Dr. Trilok Kumar Jain wrote an entrepreneurs' guide to managing finance. The guide provides 10 principles for entrepreneurs on financial management, including paying creditors before due dates, dealing only with credit-worthy "A class" customers, and investing excess cash. The document aims to help entrepreneurs, aspiring entrepreneurs, and those who support and train entrepreneurs to better manage the finances of their businesses.
A cryptocurrency video course for beginners from an ex-Agora guru now publishing independently.
High quality content, great conversions and happy customers.
The principal goal of this lesson, is to provide participants with knowledge and techniques on how to find and target the right investors, avoid costly mistakes, and craft convincing proposals that will make investors want to give you money. There are certain things you need know about investors as an entrepreneur before approaching them for funding. Don’t you think so? This lesson will make you see from a broader perspective how to position the concept of raising funds within the confines of your business. Whether you want to raise $5,000 or $10 million to kick-start your business idea, grow an existing business, or turn around a failing one, this lesson is the foundation that will significantly increase your ability to find, approach, engage and convince potential investors to give you funding. Most investors complain that it’s hard to find good businesses to invest in. Entrepreneurs, on the other hand, complain that it's hard to find investors who are willing to invest in their business. The big reason for this mismatch and confusion is most entrepreneurs who are looking to raise funds are flying blind. Their businesses just don’t meet the requirements that potential investors are looking for. The truth is funding is Available and Abundant for those who know how to access it! Many entrepreneurs often give the common excuse that funding is scarce. This is not only false, it's actually very misleading. If capital is really scarce, how come the volume of investments and loans to entrepreneurs and businesses continue to grow every year?
Success in raising capital for your business is very practical and easy. It often leaves clues, and if you look closely you will find a trail. There are a number of simple rules you can follow to significantly improve your chances of raising capital. Some of these rules are based on plain, old common sense. Some have been validated by the bitter experiences of other entrepreneurs. If you follow the golden rules in this lesson, you will avoid some of the most common mistakes and roadblocks people face when they try to raise funding.
The five step guide to financing recruitment business growthOutsauce
Make the most informed decisions on your journey to business growth.
Find out:
How to prepare for success
The pros and cons of every funding option
The unique benefits of factoring and invoice discounting
The power of corporate finance
Tips to take it to the next level - including acquiring another business and selling your agency
HOW TO ANSWER AN INVESTOR “WHY DO YOU WANT TO RAISE CAPITAL?”NGANG PEREZ
This is indeed a very simple question but for some entrepreneurs who are raising capital, they find it difficult to give an honest, correct and logical answer to the investor. To many, it may sound simple, however the response is not in its simplicity but rather in its logicality. How logical and rational and convincing is your response to that simple question if asked? I have come to the realization that, many entrepreneurs take for granted certain things considering they already know the answer whereas, they have a limited knowledge on what could either merit or demerit their opportunity to receiving funding.
Mantis Funding - Running a Small Business is Hard – Unless you Have access to...Mantis Funding LLC
When I first started my business, I had this one statistic quoted to me all the time – only 50% of small businesses survive past their 5th year in business!
Considering how stressful and daunting it is to start a business in the first place, this statistic didn’t help at all. However, now with an established and profitable restaurant business behind me, I can tell you from my experience how to be in the winning 50% side.
A cryptocurrency video course for beginners from an ex-Agora guru now publishing independently.
High quality content, great conversions and happy customers.
The principal goal of this lesson, is to provide participants with knowledge and techniques on how to find and target the right investors, avoid costly mistakes, and craft convincing proposals that will make investors want to give you money. There are certain things you need know about investors as an entrepreneur before approaching them for funding. Don’t you think so? This lesson will make you see from a broader perspective how to position the concept of raising funds within the confines of your business. Whether you want to raise $5,000 or $10 million to kick-start your business idea, grow an existing business, or turn around a failing one, this lesson is the foundation that will significantly increase your ability to find, approach, engage and convince potential investors to give you funding. Most investors complain that it’s hard to find good businesses to invest in. Entrepreneurs, on the other hand, complain that it's hard to find investors who are willing to invest in their business. The big reason for this mismatch and confusion is most entrepreneurs who are looking to raise funds are flying blind. Their businesses just don’t meet the requirements that potential investors are looking for. The truth is funding is Available and Abundant for those who know how to access it! Many entrepreneurs often give the common excuse that funding is scarce. This is not only false, it's actually very misleading. If capital is really scarce, how come the volume of investments and loans to entrepreneurs and businesses continue to grow every year?
