The document provides advice for entrepreneurs on financial management basics that are important to understand. It summarizes key financial concepts that entrepreneurs should be aware of in order to work effectively with financial advisors and spot potential problems early. The concepts include maintaining adequate cash flow, establishing financial systems from the start, measuring business metrics, creating annual budgets, using customers and vendors to help fund the business, and other financial management best practices.
В ходе доклада Том рассказал, как несколько раз становился миллионером и разорялся, как попал на страницы Forbes, также затронет темную сторону IT-рынка и расскажет про небольшие проблески, которые действительно могут озолотить, на собственных примерах постарается предотвратить вас от эпик фейлов. Этот доклад гарантированно «вернет многих на землю» и заставит переосмыслить свое поведение на рынке сегодня, завтра и послезавтра.
The document provides 11 tips for managing cash flow as a startup: 1) Improve cash flow by taking in more money than spending until revenue grows; 2) Avoid unnecessary financial commitments when cash is low by leasing instead of buying and bartering when possible; 3) Treat variable costs carefully as the founders are personally funding the business; 4) Share office space or work from an incubator to reduce costs; 5) Buy used office equipment when purchases are necessary; 6) Extend the life of technology by 6 months; 7) Partner with local schools for free student interns; 8) Regularly renegotiate service fees; 9) Hold virtual meetings instead of traveling; 10) Seek providers experienced with startups;
This document provides guidance for business leaders and entrepreneurs on surviving the recession. It begins by recognizing that the current economic situation is more like a recession/depression and recovery will take a long time. It then provides advice in 3 key areas: [1] Sales & Marketing - focusing on preserving and growing customer base through differentiating from competitors and innovative marketing; [2] Internal Cash Flow - emphasizing expense reduction, negotiation, and operating frugally; [3] Internal Processes - reviewing processes to find efficiencies and using process improvement methodologies. For businesses in severe trouble, it recommends promptly seeking professional help and taking sensible risks to improve fortunes. The document concludes by emphasizing managing people resources effectively and involving employees.
This document provides advice for business leaders and entrepreneurs on surviving an economic recession. It begins by noting that the current recession is more severe than past recessions and a long recovery is expected. It then discusses key challenges around access to credit and capital, sales and marketing strategies, and internal cash flow management. Specific recommendations include developing relationships with regional banks, retaining key employees where possible, negotiating with vendors, reviewing IT strategies such as cloud computing, and focusing on efficient operations and cash flow preservation.
This document provides guidance on business budgeting. It discusses determining revenue and expenses when preparing a budget. Chapter headings address budgeting basics, better budgeting steps, preparing business plans and budgets, corporate budgeting, social media budgets, debt impacts, and managing budgets and finances. The overall message is that accurate budgeting is important for business success by estimating costs and revenues to ensure sufficient funding is available. Careful budget planning can help businesses avoid cash flow issues.
The document provides information about starting a home-based business. It discusses investigating local regulations, getting legal documents in order, deciding if employees are needed, and developing an exit strategy. Key points include checking rules on running a business from home, obtaining necessary forms like a business plan, considering hiring family or paying employees, and planning for eventually closing the business. The document emphasizes properly handling the legal and operational aspects of a home business for success.
Checklist For Business Owners In An Economic DownturnRobert Brudzinski
The document provides a 20-point checklist for business owners to take action during an economic downturn. The checklist includes recommendations to over-communicate with employees and customers, watch cash flow closely, renegotiate expenses, continue advertising, and maintain a positive attitude. The overall message is that a downturn requires focused action to minimize pain for all stakeholders and position the business for success when conditions improve.
В ходе доклада Том рассказал, как несколько раз становился миллионером и разорялся, как попал на страницы Forbes, также затронет темную сторону IT-рынка и расскажет про небольшие проблески, которые действительно могут озолотить, на собственных примерах постарается предотвратить вас от эпик фейлов. Этот доклад гарантированно «вернет многих на землю» и заставит переосмыслить свое поведение на рынке сегодня, завтра и послезавтра.
The document provides 11 tips for managing cash flow as a startup: 1) Improve cash flow by taking in more money than spending until revenue grows; 2) Avoid unnecessary financial commitments when cash is low by leasing instead of buying and bartering when possible; 3) Treat variable costs carefully as the founders are personally funding the business; 4) Share office space or work from an incubator to reduce costs; 5) Buy used office equipment when purchases are necessary; 6) Extend the life of technology by 6 months; 7) Partner with local schools for free student interns; 8) Regularly renegotiate service fees; 9) Hold virtual meetings instead of traveling; 10) Seek providers experienced with startups;
This document provides guidance for business leaders and entrepreneurs on surviving the recession. It begins by recognizing that the current economic situation is more like a recession/depression and recovery will take a long time. It then provides advice in 3 key areas: [1] Sales & Marketing - focusing on preserving and growing customer base through differentiating from competitors and innovative marketing; [2] Internal Cash Flow - emphasizing expense reduction, negotiation, and operating frugally; [3] Internal Processes - reviewing processes to find efficiencies and using process improvement methodologies. For businesses in severe trouble, it recommends promptly seeking professional help and taking sensible risks to improve fortunes. The document concludes by emphasizing managing people resources effectively and involving employees.
