Check this out. YFS (Young, Fabulous, and Self-Employed) Magazine came to me and DeepSky a while back asking what’s the one financial tip we will give to entrepreneurs out there.
And you can bet that if someone invited us to chat it up about our passion, we will. Here’s what I said:
A financial tip for entrepreneurs
Entrepreneurs tend to not like the accounting/numbers aspect of their business because it is not as fun or “sexy” as the product building or rainmaking – but it is crucial as a thermometer to the business health. Too many great entrepreneurs with great ideas fail because they simply were not financially feasible. It’s the truth and it’s a shame. I’ve seen so many great entrepreneurs experience failure where it could’ve been avoided had they known about the problem earlier. So avoid it and get on top of your accounting already. Thanks to the technology available today, you can seek help from around the world – so find someone that fit, someone who can help you along the way to achieve your vision. Don’t procrastinate. Get on those numbers.
Read the other 9 tips on the 10 Financial Mistakes to Avoid When Bootstrapping Your Startup on the YFS Magazine site.