Success in raising capital for your business is very practical and easy. It often leaves clues, and if you look closely you will find a trail. There are a number of simple rules you can follow to significantly improve your chances of raising capital. Some of these rules are based on plain, old common sense. Some have been validated by the bitter experiences of other entrepreneurs. If you follow the golden rules in this lesson, you will avoid some of the most common mistakes and roadblocks people face when they try to raise funding.
The five step guide to financing recruitment business growthOutsauce
Make the most informed decisions on your journey to business growth.
Find out:
How to prepare for success
The pros and cons of every funding option
The unique benefits of factoring and invoice discounting
The power of corporate finance
Tips to take it to the next level - including acquiring another business and selling your agency
HOW TO ANSWER AN INVESTOR “WHY DO YOU WANT TO RAISE CAPITAL?”NGANG PEREZ
This is indeed a very simple question but for some entrepreneurs who are raising capital, they find it difficult to give an honest, correct and logical answer to the investor. To many, it may sound simple, however the response is not in its simplicity but rather in its logicality. How logical and rational and convincing is your response to that simple question if asked? I have come to the realization that, many entrepreneurs take for granted certain things considering they already know the answer whereas, they have a limited knowledge on what could either merit or demerit their opportunity to receiving funding.
Mantis Funding - Running a Small Business is Hard – Unless you Have access to...Mantis Funding LLC
When I first started my business, I had this one statistic quoted to me all the time – only 50% of small businesses survive past their 5th year in business!
Considering how stressful and daunting it is to start a business in the first place, this statistic didn’t help at all. However, now with an established and profitable restaurant business behind me, I can tell you from my experience how to be in the winning 50% side.
An ultimate guide on bootstrapping your small business in 2019Merchant Advisors
Considering self-financing your small business? Here is the ultimate guide on how to bootstrap your small business instead of turning to others for funding. For more information, visit at https://www.onlinecheck.com/blog/small-business-resources/bootstrapping-your-small-business/
US Business Funding: When anyone starts any business, then he/she requires outside funding, however, many small entrepreneurs don't know where to find it, or the amount to request. In this PPT, I am sharing some instruction to fund a business. You can follow these steps to fund a business.
One thing the entrepreneur often forgets to understand is the fact that, Investors take a risk by investing in their businesses. These are the risks that influence how investors think and react to the business opportunities, that entrepreneurs engage in. All business opportunities are surrounded by a certain amount of risks, which in the eyes of the entrepreneur are minimal, usually because they neglect them or did not see them. That’s why, for investors, rigorous risk analysis lies at the heart of making every investment decision. Many entrepreneurs just don’t understand how to analyze their business from an investor’s perspective. And only those entrepreneurs who know how to do this can improve their chances of raising funding. This paper gives you an understanding on the 7 critical risks entrepreneurs should identify and address in their business before approaching a potential investor. The knowledge and insights you gain from this lesson will surely serve you throughout your journey as an entrepreneur.
An employee works for an entrepreneur. This is the basic difference between one and the other. But the entrepreneur cannot do without the employee. Both are partners and need to work together to achieve specific objectives in the corporate world.
Qualities of An Entrepreneur | Carl KruseCarl Kruse
Carl Kruse: Successful business people have many traits in common with one another. They are confident and optimistic. They are disciplined self starters. They are open to any new ideas which cross their path. Although there is no "one size, fits all" theory for entrepreneurship, a few guidelines may help those with a good idea become successful entrepreneurs. While the majority of entrepreneurs have no problem working hard, not all work smart and possess the following entrepreneurial qualities responsible for driving success.
Tapmaster Hoboken llc | How much can you afford to start a BusinessTapmaster Hoboken llc
Tapmaster Hoboken LLC is telling the whole thing about, how much can you afford to start a Business. Tapmaster Hoboken LLC is a respected restaurant firm in Hoboken, New Jersey.
as an entrepreneur is getting into business there difficulties in order to penetrate the chosen market or business. it has solutions in how to overcome the barriers.
Financial literacy content for business peopleLaja Shoniran
A major challenge to the survival and sustainability of small businesses is financial illiteracy. This content highlights a few tips for business people to become more aware of financial system in order to ensure access to right use of finance.
