People are the heart and soul of any business. You can have all the brilliant ideas in the world, but without the right people to execute them, they're nothing more than pipe dreams.
Dan, geez, I am addicted to these videos. I am taking notes like I am in school again. It is amazing at the wealth of information that you provide. Thank you Dan.
Amazing business mind. I have been extremely successful in Sales and Business Development, but after 25 videos you've now become one of my main resources of new thinking.
No excuses , you have to know how to move right.What opportunity fits you?What are you willing to commit to ,and what risk are you willing to play against? Everybody says they know the game if so know the hurdles that is the only way you strive and succeed in accomplishment in the real game of life..Not worried about your attitude and it's not tough...you have to want to win and that is about your goals..When did it become cool not to learn?Then you really don't discern.Remember, that's what everybody say that they know the game..🙌
You are the absolute best!! Nurturing to the spine!! Filling in the exact details I already had within but didn't know how to articulate. Thank you for taking that frequency from the air, practicing it and transforming it into words for all of us. Cheers Dan!!
The risk evaluation seems to be a paramount piece of the process, however from what I've assessed, every business has risk but its interesting how simple its disected as opposed to the grouling process of elimination.
Evaluate business opportunities and ideas... dangerous words are: - my business is different How to think and how to view about the business. The battle is won even before it was fought. Avoid bad assumption in business, make sure to be measuring every aspect that can be measured What could go wrong? What don’t i know? What don’t i see?
What I learn from Dan lok its that what ever business u do u have to think first the risk benefit before profit desirable , invest what u can to lose in long run and have a Cash so if down turn you can recover or change ur business model to another ,this much better strategy to create ur own business and could become long sustainable success business rather than putting ur eggs one plate assuming that every things will be OK and Honey ,bad assumption.
there are many business opportunities online and offline. When evaluating these business opportunities, make sure that the business is established. Most of all, the business is what you like and believes in. If you don't believe in what you are presenting, then the people you are presenting it to won't either.
Very nice! The way of thinking is so important. You have to ask the right questions in life and it opens up possibilities you never thought about. Thank you very much for sharing the 3 questions at the end.
I believe that if that fellow Filipino would listen to you then he would think of other ways or other business he could get into and become more profitable. Good stuff Don!
Dan Lok Not sure what's your idea here. You simplified it because you can make complex ideas simple due to your oustanding experience or by simplification you mean that you communicate only parts of ideas which are simple.
Restaurants are the LOWEST profit margin business to start. Do not, under any circumstances, start a restaurant unless you know exactly what you are doing. The margins for the business in the US are 1-3%. That can get eaten up so quickly, especially if you have servers that are not careful and break stuff, refrigerators that break and ruin thousands of dollars of product, health inspections that will gut your business unless you know what to look for, dropped food, overcooked food, undercooked food, the 'I didn't like it but I ate three-quarters of it' food, the 'server made a mistake' food, the 'kitchen made a mistake' food and on and on and on. The only way you make money in a restaurant is to turn and burn those tables. Get those butts in the seats and practically shove the food down their throats to get them out as fast as possible. Squeeze as many seats as you can into the floor. Otherwise, you have to have a specialty, which requires much higher food costs (like a high-end steakhouse whose goal is to hit 35% food costs, but usually hits 40%). It's either that or you raise prices. Of course, that's just on a 'selling the food' basis. If all you sell is food, you'll lose unless you're Gordan Ramsey. You have to sell the experience of eating in your restaurant, not just the food you cook. Mediocre food with a great atmosphere will keep people coming in. Great servers will keep people coming back, even if the food isn't so good. Add a bar and you get a lot better margins, as alcohol can sell a whole lot more of that greasy, otherwise unappealing food. You still have to turn and burn the tables, but if you have repeat guests, you might have time to thank them before they leave every once in a while. Sry for the dump, but I've had to open a restaurant (one that had an already established client base) and it was hell for six months after I gave up on it. Even if you properly run the business, you're talking about being there every second of every day and then some. You may as well put a cot in the back room and sleep there because you'll be working 90+ hours a week. It is not for people who want to make money.
Even I am also planned to start a restaurant business even though I don't have that background, but after reading your comment I dropped my plan due to low margin.
