Episode 21 : Turning Problems into Opportunities
Adam is what we call a true born-entrepreneur, with all its natural features: he’s optimistic, self-driven, always looking for the next opportunity. As his story confirms, Adam strongly believes that behind every challenge hides a business opportunity. Equipped with this winning attitude and a strong purpose to bring to the market products that would truly help people, Adam launched the brand Lil Tracker in 2017. But let’s go back to beginnings! Find out what mistakes he made, what dreading challenges he faced, and how he turned them into – literally – more revenues.
Adam’s Growth Story Book Title:
“With every problem brings a new opportunity”
Without a doubt. We’ve touched that in my story: ATNT bringing down their network, I am now gonna generate a new revenue by selling the sim cards myself, or by my competitors copying my concepts, leading me to go into licensing and designing products that can’t be copied, it brought so much growth to my old business. Everytime there’s an obstacle, look around to see what’s the opportunity there, and you’ll always continue to grow and have success.
What you’ll learn:
- Growing up in a second marriage family was Adam’s first influence on believing that mistakes can happen and that even if fixing them can be messy, it often leads to better things.
- Both his parents were entrepreneurs. They’ve even had many businesses throughout Adam youth and that was also a great influence on his aspiration and optimistic attitude towards entrepreneurship.
- Adam often traveled to China to source products and learned many lessons. The first time he went, he hired a translator without checking which of the various dialects he actually needed her to translate and it turned out she couldn’t speak the local dialect in the factories he had to visit.
- Adam took a couple years of break between his business adventures to find a product that would a have a true impact on helping people.
- Adam got the idea for Lil Tracker when he lost his daughter at the mall. It was only for a minute, but the scare was enough to make him research about missing children and decided this is the cause he was going to help.
- “You can’t be scared in life or in business to make a decision. Not all your decisions are going to be right. You have to not be scared of making a mistake, but simply try to not make the same mistake twice.” – Adam’s philosophy about making mistakes or confronting tough decisions and how it helps him move forward and grow.
- “I have always been a business type of person. Before I knew for sure I was going to be an entrepreneur, I thought I was going to be a stockbroker or something like that.” – Adam on his career perspectives as a young analytical mind.
- “Every single time I made a mistake, I learn something. Making mistakes also has a way of putting you back in your place where you belong!” – Adam on how making mistakes can also be humbling and as entrepreneurs, it’s important to stay grounded.
- “Every business problem is an opportunity for growth.” – Adam on how he got into the licensing business in response to competitors copying his ides all the time.
02:10 – Adam Dorfman is the founder president of Iprotecht Electronics Inc.
02:25 – The first brand he launched is Lil Tracker. It’s small GPS devices to help track and connect with your kids, your pets, elderly family members, or even your keys.
09:20 – Adam’s father was in the clothing business, he had a company with his brother selling garments.
11:02 – In the 80s there was a big shift in the garment industry where most of the manufacturing of clothing was sent overseas. Adam’s parent lost their business but they never gave up or seem too sad, they looked at it as a new business opportunity. They then launched a popcorn business. When that one reached its success plateau and died, they launched their third business AllStar Vending.
16:20 – Adam got involved in his parents’ business and developed his own route particularly with the very popular hot-dog restaurant chain La Belle Province.
19:15 – Finishing university around 1995, Adam had over 150 location in the Montreal area with his gumball and capsule distributing machines.
20:06 – Before the stickers, Adam parents got into selling sports cards, another booming industry in the 90s.
28:45 – Adam mentions how vending machines now is not doing as well as it uses to but stores like Dollarama are doing really good.
58:50 – The Lil Tracker watches launched in the beginning of 2017. The day before his launch, ATNT, largest network in the United States, closed down their network for 2G products, making the Lil Tracker incompatible.
01:00:06 – Adam had to turn to T-Mobile, who actually wanted to partner with him as a branded distributors, which resulted in a new revenues source for him.
01:03:55 – The Lil Tracker brand now has four products: the kids watch, a GPS pendants that’s suited for elderly people or people with alzheimer per example to wear around the neck, the bluetooth key tracker, and newest addition, the pet tracker.
01:15:15 – Adam is currently working on a program with the Alzheimer foundation to give 5% of all the revenues from the GPS pendant, just like he is already doing with the kids watch and the Missing Children Society in Canada in the American foundation for missing children.