Approaching Your BankerTips1. Keep in mind tha.docxrossskuddershamus
Approaching Your Banker
Tips
1. Keep in mind that to stay in business banks need to make loans.
Do not be afraid to ask for one. That is what the Commercial Account Manager wants you to do. To increase your chances of getting a loan, look for a bank that is familiar with your industry and who has done business with companies like yours. Seek out banks that are active in small business financing. Some banks lend on a conventional basis (lending money without government support), while some banks participate in government programs (in the form of government participations involving direct government funds or loan guarantees). However, be aware that banks often demand stiff collateral requirements for start-ups.
2. As an entrepreneur, make sure that you are thoroughly prepared when you go to your banker's office to request a loan.
You need to show your bankers that a loan to you is a low-risk proposition. Have on hand a completed Business PlanManagementMarketsMaterialsMoney Copies of cash flow (12Mth) Financial statement projections (3-4yrs)
3. Learn to anticipate every question that he or she has. Remember, the combination of information and preparation is the most powerful negotiating tool in the world. A confident and thoroughly prepared borrower is four times more likely to have his or her loan approved than a borrower who does not know the answer to some of the basic questions a banker asks. To show the extent of your preparedness, your business plan should also include answers to your banker's questions.
These questions normally are:
How much money do you need? Be as exact as possible; although adding a little extra for contingencies will not hurt. How long do you need it for? Be prepared to go into detail about what the money will do for you and why your business is a good risk. What are you going to use it for? Businesses use loans for three things: to buy new assets, pay off old debts, or pay for operating expenses. When and how you will repay for it? Your cash flow projections should provide a repayment time frame. Convince the banker of the long-term profitability of your business and your ability to repay the loan by using your financial projections and business plan. What will you do if you do not get the loan? Is your request Safe and Sound.
4. Do not take an apologetic and negative attitude. Keep your negativity in check. Present yourself as an entrepreneur who can and will repay the loan. Boost your image by providing your Commercial Account Manager with any promotional materials about your business, such as brochures, ads, articles, press releases, etc.
5. Dress in a professional manner for the interview. This is a business transaction, so treat it as such.
6. Do not stretch the truth in your loan application. Broad, unsubstantiated statements should be avoided. The lender can easily check many of the facts on your application. If you cannot support statements with solid data, then don't make them.
Financial companies provide loans to traders or individuals for various reasons. It can be a small business, a small company or a large business. Commercial loans help established companies to grow (build new offices, open a new store, etc.). They can also be used to create new businesses. 7558640644 || info@corpseed.com || https://www.corpseed.com/ ||
An ultimate guide on bootstrapping your small business in 2019Merchant Advisors
Considering self-financing your small business? Here is the ultimate guide on how to bootstrap your small business instead of turning to others for funding. For more information, visit at https://www.onlinecheck.com/blog/small-business-resources/bootstrapping-your-small-business/
US Business Funding: When anyone starts any business, then he/she requires outside funding, however, many small entrepreneurs don't know where to find it, or the amount to request. In this PPT, I am sharing some instruction to fund a business. You can follow these steps to fund a business.
One thing the entrepreneur often forgets to understand is the fact that, Investors take a risk by investing in their businesses. These are the risks that influence how investors think and react to the business opportunities, that entrepreneurs engage in. All business opportunities are surrounded by a certain amount of risks, which in the eyes of the entrepreneur are minimal, usually because they neglect them or did not see them. That’s why, for investors, rigorous risk analysis lies at the heart of making every investment decision. Many entrepreneurs just don’t understand how to analyze their business from an investor’s perspective. And only those entrepreneurs who know how to do this can improve their chances of raising funding. This paper gives you an understanding on the 7 critical risks entrepreneurs should identify and address in their business before approaching a potential investor. The knowledge and insights you gain from this lesson will surely serve you throughout your journey as an entrepreneur.
An employee works for an entrepreneur. This is the basic difference between one and the other. But the entrepreneur cannot do without the employee. Both are partners and need to work together to achieve specific objectives in the corporate world.
Qualities of An Entrepreneur | Carl KruseCarl Kruse
Carl Kruse: Successful business people have many traits in common with one another. They are confident and optimistic. They are disciplined self starters. They are open to any new ideas which cross their path. Although there is no "one size, fits all" theory for entrepreneurship, a few guidelines may help those with a good idea become successful entrepreneurs. While the majority of entrepreneurs have no problem working hard, not all work smart and possess the following entrepreneurial qualities responsible for driving success.
