Word: lehman
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...Staff writer Jonathan Lehman can be reached at jlehman@fas.harvard.edu...
Still, even a start-up that blows up can be rewarding, so long as the risks are appropriate. Martin Lehman was 61 when he finally opened the doors to his first women's-apparel store in 1984, realizing a lifelong dream. After a long career as a retail executive ended when he lost his job in a merger, Lehman invested a quarter of his $1 million nest egg in his new venture. His business did fine, growing to six stores in six years. Then, he says, a nasty falling out with his partner forced them to sell at a loss...
Take a calculated risk. Figure out how much you can lose without losing sleep, and don't spend a penny more unless you have hard evidence of success. Lehman, who is now a counselor for SCORE, a group that advises small businesses, began with just $10,000. He invested more as sales took off and he could justify opening new stores...
...JONATHAN LEHMAN...
...Staff writer Jonathan Lehman can be reached at jlehman@fas.harvard.edu...