Stuff I learnt from my Dad

by Doc-G on August 18, 2011

This is a sponsored blogpost from Nuffnang and Magshop.com.au.

Whilst the post is sponsored, the sentiments expressed are my own.

I’ve learnt a lot of stuff from my Dad. After arriving from Hungary to Australia in 1956 he did all sorts of things to make ends meet. Whilst many of those things differed, he never strayed from the idea that he wanted to work for himself and run his own business. He imported sports gear and sold it to teams in Adelaide. He owned and ran petrol stations. He had a panel beating and car detailing company. He owned and ran a number of restaurants and finally which is the business that I now run he started a food manufacturing business. He is an operator who learnt from his mistakes and through experience unlike me who largely learnt from books and business school. On many occasions the signs of doing well were that the business was still up and running the next day. To me, this embodies the true entrepreneurial spirit that embodies so many success stories.

The Foodologist and his Dad
The Foodologist and his Dad and his first BBQ restaurant in Adelaide

Everything I know about the food business I learnt from him after his more than 30 years of experience in the Australian restaurant and food manufacturing industries.

These are some lessons I have learnt so far:

1. An offer that sounds too good to be true…is too good to be true.

2. It sounds simple but to make a profit, you have to spend less than you earn in revenue.

3. In business, you meet a lot of people that you might like but it doesn’t mean you have to trust them.

4. The difference between big business and small business is the number of zeros

5. Be careful spending money on things that don’t increase your revenue or your profitability

6. If you think you need 10, try and get by with 8

7. If you can’t afford the best, get the best that you can afford

8. If there is nothing you can do to control it, there is no point worrying about it

9. Don’t borrow money to get things that don’t add value

10. A small realised loss is better than a large unrealised loss

Still need to get a Father’s day gift? Surprise dad with a gift from Magshop’s online magazine subscriptions before 4th October and you could win a Volkswagen Golf

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