Ep522: Panu Boonsombat – Get Business Wisdom from Your Elders

Andrew Stotz 00:02
Hello fellow risk takers and welcome to my worst investment ever stories of loss to keep you winning. In our community. We know that to win in investing, you must take risk. But to win big, you've got to reduce it. Ladies and gentlemen, I'm on a mission to help 1 million people reduce risk in their lives to reduce risk in your life. Go to my worst investment ever.com today and take the risk reduction assessment I created from the lessons I've learned from more than 500 guests, fellow risk takers, this is your worst podcast hos Andrew Stotz of a Stotz Academy, and I'm here with featured guest, Dr. Panu ruin somebody or nickname, Tay or even more importantly, on tick tock, you can see him as Dr. Opa Tay, are you ready to join our mission?

Panu Boonsombat 00:52
Yes, Andrew, thank you very much for having me here today.

Andrew Stotz 00:55
Yeah, I've just been scrolling through your tic toc and watching it and I got a lot of questions for you. But I want to introduce you to the audience. So Dr. Panu, Boone, sambar, or we're gonna call him Tay is a personal branding professional, and the owner of Dr. Obama Facebook page, Instagram page and tick tock account with almost 300,000 followers 52 million views. And he makes a point without dancing or wearing a bikini and over 3 million likes taken you take a minute and tell us what value you bring to this world.

Panu Boonsombat 01:36
Yeah, I mean, actually, during the past, I have been involved in a bit of, you know, marketing for a lot of companies and you know, as the advertising fee, you know, starting to like increase like crazy, even dabbled treebo You know, so, most of the brands look for the alternative, you know, to in order to reach their target audience, right? So, Tik Tok has been very generous, you know, in terms of their wages, you know, free I mean, generate reach is so effective and efficient. But having said that, right, the brands have to have the ad strategy in order to get, you know, the audience engaged over a period of time. So, that's, that's how you know, my services give to the brand is to offer them the guideline or, you know, on how to better target their audience and also how to keep the audience engaged, especially the target, you know, the target, you know, to be engaged on on that particular teacup channel. By offering them the know how they end up, you know, saving a lot of, you know, you know, advertising fees and getting, you know, more target audience get get get the audience to engage with the, the how to say the Tick Tock her, you know, that the brands like that, you know, to represent the products and services.

Andrew Stotz 03:01
So, I'm curious, you know, for the old school guys like me, in for old school companies and all that, we look at tick tock and it's very intimidating, and it's flashy. And one of the questions that I always look at and as you get older, you think, Okay, what's the payback here? And I'm just curious, like, how should someone think about tick tock? Is it just brand awareness? Or is it driving people to particular products or services? Or is it brand awareness at a much lower costs? Like what is it that tick tock can do for business that they should be doing it now?

Panu Boonsombat 03:41
Okay, very good question. Tick tock started off, you know, by you know, concentrating their content on terms in terms of the dancing, singing, showing off the talent pranking, you know, archives, but that period has actually long gone, you know, now they have moved into the marketplace, the marketplace segment, education segment, professional segments, meaning that they need to expand to the wider audience, like you and me, actually, yeah, people who just you know, don't don't want to watch just dancing and singing pretty girls exceed beginnings, you know, not those kind, but they just want to get concise and short, you know, something that they can really learn in a short period of time. So that's how the short clips you know, becomes really popular over the past two years. And having said that, by not only we each are not only brand awareness that you can get now tick tock tick tock shop, or you can even link put the link on tick tock tick tock is very generous, I have to say that again, if you can just click the link just one click and you can link it to like lie chop, like over here in Thailand, people shop you know, over lie or PCI code, or you can even put a Facebook link or YouTube link you know, in order to Close, they're close to sales, you know, over other platform as well. So it's actually getting into the courthouse early, the whole ecommerce transaction, you know, starting from brand awareness, you know, consideration. And the last one is to cause that sales. So definitely, you can use tick tock as the market in your reach, or your product and services.