@@aasish7 You have to know your unique grab that will bring people in, be it the type of food, the type of guests you're aiming for, or the atmosphere you want to create. For most restaurants, you are not selling the food (most people can cook what you will in your restaurant, usually better and cheaper than you can), you are selling the atmosphere and the experience. Make the experience your focus and you can charge more for the food, which will put your margins a little higher. It will also keep more people coming to your restaurant. Keep the menu SMALL (one of the biggest mistakes new restaurants make) and simple! It's one of the hardest industries to make money, but there is ALWAYS a demand for good food with a great atmosphere and service. Just another bit of food for thought. I don't want to discourage you if you want to do it, just make sure you focus on the right things.
Good evening Dan, I want your advice on the this: I have a business idea and I am now in the process of developing a prototype of my product. I think this is not possible to create a prototype by going to the local tool store. Do I need to hire an engineer? When yes, how do I tell that guy not to steal my idea. So, how do I do this? What do I need to do in order to turn my product idea into reality? I would very much appreciate it if you would take the time to answer my question, because I really want to make something out of my idea. Best regards, Rafael
Watching your videos every morning Dan, reality bites! Nice signs, it was quite obvious; Dont go to that restaurant business since his risks was too high. ^^
conclusion The most important thing is keeping away from risk. we'd better think of the possibility of negative assumption rather than the positive award. before starting a business ask myself what could go wrong? what don't I know? what don't I see?
Hey Dan, you closed me on HTC. I have a question - why did you do two HTC videos - one with Kayvon, one with Stefan James. I'm okay with the answer that you would rather not answer that, but I'm curious either way.
Four days back on business negative way going now how can positive expression there is two minds at you why we are die ? Why we study ? We study for living on Earth with comfortably life .we get good job monthly returns comming your living in better life you have plan it yourself without education can you do all thouse things we are studying Msc Bed good teacher post assigned. 1986 started salary RS 1300/- in 2015 1,30,000/- salary hike in 100 times we read so many books for knowledge 30 years service what gives🔊to me good son higher education good job in New Delhi. His wife also Msc worked in TCS sixyears job she want to other two countries she is studying in good nature she is earned money in six years continuously .how it possible she is Msc stuided it gives 10+2 get this oppertunity . Why we study ? Are you understand now knowledge is circulated to others they will pay some thing to him then he has positiveness created .three years extarodinate work submitted to you last two and half years what you give me zero this is my respect at you good honour .by you . When you give it then better way going still normal going . Next why we die.
Main takeaways are to ask myself daily:
1. What could go wrong?
2. What don't I know?
3. What don't I see?
Thank you, Sifu.
People are the heart and soul of any business. You can have all the brilliant ideas in the world, but without the right people to execute them, they're nothing more than pipe dreams.
didn't expect im being so inspired by Dan. down to earth insights that a lot of business ppl/ books wouldn't have tapped in. thank you from HK.
Dan, geez, I am addicted to these videos. I am taking notes like I am in school again. It is amazing at the wealth of information that you provide. Thank you Dan.
Wow Tobey! Nung una ka palang nag salita may kutob nako pinoy ka haha! Astig you actually attended Sifu Dan’s lecture 😍 🇵🇭 much love!
Oo nga e. Gulat ako. Ang proud at the same time. Ano kayang business nila dito sa pinas? Iniisip ko baka yung best bbq chicken in town.
Haha, we had the same feeling. Na realize ko yung pagkakaiba ng accent natin when talking to foreign people.
MABUHAY !@qoqo_nut
Neyo Katalbas ano yun resto na yun?
“The Number One Key To Business Success Is To Avoid Bad Assumptions ... All The Problems In My Life Started Off As A Good Idea.”
Love it!!
Amazing business mind. I have been extremely successful in Sales and Business Development, but after 25 videos you've now become one of my main resources of new thinking.
Dan I like your honesty. That's what people need to hear. Appreciate you.
Dan Lok is really a deal. : ), thank you, from Malaysia.
No excuses , you have to know how to move right.What opportunity fits you?What are you willing to commit to ,and what risk are you willing to play against? Everybody says they know the game if so know the hurdles that is the only way you strive and succeed in accomplishment in the real game of life..Not worried about your attitude and it's not tough...you have to want to win and that is about your goals..When did it become cool not to learn?Then you really don't discern.Remember, that's what everybody say that they know the game..🙌
You are the absolute best!! Nurturing to the spine!! Filling in the exact details I already had within but didn't know how to articulate. Thank you for taking that frequency from the air, practicing it and transforming it into words for all of us. Cheers Dan!!
The risk evaluation seems to be a paramount piece of the process, however from what I've assessed, every business has risk but its interesting how simple its disected as opposed to the grouling process of elimination.
