What should I do to plan for my business?

TripleLTripleL subscriber Posts: 4
edited January 2009 in Business Planning


Hi, my name is Lloyd Louis Lamb IV. I`m only 19 years old, but I already know that I want my own business eventually. (restaurant) I`ve got a ton of great unique ideas for it, and I`m determined to start it. However since I`m only 19, I`m currently attending college at Sinclair Community College in Dayton, OH. My question is What should I try to major in, because businesses have such a high failure rate, I`m thinking of having a high paying job, and on the side starting my restaurant. I would just like to know your thoughts and ideas on what I should do in the future. Thanks for your time, I appreciate it!





 





-LLLIV

Comments

  • GrillCharmerGrillCharmer subscriber Posts: 7
    Entrepeneurship is a hot degree these days.  I wish I took more accounting classes though! 
  • SchimeonSchimeon subscriber Posts: 0
  • WebJunkyWebJunky subscriber Posts: 8 Member
    i just want to congratulate you my friend. it starts at a young age. keep up with the passion and keep informing us about your progress and success.
     
    as a cpa (though non practicing), i`d tell you that one of the best decisions i made was to go to a top business school, continued with masters and got a cpa along with few other licenses. bec my field is in hot demand, i always have a back up plan that pays a healthy salary.  just knowing that makes a big difference. not to mention that the knowledge from a top business school has made me even more confident and business savvy.
  • WayneLiewWayneLiew subscriber Posts: 3
    I am an accounting student and I own a little online business. What I can say about accounting courses is that it will definitely help in terms of aiding you in the technical, I mean, very technical side of your business. However, you MUST NOT let go of your entrepreneurial mindset while attending classes because for some obvious reasons, most accounting students want a day job.
    Accounting and auditing somewhat "despise" entrepreneurs because we tend to be ambitious while on the other hand, accounting suggests prudence as the best practice.
  • WebJunkyWebJunky subscriber Posts: 8 Member
    wayne,
     
    good point. most accounting students want a job, then a CPA license, then the partner track or something else...but all tied to a "job". it is very important to keep your business mind open and feed it with continuing knowledge bec your profession won`t give you that.  that said, the background is def very helpful in many ways.  i am a CPA myself (non practicing now) and my time spent in corporate america has given me a lot in life (both tangible and intangible).
  • design4webdesign4web subscriber Posts: 6
    I am 18 and been already know a lot.
     
    Successfully starting a collectibles business in where I was profiting enough to not need a job you got to be realistic. You are on a good mind set and college will serve you well. I will say that though restaurunts is the highest rate of failing if you are good, be unique and market it you can do well.
    Above advice is really good for accounting.
    Some are born to be a businessman / lady and some know early on like me since I was 13.
  • datexmediadatexmedia subscriber Posts: 0
    If you want to own or run a business, business classes are a must! While you may not have to major in it, you have to get a good foundation with some classes. I also concur with the people that said you should begin your journey by working at a restaurant, and you should start from the ground up. That means dishwasher, busboy, server, even cook if you can. When you know every aspect of your business, you are much more likely to succeed. Good luck!
  • MattThomasMattThomas subscriber Posts: 2
    You really should major in what interests you, but if business is of particular interest, I would suggest dual majoring in either management and accounting or management in finance. The accounting or finance degree would be for getting an interim job like you described, and the management major would be great for when you actually start your restaurant.
  • PacificaSilverPacificaSilver subscriber Posts: 0
    Triple L,
    There`ve been lots of good responses so far - I would echo everyone`s thoughts in that you really can`t go wrong with a degree in Accounting/Finance/Business/Entrepreneurship to help you with the fundamentals.  Marketing seems like an obvious choice too, but a full-time job in marketing is going to pay substantially less than something in Finance.
     
    I would stay away from the hospitality degree route - the majority of employers outside of that industry will think it`s a fluff degree.  Saxfiend`s suggestion about culinary classes is a great one.  That might be fun to take on the side.
     
    Good luck,
    KG
     
  • WebJunkyWebJunky subscriber Posts: 8 Member
    agree with hospitality - stay away. my fiance works at the four seasons in the management program. there are people on a higher level w/o a degree! it is a field where a HS dimploma can suffice....tenure has a lot to do with it.
     
    just one caution on marketing - the mediums are changing so make sure your school/course/instructor teaches the up to date realities of marketing (to incorporate the internet).  that said the core fundamentals still remain.  what was marketing then in its core sense is still marketing today....
  • MrLiquidityMrLiquidity subscriber Posts: 2
    I see that your original post was in 2007 - have you gotten any closer to your restaurant idea?
    My advice is to make sure you have lots of extra cash before you start.  Most business fail due to lack of cash flow before really getting off the ground.  And protect any assets that you do have, just in case the business fails. 
    I was bankrupted by the restaurant industry a few years ago...but got back on my feet.  Don`t be afraid of failure though - its through our mistakes that we learn the most!
    Brad FisherMrLiquidity1/29/2009 3:38 PM
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