First business I owned:
1. Don't trust your friend because you started the company with your friend. He's on his 8th out of 25 years of being in Federal Prison.
2. If you're making more money than what you should be earning/profiting, be wary and expect the FBI to knock on your door, then drain your life savings hiring lawyers trying to prove your innocence (see #1).
2nd business:
1. Just because your community is the majority, doesn't mean that you should focus all your energy into it.
2. Asians are frickin' cheapskates when it comes to computer repair
(heck, I'm Asian so I can say it... My business went belly up as soon as I stopped getting West LA/Bev Hills clientele and focused on the San Gabriel Valley, and they kept pointing back to a tiny ad for someone that reinstalls computers with pirated WinXP for $5 when I actually go and solve the problem with certified software)