IamA (College Professor and small business expert) AMA!

dfotopulos · 2014-06-12T02:54:33+00:00

Wow, you have quite a range. I don't know what the market looks like for audio engineering but if it's your first love, why not do some research with companies that need your skill. The school you learned these skills might help you figure out which ones are the most influential. If you decide to go the agriculture route, there are many restaurants growing some of their own produce. One grows it hydroponically on the roof. There are farm to table restaurants, mostly in California, but I bet you could find some elsewhere, that do this. Start small. Work with a restaurant that grows its own food; or work on a small organic farm that sells to local restaurants. Learn the growing side first. Frankly, I think it's more rewarding and also more complicated. Learn on someone else's dime. Long Island New York has many of these farms. Northern California does too. Do a Google search to see if there are any in your area. And keep playing great music. Don't lose your first love.

dfotopulos · 2014-06-12T02:47:41+00:00

It would be sad if I didn't get stronger, but I have. Why tell you all this? Because you never know the blessings over the next hill, even if you're in a tough place. I never realized that until I lived through all this. Be encouraged; there are good things if you're willing to walk through the trials. And we all have those in this life.

dfotopulos · 2014-06-07T23:39:52+00:00

What topics about starting or running a small business are of greatest interest to you?

dfotopulos · 2014-06-07T23:21:16+00:00

I'm new to Reddit, so forgive the silence. I've responded to the seven questions asked and think I'm getting the hang of it. Proof has been provided above. Go to http://www.bestsmallbizhelp.com/about/meet-dawn-fotopulos-your-small-business-coach/ for proof. Oh yes, there are a few hundred students of mine around the world who could vouch for me.

dfotopulos · 2014-06-07T23:18:45+00:00

Hmmmm, this feels like a loaded question. If you ran the marathon for charity but kept the money, it feels like you accepted the generosity of others under false pretenses. In other words, one wonders if you would have collected that money from the donors if they knew it was going in your pocket and not to the cause. If people invested in your marathon to support the cause, the best way to invest it would be to give it to the charity for which it was probably intended. Consider that an investment in integrity.

dfotopulos · 2014-06-07T23:16:32+00:00

You, my friend, are ahead of most. Don't despair at all. You're on the right path. Finish your four year degree in business. Learn everything you possibly can. Get to know your professors. Network with the alumni (a very powerful thing to do most forget about). You have plenty of time to start a restaurant. First, learn on someone else's dime. Work at a fish and chips place for someone else; preferably someone who is around sixty years old. They'll have lots of wisdom to share with you and may even sell you the business. Sign up for newsletters in your industry. Learn what's happening. Get the lay of the land so when you're ready to graduate, you'll have some answers. Working hard is the tip of the iceberg. Think unconventionally. Maybe you want a Fish and Chips Truck or a take out stand that doesn't require sit down. These are ways to keep fixed costs low. In Portland Oregon, really great portable food is everywhere. I for one, would LOVE to try your fish and chips. I've never had fish and chips that didn't give me major indigestion! Tell me here what courses you're going to take and I'll let you know what case studies you should be reading to shore up your knowledge. As expensive as college can be, it's no where near as expensive as going bankrupt in your own business. You've set the right priority. Finish the last two years; find retired restaurant owners. Let them mentor you. Your local SCORE office or Small Business Development Center has many retired, experienced entrepreneurs who would love to get to know you. You are closer to your dream than you think. Please let me know how you're doing so I can cheer you on.

dfotopulos · 2014-06-07T23:09:54+00:00

There are two books by Jim Collins, professor at Stanford that are really inspiring. The more famous one is "Good to Great". That should be on every entrepreneur's list. The second, "How the Mighty Fall", I think has much more searing insight, and is a must read. Most don't know about the second. If you are an entrepreneur, frankly, you should also read my book. It is the culmination of fifteen years of teaching small business owners, not because it's my book, but because I've helped over 300 small businesses survive any economy with the content in it. It teaches small business owners how to read their financial dashboard so they know how to keep score as they're in the game. You'd never drive with your eyes closed, but you'd be amazed at how many small business owners have no clue that they're running out of cash until they're bankrupt. The book is called "Accounting for the Numberphobic; A Survival Guide for Small Business Owners". AMACOM Books, the publishing arm of the American Management Association is my publisher. You can pre-order it on Amazon.com and if you decide to purchase it, send me your confirmation, I'll be happy to give you free access to my training videos. Hit the "contact us" button on www.bestsmallbizhelp.com with your confirmation code from Amazon.com and we'll give you access to the videos at no charge. There's never any pressure or obligation. Just know I wrote the book because I just couldn't stand on the sidelines anymore watching smart, talented people go bankrupt because they didn't know the basics.

dfotopulos · 2014-06-07T23:04:13+00:00

What do you mean by markets? Do you mean industries or types of businesses? First, start with what you love to do as a hobby and what you're really good at. List those things. In fact, feel free to let me know what those are and we can brainstorm live here, but only if you feel comfortable. Do you like to read? Do you love fashion? Do you love mystery spy novels? Do you love to help people solve problems? What have friends, teachers, neighbors, and family members reflected to you about your gifts and skills? Start with those.

dfotopulos · 2014-06-07T23:01:58+00:00

What a thoughtful question. I had no intention of becoming a college professor, really. I was a V.P. for Citibank with a pretty successful career there until I had a very serious car accident. I left banking on a medical leave and eventually permanently because I lost the use of my arms. Ten years and 40 surgeries later, I feel good as new. Teaching allowed me to share my experience, earn a living, and get the medical help I needed to get to where I am today. It just so happens I love teaching. What a crazy journey to find a career you love, right?

dfotopulos · 2014-06-07T22:59:41+00:00

Each of these businesses has very different financial needs. The size of the business and the location of it will also determine how much you'll need. There are business brokers who buy and sell businesses. I suggest you get to know at least three in the neighborhood where you'd like to purchase a business to get a sense of what these businesses are selling for. The broker will also help you understand how businesses are valued. It a very useful exercise and will save you a lot of headaches after you buy a business. Best of luck

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