Help A Young Business Owner

[Mobster600]

C'mon I am 15 now... However, I want to learn a few things. To be ready for that day when I open a Bar

1. How Old were you when you started a business?
2. What Degree Did You get In College or University?
3. How Much do you think on avg. It is to start Bar?
4. Is it Possible to Expand and Open more Bars under your name?
5. Understanding that Money comes from your businesses Profits and Profits change based on Income VS Expense makes Profit. How much do you think you would make for yourself in the First 3 Years of operating a Bar (If you make it that long)?
6. How long is the wait to get an okay from both local and state government oficials?
7. How many people should be on a Business Team?

Lots of Questions but I am ready to make sacrafices to stabalize a Bar one day.

[The Event Guy]

At 15 it's great that you have the vision of what direction you aim to be...keep that focus, keep dreaming, keep ambitious...

That's just for starters.

It is extremely important for you to stay in school and learn something new everyday because you will use it someday when you least expect it.

Keep a positive attitude and work hard with everything you do in life and you'll never sell yourself short. It doesn't matter if you work at Burger King - work hard and learn for positive role models.

Don't get caught up in drugs or alcohol...sure they can be fun for a minute or two, I won't lie. BUT, they will only get you into trouble in life. Stay away from them by living healthy, both mentally and physically.

Don't be afraid to ask questions...and more importantly, don't ever be afraid to look for the answers to your questions on your own.


Respect and listen to your parents...

Treat all people how you want them to treat you and then they will respect you as a person.


READ BOOKS EVERYDAY to enhance your learning ability of self education and I'm not talking about Playboy either.

Listen to all kinds of music - It will expand your mind spiritually.

AGAIN, learn something new everyday and then teach those around you whom don't know what you may know...

Good luck

[The Event Guy]

MY best advise for you...are just some of the above thoughts.

Life is an every day lesson - some good some bad. Take life serious, but with an open mind and a kind heart.

------------------

On a business side, get some practical experience in the hospitallity industry and work your way to the top. You will eventuallty understand the business more practically. When you get to college, you'll be ready to begin your business management classes, etc.

Learn everyday - READ.

[Mobster600]

That was very Motivational and Educational... :D

[The Event Guy]

You should go through the past posts in this forum and read what industry professionals are doing...and what questions ther'ye asking.

have fun :)

[Kansas City]

Hey,

Not to brag but st8 up answer. I started with 0 and was a millionaire before age 28 and multi millionaire by early 30's. Flunked out of school (college), cant spell (u can see that), and dont believe in "luck".
My advice for success:
Dont work hard...work smart
Make very wise decisions concerning your time (valuable assest)
Find what you love to do, learn everything about it (reading , talking to pros, doing it)
That way you dont have a job (bumber) but you jump out of bed every morning because you love what you do. I havnt worked in a long long time. To others, it looks like I am a work aholic but Im having the time of my life and thank my lucky stars I had the foresight at an early age to find what I love.
Be a man of honor. treat everyon e(EVERYONE) with respect.
Dont try to impress people with flashy clothes or cars.
Spend your limited resourses wisley (I drive a pick-up) and just splurged on an $89.00 watch, (But have a net worth of over 10 mill).
Read this book The Millionaire next door and Rags to Riches (I'm the first chapter)
Treat friends and family like gold
Very important: Write down your goals. If you dont they are nothing more then dreams. Write them down so you know when you have achieved something . Otherwise you will go through every day with a feeling thatyouhave to do more more more. With writen goals you are living each day rather then waiting for the one day when your "ship will come in".
Put off having kids till late in life..dont get married til your in 30's.
Be picky on who you associate with. Stay clear of druggies and people who will drag you down (dishonest people, negative people, lazy people)

I could go on and on (I want others to have success)

Good Luck

[mix]

friends are great, you can count your true friends on one hand.

are your friends the type of people that :
1) appreciate what you do for them, i.e. free admission, free drinks, etc... and show it by occassionally BUYING YOU a drink.

i used to work as an assistant GM for a guy who never worked a day in the biz until he bought his own club. and to win friends and be a big shot, he squashed bar tabs, invited God and everybody in the place and didnt charge them... just a mess.

anyway, he is now struggling to make payroll and all his "friends" go to a reopened local lounge that was shut down because of a stabbing....

the moral of the story... success is being able to define the line and dont make a habit of crossing it. your new friends are the people that take care of you. not vice versa.

[Mobster600]

I feel Family and Friends are important. Espically since when you think about it. If you ever needed money to open a Bar you can ask your family if you needed to find a consultant on how to operate a Bar than you can ask a friend or even employ a friend.

-The Family- (Actual Family)

Your family can give you money, help you get employees, support you when business is so good. You can support them when there down or when they need help (Employment). Your Family might have people who have experience working in a job your the boss of.

-The Friends-
Your friends can give you money, help find some employee, offer advice. You can offer them employment and some support when there situation is not so good. Like your family they might have had experience working in a job that you are boss of.

Your Friends and family are both powerful tools that help you and help themselfs.