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Dan Lok Show

How Much Money Do You Need To Start A Business?

Dan Lok Show

Dan Lok

Business, Careers, Entrepreneurship, Management

4.9824 Ratings

🗓️ 31 July 2020

⏱️ 4 minutes

🧾️ Download transcript

Summary

Do you have a great business idea but no clue how much money you need to raise? You aren’t sure if your calculations are correct? Listen to Dan to discover his insights on how much money do you need to start a business.

Transcript

Click on a timestamp to play from that location

0:00.0

So I have a question. I first, one year ago, I came up with a business plan. I converted it to a business model.

0:20.0

It took six months for convince myself.

0:23.1

So I analyzed, I analyzed because I'm an economic student.

0:25.6

So I was analyzing and now I'm pretty confident that I want to take my idea to the world.

0:30.8

So after analysis, I came to know that I required $2 million.

0:35.4

So I want to ask you, what are the first three steps for this plan to implement?

0:38.9

Because you said 99% of the plan is to implement.

0:41.9

I 100% believe this.

0:43.8

This is what my thing was also.

0:45.9

So what are the first three steps to implement the plan?

0:49.3

It's highly related to the education.

0:51.2

Okay, so I invest in entrepreneurs

0:54.0

through my company Den Dan Love Ventures.

0:56.5

We fund up to a million dollars.

0:58.0

Now, so often I can tell you this, the entrepreneurs come to me and they say, then I need

1:03.0

a million bucks.

1:04.0

I don't know why it is, but it's always a million bucks.

1:06.0

Okay, they just pull this idea off in there.

1:09.0

And then when I really sit down with them,

1:10.9

and I would say, okay, you say a million bucks,

1:12.7

we're gonna spend that on,

1:13.9

and they'll tell me we're gonna spend it on.

...

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