This document provides advice for business leaders and entrepreneurs on surviving an economic recession. It begins by noting that the current recession is more severe than past recessions and a long recovery is expected. It then discusses key challenges around access to credit and capital, sales and marketing strategies, and internal cash flow management. Specific recommendations include developing relationships with regional banks, retaining key employees where possible, negotiating with vendors, reviewing IT strategies such as cloud computing, and focusing on efficient operations and cash flow preservation.
This document provides guidance on business budgeting. It discusses determining revenue and expenses when preparing a budget. Chapter headings address budgeting basics, better budgeting steps, preparing business plans and budgets, corporate budgeting, social media budgets, debt impacts, and managing budgets and finances. The overall message is that accurate budgeting is important for business success by estimating costs and revenues to ensure sufficient funding is available. Careful budget planning can help businesses avoid cash flow issues.
The document provides information about starting a home-based business. It discusses investigating local regulations, getting legal documents in order, deciding if employees are needed, and developing an exit strategy. Key points include checking rules on running a business from home, obtaining necessary forms like a business plan, considering hiring family or paying employees, and planning for eventually closing the business. The document emphasizes properly handling the legal and operational aspects of a home business for success.
Checklist For Business Owners In An Economic DownturnRobert Brudzinski
The document provides a 20-point checklist for business owners to take action during an economic downturn. The checklist includes recommendations to over-communicate with employees and customers, watch cash flow closely, renegotiate expenses, continue advertising, and maintain a positive attitude. The overall message is that a downturn requires focused action to minimize pain for all stakeholders and position the business for success when conditions improve.
Startup Series #1: What To Do During FormationErin McClarty
In the first of a series for startup nonprofits, small businesses and social enterprises I talk about some of the legal issues founders should think about during formation.
Mel feller looks at starting a small business after the age of 50Mel Feller
Mel Feller Looks at Starting a Small Business After the Age of 50
The passion that incentives someone to vision the starting their own business is not held in reserve for the techie Millennial in the torn jeans and t-shirt. I want to point out that even the person in the relaxed-fit slacks and reading glasses can feel the passion of creating and owning their own company.
According to Mel Feller, research shows Baby Boomers may have a greater passion for entrepreneurship than younger generations. However, one report showed that, in 2014, those ages 55 to 64 had a higher rate of new innovative entrepreneurial activity than the conventional thrill-seeking 20 to 34 age group.
The document summarizes the key principles discussed in Michael E. Gerber's webinar on transforming a small business. The webinar outlines 10 principles for small business success, including that a small business can grow 10,000 times its current size if built correctly, must be sustainable through different economic conditions, and should create standards for small businesses to thrive beyond what previously existed. The document promotes Gerber's books and provides ways to contact him for business advice.
The E-Myth Revisited – Michael E. Gerber
Book Summary One of my personal favorites I'm so glad my friend Kevin Hotaling shared it with me Enjoy it at #smAlbany
Harvard Business School: Why Companies Fail and How Their Founders Can Bounce...ATUL RAJA
Leading a failed company can often help a career by providing experience, insight, and contacts that lead to new opportunities. We need to differentiate; failure of an enterprise, product, or initiative and the personal failure of an individual executive are two very different things. While the former is a learning experience that can lead to future opportunities, the latter can damn a career. Read this Harvard Business School insight…
Most small businesses fail. Thereasons are the owners lack of business skills, business experience and business planning. Learn what to do to avoid failure
The document discusses various paths to entrepreneurship and small business ownership, including starting a new business, franchising an existing business, purchasing an existing business, and inheriting a family business. It provides advice on increasing the chances of startup success, performing due diligence when purchasing a business, and strategies for valuing and structuring an acquisition. Key steps include developing a business plan, securing financing, and gradually transferring ownership to ensure a successful transition.
The document discusses the concepts from Michael Gerber's book "E-Myth Revisited" about how most small business fail. It states that small business owners often make the mistake of focusing solely on the technical aspects of the business as a "Technician" while ignoring their roles as an "Entrepreneur" and "Manager". It emphasizes the importance of changing roles between Technician, Entrepreneur, and Manager for business success. The document also outlines strategies for developing the business such as having a franchise prototype, clear business development processes, and defining the vision, objectives, organizational structure, management systems, people strategy, marketing strategy, and systems used.
