over a dozen books, including his latest, “Unlock It!” which hit bookshelves with ForbesBooks in September 2019.

Lok also offers coaching, master-minds, and master-classes. He teaches sales and other business skills through his High-Ticket Closer Certification Program and Inner Circle master-mind. His project, Closers.com, then matches companies with the high-ticket closers he has trained.

“It’s an entirely holistic method,” says Lok. “I’m proud of all of my students and their success, and it brings me joy to offer them a platform to continually enrich themselves, financially and otherwise. I’ve even hired graduates of my High-Ticket Closer program to work for me in my personal business.”

Lok’s wife, Jennie Li, has been his chief strategy officer. After meeting at a karaoke place when Lok was 26, they started dating and working together before getting married in 2015.

“Her intuition and instincts are unmatched,” says Lok. She keeps him humble. “I remember coming home after giving my first TEDx speech. I’m in a red suit, on top of the world, and Jennie tells me to take out the trash. I love that.”

Though Lok is an international speaker with great panache, who enjoys wearing flamboyant suits, he still remembers his roots. “Who would’ve thought a poor immigrant boy could accomplish so much?” he asks. “No matter where you’re from or what obstacles you’re facing, you can accomplish anything too — if you never give up.”