Tilman Fertitta knows a thing or two about business. As the CEO of Landry's, a privately owned hospitality corporation with over 600 properties, and owner of the NBA's Houston Rockets, it is fair to say Fertitta is a successful businessman.
For young entrepreneurs seeking their own success, Feritta has one piece of advice: Know your numbers. He says not knowing your numbers is the biggest mistake that young business owners make. "You've got to understand your cost of sales, understand your revenue and you understand your profits. If you don't know your numbers you'll never be successful," Fertitta recently said in an interview with CNBC. He added that not knowing your numbers can affect your home life as well.
Lack of information about income and expenses causes financial anxiety and Fertitta's advice applies to everybody.A simple answer to this issue could be to create a personal budget, and stick to it.don't stick to it!
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