Andrew Stotz 05:26
So let's take an example like me, let's say I have a course, it's based upon a book that I wrote called How to start building your wealth investing in the stock market. It's very beginner, basic, but it also provides really actionable things that people can do to start investing in the stock market. And that course is about a four hour course. And the book is on Amazon, so someone could buy the book, or they could take the course. And I'm just trying to think about it from a tick tock perspective. What would be a strategy for someone who hasn't, hasn't never done tick tock maybe has that kind of a course or something like that has something to teach, you know, has something to share and motivate people to take care of themselves and take care of their financial future? What would be your advice for someone like me, in relation to tick tock?

Panu Boonsombat 06:17
Actually, you're more than perfect, you know, to have a tick tock channel, because you know, the way that you present, you know, like, the way you speak right now is so clear, easy to understand. And of course, you're you have tons of experience in the topics that you're presenting, is just the way that you say, you know, package your video content. So you don't want to go on, you know, spread on talking about our I O, talking about the interest rates going up and how you want to focus on to a certain stock? No, no, no, you don't want to go for that. You want to start your video content by okay. Do you want to go to Japan next year? Do you want to have like 100,000 to, to put the down payment for your first car? You wanna? You want to start like that? Yeah. Because I've been working with, you know, most of the time banks, you know, already, and I'm representing that product and services. So their market research, you know, this sole clear in terms of the content, you know, instead of telling people that if you embed on this mutual fund platform, because what you get these the money that you get? No, we take that up, put that aside, and we use the platform actually start asking, Okay, what do you want to get next year? So some people say, Okay, I want to go to Niseko Hokkaido with my family next year, I need 200,000. I mean, straightaway, the platform just come in and say, okay, then you have to put in 5000 baht every month on to this, you know, this, this, this, this platform in advance that you will get the money. Yeah. So the same way, or if you do start it off and buy something that people, okay, people, people think that they want money. But in fact, they want money to buy something that they actually want, right? So that third thing, that final thing, that is the thing that you do that you need to come, you know, to put into the first three seconds of your video, you can just sit and talk just like the way you do right now. It's just like, I have quite a number of clients who, who don't want to do like roleplay, who don't want to like, go sexy, who don't want to show like sports kind or things like that. They just sit and talk. And of course, it's going to take a bit longer, but within like six to nine months, they can achieve 100,000 followers anyway,

Andrew Stotz 08:49
you know? Well, that's great knowledge for the listeners out there. And for myself, you've got me interested and I've had a bunch of people talk to me about doing it, including some of my young interns that did set up some accounts and we started doing it because they were like it when I'm with you it's like every every day you're spitting out words of wisdom from your own experience and you're guiding these interns. Maybe we should just record you know, short clips of what you said. And I was like, let's do it. So I see a lot of opportunity now that you've taught me so let me I think you and I need to talk more about that. But meanwhile it's time to share your worst investment ever and since no one goes into their worst investment thinking it will be tell us a bit about the circumstances leading up to it then tell us your story.

