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Gone are the days where we wake up at dawn, milk the cows, collect the eggs from the chickens, and pull weeds the rest of the day.
In all seriousness, being self-employed can be awesome. Focusing on what you’re passionate about, flexibility in your schedule, and potential for wealth are just a few reasons to love being an entrepreneur. However, it’s not easy or for the faint of heart.
Sometimes a good idea + a horrible idea can still result in success if properly executed. Take the Toyota Prius. This is a good idea (Eco-friendly hybrid automobile) along with a horrible idea (awful looking car! Very, very, very ugly). However, this car sells in the hundreds of thousands each year. Why? Because Toyota executes on their ideas really, really well!
At ProvenCFO, we focus on simplifying the Income Statement as much as possible to ensure the lessons are easy to understand and apply. A complicated financial statement is just a simple financial statement with more detail on the front page.
Assets are everything you own or are owed. Liabilities are everything you owe. Equity is made up of all the contributions and withdrawals of the shareholders as well as the current and retained earnings of the business.
Data drives decisions. I might end up writing this a thousand times… but you first need to have some useful data before arriving at a conclusion.
Find a good banker, a good lawyer, and a good accountant. Get to know your suppliers, your vendors, or your distribution channel. Take these people to lunch, invite them to your office. Pick their brains. Don’t forget to ASK for their support. The idea of “self-made” is nonsense. Donald Trump (love him or hate him) quickly wrote a book “Crippled America: How to Make America Great Again” to try ensure all of America remembers him during this 2016 election cycle. This is only possible because he is surrounded by a massive support system. Success is built on good support. As a suggestion — if you need support and you’re in the early stages of business, try connecting with a mentor on Micromentor.org. I know some really amazing entrepreneurs. Find someone or several people who inspire you and emulate them.
I know many people who would love to “be their own boss” or “do something meaningful in business” or “not work for the man” — but are hoping to stumble into something that works for them in business. Being an entrepreneur requires a boatload of passion for what you are doing. This still leaves us some big questions — how do I find what I am passionate about to drive me towards success? I don’t really want to start my own business, but I want to be part of something awesome — Is passion only for entrepreneurs?
In my opinion and experience, the Balance Sheet is the most neglected and least understood financial document in the small business world. Too often a small business owner will skip the Balance Sheet entirely to focus solely on the Income Statement. Even if the Balance Sheet is utilized in decision making — it is often only the Cash & Cash Equivalents line item. Two significant issues exist from ignoring the balance sheet. First, the biggest misclassification of entries occurs on the Balance Sheet. Second, a great wealth of knowledge is missed from not correctly interpreting the picture created from Balance Sheet data.
Jon Cheney, Founder + CEO of Seek Dave Willson, Partner at ProvenCFO Marla Trollan, District Director of the SBA Jon Gygi, District Council of the SBA Miles Hansen, CEO + President of the Utah World Trade Center
COVID-19 Government backed economic injury loans and stimulus funds for small businesses
In the Covid-19 economic downturn, ProvenCFO is using Jirav to create "skyfall" scenario planning and cash flow projections in just a few hours per client.
Hand Crafted Leather Luxury dress shoes, boots and leather sneakers without breaking the bank.
Meet Stephanie, the owner of Ox and Pine, maker-of-leather-things, wife to a great guy, mom to 4 little kiddos, an avid runner, and a stickler for details. Ox & Pine sources the best leather, paper, and hardware for their leather products. Their craftsmanship techniques and strict quality control standards come from a desire to meet and exceed every customer's expectations.
At the intersection of work and lifestyle, Kiln provides amenities that support its members holistically, including an on-site theater, refresh rooms, deep workrooms, a parenting room, a café, a podcast studio, walking and biking desks along with a variety of events and programming.