3 essential skills all entrepreneurs must masterNaeem Zafar
Three essential skills for entrepreneurs are networking skills, communication skills, and selling skills. The document provides advice on how to develop these skills, including networking by focusing on others, communicating clearly with conviction, and seeing selling as helping customers rather than deceiving them.
The document discusses entrepreneurship and ideas for small businesses. It covers identifying opportunities, developing business ideas, and assessing feasibility. Key aspects include recognizing opportunities through experience or trends, using techniques like SCAMPER to spark creativity, screening ideas through business model canvases or feasibility studies, and testing concepts through online pilots or financial projections. The goal is to start with many ideas and narrow them down to the most viable business opportunities.
The document discusses the characteristics and competencies of small business entrepreneurs. It examines their psychology, behaviors, and the Five Ps model of entrepreneurial behavior - passion, perseverance, promotion-prevention focus, planning style, and professionalization. It also explores the sociology of entrepreneurs, including women, minorities, veteran entrepreneurs. Additional topics covered include entrepreneurial teams, family businesses, the entrepreneurial lifecycle, and rewards of entrepreneurship.
6 Reasons Your Small Business Will Fail (and How to Avoid Them)Palo Alto Software
According to Small Business Administration research, only half of new businesses survive for the first five years and only one-third of new businesses are able to survive for 10 years. The inverse is compelling as we can conclude that if only 50% of new businesses survive for the first five years, then the other 50% fail in the first five years. We can also conclude that about 65% of new businesses don’t make it to the ten-year mark.
Forbes reports an even more grim statistic, based on Bloomberg research, that of every 10 businesses, eight fail within the first 18 months. What are the reasons businesses fail to thrive, given a 50/50 chance of survival and assuming a product or service for which there’s a demand? Let’s discuss six reasons businesses fail and some ways you can avoid business failure.
Case Study (business research methodology)Amit Sarkar
Babu and Hari have decided to open a small cafe based on their experience in hospitality. However, Babu wants to conduct market research first before committing time and money to ensure success, while Hari wants to start immediately. Market research could reveal customer demand, preferences, competitors, and the best location. Babu and Hari could survey potential customers, analyze competitor cafes and locations, and gather local demographic and economic data to learn more about their market opportunities.
The document discusses different types of entrepreneurship and small businesses. It describes independent entrepreneurship, social entrepreneurship, and corporate entrepreneurship. It also discusses lifestyle businesses, traditional small businesses, and high-growth ventures. Additionally, it addresses myths about small businesses and their role in job creation, innovation, and new opportunities.
Jason Mendelson - CUNVC Crash Course Series January 13 2010Julie Penner
The document provides an overview of how to build a successful company from coming up with an idea, building a team, setting up the business, financing, growing the business, common mistakes, and participating in the University of Colorado's New Venture Challenge program. Key points include passionately pursuing an idea that scratches your own itch, seriously vetting the competition and market potential, setting up proper legal and intellectual property structures early, bootstrapping and being frugal with financing, constantly validating assumptions and focusing on customers, and leveraging resources like mentors and workshops through the New Venture Challenge.
The document discusses 12 common reasons why startups fail. It provides details for each reason: 1) Market problems where there is no market for the product. 2) Business model failure where the cost to acquire customers is higher than their lifetime value. 3) Poor management team that lacks strategy and execution. 4) Running out of cash before reaching milestones. 5) Developing a product that does not solve customer problems. 6-12 discuss issues like arrogance, shortsightedness, hubris, egotism, sloppiness, imbalance, and inflexibility.
This document provides tips on better managing your time as a business owner or entrepreneur. It discusses working smarter instead of harder by setting clear goals, prioritizing tasks, avoiding distractions, and learning to say no. Some key recommendations include making to-do lists, scheduling tasks and personal commitments, focusing on one task at a time without multitasking, and finding your most productive times of day for different types of work. The document also covers flexible working arrangements and creating systems to stay organized.
The ultimate guide to selling your businessChishakima
The document provides a guide to selling a business independently with seven key steps: 1) Prepare the business financially and document-wise for sale. 2) Advertise the business for sale. 3) Pre-screen interested buyers by having them sign non-disclosure agreements. 4) Show the business to qualified buyers and disclose appropriate information. 5) Negotiate offers with buyers. 6) Facilitate due diligence where buyers review detailed business records. 7) Complete the closing of the sale transaction, which may involve seller financing of a portion of the purchase price. Setting the right asking price based on profitability is emphasized as key to attracting legitimate buyers.
