How Much Money Do You Need To Start A Business


Dan Lok


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I don't want you to just watch and learn from me and not take action so I have a question like last one year ago I came up with a business plan I convert it to a business model okay - six ones for convince myself so I analyzed analyze because I'm an economics poonam so I was analyzing and now I'm pretty confident that I want to take my idea to the world I wasn't so after analyzation I came to know that I'd record two million dollars so I want to ask you what are the first three step for this plan to implement because you say 99% of the plan is to implement yeah i 100% believed in this video what my my thing was also so what are the first three steps to implement the plan I'll give you related to the education okay so I invest in entrepreneurs through my company dialogue ventures we found up to a million dollars now so we often I can tell you this the entrepreneurs come to me and they say dad I need a million bucks I don't know why this but it's always a million bucks okay they just ponies IDL thin here and then when I really sit down with them and I would say okay you say a million bucks we're going to spend there on and the other time we're gonna spend it on but then when I challenged them I say you don't need a million part with the million bucks you actually need like 50k to develop the Minimum Viable Product to get it out there because if the 50k doesn't work the two million doesn't work either right its development Minimum Viable Product and then to get at the marketplace to get feedback because whatever you think this product is you know you're going to go through version two three four five not from your own research from the marketplace the feedback loop from the marketplace now you improve it while you're selling it so I like to challenge any entrepreneurs how can you make sure the idea is self-funded that you skate out there you're getting some money coming in you improve it you get to get out there get out get in get that going not just I'm gonna throw a couple million bucks into it and see how it works I come to you yo and you're ready to convince yeah I'm pretty confident that I can convince you form a business plan yeah what is the quantum of degree that I wanna explain I have this big planet it requires three minutes so what do you think has an entrepreneur when I reach two fundraisers what quantum of the plan should i express them today express them in total hours today express them in 50% oh until they actually so how's it sound it actually happening in this world no you got a pitch in the whole thing all the thing or everything the first of all get them to sign an NDA it helps but it helps a little bit non-disclosure then second when you pitch to them whole thing but then you don't need to okay if you need a worry about if they steal your idea yeah to implement then their to me your IP is no good because your deal should be good enough that they cannot do it without you there's certain aspects that you know I give you the idea doesn't doesn't because you don't have this piece that I know you don't have this tech that I have there's something that you control they cannot do without you if you can pitch to somebody and they can copy in two minutes then why does they tell you what the hell is it to up to two years right you need to have some aspects of control then you can share all you want hey here's my idea you pitch enough and some would say hey that's a crazy idea but I like it I'm not gonna give you a million bucks but I'm gonna give you 50 K see what you can do that's what about