Terry Hay of New Zealand earned a degree in Economics from the University of California at Irvine, but never did use it. Not long after graduating he founded a small health food distribution company in Hawaii, and learned that he had a knack for business. He built that business into a successful company that went from two to forty employees by the time he sold it and took an early retirement at the age of forty.

To be successful in any business, he says that it is important to be well organized. By being well organized you will stay on top of things that need to be done and complete important tasks on time. A good way to be organized, he says, is to keep a daily to-do list and check off each of its items as you get them done. That way you'll know you aren't overlooking anything, and completing those essential tasks that are going to make a difference to the survival of the business.

The sad truth is that while thousands of new businesses open their doors every year, many of them don't make it and have closed their doors before reaching their first anniversary. There are many reasons why businesses fail, but poor organization is one of them.

Terry Hay of New Zealand also recommends keeping tabs on the competition. There is always going to be plenty of that, and sometimes you'll find that they are doing certain things more efficiently than you are doing, and you can learn from that. You will also probably see them making mistakes, and maybe even going out of business. He says that studying the competition can help you learn from their mistakes.

Going into business is a calculated risk, and Terry Hay of New Zealand says that another key to success is always asking yourself what the downside is. Understanding the worst-case scenario will allow you to take calculated risks that can pay off with huge rewards.

Terry Hay of New Zealand has had at least one spectacular failure, and that was when he retired at the age of forty. After a few years he was growing restless, so he founded another business, and succeeded with that one. He sold it in 1996 and bought an airline flight catering business, which he helmed for a dozen years before retiring for good in 2008.

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