The Self-Employed Life 259: Chris Myers- Financial Strategies From Start-Up to Exit
Get ready to learn smart, practical tips in managing the finances of your business, from start up, to your exit strategy. We're diving in to everything from bootstrapping to bank loans, from managing your debt, to managing your data. These are the financial essentials that will help you think big about your small business.
Chris Myers is the co-founder and CEO of Bodetree.com, a leading financial management solution for small businesses and startups. He's also a columnist for Forbes magazine, and a frequent contributor to MSNBC. He recently published his first book, "Enlightened Entrepreneurship".
WARRIOR OF FAITH
"Not all needs are created equally"-Chris Myers
Highlights -- Writing helps to clarify your thinking and keep things straight in your mind
- The reality of finances is that it's more of a behavior than a specific plan
- Start with a 24 month forecast, but revisit it weekly or monthly
- You'll always be thinking and adjusting your plan, it will hardly be set in stone
- There is a plan, but behavior drives the plan
- Try to produce as much as you can on your own --when starting a startup
- Do as much yourself as you possibly you can, because the minute you bring in a third party the clock starts
- Business owners need to start out with an idea of an exit in mind
- Do not go in with a misguided set of expectations
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