Looking to set up a nephew in business in Bogota

webmanco says on Aug 13, 2008, 11:06:

In Bogotá or in Santamarta? everything is relative, on what are his skills, etc.

...A yo, déjenme queto y no me jodan má! ...

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canadianmono says on Aug 13, 2008, 11:18:

he could go to either place....he is a bright kid, great business acumen, speaks good english.extremely hard worker, and motivated. Thanks

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gringoloid says on Aug 13, 2008, 11:45:

that's a $20G downpayment, correct? or is he throwing in the rest?

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canadianmono says on Aug 13, 2008, 11:49:

That's all in....is this just a pipedream with that amount of $$?

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Timba says on Aug 13, 2008, 11:53:

Does he have a business plan ?
Are you checking his business plan ? ...just to make sure he has an idea of what he is doing and you are not flushing the money.

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webmanco says on Aug 13, 2008, 11:55:

Ask him what his business ideas are, (when posible), then you can share and people might "advice"

...A yo, déjenme queto y no me jodan má! ...

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ColombianoGringo (Moderator) says on Aug 13, 2008, 11:59:

I agree with the others. Have him come up with a business plan before investing a dime.

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jonas says on Aug 13, 2008, 12:07:

it might be a good idea to have him work in the same line of business for min. 3-6 months before opening up his proper shop. And even if the business fails, he will definitely have learned a good lesson for life.
I agree, you must insist on a business plan. Let him start with that.

Mi alma se la dejo al diablo

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miamimike says on Aug 13, 2008, 12:24:

You may want to ask Poster Elmo- "EL Modofoque" here as he has recent experience setting his Nephew up in a BQA Taxi Business.

On Sept 17, 2008: Senator John McCain said, as he had many times before, that he believed the fundamentals of the economy were "strong."Hours later he backpedaled, explaining that he had meant that American workers were Strong.

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webmanco says on Aug 13, 2008, 12:26:

Elmo advice would be to set up a Marriage agency in Barranquilla for Gringos and Barranquilleras.

...A yo, déjenme queto y no me jodan má! ...

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gringoloid says on Aug 13, 2008, 12:29:

canadamono............i'm just thinking he will come back later and ask for more. enterpreneurs seldom understand their capital needs beyond the grand opening.

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Mononoke28 says on Aug 13, 2008, 13:55:

Any other suggestions from this fine panel....other than DON'T Do it!!???


Then never mind. =X

Diana

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pavo says on Aug 13, 2008, 14:37:

Skateboard Park. Youth of Colombia have nothing to do.

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panthdave says on Aug 13, 2008, 15:33:

You know have not seen a Roach Coach yet driving around at worksites LOLOL...in Colombia there is about a Million in Hialeah..

panthdave Miami

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GregYohn says on Aug 13, 2008, 17:48:

Hola!

Before suggesting a business, you need to know the strengths & weaknesses of your nephew, plus the threats & opportunities to begin!

He could sell fruit on the street, make pizza, or drive a cab. All of these suggestions are wrong, since I don't know the person!

12VOIP.com gives free calls to Colombia.Greg

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canadianmono says on Aug 13, 2008, 22:21:

pasportcolombia........you sound like my second wife.....probably squat to pee too. you have a very tainted view. You are right one one point .....I will be there soon. I have a home theatre, just want to make a difference in a young life.

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Joel y Luza says on Aug 13, 2008, 22:46:

$20k.. in North America or Colombia is seriously undercapitalized...You can't fund the two businesses capital needs with $20k. let alone maintain daily operational cash flow very rarely will a small business cash flow itself during its first year in operation.

Even though you said don't say, don't do it... don't do it, unless you are ready to continue to fund cash for an extended period..in my less than humble opinion, he will running on the beach of Santa Marta, chasing tail, waiting to his extra special uncle send a little sumthin' sumthin' his way to cover him...

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adrimm says on Aug 13, 2008, 23:14:

I agree with Jonas, get him to sit down and think about what he wants to do, and get a job working for someone else in the same biz. I'd say he'll need at least a year (probably several) of working to get a hafl-decent understanding of the ins and the outs, seasonal swings and managment side of how to run his own business.

Only then, after seeing a good business plan, would I suggest you become an investor/backer. I'd also make him sign some sort of an assurance/payback package in the event everything caves. If you mean business, he has to know you mean business otherwise it could be tempting to just give up during the tough-times that accompany the start up of alot of businesses.

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adrimm says on Aug 13, 2008, 23:30:

I like skateboard park tho...

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GregYohn says on Aug 14, 2008, 06:59:

Hola!

The nephew is playing with someone else's money and will say sorry when all the money is gone!

Since it is easy to expect that the cash flow needs will be beyond what is expected, it would be better to have a business plan based on $10,000 and when another $10,000 is needed it would be held in reserve. You can do this IF you decide to go ahead. If you plan to base it on $20,000 then you will be asked to contribute more, since the investment was underfunded!

I saw some people that put up an ice cream parlor up in Cali. What a joke! On the first floor of their house they add tables and chairs with decorations to a side street location with a freezer and expect that the neighborhood will give away their money when the local ice cream parlor is across from the grocery store 2 blocks away on the busier street! They turned on LOUD music for 2 days with a person acting as a DJ to let you know they were there. NO WAY! We could not think, since it went on for 2 days loud! No one will go there OFF the busier street! It is is 3 houses off the busier street where people travel to get to the grocery store. One street of customers will not pay the bills or give needed profit for the investor!

12VOIP.com gives free calls to Colombia.Greg

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mariacvetanoski says on Aug 14, 2008, 07:08:

pavo- a skateboard park would be nice- they have those in the states and the youth/kids love it- you could charge them an admission and they could have tournaments on weekends- also what is big in the states is lazer tag, go karts, rock climbing walls, miniature golf, batting cages, yugi oh cards, comics, and paintball are all awesome stuff since there millions of kids in colombia who want to do something else BESIDES PLAY SOCCER!

Save the street children of Colombia Now!!

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mariacvetanoski says on Aug 14, 2008, 07:18:

http://www.formulasonrisas.com
Formula Smiles is a nonprofit organization incorporated in the United States, under status 501 c3, by Colombian racecar driver Juan Pablo Montoya and his wife Connie Freydell, which aims to improve, through sports, the quality of life of Colombian children in vulnerable situations.
go to the above link for more info

Save the street children of Colombia Now!!

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pavo says on Aug 22, 2008, 10:40:

Hi Maria. Imagine a major XGAMES park north of Bogota. Skatepark, lasertag, video games, minigolf, rock climbing ect.. Then build locales around it to rent out to all the fast food companies in town. Then set up a nice shop to sell skateboards and other equipement. Maybe a movie theater. I think it's a winner. Probably require upwards of a couple million dollars to do it right.

Or, the nephew could do it on a smaller scale. Bodega and wood ramps ect..

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