Economic Perspectives with Hopeton Hay on KAZI 88.7 FM in Austin, TX

Advice from President of $500 Million Company on Starting a Business

Posted by Hopeton on August 31, 2011

I recently asked the president of a $500 million a year company if he left his company to start a new company with $25,000, what are the three most important things he would do to be successful. He said the following: First he would figure out exactly how much he needed to make to pay his personal cost of living, and would reinvest all the profits back into the business. Second, he would set-up a good accounting system to make sure he properly managed his costs. Third, he would perform as much of the work the business needed done himself during the first year to keep his costs down. And finally, he would deliver a quality product with good service.


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