Tuesday, November 16, 2010

Topic #12

1. Brian's story seems like he just got really lucky in the businesses he got involved in. Didn't seem like he did much research on the companies until he was already into them. Seems to me, the entrepreneur that is serious on opening and keeping a business successful would do a ton of research BEFORE starting one. Not to mention, he seemed to have no idea that his first restaurant business would be so time consuming - however, if he had done the research beforehand, he would have known that. I'd like to open my own Accounting Firm one day. However, I will be getting experience in the field and doing a ton of research on the area I am in, the needs the prospective customers will have, etc.

2. I think he would need experience in the businesses he was interested in. Checking prices, needs of prospective customers, developing a budget, etc. Seems like he just "winged it" on all of his businesses. I don't think I'd do things even close to the same way as Brian did. More work needs to be done before investing in and purchasing even an existing business. Even more than that needs to be done before starting a business from the ground up.

3. If Brian did more research and work than was shown in the article, it should have been mentioned. He didn't need to go into details, but just saying he did it would have made sense. Seems like Brian tried to make like running a business was easy and that anyone could do it.

4. Research, research and more research should be done before striking out on a business venture. There are so many resources available to help you get started. For instance, the Small Business Administration will help you, many branches offer seminars and classes to the public.

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