Panu Boonsombat 09:38
Okay, actually my main business is actually property investment I've been in property investment for you know, seems to balance and five there and it started off just like any new timer in the property industry. It's just you know, fleet condo you know for a few years and he only got you know he now Finding and studying, you know, to expand into building residential estate service apartments, you know, everything I thought I was very good at site analysis, you know, site analysis is something that it's so important. We always say Location, Location Location three times why because if you get the location, right, nothing could go wrong actually here. And that very thing that I thought I was very good at is actually my very mistake on this particular project, which is very near to our Bangkok airport, Suvarnabhumi airport. I, you know, I believe that the best, the better way to invest in a property is not to be the first mover. Yeah, that's what that's what I believe, I want to see how people perform. I don't mind being the second mover head on May earning a bit late. But the key point is that I want to make sure that, you know, he's not too risky. Yeah. So what I want to share here today is that site analysis could could be something that is quite tricky in this project, okay, I bought this land, you know, back in like 2010 mistake and to build a hotel, you know, an airport hotel with some kind of retail space, so that people you know, can just check into hotels and then when they feel get bored, right again, just come down, get a cup of coffee, you know, get maybe Thai massage, or even go a Thai boxing, you know, they can ride, you know, read the bikes and then go riding, you know, near Suvarnabhumi airport or in a skyline, you know, even the SWANA Poom Night Market. Yeah, it's just want to make it like, differentiate it from other hotels, where they're just standalone, nothing when it's dark at night. And so, you know, dark and quiet doesn't look safe. Yeah. So they just have to say, the hotel and autographs. But at this project, you don't have to do that. So what happened is that the hotel was okay. But the retail couldn't survive. And this project actually stayed on the main street, you know, right on the main street leading to the airport. The problem is that, that particular street, right, regardless of how the local people, I mean, the people who were native, you know, to that particular area near the airport, warned me that this zone is not okay to do, you know, restaurants and cafes. They say that they have been here for like, three generations already. And no one makes it, you know, here, but of course me, you know, they didn't believe in those. Anyone who is not a property professional either listen to. And that was wise, but, but there it happens that in this project here, somehow, okay, the traffic, I mean, the road traffic, the human traffic just seems to be a bit off, you know, I mean, and that is how I even today, I still have problem trying to fill up the retail space. As people, you know, the tenant come in, if they do any kind of like, retail that rely on human traffic. No, that doesn't benefit. They're not doing well. Yeah, but and it has been like that for the past, you know, 10 years already. Yeah. So that.

Andrew Stotz 13:49
And when was it? I'm just curious, like, when was it that you realize, oh, maybe the people the natives of this area were right. And I should have listened to them? Like was that did that come about immediately? Are you like, no, no, no, I can make this work. But then there was like, some day that you realize it's not gonna work or it's not working.

Panu Boonsombat 14:10
It took me about five to six, five to six years to realize that something was not you know, something something was wrong because the lease term is three years. So yeah, we have every three years we have a you know, tenant turnover. So and then can I start talking that something is wrong, they did. Very good, you know, signage right in front and he will come in to try the product. They like it. They like the food like the cup coffee, but they never come back. I mean,

Andrew Stotz 14:46
and how did you feel? Once you kind of realized the mistake that you made or what you overlooked? How did it make you feel?

Panu Boonsombat 14:59
You know, Andrew sometimes when you can really get to know what actually went wrong. Is that kind of frustration? No matter? Because I have a lot of consultants, you know that I can call him get them to come and have a look. They all can't figure out, you know what, what was the problem? Yeah, I even get like, you know, one of the best architects in here in Thailand to go there just to check. I mean, if the signage was a bit off, or even the layout of the whole project was wrong, even get those fortune teller, you know, Chinese version in the table mission to come in and have a look? Yeah, try all kinds of things and okay, but anyway, you know, I started to change the detail and makes to get you to begin, I need a solution, we can talk about the solution. Let's,

Andrew Stotz 16:01
let's talk about the lessons that you learned from this experience. I mean, it is a valuable thing. And you already went into this experience with a lot of experience and knowledge. So I can imagine that you really have learned a lot from that.

Panu Boonsombat 16:17
The lesson learned is that listen, listen to the elder. Yes, no matter what experience that they have, you know, but just because they're there, were there the whole life. So you usually listen to them really? Listen to the elder. I mean, being like, you know, overseas graduate like me, sometimes there's just don't listen, enough, you know? Yeah, I don't think I was I think I am a good listener. But maybe I'm too selective. You know, in terms of the being overconfident? I would say, yeah.

