Do you or your family own a business?

[Kodeen]

How is it working out for you?

I'm contemplating putting all my money into a friend's semi-risky food venture.

 

[Khayyam]

If you want to start businesss
Rule No(1): Never ever share business with family member or friend, if you do so it'll end with disaster

 

[Kodeen]

If you want to start businesss
Rule No(1): Never ever share business with family member or friend, if you do so it'll end with disaster

I'm not convinced. I can understand it complicates things, especially when you start practicing nepotism. Fortunately, I'm only looking to invest passively.

 

[kaluumayste]

Business is all about taking risk . whether you join a venture or starting alone you will never succeed if you are not willing to take the risks. To minimize the risks research, plan and build a model that would work for your business and refine it as the business grows.

Somalis know how to start a business but they don't know how to manage the business. I know a guy who had a very successful restaurant business he was good at it. instead of growing the business he sold the restaurant and started a business he has zero knowledge of. He lost everything.


For me the first rule for a business is to plan, document and setup a structure so if tomorrow thinks go sour there is accountability of some kind.

 

[Karim]

R.I.P to that friendship.

 

[Mr.Haggis]

I used to export haggis iyo sometimes khat. My father owns a couple haggis restaurants in Glasgow

 

[The alchemist]

Business is all about taking risk . whether you join a venture or starting alone you will never succeed if you are not willing to take the risks. To minimize the risks research, plan and build a model that would work for your business and refine it as the business grows.

Somalis know how to start a business but they don't know how to manage the business. I know a guy who had a very successful restaurant business he was good at it. instead of growing the business he sold the restaurant and started a business he has zero knowledge of. He lost everything.


For me the first rule for a business is to plan, document and setup a structure so if tomorrow thinks go sour there is accountability of some kind.

Take calculated risks.

 

[The alchemist]

How is it working out for you?

I'm contemplating putting all my money into a friend's semi-risky food venture.

Don't put all your money unless you were in the process of creating the business plan and all that shit. Immerse yourself in the process or don't invest at all.

 

[kaluumayste]

Take calculated risks.

You can take calculated risk but sometimes you need a little bit luck.

 

[Kodeen]

Don't put all your money unless you were in the process of creating the business plan and all that shit. Immerse yourself in the process or don't invest at all.

Of course, I'm not blindly going in. We discussed it for months in late 2017, but outside of drafts there were no commitments on my part and I gradually strayed away. Now he's going through with it, and I'm very interested in getting in on it. Mix of fomo and optimism is definitely playing a part.

 

[Kodeen]

R.I.P to that friendship.

Dramatic!

 

[Kodeen]

Business is all about taking risk . whether you join a venture or starting alone you will never succeed if you are not willing to take the risks. To minimize the risks research, plan and build a model that would work for your business and refine it as the business grows.

Somalis know how to start a business but they don't know how to manage the business. I know a guy who had a very successful restaurant business he was good at it. instead of growing the business he sold the restaurant and started a business he has zero knowledge of. He lost everything.


For me the first rule for a business is to plan, document and setup a structure so if tomorrow thinks go sour there is accountability of some kind.

I went to visit a friend in his Uni's city few years back. Took me to a Somali restaurant. Nice food, it was very packed. Seemed to he doing well. I went back in late 2017 wih him, and it was bought out by some Arabs. They pimped the place out nicely, but the food was so much worse

 

[kaluumayste]

I went to visit a friend in his Uni's city few years back. Took me to a Somali restaurant. Nice food, it was very packed. Seemed to he doing well. I went back in late 2017 wih him, and it was bought out by some Arabs. They pimped the place out nicely, but the food was so much worse

Somali will create a business that is thriving but he or she will not sustain that business for long, i dont know whether its the nomadic DNA or something else.

We are very good at customer service and word of mouth marketing.

Have you ever seen at least 3 generations Somali family business ?

 

[The alchemist]

You can take calculated risk but sometimes you need a little bit luck.

You're right. The answer is to be in the best position where luck hits the most.