While entrepreneurs often lack formal financial training, having a basic understanding of financial concepts is critical for business success. Key principles include monitoring cash flow, establishing financial systems, measuring business metrics, creating annual budgets, leveraging vendors and customers for financing, choosing professionals carefully, and paying taxes on time. Entrepreneurs should focus on the financial foundation to build a sustainable company.
This document provides 15 frequently asked questions about starting and running a small business. It addresses questions about determining if someone has the right characteristics to be an entrepreneur, how to evaluate one's own skills and capabilities for starting a business, the importance of writing a business plan even without seeking financing, how to determine startup costs and expenses, the purpose and importance of financial statements, why monthly cash flow analysis is critical, ways to obtain cash to maintain and grow a business, why location is so important, how to evaluate competition, strategies for better marketing a business, what to consider when creating marketing brochures, how to improve customer service, and resources for getting answers to business-specific questions. SCORE is identified as an organization that provides free
Startup Series #1: What To Do During FormationErin McClarty
In the first of a series for startup nonprofits, small businesses and social enterprises I talk about some of the legal issues founders should think about during formation.
Mel feller looks at starting a small business after the age of 50Mel Feller
Mel Feller Looks at Starting a Small Business After the Age of 50
The passion that incentives someone to vision the starting their own business is not held in reserve for the techie Millennial in the torn jeans and t-shirt. I want to point out that even the person in the relaxed-fit slacks and reading glasses can feel the passion of creating and owning their own company.
According to Mel Feller, research shows Baby Boomers may have a greater passion for entrepreneurship than younger generations. However, one report showed that, in 2014, those ages 55 to 64 had a higher rate of new innovative entrepreneurial activity than the conventional thrill-seeking 20 to 34 age group.
The document summarizes the key principles discussed in Michael E. Gerber's webinar on transforming a small business. The webinar outlines 10 principles for small business success, including that a small business can grow 10,000 times its current size if built correctly, must be sustainable through different economic conditions, and should create standards for small businesses to thrive beyond what previously existed. The document promotes Gerber's books and provides ways to contact him for business advice.
The E-Myth Revisited – Michael E. Gerber
Book Summary One of my personal favorites I'm so glad my friend Kevin Hotaling shared it with me Enjoy it at #smAlbany
Harvard Business School: Why Companies Fail and How Their Founders Can Bounce...ATUL RAJA
Leading a failed company can often help a career by providing experience, insight, and contacts that lead to new opportunities. We need to differentiate; failure of an enterprise, product, or initiative and the personal failure of an individual executive are two very different things. While the former is a learning experience that can lead to future opportunities, the latter can damn a career. Read this Harvard Business School insight…
Most small businesses fail. Thereasons are the owners lack of business skills, business experience and business planning. Learn what to do to avoid failure
The document discusses various paths to entrepreneurship and small business ownership, including starting a new business, franchising an existing business, purchasing an existing business, and inheriting a family business. It provides advice on increasing the chances of startup success, performing due diligence when purchasing a business, and strategies for valuing and structuring an acquisition. Key steps include developing a business plan, securing financing, and gradually transferring ownership to ensure a successful transition.
The document discusses the concepts from Michael Gerber's book "E-Myth Revisited" about how most small business fail. It states that small business owners often make the mistake of focusing solely on the technical aspects of the business as a "Technician" while ignoring their roles as an "Entrepreneur" and "Manager". It emphasizes the importance of changing roles between Technician, Entrepreneur, and Manager for business success. The document also outlines strategies for developing the business such as having a franchise prototype, clear business development processes, and defining the vision, objectives, organizational structure, management systems, people strategy, marketing strategy, and systems used.
3 essential skills all entrepreneurs must masterNaeem Zafar
Three essential skills for entrepreneurs are networking skills, communication skills, and selling skills. The document provides advice on how to develop these skills, including networking by focusing on others, communicating clearly with conviction, and seeing selling as helping customers rather than deceiving them.
The document discusses entrepreneurship and ideas for small businesses. It covers identifying opportunities, developing business ideas, and assessing feasibility. Key aspects include recognizing opportunities through experience or trends, using techniques like SCAMPER to spark creativity, screening ideas through business model canvases or feasibility studies, and testing concepts through online pilots or financial projections. The goal is to start with many ideas and narrow them down to the most viable business opportunities.
The document discusses the characteristics and competencies of small business entrepreneurs. It examines their psychology, behaviors, and the Five Ps model of entrepreneurial behavior - passion, perseverance, promotion-prevention focus, planning style, and professionalization. It also explores the sociology of entrepreneurs, including women, minorities, veteran entrepreneurs. Additional topics covered include entrepreneurial teams, family businesses, the entrepreneurial lifecycle, and rewards of entrepreneurship.