Interesting you mentioned the $100,000, that projection just came out of my numbers. Well, now it's time to ask the 3 questions. Thank you!
Thank you. So many repeat the same thing over and over, but you do provide insight which speaks highly on what kind of person you are.
Mrs 504, Good. What is one strategy that you plan to apply from this video about how to evaluate business opportunity?
Evaluate business opportunities and ideas... dangerous words are:
- my business is different
How to think and how to view about the business. The battle is won even before it was fought.
Avoid bad assumption in business, make sure to be measuring every aspect that can be measured
What could go wrong?
What don’t i know?
What don’t i see?
Dan I have been in business fr past few years but just nw learning the basics from U.Thank U Dan
What I learn from Dan lok its that what ever business u do u have to think first the risk benefit before profit desirable , invest what u can to lose in long run and have a Cash so if down turn you can recover or change ur business model to another ,this much better strategy to create ur own business and could become long sustainable success business rather than putting ur eggs one plate assuming that every things will be OK and Honey ,bad assumption.
there are many business opportunities online and offline. When evaluating these business opportunities, make sure that the business is established. Most of all, the business is what you like and believes in. If you don't believe in what you are presenting, then the people you are presenting it to won't either.
Very nice! The way of thinking is so important. You have to ask the right questions in life and it opens up possibilities you never thought about. Thank you very much for sharing the 3 questions at the end.
Keep it up.
I believe that if that fellow Filipino would listen to you then he would think of other ways or other business he could get into and become more profitable. Good stuff Don!
I'm 13 year old girl and he's my inspiration I'm gonna be like him some day I promise 👍
Sounds so easy to understand even though I'm not an entrepreneur. Thank you!
It sounds easy cause I simplified it.
Dan Lok Not sure what's your idea here. You simplified it because you can make complex ideas simple due to your oustanding experience or by simplification you mean that you communicate only parts of ideas which are simple.
Correct
this is so valuable. If i could watch this video prior to my decision. I couldn't have avoid my problem today!
Dan, You have such great taste when it comes to fashion! That suit is so incredibly modern. I love it!.. and as always, great advice.
Thanks dan from Philippines
Great Job Dan👏👏👏💎
Good video Dan. I like your delivery
Restaurants are the LOWEST profit margin business to start. Do not, under any circumstances, start a restaurant unless you know exactly what you are doing. The margins for the business in the US are 1-3%. That can get eaten up so quickly, especially if you have servers that are not careful and break stuff, refrigerators that break and ruin thousands of dollars of product, health inspections that will gut your business unless you know what to look for, dropped food, overcooked food, undercooked food, the 'I didn't like it but I ate three-quarters of it' food, the 'server made a mistake' food, the 'kitchen made a mistake' food and on and on and on. The only way you make money in a restaurant is to turn and burn those tables. Get those butts in the seats and practically shove the food down their throats to get them out as fast as possible. Squeeze as many seats as you can into the floor. Otherwise, you have to have a specialty, which requires much higher food costs (like a high-end steakhouse whose goal is to hit 35% food costs, but usually hits 40%). It's either that or you raise prices.
Of course, that's just on a 'selling the food' basis. If all you sell is food, you'll lose unless you're Gordan Ramsey. You have to sell the experience of eating in your restaurant, not just the food you cook. Mediocre food with a great atmosphere will keep people coming in. Great servers will keep people coming back, even if the food isn't so good. Add a bar and you get a lot better margins, as alcohol can sell a whole lot more of that greasy, otherwise unappealing food. You still have to turn and burn the tables, but if you have repeat guests, you might have time to thank them before they leave every once in a while.
Sry for the dump, but I've had to open a restaurant (one that had an already established client base) and it was hell for six months after I gave up on it. Even if you properly run the business, you're talking about being there every second of every day and then some. You may as well put a cot in the back room and sleep there because you'll be working 90+ hours a week. It is not for people who want to make money.
Even I am also planned to start a restaurant business even though I don't have that background, but after reading your comment I dropped my plan due to low margin.
@@aasish7 You have to know your unique grab that will bring people in, be it the type of food, the type of guests you're aiming for, or the atmosphere you want to create. For most restaurants, you are not selling the food (most people can cook what you will in your restaurant, usually better and cheaper than you can), you are selling the atmosphere and the experience. Make the experience your focus and you can charge more for the food, which will put your margins a little higher. It will also keep more people coming to your restaurant. Keep the menu SMALL (one of the biggest mistakes new restaurants make) and simple! It's one of the hardest industries to make money, but there is ALWAYS a demand for good food with a great atmosphere and service. Just another bit of food for thought. I don't want to discourage you if you want to do it, just make sure you focus on the right things.
