Top 10 Straight Talk Tips on Starting a Business
http://www.lostjobstartbusiness.com/ Top 10 tips that help you during the start up phase.
Duration : 0:7:41
Importance of a Business Plan
Video from our FREE Online Business Course http://www.myownbusiness.org Session 2 – The Business Plan Question: “We find that many entrepreneurs find it difficult to write out a business plan. Could you cite why this important step should not be overlooked?” William H. Crookston, Ph.D. Professor of Clinical Entrepreneurship University of Southern California Topics covered in this video: Starting a business, writing a business plan, entrepreneurs, business plan templates Transcript: My …
Duration : 0:1:25
Common Business Mistakes to Avoid
Video from our FREE Online Business Course
http://www.myownbusiness.org
Session 4 – Business Organization
Question:
“What are some of the most common mistakes you see with people going into small business?”
Stan Henslee
Certified Public Accountant (C.P.A.)
Topics covered in this video:
Business mistakes, capital, planning, separation, bank accounts, organization
Transcript:
Basically I think there are three. The first one is that they’re going into the business under-capitalized. They put everything they’ve got into the business at the very start and they don’t have anything to fall back on. If they just had some high limit credit cards that were fairly clean to have something to fall back on to pay the bills when the business takes off a little slower than expected.
The second problem I see is co-mingling funds: paying personal expenses out of the business bank account and paying the business bills out of the personal bank account. You have to keep them separate and you have to treat the business as a separate entity and let it stand on its own.
The third biggest mistake I see, and this cripples most young businesses, is that owners take too much money out of the business in the early stages; where they leave the business under capitalized and no longer have the money needed to replace the product on the shelf or to expand into new areas. That is the kiss of death to a young business.
Duration : 0:1:32
Writing a Business Plan Advice, Tips
Video from our FREE Online Business Course
http://www.myownbusiness.org
Session 1 – Evaluating Business Potential
Question:
“How important is it for a new entrepreneur to have a written business plan in hand before seeking out financing sources and why?”
Rod Banks
Executive Vice President, Small Business Market
Bank of America
Topics covered in this video:
Writing a business plan, loans, financing, cash flow
Transcript:
Well, a great question. Having a business plan is actually more important than the loan application because before you make an application for a loan you really need to have that business plan. The business plan needs to be your vision as to why you want to start this business and where you’re going to go with it.
You typically start with an executive summary because at some levels not everybody is going to read every single page. You need to have the executive summary that talks about why you’re going to start this business, what you’re going to do with it and then you need to describe your product. You need to describe the competitive environment you’re in. Talk about competition. Talk about cash flow, because in your business there is probably going to be seasonality. You need to talk about any financial headwinds that might come about, what might the difficulties be and how would you as an entrepreneur be able to weather those headwinds.
Duration : 0:1:26
Starting a New Business – Part 2, Develop a Business Plan
Business Link Start-up adviser Duncan Lewis talks about writing a business plan, including how to structure the plan, what information to include and other considerations
Duration : 0:3:15