6 Reasons Your Small Business Will Fail (and How to Avoid Them)Palo Alto Software
According to Small Business Administration research, only half of new businesses survive for the first five years and only one-third of new businesses are able to survive for 10 years. The inverse is compelling as we can conclude that if only 50% of new businesses survive for the first five years, then the other 50% fail in the first five years. We can also conclude that about 65% of new businesses don’t make it to the ten-year mark.
Forbes reports an even more grim statistic, based on Bloomberg research, that of every 10 businesses, eight fail within the first 18 months. What are the reasons businesses fail to thrive, given a 50/50 chance of survival and assuming a product or service for which there’s a demand? Let’s discuss six reasons businesses fail and some ways you can avoid business failure.
Case Study (business research methodology)Amit Sarkar
Babu and Hari have decided to open a small cafe based on their experience in hospitality. However, Babu wants to conduct market research first before committing time and money to ensure success, while Hari wants to start immediately. Market research could reveal customer demand, preferences, competitors, and the best location. Babu and Hari could survey potential customers, analyze competitor cafes and locations, and gather local demographic and economic data to learn more about their market opportunities.
The document discusses different types of entrepreneurship and small businesses. It describes independent entrepreneurship, social entrepreneurship, and corporate entrepreneurship. It also discusses lifestyle businesses, traditional small businesses, and high-growth ventures. Additionally, it addresses myths about small businesses and their role in job creation, innovation, and new opportunities.
Jason Mendelson - CUNVC Crash Course Series January 13 2010Julie Penner
The document provides an overview of how to build a successful company from coming up with an idea, building a team, setting up the business, financing, growing the business, common mistakes, and participating in the University of Colorado's New Venture Challenge program. Key points include passionately pursuing an idea that scratches your own itch, seriously vetting the competition and market potential, setting up proper legal and intellectual property structures early, bootstrapping and being frugal with financing, constantly validating assumptions and focusing on customers, and leveraging resources like mentors and workshops through the New Venture Challenge.
The document discusses 12 common reasons why startups fail. It provides details for each reason: 1) Market problems where there is no market for the product. 2) Business model failure where the cost to acquire customers is higher than their lifetime value. 3) Poor management team that lacks strategy and execution. 4) Running out of cash before reaching milestones. 5) Developing a product that does not solve customer problems. 6-12 discuss issues like arrogance, shortsightedness, hubris, egotism, sloppiness, imbalance, and inflexibility.
This document provides tips on better managing your time as a business owner or entrepreneur. It discusses working smarter instead of harder by setting clear goals, prioritizing tasks, avoiding distractions, and learning to say no. Some key recommendations include making to-do lists, scheduling tasks and personal commitments, focusing on one task at a time without multitasking, and finding your most productive times of day for different types of work. The document also covers flexible working arrangements and creating systems to stay organized.
The ultimate guide to selling your businessChishakima
The document provides a guide to selling a business independently with seven key steps: 1) Prepare the business financially and document-wise for sale. 2) Advertise the business for sale. 3) Pre-screen interested buyers by having them sign non-disclosure agreements. 4) Show the business to qualified buyers and disclose appropriate information. 5) Negotiate offers with buyers. 6) Facilitate due diligence where buyers review detailed business records. 7) Complete the closing of the sale transaction, which may involve seller financing of a portion of the purchase price. Setting the right asking price based on profitability is emphasized as key to attracting legitimate buyers.
While entrepreneurs often lack formal financial training, having a basic understanding of financial concepts is critical for business success. Key principles include monitoring cash flow, establishing financial systems, measuring business metrics, creating annual budgets, leveraging vendors and customers for financing, choosing professionals carefully, and paying taxes on time. Entrepreneurs should focus on the financial foundation to build a sustainable company.
This document provides 15 frequently asked questions about starting and running a small business. It addresses questions about determining if someone has the right characteristics to be an entrepreneur, how to evaluate one's own skills and capabilities for starting a business, the importance of writing a business plan even without seeking financing, how to determine startup costs and expenses, the purpose and importance of financial statements, why monthly cash flow analysis is critical, ways to obtain cash to maintain and grow a business, why location is so important, how to evaluate competition, strategies for better marketing a business, what to consider when creating marketing brochures, how to improve customer service, and resources for getting answers to business-specific questions. SCORE is identified as an organization that provides free
This document provides a guide for UK freelancers on setting up and managing their freelance business. It discusses the different legal structures a freelance business can take, including sole trader, limited company, partnership, and limited liability partnership. It emphasizes the importance of understanding employment status and the IR35 rules, as freelancers can be deemed employees for tax purposes if they behave too much like employees of their clients. The guide stresses setting up the business properly, with separate bank accounts, equipment, phone lines, and informing HMRC. It provides a checklist for freelancers to ensure they have the proper administration, IT systems, marketing, and client processes in place.