The number one key to business success is to avoid bad assumptions.
I get your point: always ask myself questions "what could go wrong "?
Good evening Dan,
I want your advice on the this:
I have a business idea and I am now in the process of developing a prototype of my product. I think this is not possible to create a prototype by going to the local tool store.
Do I need to hire an engineer? When yes, how do I tell that guy not to steal my idea. So, how do I do this?
What do I need to do in order to turn my product idea into reality?
I would very much appreciate it if you would take the time to answer my question, because I really want to make something out of my idea.
Best regards, Rafael
Thank you Dan, I appreciate the lesson 🤝🏾
I like your speech Dan Lok
Very helpful
I hop I break the fear barrier and start
I love these videos
Thank you Dan you're excellent. Getting to know you for the past month has made my world better,,,,, here at Planet David.
Really useful, and practical information, that can be easily applied, to live situations faced in Business.Thank uou
Sir When are you coming to South Africa ? We are so inspired by your daily videos Man
Sir..i just wanna ask a quistion..how u know the business is goin well..before u start or before u launch the business..
Watching from the Philippines.
Same here!
Very great insightful video Dan appreciate your work!💯👊🏽💯
the three important questions...what could go wrong?what don't i know?, what don't i see...
Watching your videos every morning Dan, reality bites! Nice signs, it was quite obvious; Dont go to that restaurant business since his risks was too high. ^^
Excellent advise
conclusion
The most important thing is keeping away from risk. we'd better think of the possibility of negative assumption rather than the positive award.
before starting a business ask myself
what could go wrong?
what don't I know?
what don't I see?
That is good advice about one would rather just stay home. Restaurants are money pits
Yes finally someone say's what I've known all along. Copy cat businesses and investors that think like that as well.
Thanks shifu. It is great lesson
Hey Dan, you closed me on HTC. I have a question - why did you do two HTC videos - one with Kayvon, one with Stefan James. I'm okay with the answer that you would rather not answer that, but I'm curious either way.
When I ask those three questions I'm always accused of being negative.....imagine that....
I guess my accuser's will always be broke because of how they think...
Filipino here
Very true
Ashley Creighton it’s about winning the war. It’s okay if you lose a battle.
is there a perfect business idea?
1. my business is different
What About An Eight Figure It Equipment Deal in Kazakhstan
Dan you are Awesome 👍😇
Thsnk for sharing these videos🏆💎💎💎💎💎💎💎🎉🎉🎉🎉🎉🎉🎉🎉🎉🌎🌎🌎🌎🌎⭐⭐⭐⭐⭐
@10:22 THE nugget!
How will people from Nigeria benefit from your wealth of knowledge?
By using it ahkee
How is "What don't I know?" different from "What don't I see?" ? You wouldn't be able to see what you don't know. What am I missing here?
A linguist and an enterpreneur has different way of thinking.
Four days back on business negative way going now how can positive expression there is two minds at you why we are die ? Why we study ? We study for living on Earth with comfortably life .we get good job monthly returns comming your living in better life you have plan it yourself without education can you do all thouse things we are studying Msc Bed good teacher post assigned. 1986 started salary RS 1300/- in 2015 1,30,000/- salary hike in 100 times we read so many books for knowledge 30 years service what gives🔊to me good son higher education good job in New Delhi. His wife also Msc worked in TCS sixyears job she want to other two countries she is studying in good nature she is earned money in six years continuously .how it possible she is Msc stuided it gives 10+2 get this oppertunity . Why we study ? Are you understand now knowledge is circulated to others they will pay some thing to him then he has positiveness created .three years extarodinate work submitted to you last two and half years what you give me zero this is my respect at you good honour .by you . When you give it then better way going still normal going . Next why we die.
In One Deal The Guy Want To Buy 100 mackbooks A Day At $600 A Peice I Can Find A Way to The Laptops At $200 Apeice
Pinoy
Thanks for 😅😅😅😅😅😅😅😅😅😅😅😅😅😅😊😅😅😅😊😊😊😅😊😊😊😊😊😊
Thanks for 😅😅😅😅😅😅😅😅😅😅😅😅😅😅😊😅😅😅😊😊😊😅😊😊😊😊😊😊 effect