Andrew Stotz 16:51
Maybe I'll share a couple things that I take away. I think, you know, that's the first thing. First thing I wrote down when you started talking about when you when what people said in that area, I said, ancient wisdom, I wrote down and I wrote down wisdom of elders. And you know, truthfully, what's happening when we go to MBA school, and we go to do all this quantitative stuff and analysis. All we're doing is we're trying to quantify what they already see. You know, there's different ways of observing something, one way is collecting specific data into specific data sets into specific analysis software, you know, that's one way, another way is just sit there for a couple of days and look at it. There are very many real estate professionals around the world that just go and sit in front of a place for a couple of days, and just look at it in the daytime at nighttime. And then just think about it. And that's something that I think it's what's missing sometimes in this world with young people, is they think that the answer is going to come through statistics and all of that, but they don't realize it, okay, the answer can come through those statistics. But statistics is just one way of getting information that we need to make a decision. So that was kind of the first thing that I was thinking about. The second thing is, I just wanted to talk about that feeling. You talked about frustration, you know, it's one thing to just, you know, blindly lose money. You know, you just go in and you buy some bitcoin and it crashes by 50%. It's like, it's not frustration, it's just, you know, You're just mad, what did I do, you know, you're just disappointed with yourself or whatever. But this point of when you're making an investment into something as substantial as what you're talking about, it's not something you just run away from, you just can't Oh, yeah, I'm gonna get out of this. It's not a liquid investment. So you have to deal with it. And then there's this frustration of, you know, I wish I had started it this way. I wish I had designed it this way. And, and those are some of those frustrations you can solve, but some you can't, you know, like trying to bring in, you know, the Fung Shui or other types of, you know, Thai spirit house and all the other different things to think maybe I could do something here, a little change would make a big difference. But, you know, it's frustrating when even that doesn't work. And then, you know, so I do want to just highlight those two things, as you've already talked about, listening to the elders and understanding that, that that wisdom that we have out there doesn't, we can respect the wisdom that's not in a database. That's number one. Number two, is that part of the critical thing about trying to help people to avoid making the same mistakes that we've made is we can help you avoid the frustration and disappointment and those feelings anything you would add to that?

Panu Boonsombat 19:48
Yeah, definitely. And, you know, when we, you know, work right, sometimes people trying to talk to you. All right. Not only the elder, but other people as well, people try to talk to you, but you can't hear it somehow you can't hear it. You don't decision doesn't get into your head. Yeah, so you have to be really aware, you know, of those information. Always. That's what I want to say is that sometimes in your life, you know, you don't listen enough, really. So happens even, you know, I actually Andrew, I actually was very, quite aggressive in terms of in terms of, you know, my investment, do I meet this fortune teller, but he gave me, I told him, just like what I told you, and the audience is now you told me that, okay, I need to change my phone number. So I did, I changed the phone number and all the numbers. That is not a nice number, I can't even remember the number. You know, today, it's so difficult to remember, but all the numbers actually represent the power that would keep me calm and alert. Okay, and I bought it, I bought the number quite expensive, but I bought it. But anyway, it works now Mo, you know, careful, I'm a lot more thoughtful. And I'm actually more cool down. When I listened to people. I listened a lot more. But of course, just I don't think that's about a number. But it's just the thing that the fortune teller told me during that one hour that I need to change, and the number can help.

Andrew Stotz 21:47
The number was just a symbolism maybe that helped you make that change. So based upon what you learned from this story, and what you continue to learn, what what action would you recommend our listeners take, I can imagine, you know, they're standing in front of a piece of land, they're standing in front of a building, they've got their imagination of what this is going to be, this is going to be amazing. Let's help them what one action would you tell them to do?

Panu Boonsombat 22:12
Okay. There are always two groups of people, you know, when you ask them to, to, you know, when you consult with them, like one agree with you, is good, they tell you all the good things. And there's also those what we call Delville advocates, right? People who don't agree inside, you have to be really neutral, you have to really justify all the facts, you know, with without a reasoning book, who might not have the data on all the other reason, you know, but they know that they are there, they have they have seen enough, you know, to tell us, you know what, what, what, what they think and why they think it's not the right thing to do. You better listen to that. And you better find out you better look into the, you know, to do better scrutinize, you know, to the to the bottom of why they're saying that. Because that one little thing that you don't think it's going to be a big deal later could be very, you know, reason why things don't go according to plan. So wait,