Entrepreneurship for people with disabilities - Entrepreneurship: A Flexible ...Karel Van Isacker
This document outlines the steps for starting a small business, with a focus on how entrepreneurship can provide economic independence for people with disabilities. It discusses how disabilities often require creative thinking to access opportunities. Entrepreneurship benefits people with disabilities by providing independence, flexibility, and reducing transportation barriers. However, barriers like access to capital and lack of business skills must be overcome. Non-traditional resources like microboards and incubators can help. The core 10 steps to starting a business are then outlined in detail.
The document discusses what a business plan is, including that it captures strategic, operational, and financial aims and should be a realistic representation of forecasts. It also outlines why a business plan may be needed, such as for funding, visa purposes, or establishing a franchise. Finally, it covers common elements of a business plan like structure, common mistakes to avoid, and tips for an effective plan.
This document provides tips for businesses to remain profitable and competitive during an economic downturn. It recommends minimizing infrastructure costs by outsourcing non-core functions like email servers to reduce expenses. Outsourcing email reduces initial hardware costs and ongoing expenses through shared resources. It also improves reliability, disaster recovery, and regulatory compliance. The document stresses focusing on the bottom line over revenue by cutting unnecessary expenses and prioritizing profitable areas to survive downturns.
Grant Field provides six tips for businesses to take their business to the next level in 2015: 1) future-proof the business through strategic planning, 2) ensure a strong financial position, 3) focus on profitability over turnover, 4) review business structure, 5) consider estate planning, and 6) reduce business waste. The article also discusses changes to SMSF regulations and opportunities with cloud computing.
With Christmas just around the corner, this edition Grant Field shares six tips to take your business to the next level in 2015. You will also see an update on the latest changes to SMSFs and the imminent end of the ATO's Project Do It campaign. Happy reading.
With Christmas just around the corner, this edition Grant Field shares six tips to take your business to the next level in 2015. You will also see an update on the latest changes to Self-Managed Super Funds and the imminent end of the ATO's Project Do It campaign. Happy reading.
This document provides 7 tips for achieving financial freedom when buying a business:
1. Determine your goals for the business and ensure financial freedom is a priority.
2. Be prepared for long hours required to establish the business, and ensure family is supportive.
3. Carefully analyze the business's financial reports like cash flow, balance sheet, and profit/loss statements to ensure the numbers support buying the business.
4. Consider walking away if the financials are poor, or look for ways to improve profits through streamlining or new technology.
5. Consider buying to later sell the business for capital gains. Setting up systems with a future sale in mind can incentivize success.
6. Franchises
How to decide non profit vs. for profitBenoit Wirz
This document provides a 4-step process for deciding whether a start-up should be structured as a non-profit or for-profit organization. Step 1 considers the goals of making money or giving away services/money. Step 2 evaluates the viability of a for-profit business model. Step 3 examines potential capital sources that may require a non-profit or for-profit structure. Step 4 discusses the importance of founder control versus board/investor control in deciding between non-profit and for-profit structures. The document recommends evaluating hybrid structures if neither structure fully meets the founder's goals.
This document provides tips for writing an effective business plan to obtain funding for a startup. It explains that a good plan clearly demonstrates that there is a profitable market and product/service, outlines how the business will operate efficiently, and shows how expenses, costs and profits will balance out. The tips recommend thoroughly understanding the business and target market, tailoring the plan to the specific audience seeking funding, only requesting necessary funding that can be backed by evidence, and keeping the plan concise by directly answering the most important questions for investors.
The document outlines 10 steps for starting a small business:
1. Get an idea and inspiration for your business.
2. Research the market and competition to validate the business idea.
3. Create a business plan to outline goals, marketing strategy, and funding.
4. Plan your business finances and funding options which may include loans, grants or investors.
Raising Capital for Tech Startups - 5 Keys to Unlocking the Deal You Want. L...Patrick Doherty
This document provides an overview of important considerations for startups raising capital. It discusses mentally preparing for the fundraising process, which takes significantly more time and resources than anticipated. Founders are advised to research all funding options, prepare their team to operate without full involvement during fundraising, and ensure a good cultural fit with potential investors as their choice will impact the business long-term. The document outlines 5 keys to securing funding: knowing important metrics, creating financial projections, providing required documents, telling a compelling story, and highlighting the company's strengths.
Government authorities possess however in order to truthfully recognize the actual part associated with small company and prevent having to pay just top support in order to it’s marketing. The present taxes program with regard to small company, in many nations must be revisited. Nobody is actually recommending which taxes government bodies ought to give smaller businesses “special treatment” permanently. Only a rest, in order for them to develop in a quicker speed.
