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This article will provide you with a starting point for understanding your financial statements. In it you will find guidelines for the type of information you need and suggestions on how to review it.
When developing a budget, it is important to estimate profits annually for the next three years as well as to develop a detailed month-by-month budget of sales, expenses, and cash flow amounts for the same three years.
This article discusses the advantages and disadvantages of obtaining needed cash through external sources. It also discusses specific sources that typically contribute cash.
Compare actual financial figures to your budget at least monthly. You may need to adjust the budget during the year to reflect new information.
Budgeting, forecasting, and projecting mean fundamentally the same thing--estimating future amounts based on information you already know.
Recounting the tale of founding and growing two companies, one which ultimately failed, the author argues that the key message about cash in a high growth business is raise more than you need, and spend less than you have.
Entrepreneurs looking for seed capital should consider Toronto TSX Venture Exchange's Capital Pool Company (CPC) program, which allows companies to go public by merging with a CPC.
One of the questions I get asked the most is some version of "what do you think of crowdfunding?" I usually answer with some noncommittal answer about how it is going to be important, but no really knows how it will impact the trajectory and success of startup companies. After all, the notion of banding together through social media to fund the development of a prototype, documentary film or art project has been going on for many years now.
Young entrepreneurs with few contacts need to get real about raising money in a tough economy, and pursue avenues such as their own bank accounts, loans from parents and credit cards, writes the author. Another tactic is keeping costs low so that you need less money in the first place.
Experienced angel investors, Ron Conway, Founder of Angel Investors LP, and Mike Maples, Founder of Maples Investments, provide a rare look into the ins and outs of angel investing. Conway and Maples discuss how angel investors assess opportunities, provide assistance to entrepreneurs and transition start-ups to larger venture investments or exit. In addition, Conway and Maples provide advice to entrepreneurs about finding one's passion and developing that passion into new ventures, including insight into how much money to raise and how to manage that money after it is in the bank.
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