I called Ricardo Medellin, a friend of the family, from Medellin Auto Sales in the Los Angeles area. We had not spoken in a while; therefore, this was a nice opportunity to reconnect. After a nice conversation he agreed to the interview.
What are some of the qualities you posses as an entrepreneur?
I consider that some of the major qualities are to be committed to a specific goal at a time and recognize an opportunity when it comes your way. It is also imperative to be self driven and dedicated. As well as, budgeting yourself in order to have savings. Lastly to know who your competitors are and be respectful of them.
How have you failed?
I do not consider I have failed but rather have had challenging decisions to make. It was hard to let go the security that comes with being an employee, get your paycheck every week, to start my own business. I start with a restaurant cleaning business; there came a point when I had approximately 200 employees. Many of them had car issues constantly so I started buying pre-own cars and selling them to my employees. It turned into a more profitable practice than the restaurant cleaning business. There again I had to decide whether to continue doing what I knew how to do or venture into the unknown. I kept providing service to two of the restaurants and started with auto sales.
What has been the key to your success despite hard times?
A side from what I mentioned earlier is to making the right decisions at the right time, being flexible, and able to identify an opportunity when it comes.
To have a clear vision of the service you want to provide, know if there is a market it, and stay focus. Once you get started, no overspending, and always try to have savings in order to get back on your feet if needed. The reserve should be able to cover expenses for at least 8 months.