Friday, October 28, 2011

Why restaurants fail - a memoir from a NY coffee shop owner

Illustration by Mark Alan Stamaty.
Often to understand the risk and pitfalls of owning a small business, the best way to learn is by hearing firsthand from someone who has 'been through the fire', so to speak. So was the case with Michael Idov, an entrepreneur who had a dream to build a business around a cozy Manhattan coffee shop, providing the highest quality brew for the lowest price.

The passion and love for the idea was there, but by reading this article, you will learn that the cash flow was not. Six months later, Michael's coffee shop had to close, a sad conclusion to many start-up small businesses of the world. So to supplement our previous article "Why Restaurants Fail", we are providing this first person account of a restauranteur who couldn't get his business off the ground, and ultimately nearly ended his marriage.

This is not meant to discourage any potential small business owners, but rather to provide some insights on potential pitfalls--and how to avoid them.

For the entire story, click here.