For more info http://www.electronic-business-forum.com/
This document discusses activities companies should complete before seeking outside capital, including maintaining organized financial records and developing a compelling business plan. It recommends organizing accounting systems to provide useful information and creating documents like a capital deployment plan. The document also covers pre-money valuation, noting it is based on discounted cash flow methodology and various estimates of cash flow that can be used. Completing the recommended activities helps reduce risk and supports determining a valuation range for the company.
this slide mainly talks about how to get a fund and the resources, the stock market and the basic definition & B2B B2C companies and firmographis how to classify companies and select your segment.
The document provides strategies for starting a business while still employed. It discusses 7 financing ideas: 1) Continue drawing a reduced salary by asking your employer for reduced hours to start a business. 2) Develop another income stream through freelancing or moonlighting. 3) Reduce expenses by analyzing discretionary spending. 4) Borrow through refinancing or loans while still employed. 5) Identify a business niche by targeting a specific group. 6) Create a basic marketing plan addressing products/services. 7) Manage fear of starting a business by getting support and setting goals. The strategies aim to allow transitioning from employment to self-employment without a significant drop in income.
The document discusses the importance of developing a comprehensive business plan and using it as an operational tool. It should include key details about the business like the target market, products or services, management capabilities, and financial projections. The business plan is essential for communicating the business goals and obtaining financing, and companies that don't utilize their business plans fully may miss growth opportunities.
Presentation based on Ben Holmes, Index Ventures Ventures http://www.slideshare.net/benholmes/venture-capital-an-entrepreneurs-manual
Created for EnterpriseTO
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
How to Implement a Strategy: Transform Your Strategy with BSC Designer's Comp...Aleksey Savkin
The Strategy Implementation System offers a structured approach to translating stakeholder needs into actionable strategies using high-level and low-level scorecards. It involves stakeholder analysis, strategy decomposition, adoption of strategic frameworks like Balanced Scorecard or OKR, and alignment of goals, initiatives, and KPIs.
Key Components:
- Stakeholder Analysis
- Strategy Decomposition
- Adoption of Business Frameworks
- Goal Setting
- Initiatives and Action Plans
- KPIs and Performance Metrics
- Learning and Adaptation
- Alignment and Cascading of Scorecards
Benefits:
- Systematic strategy formulation and execution.
- Framework flexibility and automation.
- Enhanced alignment and strategic focus across the organization.
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...APCO
The Radar reflects input from APCO’s teams located around the world. It distils a host of interconnected events and trends into insights to inform operational and strategic decisions. Issues covered in this edition include:
Easily Verify Compliance and Security with Binance KYCAny kyc Account
Use our simple KYC verification guide to make sure your Binance account is safe and compliant. Discover the fundamentals, appreciate the significance of KYC, and trade on one of the biggest cryptocurrency exchanges with confidence.
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3 Simple Steps To Buy Verified Payoneer Account In 2024SEOSMMEARTH
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This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
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Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
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Digital Transformation Compass
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Business Model Canvas
Customer Journey Map
Digital Transformation Frameworks: Driving Digital Excellence
5.04.financial fitness
1. by Brad Feld
While creating a growth business can be exhilarating,
many entrepreneurs—especially those starting a
company for the first time—donʼt pay enough
attention to some core issues surrounding the
financial management of their businesses. continued >
for Entrepreneurs
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Often, founders don’t have formal training in finance—they’re
“techies” launching the next Apple Computer or Netscape,
professionals putting together advertising, management consulting,
or human resources agencies, or super-salesmen types who’ve figured
out how to sell a pizza or deliver a package faster, better and cheaper.
Always, they’re intimately involved with their core product or service.
Often, they are too busy to burrow into the details of some of the
company’s functions, of which finance is the most critical.
These entrepreneurs are savvy enough to know they must work with
financial professionals, such as their CFO and outside auditors or
CPAs. However, no matter what their background or inclination about
finance, founders need to have a working understanding of the basics.
An elementary level of financial literacy means they’ll work more
intelligently with their financial advisors and become the first line of
defense for spotting potential problems in the young company.
What follows are some fundamental financial tenets that all early-
stage entrepreneurs should be aware of, understand, and heed.
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CASH IS KING
No matter what, donʼt run out of money. Nothing else in this article matters if you run
out of money. This means know your burn rate (the net cash that is flowing out of your
business each month) and be aware that your low cash point for any given month may
not be at the end of the month. In other words, donʼt get caught planning based on full
month figures only to find that you do not have enough money to pay your most im-
portant vendor on the 15th because your customers donʼt pay you until the 30th.
PUT IN REAL FINANCIAL SYSTEMS FROM DAY ONE
Lots of entrepreneurs figure that theyʼll “get around to putting in real financial sys-
tems someday soon.” Of course, that rarely happens, especially if no one on the
founding team has a strong financial background. The cliché, “Itʼs better to build on a
strong foundation,” applies. Put the foundation in place early so that as your business
grows, you are on solid financial footing.