Andrew Stotz 23:21
search out that person and listen to them. Yes, yes. Great, great advice. And I'm going to give a little additional advice to the listeners out there. I remember when I first started my first job at Pepsi in Los Angeles, and I was working in the factory and I was a supervisor. I was just a young guy, and I didn't know much. And I was working with all these guys that had been running it working in this factory for decades. So what I had is I had a little notebook, a flip notebook that I took notes on, I kept that in my top pocket. And every time that something happened, every time that someone spoke, I wrote it down. And then nowadays, I still have not that flip notebook. But I've created my own notebook. It's a planner book. And I use this planner book, I've designed it just the way I use it. And I use that planner book to take notes. And I always tell my interns when they're working with me, particularly young people, I'm looking at one right here that was originally an intern. And basically what I tell him is, don't come in front of me without a notepad and a pen and paper, you know, don't do that. And I try to get people to take the habit of writing down why. First thing is it's very difficult to speak and write at the same time. So writing forces you to listen. The second thing is it writing allows you to remember what was said to you? And that's the first and sometimes you may not hear it that well. The first time but when you go back and someone says well what did they say? Oh, okay, here's what they said. So write it down ladies and gentlemen, that would be my advice. So what is a reason source that you'd recommend for our listener, I know you got a lot of resources, let me know.

Panu Boonsombat 25:06
Okay, yes, I'm actually, I have written a few books, you know, this actually, video book. So normally the books over here we sell at about two 300. Bad, right? But my book we're selling 2000 bucks. Yeah, with less than 100 pages. But you go in there there will be QR codes on different pages. Once you scan it, you'll see me on a video explaining about that subject. And it works quite well. Yeah.

Andrew Stotz 25:44
So where can people find that?

Panu Boonsombat 25:47
Oh, they can just maybe just drop by on my Facebook. Dr. Oppa? Yeah, if you Google, if you're in Thailand, and you go, Whoa, and I Googled Thailand, right doctor or by Dr dot oppa. Then the whole page, first page, that's me, oh, you can just connect to me anytime, anywhere.

Andrew Stotz 26:06
Great. And I'll put the link to that in the show notes that anybody can click on that. And, you know, it's an interesting idea. I like that idea. And it's time has come for that type of video book with QR codes. So that's fascinating. I think there's a lot we can learn from you on this. So my last question for you is, what is your personal or professional number one goal for the next 12? Months?

Panu Boonsombat 26:33
Okay, yes, next 12 months. So it's like the past 12 months, you know, we sum up our hotels are, you know, affected by COVID? Just like any other hotels? Yeah. So the next 12 months, we are trying to, you know, we have been actually trying to get the empty rooms to be occupied. By you know, some other businesses just like what we have done, you know, already is the live streaming room for rent. Yeah, like that mini office, we turn the hotel unit, take the bear out, within the work you're working in, and then they can just read it as the, I'm doing all of that just just just so that, you know, the staff can, you know, can can sustain that leaving. Now, even nowadays, I let them stay in the hotel rooms and give them some food so that they can, they can stay alive, you know, but at the same time, he can earn more definitely I want to know I want to you know, keep paying salary to them as well.

Andrew Stotz 27:41
Well, there you go, listeners another story of loss to keep you winning. If you haven't yet taken the risk reduction assessment, I challenge you to go to my worst investment ever.com right now and start building wealth, the easy way by reducing risk. As we conclude today, I want to thank you again for joining our mission. And on behalf of East Arts Academy, I hereby award you alumni status for turning your worst investment ever into your best teaching moment. Do you have any parting words for the audience?

Panu Boonsombat 28:15
Okay, so thank you very much for listening today. And I hope that you know, Andrew and I today can really stop someone from really losing another dollar from probably a mistake, you know, that I've made. Thank you.

Andrew Stotz 28:28
You have definitely contributed to that mission. And that's a wrap on another great story to help us create, grow and protect our well fellow risk takers. This is your worst podcast host Andrew Stotz saying thank you for joining this mission. And I'll see you on the upside.