Join Whitney Johnson for an in-depth discussion in this video Minding your cash, part of Entrepreneurship Foundations.
- According to the US Small Business Administration,…nearly 30 percent of the businesses declaring…bankruptcy cite problems with the financial…structure of the company.…And the fact is, as a startup, cash will probably be tight.…At a minimum, you should know what your cash…burn rate is so that you know how much runway you have.…For a refresher on burn rate and runway,…check out the video in chapter two…on building a financial model.…Again, though, this is at a minimum.…In order to run your business well…and without the stress that uncertainty brings,…you will need to know more.…
On that score, you may find the advice from…entrepreneur, Chris Johnson,…founder of Wakefield Media, especially helpful.…The first step is to see how much cash…you have once a week.…Look at the balance of your accounts,…checking, savings, and anywhere else…you may have available funds.…That's your cash on hand.…Then look at your receivables,…money you've earned but haven't yet collected.…What could convert into cash this week?…Is it possible that you can nudge the collection…
- Cite the steps that can help you find an unmet need.
- Differentiate between a business and a hobby.
- Recognize how to decide between an online business and a brick and mortar business.
- Describe how to protect your intellectual property.
- Explain the best practices for hiring the right people.
- Recall the importance of tapping into networks of expertise.
- Cite the best practices for building a business website.
- Summarize the best metrics to use for your online business.
Skill Level Intermediate
Management Foundations (2013)with Britt Andreatta2h 9m Intermediate
1. Finding Your Big Idea
2. Starting Your Business
3. Building a Team
4. Marketing Your Business
5. Scaling Your Business
6. Funding Growth
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