S. Herbert Rhea
Rhea Financial Corporation , President
1. What advice would you give someone starting a business?
On the front end after you have done all of your due diligence and created a business plan it will become apparent that success will depend on the capital and people skills required. Service businesses generally require smaller amounts of capital and generally succeed thru a growth mode over the yeas. Manufacturing, technology business usually require large amounts of capital to sustain them until they can become profitable. Your decision as to how you raise capital, give up ownership, create leverage by borrowing can determine your future. Seek qualified advice before you begin. Most mistakes are made on the front end. Hard work and dedication can overcome small mistakes but not large ones.
2. Why is Memphis good for entrepreneurs?
Every potential entrepreneur has to decide what he wants to accomplish long term in business. There are many motivations other than money. The danger is in trying to imitate someone else. I love Memphis and early on decided I wanted to start significant businesses that would last beyond my lifetime. In each business I have been involved in this was communicated to younger management at the beginning so they would know their future if they chose to remain and were capable. In my case I usually set a specific time that I would step aside. This has worked and I have had tremendous satisfaction working with wonderful partners and amazing young people. This exit strategy has worked for me. I strongly recommend you consider leading in your business until the point in time you can step aside and follow.
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