121. How to Fail the Right Way: Lessons from a Multimillion-Dollar Company

The UpFlip Podcast

Dok Kwon co-owns CUPBOP, a Korean BBQ business, with 220 stores worldwide and $3.5M monthly revenue. But it all started with a single food truck! In this episode Dok digs deep to share his insights on entrepreneurship, growing a business worldwide, and why sometimes you just have to fail the right way.

Key Takeaways:

1. Never linger with failure. You have to have the takeaway from it but you likely made the best decision with the data that you had.
2. The biggest misconception about entrepreneurship - it looks glamorous but it requires a much higher pain threshold than working for a company.
3. Don’t take no for an answer. Execute and figure it out - to be successful you will find a way.

Resources:

• Join the UpFlip Academy today: https://www.upflip.com/membership
• Connect with Dok: https://www.cupbop.com/

For more advice, check out Episode 115 where Michael Tecku shares the principles he used to scale his business to $1M per year. https://www.upflip.com/podcast

Connect with UpFlip:

• On Facebook
• On Instagram
• On Youtube
• @UpFlipOfficial on Twitter

For more insights to start, build, or grow a business, check out the resources on UpFlip.com or head to the UpFlip YouTube channel to see more interviews with business owners and experts.

Thanks for listening!

Kapitel

1. 121. How to Fail the Right Way: Lessons from a Multimillion-Dollar Company (00:00:00)

2. Background (00:01:18)

3. Going From Food Truck to Brick and Mortar (00:05:51)

4. Shark Tank (00:07:53)

5. Business Segment (00:09:23)

6. Staring a Business (00:10:45)

7. What's the Worst That Can Happen? (00:13:50)

8. Almost Quitting (00:16:25)

9. Business Struggles (00:19:02)

10. Dealing with Failure (00:21:05)

11. Potential Landmines in Business (00:23:48)

12. Characteristics to Succeed (00:33:00)

13. Watchouts for Business Owners (00:37:10)

14. AI and Upcoming Technology (00:40:15)

15. Skills That Never Become Obsolete (00:42:28)