We had the good fortune of connecting with Tarek Khaled and we’ve shared our conversation below.
Hi Tarek, can you walk us through the thought-process of starting your business?
(Step 1) Upon realizing and acknowledging that the learning curve at my job was tapering off… (Step 2) I explored an online business opportunity that was capable of generating survival-income relatively fast, with a scaling potential in the longer term. Disclaimer: This decision was personally so important that I dug into my emergency fund to pursue it. The purpose behind my writing is simply to share my thought process – this is not meant to act as the correct approach nor serve as financial/investment advice to you. (Step 3) I determined whether or not I had the financial capability to pursue this decision. Working at a bank taught me to hold a 3-6 month emergency fund – a personal budget set aside as a financial safety net to cover any financial surprises, so I had 6 months in living expenses, of which I took some funds for business capital and kept 3 months for living expenses. My exit strategy was to only explore job opportunities once I’m down to 1 month of living expenses and 0% business success rate (higher pressure environments help me work more efficiently). Now that I had a clear vision of my financial situation, I was ready to take the leap of faith. Again, this is not financial or investment advice 🙂 It’s also worth noting that I resigned only after (1) finding a product that was capable of generating income in the short-run, (2) realizing its demand, and (3) placing a purchase order. (Step 4) Fourth, self-discipline. Being your own boss is a double-edged sword – no one will be there to constantly hold you accountable, and if you’re not being consistent, you’re preparing to fail. (1) I decided it was best to buy a new journal for a new journey, and following it meant I had something to hold me accountable. (2) Additionally, I took Robin Sharma’s advice on creating a daily code of conduct. Simply, this sheet of paper contains my code of ethics in life (sample below) & it lists my interests in building an online business. As much as I wanted this business opportunity to succeed, I also wanted to ensure I was living life fruitfully and focusing on my greater purpose; therefore, I made it a strict routine to read this sheet of paper first thing in the morning to remind and fuel myself. – Favorite Recommendation for a Journal (link included): I’ve been using the Self Journal, by BestSelf Co, for a year now and have been able to track and notice how my life progressed exponentially – all credit goes to my sister for introducing us. https://bit.ly/2B1L4Of – Example of a Personal Code of Ethics: I used this as a template and tailored it accordingly – thank you Abby! https://bit.ly/2Y1dQaE A little background on myself: I am a 21-year old who completed his bachelor’s degree in May of 2019 and moved to work at a bank for 10 months. I have no dependents; therefore, I personally feel more tolerant to higher-risked decisions. Bottom line: Upon reflecting, I realized that the satisfaction of me going all-in and potentially losing all my savings was far greater than me remaining at my job and thinking: I wish I had taken the opportunity.
If you had a friend visiting you, what are some of the local spots you’d want to take them around to?
If I visited San Diego and had the chance to only eat one meal, it would be the Sigma Chi Crunch Wrap from Trujillos. That’s it. That’s the tweet.
The Shoutout series is all about recognizing that our success and where we are in life is at least somewhat thanks to the efforts, support, mentorship, love and encouragement of others. So is there someone that you want to dedicate your shoutout to?
If I’m going to do something, I want to do it right or not at all; this is one of the greatest things that I learn from my father, in addition to hard work and persistence. My mother reminds me that we’re born with a greater purpose. My eldest sister inspires me to hustle quietly. My second-eldest sister (who recommended the BestSelf journal) helped me build a strong foundation in self-discipline and finding myself. Finally, living with my elder brother means he’s the one constantly getting bombarded with the countless business ideas and he is kind enough to be brutally honest yet support me in all my decisions, and more importantly he provides me with the moral support to be my true self. I’m incredibly grateful for the healthy circle of friends who are supportive of my decisions. If I’m going to do something, I’d like to do it right or not do it at all – this is one of the greatest things I try to take from my father, in addition to his hard work and persistence. My mother reminds me that we’re born with a greater purpose. My eldest sister inspires me to hustle quietly. My second-eldest sister (who recommended the journal) pushes me to find myself. My elder brother is the one who is constantly getting bombarded with the countless business ideas, and he is kind enough to be brutally honest yet supportive of my decisions, and more importantly he provides me with the moral support to be my true self. I’m incredibly grateful for my circle of friends who motivate and inspire each other while learning to appreciate and enjoy the little things.
Other: Always happy to talk on email@example.com 🙂