February 2, 2012 in Articles
Growth Great entrepreneurs, those who make it, don’t just wake up one morning and say, “Hey, kids, let’s start a business!” They prepare well ahead, so when the time is right they’re ready to parry the punches that a startup business can throw. We’ve got five keys to smart planning for starting that business one fine day
Stash cash for your startup dreams
If you want that dream of a startup business to come true at the right time, learn now to manage your finances with an eye to covering costs for your future startup.
“I don’t mean cashing in the kids’ college funds, hocking the house and maxing out every credit card,” says Alan Carsrud, executive director of the Eugenio Pino Global Entrepreneurship Center at Miami’s Florida International University.
“I once had a guy call me into his office to try to raise a million dollars to save his business. He had oriental carpets on the floor, ornate solid mahogany furniture and original oil paintings on the wall. I said, ‘What’s all this stuff?’ He said, ‘I have to have a nice office.’ This is not income-generating stuff. You save money by not wasting money. We tell a lot of people in startups: Start in your garage.”