16765: Kanzki-Armand: Miami Herald Article (fwd)

[Bob Corbett <corbetre@webster.edu>]

From: Regine Kanzki-Armand <regine09@hotmail.com>


COVER STORY

Young entrepreneurs take risks, make real strides

Just over 2 million businesses across the country are owned by 25- to

34-year olds.

BY BEATRICE E. GARCIA

bgarcia@herald.com

In the world of capitalism, the entrepreneur is key.

The entrepreneur brings together land, labor, and capital, produces a

product or service -- and takes the risk.

This week we have taken a look at seven young entrepreneurs in South

Florida, all under 35.

Their business choices -- real estate development, entertainment, legal

services, interior design -- are as individual as they are, and molded by

their talents, experience and personal history.

Yet, there are some common denominators as well.

All are aware of the challenges facing them: the need for start-up capital,

competition from bigger, more established firms, and the pressure to attain

profitability and remain in the black.

More importantly, they all share a sense of excitement for their new

ventures and a willingness to take a chance as they head out in a new

direction.

Statistics collected by the Small Business Administration's Office of

Advocacy show that just more than 2 million businesses across the country

were owned by 25- to 34-year-olds in 1999 -- the last year available -- or

approximately 17.2 percent of all small businesses.

A larger percentage of small businesses are owned by 35- to 44-year-olds:

3.5 million firms, or 29.7 percent.

Young and fearless

Where does youth and enthusiasm have an advantage over experience and

knowledge?

''The enthusiasm and willingness to take a risk can make up for the lack of

some experience,'' says Debbie Brown, director of the new Disney/SBA

National Entrepreneur Center in Orlando.

It depends on the field, says Antonio Villamil, a Miami-based economist,

former undersecretary of commerce during the first Bush Administration and

an entrepreneur himself.

''Youth is good if you have a new idea and are producing [cutting-edge]

products such as computers or hardware. But if you're dealing with

knowledge-based services such as accounting or economics, it's important to

have experience and knowledge,'' he says.

Villamil acknowledges he couldn't have started his company, Washington

Economics Group, when he was in his 30s. He started the economics consulting

firm 10 years ago when he was 47 and considers his experience an important

factor.

Lower costs

''Opportunity costs'' are lower for younger business owners, notes Villamil.

''If you're older, you're thinking about saving for retirement or you have

children to raise,'' he says.

That's why so many tech entrepreneurs are young. They're more willing to

take risks and often find the expertise they need in management, for

example, through an alliance with an established company or by hiring a

seasoned CEO.

''Having more time to dedicate to your company is definitely an advantage,''

says Gil Bonwitt, president of New Horizons Computer Learning Centers of

Miami and former president of the Young Entrepreneurs Association of South

Florida.

''I was 31 when I started my company. I worked 18-hour-plus days. I didn't

care,'' says Bonwitt, now 38. ``I didn't have a wife and kids then. Now I'm

more protective of my time.''

Bonwitt adds: ``When you're young, you're more optimistic. There's no

mountain you can't climb.''

ARMAND LAW GROUP







• Principal: Alain Armand, 29.

• When started on own: 2002.

• Startup costs: None.

• Funding source: Self.

• Biggest obstacle: ''Continuing to stay open without access to lots of

capital.''



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When asked how he got his start-up funds to open a small law office in

Lauderdale Lakes, Alain Armand doesn't mince words.

''What start-up funds?'' he asks.

He opened his office about a year ago and assumed -- maybe it was more like

hoped and prayed -- that enough business would come along regularly to allow

him to stay in business.

''I'm a risk-taker,'' says Armand, 29, a Haitian-American who is fluent in

English, Spanish, Creole and French.

He was born in Texas because his father, a doctor, was working there at the

time. He moved to South Florida when he was 3 and was raised here.

Armand, who earned his law degree at Howard University in 1999 and had

worked in Washington, D.C., in the financial services industry, returned to

South Florida last year. His parents also live here now.

Armand is focusing on immigration law.

Last October, Armand helped some of the Haitians who attempted to come

ashore at the Rickenbacker Causeway. Armand says he won asylum for a few

migrants, but most were returned to Haiti.

''I love helping the people I help,'' says Armand.

He's active in the Caribbean Bar Association and has joined the Democratic

Caribbean Caucus of Florida, which was formed in April.

Armand also serves as Broward president of the DCCF.

Both, he says, are ways to make contacts and market himself.


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