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Profitable Small Business Ideas - What NOT To Do When Starting A Business
- We've been getting so many questions from you, from my fans all over the world. Asking about marketing, entrepreneurship, starting a business, investing, and closing. So guess what we've done? Ask Dan Lok. We've launch a new show just for you, so every single week I will be answering your questions, on social media, on YouTube. We are taking questions, we are collecting questions. So go to www.AskDanLok.com and submit your question. And yes, I do believe there is, such a thing as a stupid question. So ask good questions, so you'll get quality answers. Real name, real photo, real social media account, we will answer that. Be patient, but submit your questions, and who knows, maybe you'll see me, answering one of these questions, on one of the upcoming episodes. So today, very first question from you. - I've got this great idea, to start a restaurant business, that will revolutionize the way we'll eat food, and think about the service business.
But where do I get started if I have no money? - So you have some kind of idea, you have an invention, you want to open up a restaurant, that will revolutionize whatever industry, but you've got no money. How should you get started? The answer is very short. You don't. You don't fucking get started when you've got no money. You need money to start a business. One of the biggest mistakes, and I've said it many many times, is that most people they think starting a business, will solve all their money problems, or solve all their financial problems. That is simply not the case. It is exactly like saying, you know what I want more time, I'm gonna have more freedom, I'm gonna have a baby.
A business is like a baby. You just don't do that. If you've got no money there's a reason, why you've got no money in the first place. What does that tell me? Maybe you're working a job. Maybe you're working in a small business. Maybe you're still in school. You've got no income coming in. Well, how you gonna grow a business, when you've got no money? Business cost money. It takes money to make money. Now, from a business context it does. From a skill context, no. You can nourish your skills. And say you want to teach high income skills to make money. That you can start with no money. But, when it comes to starting a business, to grow a business, to scale a business, you need money. What it tells me is, I get so many questions, Dan I've got this idea, I've got this, I got no money, how should I get started.
You don't. Because you haven't earned the right to get started yet. You haven't earned the right to be an entrepreneur. Now-a-days any fucking moron can put out on social media, on Instagram, from last minute, they are like college student, next minute I'm an entrepreneur. Fuck you. You're not an entrepreneur. You haven't earned the right to be an entrepreneur. Yet. You need to work your way up. Develop your high income skill first. Then you can be an entrepreneur. When you think your product is everything, or your recipe, you want to open up a restaurant, your invention. You think that is it. It tells me you're not ready to be an entrepreneur. You're gonna loose your shirt. Don't. See, when you think like about opening a restaurant, ask you some question. See how many of these questions you can answer me.
You have this recipe, you want to open up this restaurant, All you know is how to make the fucking food. That's not how an entrepreneur thinks. An entrepreneur is asking a very different set of questions. Hmm, how much does it cost for rent? What's my lease? My menu, what's my margin? My supplier, how consistent are they? What's my population? What's going on in the area? Who are my competitors? What are they selling? Who are some proven models I could study? Who are some of the restaurants that are successful, that are selling similar items that I could model? What about, in terms of traffic flow? What about hours? What about, in terms, are there, any developments around the area? Is this area growing? Is it declining? What about peoples income? What about, in terms of my restaurant, is it middle class, is it high end, is it low end? Is there a market for it? How do I bring people in? What is my acquisition strategy? How I'm gonna bring customers in? How am I gonna keep bringing them in? How I'm gonna launch my restaurant.
How do I make some noise? How much cash flow do I have to sustain the business? How many employees do I need? Where am I gonna find those employees? Who's gonna manage the business? Is it just me, or is it somebody else? Do you have answers? To all those questions? If you don't, you're not qualified to start your business. It is that simple. That's the way that you think. That's why people fail. And, that's why 95% of small businesses fail. Because most people are not entrepreneurs, they're not qualified to be entrepreneurs. They are employees suffering, from an entrepreneurial seizure. I've got a great ideas, so fucking what. That doesn't make you an entrepreneur. It's like, hey you know what, I buy a basketball. It doesn't make me a professional basketball player. It doesn't make me be an NBA player. All I have is a stupid little basketball. That's it. You gotta play the game, you gotta develop your skills. When you've got money coming in. When you have developed that, high income skills first, then maybe, maybe, you have what is takes to be an entrepreneur. It is not a pleasant answer, but it's the fucking truth.
