Look it takes x amount of $$$ to set up an airline of any dimension then that investment needs to have a reasonable rate of return proportionate to the risk. If you don't have that basic philosophy then any decision to enter aviation is not of a sound mind.
There's plenty of savvy people about in aviation that's never the issue take JB for Eg this guy seems switched on savvy in the ways of aviation here in Oz but his Co & every other Co involved in aviation is either getting very little return for their investors or are bleeding dollars quicker than a ruptured aorta & it's not thru lack of trying either!
Actually having the clout by way of bucket loads of cash behind you is usually not the problem it's the continuous hurdles that Co's of any description have to jump over here in Oz that sees them bleed out well before the life blood of the Co (enthusiasm) is exhausted.
I said it in another thread, fools & their money are soon parted when it comes to aviation in this backward thinking joint !
Advise yr friend that gambling is a far better way of getting a reasonable return financially or even enjoyment wise, at least you have a zillion to one chance but with aviation here you are doomed before you even get off the ground!
Wmk2