MEASURE EVERYTHING
If you have real financial systems in place, you can measure everything. Be obsessive
about it. Some things that youʼll measure will be similar to what most other business-
es measure, such as your P&L, balance sheet, and cash flow statements. Other things
will be unique to your business—oriented around your specific customers or products.
As your business grows, make sure you evolve and expand what you measure to best
reflect the current state of your business. Look especially for metrics that will help tell
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you where your business is going, not just where it has come from. Financial systems
can and should capture more than just historical financial results.
BUILD AN ANNUAL OPERATING PLAN
Be disciplined about creating an annual operating plan and budget every year. You
should have it finished before January 1. This is your easiest benchmark to measure
against—your own expectations. If you donʼt set them, you wonʼt know how you did.
USE YOUR VENDORS TO FUND YOUR BUSINESS
Vendors love to get paid on time (or early). However, as a young business, your vendors
will appreciate consistency of payment over timeliness. While most vendors will want to
be paid within 30 days (or less), itʼs typical to stretch payables 45 to 60 days. The key
is to pay consistently—if you have a vendor from whom you continually use services or
buy products, donʼt store up your bills and pay in one lump sum sporadically. Instead,
send regular payments. Also, donʼt dodge calls from vendors about paying late. Tell
them when you are going to pay them, and then make sure you follow through.
USE YOUR CUSTOMERS TO FUND YOUR BUSINESS
Customers—especially ones that value your products and services—will often be will-
ing to pay on very short terms. Donʼt be bashful about asking them to prepay, espe-
cially if you are a service business.
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BE CAREFUL OF PERSONAL GUARANTEES
Banks love personal guarantees. Entrepreneurs hate them. You should avoid them if
you can – only sign one as a last resort. You are already investing a huge amount of
your personal assets and energy in your business. If you canʼt get financing based
on the strength of your business, you should question whether itʼs the right kind of
financing. In the upside scenario, when your business succeeds, the personal guaran-
tee doesnʼt matter. Itʼs the downside case you should be worried about, because you
could lose major personal assets like your house.
IF IT SOUNDS TOO GOOD TO BE TRUE, IT PROBABLY IS
While this is generally true in life, itʼs especially true concerning financial issues sur-
rounding an early stage company. Your books should always balance, financings will
always have a cost, and investors are always going to have strings attached to their
money. Ask questions, be wary, and know what you are getting into.
FINANCE YOUR BUSINESS APPROPRIATELY
FOR WHAT YOU ARE TRYING TO CREATE
One of the most common mistakes an early stage entrepreneur makes is trying to
raise the wrong kind of money for the business. It makes no sense for a service busi-
ness that could potentially be a $5 million company within three years to try to raise
$10 million of venture capital. Correspondingly, it doesnʼt make sense for a capital-in-
tensive company that needs to build a plant to raise $250,000 of angel money.
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CHOOSE PROFESSIONALS CAREFULLY
It may be tempting to use your wifeʼs brotherʼs friendʼs neighbor as your lawyer, be-
cause he will give you a great rate and you see him at the neighborhood barbecue,
but you get what you pay for. The same is true for accountants and other services that
your business will use. Find professionals who know what they are doing and have
experience with young companies.
DON’T TAKE ANYTHING FOR GRANTED
Double-check everything. If you have the right systems (did I mention that you should
have good systems?), this is easy. If you donʼt, reread the second bullet point and put
in the right systems.
PAY YOUR TAXES ON TIME
Unlike customers and vendors, our local, state, and federal tax authorities donʼt appre-
ciate being used as financing sources for your business. In addition to potentially incur-
ring onerous penalties, missing or delaying tax payments is often a serious crime.
That’s the list. Read it over, familiarize yourself with it, and begin
developing a lay entrepreneur’s understanding of finance. You’ll then
be able to work deftly with your pros to put the company of your dreams
on the sound financial footing necessary for success.
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ABOUT THE AUTHOR
Brad Feld is a managing director of Mobius Venture Capital. http://www.mobiusvc.com/
In 1995, he founded Intensity Ventures, a company that helps launch and operate software compa-
nies. Intensity Ventures was a venture affiliate of SOFTBANK. In 1987, he founded Feld Technologies,
a software consulting company that was acquired in 1993 by AmeriData Technologies. Mr. Feld serves
as director of a number of Internet-related and software companies. He holds S.B. and S.M. degrees
from the Massachusetts Institute of Technology.
For more of his thoughts, visit Brad Feldʼs blog, Feld Thoughts, http://www.feld.com/blog/
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your website, or any other means). You can print out pages and put them in your favorite coffee
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