Finance Your Business
- United States
More informationThis audiobook emphasizes that financing your business is just as much of a sales challenge as selling customers. The author focuses on matching up your fund raising with the stage of development your firm is at - and not to get ahead of yourself. Most startups at first need to be financed by family and friends as well as the entrepreneurs themselves. Once your business has had a proof of concept, meaning that a substantial number of people or companies have bought its products successfully, then you can seek angel investors outside of your family and friends network. Then you can move to secured lending when you have accounts receivable to finance.
The author emphasizes working with suppliers and customers as sources of financing through longer terms from suppliers and shorter payment terms from customers.
After discussing this cycle of finance, the audiobook focuses on the skill set to acquire the money. It starts with knowing your deal: what the elevator pitch is that you need to refine to get angels, investors, and lenders to listen to your longer story. Much of what you are is defining what you are not, so that your brand or name or service reflects a clear mission statement for customers and financial people alike. Then the audiobook provides suggestions about how to close financings through strategic thinking, as well as tips on hiring the financial people you need to hire or contract with to handle that side of your business. This is a must-listen for entrepreneurs. along with Business Startup by the same author.