Tapmaster Hoboken llc | How much can you afford to start a BusinessTapmaster Hoboken llc
Tapmaster Hoboken LLC is telling the whole thing about, how much can you afford to start a Business. Tapmaster Hoboken LLC is a respected restaurant firm in Hoboken, New Jersey.
as an entrepreneur is getting into business there difficulties in order to penetrate the chosen market or business. it has solutions in how to overcome the barriers.
Financial literacy content for business peopleLaja Shoniran
A major challenge to the survival and sustainability of small businesses is financial illiteracy. This content highlights a few tips for business people to become more aware of financial system in order to ensure access to right use of finance.
Approaching Your BankerTips1. Keep in mind tha.docxrossskuddershamus
Approaching Your Banker
Tips
1. Keep in mind that to stay in business banks need to make loans.
Do not be afraid to ask for one. That is what the Commercial Account Manager wants you to do. To increase your chances of getting a loan, look for a bank that is familiar with your industry and who has done business with companies like yours. Seek out banks that are active in small business financing. Some banks lend on a conventional basis (lending money without government support), while some banks participate in government programs (in the form of government participations involving direct government funds or loan guarantees). However, be aware that banks often demand stiff collateral requirements for start-ups.
2. As an entrepreneur, make sure that you are thoroughly prepared when you go to your banker's office to request a loan.
You need to show your bankers that a loan to you is a low-risk proposition. Have on hand a completed Business PlanManagementMarketsMaterialsMoney Copies of cash flow (12Mth) Financial statement projections (3-4yrs)
3. Learn to anticipate every question that he or she has. Remember, the combination of information and preparation is the most powerful negotiating tool in the world. A confident and thoroughly prepared borrower is four times more likely to have his or her loan approved than a borrower who does not know the answer to some of the basic questions a banker asks. To show the extent of your preparedness, your business plan should also include answers to your banker's questions.
These questions normally are:
How much money do you need? Be as exact as possible; although adding a little extra for contingencies will not hurt. How long do you need it for? Be prepared to go into detail about what the money will do for you and why your business is a good risk. What are you going to use it for? Businesses use loans for three things: to buy new assets, pay off old debts, or pay for operating expenses. When and how you will repay for it? Your cash flow projections should provide a repayment time frame. Convince the banker of the long-term profitability of your business and your ability to repay the loan by using your financial projections and business plan. What will you do if you do not get the loan? Is your request Safe and Sound.
4. Do not take an apologetic and negative attitude. Keep your negativity in check. Present yourself as an entrepreneur who can and will repay the loan. Boost your image by providing your Commercial Account Manager with any promotional materials about your business, such as brochures, ads, articles, press releases, etc.
5. Dress in a professional manner for the interview. This is a business transaction, so treat it as such.
6. Do not stretch the truth in your loan application. Broad, unsubstantiated statements should be avoided. The lender can easily check many of the facts on your application. If you cannot support statements with solid data, then don't make them.
Financial companies provide loans to traders or individuals for various reasons. It can be a small business, a small company or a large business. Commercial loans help established companies to grow (build new offices, open a new store, etc.). They can also be used to create new businesses. 7558640644 || info@corpseed.com || https://www.corpseed.com/ ||
Enterpreneurship Development Assignment on making business unique and convert...Gunjan Awasthi
Ways to make business unique and successful in 21st century.
Challenges or threats on Enterpreneurship and how to convert challenges into opportunities.
Top 10 SME Finance Tips For EntrepreneursM1xchange
Starting and running a small business can be challenging, especially when it comes to financing. As an entrepreneur, you need to ensure that your business has enough capital to sustain its operations and growth. However, managing finances is easier said than done. To help you out, we've compiled the top 10 SME finance tips for entrepreneurs.
Comprehensive Guide All About Entrepreneurial Ideas. Inside this Entrepreneural ideas discover the topics about entrepreneurs benefits of a home based business, entrepreneurs attributes for a successful business, entrepreneur opportunities from the beginning, some important entrepreneurial attributes, teen entrepreneurs - be your own boss, healthy life and releasing stress for the entrepreneur, different business opportunities for entrepreneurs, fundamental factors of famous entrepreneurs and some beneficial idea for your future business
Before you begin mapping your financial targets and goals for 2019, you must plan your budget. The right budget can help you prepare for taxes, identify seasonal peaks and lulls, explore growth opportunities, gauge your small business’s performance, and achieve your 2018 goals.
This e-book has been written for information purposes only. Every effort has
been made to make this ebook as complete and accurate as possible.
However, there may be mistakes in typography or content. Also, this ebook
provides information only up to the publishing date. Therefore, this ebook
should be used as a guide - not as the ultimate source.
