This chapter is a free excerpt from Confessions from an Entrepreneur (Volume 1).

Wing Lam: Co-Founder & CEO of Wahoo’s Fish Tacos

Sometimes being the first to pursue a new idea can be ultimately detrimental. For Wahoo’s Fish Tacos, we were the first to serve short ribs 25 years ago. At the time, people weren’t ready for it. You know your idea is light-years ahead of the current cultural climate when the response to explaining your idea is Huh? Sometimes, the remedy is to “dummy” down an idea. Once you do that and create a good idea that people actually understand, then you build on it and make it great.


Complete 10-second survey to read full article!

Wing Lam: Co-Founder & CEO of Wahoo’s Fish Tacos

Sometimes being the first to pursue a new idea can be ultimately detrimental. For Wahoo’s Fish Tacos, we were the first to serve short ribs 25 years ago. At the time, people weren’t ready for it. You know your idea is light-years ahead of the current cultural climate when the response to explaining your idea is Huh? Sometimes, the remedy is to “dummy” down an idea. Once you do that and create a good idea that people actually understand, then you build on it and make it great.

You don’t need to state the obvious. Consider what the person on the buying end wants to hear. If you can’t anticipate what they want, simplify your idea, so they can understand it.

When Being Ahead of the Game Works

While sometimes you can be too different, sometimes you’re just right smack dab on the money. When we made and sold fish tacos we were the first ones to do them grilled and not fried. It is to your advantage to look ahead and anticipate emerging trends and patterns. For example, back in the 80s, if you had a personal trainer people would say, Are you that stupid? You need someone to yell at you, and you pay them $100 doing that? But today, people instead will ask you: Why don’t you have a personal trainer?

All these forms of exercise such as yoga and Pilates are new and different in our culture. A few decades ago, aerobics seemed to be the only exercise option. Now everybody is a fitness specialist. People get caught up in new trends and fitness fads. You really need to start penciling in the numbers and do your homework. Having foresight is crucial. These forms of exercises will eventually phase out. That doesn’t mean you have to give up; it depends on what you do to it. But if you want to succeed, you need to be constantly staying ahead of the game.

Hobby vs. Business

Everyone is creative, but that doesn’t mean they can run a company. You can look at the music industry as an example. Think about a musician. To sit and have a jam session is awesome. But can you imagine having to play the same song 400 times in a year? How much fun do you think it is to do the same thing over and over and over again? There’s a difference between doing what you enjoy and making a business, and maybe your living, from it.

Don’t Spend Money that You Don’t Have

The biggest mistake people can make is to spend money that they don’t have. If you have to go work out of the garage before you start pulling in money, do it. You don’t need an office secretary or a nice building at the beginning. No one cares about that until you’re making actual income. You should be working for free until you make money. You don’t need to hire anyone. It’s your investors’ money, and you have to spend it wisely.

* * * * *

Wing Lam is the co-founder and CEO of Wahoo’s Fish Tacos, a leading restaurant chain with over 50 locations. Wing is also a sought-after speaker and marketing guru who has collaborated with many leading sport stars and celebrities for over 15 years.

Price: $4.99 Add to Cart
  • Lifetime guarantee
  • 100% refund
  • Free updates