This is a self-made billionaire’s advice for young people
You never know how close you are to finding the idea that will make you rich, but self-made billionaire Tilman Fertitta says it’s not ALL about your idea.
The Texan started off peeling shrimps at his father’s restaurant before a $6,000 loan from the bank sent him on his way to being a billionaire, by becoming CEO and sole shareholder of Landry’s, the company that owns the Restaurant Cafe among others.
“Most entrepreneurs come up with a product or they come up with an idea and they think they can be successful with it,” he told CNBC. “But if they don’t know the financial side of their business and understand credit and working capital and what it takes money-wise, you can’t be successful. The product is just a product.”
The 59-year-old’s advice to young entrepreneurs and budding entrepreneurs is this.
“Don’t ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers.”
It might be dull, but ultimately you’ll only benefit. And if you enjoy the venture you’ve chosen to try and start your fortune, at some point looking at the numbers will probably start to become enjoyable too.