Most people don't put that much stock in advice given to them by the stranger stirring cream into their cup next to them in a coffee shop. But Louis Barajas did in 1990 and it turned out to be one of the best decisions he ever made. Louis was feeling anxious about the future on the day of his daughter's birth.  His grandmother and uncle had recently passed away and his career at a large financial planning and accounting firm was feeling less and less inspiring by the day. After picking up clothes for his wife at home, he stopped at a coffee shop for a bagel and some caffeinated reinforcement on his way back to the hospital. He started chatting with the man next to him about his challenges (little did he know this man was the soon-to-become-famous pastor Rick Warren) and walked out of the shop with a new vision: to start his own business.   

Louis shared an insightful observation about small business owners in America: Many start their own business for the freedom and flexibility of working for themselves as well as to work towards the goal of building a better life for their families. However, many of these small business owners end up working harder, for more hours and less money than others.  Louis notes that this pattern fits into "the American mythical mindset- we think we have to be rugged and work harder and longer than everyone else to prove ourselves." He believes that it doesn't have to be this way; "Your business should fit your life's vision, not the other way around." Continue reading for more tips on small business ownership from acclaimed financial adviser Louis Barajas.  

Five helpful tips from Louis Barajas