The purpose of this ebook is to educate. The author and the publisher does
not warrant that the information contained in this e-book is fully complete
and shall not be responsible for any errors or omissions.
The author and publisher shall have neither liability nor responsibility to any
person or entity with respect to any loss or damage caused or alleged to be
caused directly or indirectly by this ebook.
At the conclusion of this course, the learner will:
Have a broad understanding of the banking system; its resources and opportunities as it applies to micro enterprises
Be aware of the needs, limitations and resources of your professional banker and the ways in which you can leverage these to your benefit
How to Plan Your Yearly Small Business BudgetKabbage
Before you begin mapping your financial targets and goals for 2020, you must plan your budget. The right budget can help you prepare for taxes, identify seasonal peaks and lulls, explore growth opportunities, gauge your small business’s performance, and achieve your 2020 goals.
Financial advisors provide advice relating to investment strategies, mutual funds, bonds, and stocks, and their knowledge is more necessary than ever as Baby Boomers near retirement. Here's how to start your career as a financial advisor. In other words financial planning is the process of assisting the house owners in meeting their goals like child’s education, car purchase, vacation, retirement and so on, by way of appropriate management of the finances.
For more information visit now http://www.financialadvisertips.com
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
how to swap pi coins to foreign currency withdrawable.
Entrepreneurs' guide to managing finance
1. 2013
ENTREPRENEURS' GUIDE TO MANAGING FINANCE
Dr. Trilok Kumar Jain
Dean, ISBM,
Suresh Gyan Vihar University Jaipur
www.gyanvihar.org
11/29/2013
2. ENTREPRENEURS' GUIDE TO MANAGING FINANCE
by : Dr. Trilok Kumar Jain
Dean, ISBM, Suresh Gyan Vihar
University, Jaipur, India
jain.tk@gmail.com
Mobile : 9414430763
Editor of books on: 1. Strategic Financial
Management, 2. Strategic Management, 3.
Management of Banks and Financial
Institutitons. (Deep and Deep Publications,
New Delhi)
Entrepreneurs Guide to Managing Finance
Page 2
3. for whom?
Are you an entrepreneur? - this will help you
thow who have become entrepreneurs
those who aspire to be entrepreneurs
those who aspire to train entrepreneurs
thow who aspire to support entrepreneurs
Introduction
finance is the backbone of entrepreneurship. Every successful entrepreneur has
to become an expert of finance. He must know how to manage money. He must
generate greater return on investment than any other available alternative. He
must be able to secure quick payments from debtors and must be able to create a
really positive image on creditors. He must be able to present the company
before investors as ideal junction and must be able to meet the expectations of
the financial analysts on bourses. He must be both risk taker and conservative in
his approach at the same time. He must take the company to public, but keep the
reins in firm control. He must set highest standards on transparency, public
reporting, financial prudence, but at the same time, he must also ensure that the
fundamentals of finance like minimising costs, minimising expenditure, invsting
surplus cash, and good return on investment are met.
Entrepreneurs Guide to Managing Finance
Page 3
4. tkjain's 10 Principles of Financial Management for Entrepreneurs
1.
pay before the due date
: most people will ask you to pay on
due date, I ask you to pay before due date. Your creditors will value you
and respect you. Interest of a few days make a very small amount, but the
goodwill that you make in the process make a big difference. This is my
philosophy and I have always benefitted from this.
2.
deal with only A class customers : a leading entrepreneur told
me that when he entered a new city, he first classified all the dealers into A,
B and C and then started dealing with only A class dealers. This is the truth
of a good business entrepreneur. Classify customers into three categories
on the basis of their credit-worthiness. Deal only with A class customers.
You wont repent. If you pick up one C class customer, he will kill all your
time and energy and will make you completely disappointed (by not making
payment on time). A class customers are those, who make the payment
before due date and who are 100% credit worthy. You can sell them against
their acceptance of bill and be assured that they will not default. You are
able to concentrate on more important things. I have seen entrepreneurs
spending all their time in collecting their payments. This is because they
deal with all types of customers. Be selective in your business dealings. If a
C class customer deals with you, deal in cash only. People will slowly
understand that you have your standards and you are not willing to
compromise with them.
3.
understand value of money : what is the worth of money? Your
rate of return in your business is 20% per annum - so the value of 1 is 1.2
after one year and it is more than double after four years. The value of
money depends on the rate of return that you generate. Your business
must generate higher and higher rate of return. Dont go by the rate of
return that banks give.
