What Advice Do You Have For An Adolescent Wanting To Become An Entrepreneur?
Posted by Ken Longbridge | Posted in Entrepreneur Q&A | Posted on 22-10-2009
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I have always wanted to open up my own restaurant, or club, or hotel, or something along those lines.
Where does someone get the money to do this, and what advice can you offer me to help pursue this dream through the rest of my life?
PS. Don’t let the name sway you and bias your answer.
Get a solid background in the hospitality management/restaurant fields before trying a restaurant yourself. 90% of new restaurants fail and they fail because the owners pick a bad location, pick the wrong menu, have inappropriate prices, inefficient staff, etc. etc. etc.
Do you research carefully, talk to others who own business and get the inside scoop on their thoughts, it will be a lot of hard work but well wroth it.
1. Borrow money from bank, friends, relatives.
2. Start doing the things at small level & rotate your money cycle as fast as possible.
3. Meet the people you admire in these fields & ask for their thoughts.
4. Keep an eye on latest trend before investing.