Originally posted by EvilHaider
Btw, what kind of company do you run? And what advice would you give to young entrepreneurs?
Hi EvilHaider, I currently am partnered in a hosting business with a guy from Florida.
Previous to that I was (am) in the restaurant business. I still have shares in my restaurant in the Cayman Islands but I am out of the day to day operations.
My advice to the young entrepreneur:
Plan for success but be prepared for failure. A lot of successful businesses are a result of good timing and sometimes blind luck. Don't get discouraged if you try something and it doesn't work out. All successful businessmen have had set backs along the way.
Research, research, research. Know absolutely everything there is to know about your chosen field.
Don't go into a business under financed. You should have a minimum of 6 months operating capital available to you at all times.
Choose your staff well and treat them well. They are the face of your company and they can make or break you.
If you have partners choose them wisely. Getting into business with friends seems like a good idea but it rarely works out. Look for someone who has some of the strengths required for the business that you may not have. For instance, my partner in my Cayman restaurants worked front of the house so he was in charge of the dining room and bar. I have been a chef for 20+ years so I was responsible for the kitchen.
Plan your finances well. Make sure you have a detailed, realistic business plan and stick to it.
Don't be afraid. Nobody has ever had a successful business without putting his/her privates on the line. No risk, no reward.
This is a pretty simplistic overview of things. Let me know if you have any specific areas you are interested in.