Personal finance issues have a large impact on a business venture. First of all, many entrepreneurs use personal funds to help get their venture idea started. So being aware of costs and how much you actually have to spend becomes important. Not only that, but knowing what to spend it on to make the most of the funds you have is important as well. Also, when you go to other people to get help with the funds for your venture, such as a loan or investment, the people giving you the money want to know that you are responsible and that their loan or investment will be used in a helpful way and that it will pay off.
Another issue that I think has an impact on a business venture is that the entrepreneur is able to budget and manage their money appropriately. Being able to understand their finances, as well as knowing how the money is being spent and what it is being spent on is important in being financially stable, and keeps them from getting in over their heads. Although accountants are available and can be used to help, knowledge of finances and financial documents, such as the balance sheet, income statement, and statement of cash flows, is powerful in helping entrepreneurs know how their business is doing financially.
~ Adrianne Siler
One stratagy that I have is putting 10% aside for your future and 10% for God. If you can't do that in your pursonal life you are going to have trouble with at in your business life too. If you do not put money aside for a rainy day your going to have have times when that problem does occure. And when you own your business you may have your own accountant but always know what is going on with your business' money or your leaving yourself open to being robbed from the inside of the company. Money is one of the key items getting your business started and to keeping it going.
ReplyDeleteFinancing a venture is a HUGE part of starting a business. Without the money to start it a brilliant idea can never be turned into a great business venture. There are a myriad of ways to aquire financing. Obviously as a business man or woman you want the optimal level of financing with a minimal level of cost.
ReplyDeleteAlso there is more money availible than you may realize right now. Everyone thinks that with the current economy there is no money availible for small businesses, but actually therer is plenty of money availible. The government is trying to kick-start the economy by putting money into small businesses. The SBA has loans and programs availible right now for small business start-ups.