ArticlesBlog How To Evaluate Business Opportunity and Idea September 5, 201953 Related posts: Business Profit Maximizer #1 – Strategies VS Tactics How To Buy A Business With No Money – Dan Lok Business Profit Maximizer #2 – Why Cash is KING – Dan Lok 1 Hour of Business Strategy with 7 Entrepreneurs | Inside 4Ds Related tags : ask dan lok become an entrepreneur build a business business success create a business dan lok Entrepreneur Advice Entrepreneurship evaluate business evaluate business idea evaluate business opportunity financial freedom financial success inspirational speeches internet entrepreneur internet millionaire motivation speech motivational speaker online business online millionaire start a business vancouver entrepreneurs Post navigation Previous Article Fair Dealing: A Liaison Librarian’s Perspective Next Article Common Expressions #6 (Business Meetings) | English Listening & Speaking Practice Comments (53) January 22, 2016 at 1:35 pm I love these videos Reply January 22, 2016 at 9:17 pm Good video Dan. I like your delivery Reply December 2, 2016 at 8:17 am Dan Lok is really a deal. : ), thank you, from Malaysia. Reply December 15, 2016 at 10:44 pm 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! Reply March 17, 2017 at 8:09 am 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. Reply July 8, 2017 at 10:00 am 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. Reply September 28, 2017 at 12:08 pm 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. Reply October 4, 2017 at 6:58 am How will people from Nigeria benefit from your wealth of knowledge? Reply October 13, 2017 at 2:36 pm 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!! Reply October 13, 2017 at 7:50 pm @10:22 THE nugget! Reply October 17, 2017 at 10:59 am 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. Reply December 8, 2017 at 7:21 pm Very helpful I hop I break the fear barrier and start Reply December 13, 2017 at 5:03 pm 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. Reply December 17, 2017 at 8:26 am Sounds so easy to understand even though I'm not an entrepreneur. Thank you! Reply January 28, 2018 at 11:47 am 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. Reply February 6, 2018 at 7:38 pm 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. Reply March 18, 2018 at 12:23 pm this is so valuable. If i could watch this video prior to my decision. I couldn't have avoid my problem today! Reply April 5, 2018 at 6:10 pm 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. ^^ Reply April 8, 2018 at 2:15 am 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. Reply April 26, 2018 at 12:07 am 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. Reply May 3, 2018 at 2:00 am 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. Reply May 6, 2018 at 6:04 am the three important questions…what could go wrong?what don't i know?, what don't i see… Reply June 16, 2018 at 12:20 pm Thank you Dan you're excellent. Getting to know you for the past month has made my world better,,,,, here at Planet David. Reply June 17, 2018 at 1:23 am What About An Eight Figure It Equipment Deal in Kazakhstan Reply June 17, 2018 at 1:29 am 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 Reply June 27, 2018 at 3:37 am 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! Reply June 27, 2018 at 4:23 pm Thanks shifu. It is great lesson Reply July 4, 2018 at 5:42 pm 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. Reply July 4, 2018 at 7:14 pm That is good advice about one would rather just stay home. Restaurants are money pits Reply August 1, 2018 at 12:45 am Wow Tobey! Nung una ka palang nag salita may kutob nako pinoy ka haha! Astig you actually attended Sifu Dan’s lecture 😍 🇵🇭 much love! Reply August 20, 2018 at 2:52 pm 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? Reply September 5, 2018 at 1:57 am Watching from the Philippines. Reply October 19, 2018 at 1:22 pm Very great insightful video Dan appreciate your work!💯👊🏽💯 Reply November 3, 2018 at 10:03 pm take care of the downside/risk and the upside will take care of itself Reply November 4, 2018 at 11:22 am 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. Reply November 11, 2018 at 1:09 am Yes finally someone say's what I've known all along. Copy cat businesses and investors that think like that as well. Reply November 15, 2018 at 7:38 am Dan I have been in business fr past few years but just nw learning the basics from U.Thank U Dan Reply November 15, 2018 at 8:32 pm is there a perfect business idea? Reply November 16, 2018 at 12:39 pm Thanks dan from Philippines Reply November 22, 2018 at 10:56 am 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? Reply December 11, 2018 at 9:42 am Sir..i just wanna ask a quistion..how u know the business is goin well..before u start or before u launch the business.. Reply December 16, 2018 at 9:39 pm Really useful, and practical information, that can be easily applied, to live situations faced in Business.Thank uou Reply January 14, 2019 at 10:29 pm When I ask those three questions I'm always accused of being negative…..imagine that…. Reply February 3, 2019 at 6:51 am I get your point: always ask myself questions "what could go wrong "? Reply February 7, 2019 at 2:03 am 1. my business is different Reply March 17, 2019 at 2:00 pm Excellent advise Reply April 2, 2019 at 11:03 am Sir When are you coming to South Africa ? We are so inspired by your daily videos Man Reply April 18, 2019 at 3:48 pm I like your speech Dan Lok Reply May 9, 2019 at 2:59 am Dan you are Awesome 👍😇Thsnk for sharing these videos🏆💎💎💎💎💎💎💎🎉🎉🎉🎉🎉🎉🎉🎉🎉🌎🌎🌎🌎🌎⭐⭐⭐⭐⭐ Reply May 25, 2019 at 11:17 am Very true Reply May 28, 2019 at 4:00 am 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. Reply June 26, 2019 at 1:05 am Dan I like your honesty. That's what people need to hear. Appreciate you. Reply August 7, 2019 at 10:48 pm “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!! Reply Comment here Cancel reply Comment Name * Email * Save my name, email, and website in this browser for the next time I comment.