As the son of two Vietnamese immigrants, Hai Dinho may not have seemed to be set for success. However, as with many people, there is more than meets the eye with Dinho. At the age of 22, he is already an entrepreneur running five businesses simultaneously.
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His parents were successful in Vietnam, with his father being a doctor and his mother owning a restaurant with his grandmother. Like physical attributes, success often runs in families as well, and it comes as little surprise that Dinho could find success in the U.S.
Hai Dinho's Background
Having been born in the U.S., Dinho is an American citizen. When his parents immigrated from Vietnam, they wanted their children to find success even though they came with nothing. Dinho's father couldn't transfer his medical expertise to the U.S., and his mother would have had to start from scratch in building another restaurant.
As a result, Dinho knew that his parents wouldn't be able to pay his college tuition, so he started working hard at a young age. His father wanted him to follow in his footsteps and become a doctor. To accomplish this, his plan from the age of five was to go to college on a soccer scholarship, so he worked hard on his athletic skills starting in junior high.
However, injuries prevented him from playing soccer in college, so his plan came apart. He needed a new plan. One day in the hospital after having knee surgery, he picked up the book Rich Dad Poor Dad by well-known entrepreneur Robert Kiyosaki and Sharon Lechter. Dinho started making plans for what he wanted to do with his life rather than what his parents wanted him to do.
While in college, he started to question why they were learning about math equations instead of how to do their taxes and why they were not taught about credit when it is important for buying a house or car. He started to think about becoming an entrepreneur.
The Turning Point For Dinho
It wasn't just the injuries that changed the course of Dinho's life. In an interview, he explained how some personal battles also influenced his decision to become an entrepreneur. His turning point came when he decided to move out of his mother's house and go live with his grandparents following an altercation.
"My father and younger brother reside in southern California, so I'm all by myself." Dinho said. "At that very moment, I saw it as starting at ground zero. I had no more financial security to depend on, no parents and lastly, no job."
Dinho finally got a job in the telecommunications space while he was living with his grandparents, but once he saw what it was like to work for someone else, he made his decision.
"The moment I wanted to start my business was when I realized how much I hated listening to another human that bleeds like me instruct me on what to do," Dinho said. "The reason why I picked financial services as an industry to work in was because it was the number two ranked in the top three industries that created the most millionaires in the United States from a podcast I was listening to. For additional businesses I tagged on such as crypto mining, I evaluate them by the risk to reward ratio and how fast I can ROI."
After many failed attempts to start a business and after significant loss of money, one idea finally clicked.
Dinho's first business was a financial services company called Everyday Biz Solutions, which provides ATM, merchant processing and vending machine services to B2B clients. The company has secured partnerships with several major companies, including Valero, Arco and Best Western.
But Dinho didn't stop there. He has also set up a crypto mining farm that mines Ethereum, Kadena and Helium. He publicized his efforts on social media, garnering lots of attention, primarily through TikTok. Dinho is also a social media influencer.
He offers brand deals every month, reaching out to companies to promote their product or service. Big names like Ralph Lauren, Prada, Amazon, Steve Madden and Zappos offer deals through his TikTok account @haidinho and Instagram account @haidinho.
Dinho also monetizes his videos on TikTok and is a photographer. He has taken photos for well-known artists like Lil Durk, Roddy Ricch and Yung Joc, and he publishes those photos on Instagram @thedailyfookery.
Dinho explained how his use of social media has helped him grow his businesses.
"Social media has enabled my business to benefit from the identity that is depicted online," he said. "It allowed me to reach consumers at a faster rate than performing door-to-door sales, which we back-tested in comparison to social media outreach."
He said his most popular posts had been his TikTok posts because he mostly discusses cryptocurrency and finance. Dinho explained that TikTok enables consumers to connect with him emotionally.
He has also posted about his lifestyle while he travels, but those posts didn't do nearly as well as his cryptocurrency posts. Dinho said whenever he tries to go outside his niche, his social media posts don't do as well.
Life As A Serial Entrepreneur
Dinho started multiple businesses because he enjoys challenging himself and is inspired by his family.
"I look at each business model as a puzzle and attempt to figure out a solution to that problem," he explained. "My parents also inspired me because I came from a business-minded family. They owned real estate and nail salons. My grandma, on the other hand, owns an alteration shop."
Dinho plans his time carefully so that he can do everything that's needed for running five businesses simultaneously. He works hard to meet his goals in all his businesses.
"I believe that time is the greatest asset since it's something you can never get back," he said. "The way I delegate my time is by working backwards. I figure out my yearly goals and break it down to quarterly and monthly goals. By specifying what you want, you're able to track progress. This allows me to know exactly what to do every day to hit my monthly goals/quotas to stay on track."
Dinho's favorite business of the five right now is his crypto mining business because it is truly a passive income business. He just set the equipment up once, and his only duty now is maintenance for safety hazards.
His least favorite business is the ATM business because it is only semi-passive. Dinho says he has to reload the cash to keep the machines running, but it could be fully outsourced if he hired an independent company to manage it.
Advice For Budding Entrepreneurs
When asked if he had any advice for people who want to start their own business, Dinho advised budding entrepreneurs to learn as much as they can about what they want to do.
"My best advice for those who want to start their business is to educate themselves," he said. "Become familiar with your industry so every step is coordinated. You don't want to operate a new business and not know how to figure out a problem when it arises."
When it comes to starting additional businesses, Dinho advises business owners to focus on money management as they scale horizontally. He noted that juggling two streams of income heavily revolves around account payables and account receivables.
Learning From Mistakes
Dinho's greatest inspiration came from his family, but he didn't know him personally.
"My greatest inspiration is my great grandpa 1,000 years ago named Dinh Tien Hoang," Dinho said. "He was one of the early emperors in Vietnam. He inspired me to take initiative and build whatever I want in life. In this case, it's businesses. I was never taught how to conduct business. I mainly learned everything from personal mistakes along the way."
Dinho said his worst mistake was applying short-term thinking when a business is a long-term game.
"I responded to this by taking a step back to see the bigger picture," he explained. "For example, being petty by attempting to create my own logo versus getting a logo created by an actual artist. I learned that whatever long-term decisions I make, I have to think one to three years from now. One decision could literally lead my business into failure."
More Than Just Work
Dinho isn't all work and no play. He sets aside some spare time every day to go to the gym, attend church on Sundays and hang out with friends and families. He also enjoys reading, and the pandemic turned him into a voracious reader.
"I have read a lot of books this year, and I blame it on the pandemic!" Dinho said. "This isn't a bad problem to have since I feel like books open your mind up to different perspectives."
He recommends two books that have changed his life: The 48 Laws of Power by Robert Greene, Rich Dad Poor Dad, and Tax-Free Wealth by Tom Wheelwright.