Profitable Small Business Ideas – What NOT To Do When Starting A Business

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. – [Albert] 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.

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About the Author: Oren Garnes

100 Comments

  1. What was your biggest takeaway from
    my video? Comment below.

    Also, you can comment any questions
    you have for me.

    I might feature your question
    in one of my next videos.

    Don’t forget. Like. Comment. And subscribe.

  2. I'm from India and we love you Dan ♥️

    Your words hit me hard on entrepreneurship and now I'm focusing on my income for my start-up , now I have assembled Everything up and thanks to you

    You said what's real 💪

  3. Just a security guard earned minimum wage,,, college degree bsmt…. I love going to gym… Any idea how I start my own business

  4. What business is good for me im 14 years old and I want to have my own small business ???

  5. I want to start a small business. I save 3000 dollar from my job. I want to start a business and invest my money. Please help me. Thanks

  6. Hey i am a 17 year old and i love business but i don't know where i have to start and i am studying at high school love to answer may question

  7. Depend on business you are planning to venture, there are some skill base business that don't even need capital like a welder fabricator or fiberglass technician Artist, You can start from zero. You just need a skill knowledge to do it and some sales talk on offering your services or product can be made to order basis so when the deal is closed and the prospect agree on the price you offer you can get 50% down payment from then on you buy tools and materials. Then progress billing and the remaining balance is upon completion of the project or product. You really need Skill i start from zero i lost both of my parents but i have the skills as a fiberglass fabricator and welding i do know how to communicate with clients i know where to buy materials and sort out my team to help me with projects. Im currently have lines of projects from resort swimming pool slides down to sports car muscle car bodykits i also do export products of MR2 and mustang bodykits worldwide. i start with zero peso. Nothing in my pocket and my bank zero balance and now i am making million of pesos. i can be broke one day then the other day i can bounce back because of my skill and knowledge.

  8. Dan. ! I am a doctor . I want to establish my own private clinic. Is it considered a small business. I have well qualified. Plz guide me. I havr enough experince in it also. Beside m doing Government job ,, i have job income to invest in business.

  9. Dan was really mean with this video, but it's the truth. I'm an Aspiring Techpreneur but I can't call myself one now because I haven't got the money to start the business. All I do now is blog, design, and code.

  10. I am 17 years old and I wanna be rich in coming years. By watching your videos, I get right path toward my destination and what should I need to do or not. Thank you very much sir. You are my true teacher sir.

  11. I am actually a fourth grader high school student and I wanted to start a small business I actually saved money in the bank for business purposes and I am inspired by my dad who has some good business and he explained that I should expect loss of money in business and that is normal but I still haven’t figured out what business I could do I am surely not expecting grand income but I want some experience as a stepping stone.

  12. NOT JOKING I actually took notes on all those questions and I am gonna answer them in my distant future after I have made my first money.

  13. To run a business you need money to make more money
    Unless you have the necessary skills or experience.

    As an IT guy I have to say that you're right, I've forgot that I've that since I've been so fixated with getting the funds to start my own business

  14. dan we can start bussiness without money if you skrill , dare ,passion,explain ur bussiness how ur bussiness will be in next 2years or further.

  15. What do you think of played entry contests for a prize? Basically like gambling I suppose. DraftKings is essentially doing this.

  16. Our Dan Lok really wants us to make it….
    Must be reading our comments with a big OMG..morons upon morons using perfume of laziness and hangover of overnight success people aint less in this world😂😂😂

  17. Hi DanLok…!
    I watched your video of high income skills and then I start learning about copywriting but I have to ask you that ''How do I find the clients who pay me for writing..?"

  18. Dan you give lectures on how to start bussines, how to get rich etc.First see the type of language you used…😡😡😡😡

  19. Pls I wanna start business but I get the money. Likely met partner who wanna invest ..but l m afraid h will take the business when it grows

  20. In the time where I can understand everything about entrepreneurship from the entrepreneur YouTubers, should I still take Entrepreneurship course or i'll just take up a course that relates to my passion? Thank you. Love from the Philippines.

  21. Dan I like your style.
    I'm a small Masonry Contractor and been viewing your videos. I feel like I have the qualities that you express on characteristics of a millionaire. From having capital to closing deals in the residential Masonry industry. Hope one day to meet you. My name is Felix Zarate, owner of The Masonry Company in California.
    I enjoy watching your straight up videos

  22. Your words got to my heart Mr.Dan lok thank you now i got some questions that need answers which i will find

  23. Straight answers are more powerful than encouraging someone to an entrepreneur. Thank you for this reminder Dan!

  24. "F*ck you you're not an entrepreneur, you haven't earned the right to be called an entrepreneur" 😁😁

  25. I wish I could have seen this video one year earlier; so I may not fail my small business last year…. EVERYTHING Dan said in this video is TRUTH…

  26. I want to put my own business … I have money that I saved for the business that I want.. but I don't have confidence enough in my skill set… what should I do?

  27. My take away on this is even though you have a great idea to start a business, without these key factors nothing will work.
    1) Work your way up to gain experience
    2) Develop an High Income Skills
    3) Make sure there is enough cashflow to feed your Business

  28. Hello mr dan lok im from the phil.i have small business its a carshampoo im having trouble how to sale because i have a competitor also selling carshampoo the price is a little higher than mine…i already give discount 25% just to let them buy my product but they always buy the other..what should i do? Pls reply asap..thanks in advance

  29. Dear Dan,

    Absolutely you shows clear picture to the audience that’s why I like to spend some time everyday on watching you on you tube

    I have a question how could we get ourself transferred from employee to entrepreneur gradually ?

  30. Exactly what you said_ very helpful _ this time i want to show how successful i am._ i keep you as my mentor in my business journey.Thanks!

  31. Hello Dan lok, study abroad and study in my coutry with my teamwork. Which one is better for success after 25 years old.?

  32. Hi dan , my name is abdu i am from Ethiopia, i work for ethiotelecom company, my question is my company allowed to take loan money , can i take this money and start some business ? Thanks alot bro

  33. The F bombs over this calm, pleasant background music are entertaining. But the advice is also sound. I’m thankful that I’ve played it safe to this point as a worker building my skills. Now to take the next step…

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