Mindblown: a blog about philosophy.
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Developing Startup Financial Statements and Projections
Learning Objectives By the end of this section, you will be able to: You have learned how an accounting system classifies transactions in terms of assets, liabilities, and equity; what those transactions mean in terms of the accounting equation; and what that information says about an entity’s overall financial health. Now we’ll examine how to…
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Accounting Basics for Entrepreneurs
Learning Objectives By the end of this section, you will be able to: Although financing and accounting complement and rely on each other, they are distinct. As we have seen, financing is the process of raising money. Accounting is the system of recording and classifying financial transactions related to a business, and summarizing and communicating those transactions…
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Special Funding Strategies
Learning Objectives By the end of this section, you will be able to: It’s important to recognize that not all startups are Silicon Valley tech companies. These companies create high-profile products, such as applications and websites, which can take years to become profitable or even generate revenue. Much more common are the small businesses founded…
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Overview of Entrepreneurial Finance and Accounting Strategies
Learning Objectives By the end of this section, you will be able to: The case of iBackPack demonstrates that entrepreneurial success is not guaranteed simply because a company can secure funds. Funds are the necessary capital to get a business, or idea, off the ground. But funding cannot make up for a lack of experience, poor management,…
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Introduction
Figure 9.1 An advertisement showcasing the features of the iBackPack. Chapter Outline 9.1 Overview of Entrepreneurial Finance and Accounting Strategies 9.2 Special Funding Strategies 9.3 Accounting Basics for Entrepreneurs 9.4 Developing Startup Financial Statements and Projections In 2015, Doug Monahan, the CEO and founder of iBackPack of Texas, Inc., introduced a revolutionary technology package encased in a typical backpack. The iBackPack boasted the capacity…
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Summary
Entrepreneurial Marketing and the Marketing Mix Marketing refers to those activities companies use to identify consumers and convert them into buyers. Entrepreneurial marketing is a set of unconventional practices that can help start-ups and younger firms survive in competitive markets. One way to think of the marketing mix is to break it into the 7Ps:…
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Marketing Strategy and the Marketing Plan
Learning Objectives By the end of this section, you will be able to: Now that you have a better idea of what marketing is, you are ready to start developing a marketing strategy and plan. A marketing strategy describes how a company will reach consumers and convert them into paying customers. Having a solid-yet-flexible marketing strategy is…
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Entrepreneurial Branding
Learning Objectives By the end of this section, you will be able to: In a business context, the word brand has multiple meanings. First, a brand name is the name of a product or service offered by a company. For example, Coca-Cola and Goodyear are brand names. But the brand also means the image a company promotes and the…
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Marketing Techniques and Tools for Entrepreneurs
Learning Objectives By the end of this section, you will be able to: One of the hardest facts for entrepreneurs to absorb when starting a new business is that financial and human resources are limited. Fortunately, there are many marketing techniques available to entrepreneurs that require little more than a good dose of “sweat equity.”…
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Market Research, Market Opportunity Recognition, and Target Market
Learning Objectives By the end of this section, you will be able to: Now you know the components of the marketing mix. But, as an entrepreneur, before you can make decisions about them, you need to roll up your sleeves and do some research. This type of research is similar to the concepts covered in Identifying…
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