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5. 4.
borrow to repay : business grow with borrowings. Borrow to repay.
Borrow at half the rate of your internal rate of return. If you borrow, ensure
that you are able to save after repaying your loan. If your rate of return is
18% and you borrow at 18%, you actually incur loss. Hence, be calculative
about your business and identify the sources which can give you loan at
lower and lower rate of interest.
5.
faster cycle, better working capital : the growth in business
doesnt depent on your capital - but on your WORKING CAPITAL. Try to
speed up your working capital cycle. Try to squeeze your working capital
cycle in smaller and smaller duration. Try to ensure that you are running a
business with more working capital cycles than your competitors. Reducing
working capital cycle requires the following : - a. collect payment faster even if through bank financing b. keep less inventory c. keep less working
capital d. keep less dead stock e. order only when you realy require f.
adopt practices like JIT (Just in Time) to minimise investment in inventories
g. follow up with your distribution channel to ensure that they are also able
to sell faster and collect payments faster.
6.
go to public : going to public means going to stock markets - going for
public issue of your equity, issuing shares, debentures and other
instruments. Even if you dont require finance, go to public. Going to public
changes your business completely. It makes you more responsible, more
presentable, more careful and shapes you for the future. You are update on
the market and public reaction. Analysts look at your company and write
reports, which are often useful to you also. You are able to see the
perspectives of others. You are able to have publicity without investment.
The requirements of stock markets make your more systematic in your
annual reports and in your periodical reports. Your business systems
improve and help you in your improvements. Now even a small company
can go public under the SME scheme of Bombay Stock Exchange.
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6. 7.
documentary finance - the best way to help your
customers : your customers will require your support, like you require
support of your creditors. Your customers will ask you for credit. Help them
- if they are really genuine parties and credit worthy. Give them credit - but
not at your cost. You can raise bill on them and get those bills discounted
through banks. Thus you get cash immediately and your customer doesnt
have to pay it immediately. You are able to help your customers without
compromising on your liquidity. You can raise your
8.
invest your extra cash
: how you use your cash that determines
your returns. You must be vigilent about your surplus cash. Dont keep any
extra cash. Try to have most transactions through banking channel. Try to
minimise your cash requirements. Keeping your extra cash in high return
investment is good idea, but for your liquidity (liquidity means whenever
you require money, you can have it) is more important. Entrepreneurs
benefit from keeping liquidity. You dont know when opportunity will come.
When it comes, you need liquidity. Therefore invest your extra cash in
those sectors, which can give you liquidity.
9.
love risk but play in limits
: entrepreneurs love risk and they
must do. Risk helps you to grow your business. Risk in business keeps nonserious players away from business. It is not a fixed monthly salary that
lures entrepreneurs but the volatility, uncertainity, and the real time
situation that enables entrepreneurs to jump and create businesses.
Entrepreneurs have to learn to live in risk. However, they have to be
calculative about risk. They must play in safe limits. Risk beyond capacity
creates stress, tension, and ultimately business failures. Risks create a
possibility of loss and higher the risk, higher the possibility of loss. Hence,
entrepreneurs must respect a reasonable limit of risk and must keep
themselves withing that limit.
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7. 10. forget
your sunk cost, fixed cost and un-avoidable
cost
: while taking important decisions like pricing, expansion,
diversification, make it a point to keep your pricing on the basis of variable
cost and forget your sunk cost, fixed cost and un-avoidable costs. While
keeping your margins, you may keep higher margins as a parctice so that
you are able to cover these costs. You should not loose a business just
because it covers only variable cost. It is more important to remain in
business and connect to the customers. The customers of today may
generate huge returns tomorrow and may also gift you a lot of new
customers by being your brand ambassador. Therefore make it a point not
to loose your customers. There may be times, when you may have to price
just to cover your variable cost so that you are able to make an entry into a
business.
Pl. do read my other articles also - which are freely available on the net : Entrepreneurs’ Guide in Managing Marketing for Tomorrow
Entrepreneurs’ Guide to Managing Human Resource
10 Point Orientation Programme for the Future Entrepreneurs
Beginners Guide to Career Enrichment
Biographies of Great Scholars from Bikaner
Bikaner’s Greatest Role Models of our times
Sujit Lalwani – An Inspirational Leader and Social Entrepreneur
Abhay Jain Granthalaya Bikaner
Harakh Chand Nahata – The Great Social Entrepreneur
I also need your support - I also need your network - I also need your patronage - I also need you.
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