Entrepreneurial Finance (FSU) May 2017
May 2017
Hello Tumblr Friends,
As you know it’s the end of the month and its time for my monthly report to you all. And I’ve done it again! That is, I’ve completed another amazing course towards my Masters in Innovation and Entrepreneurship from Full Sail University (FSU). My original goal for this course was to learn the importance of knowing how to quantify my product sales and understand my financial projections. And understand how Entrepreneurial Finance will help in Innovation and Entrepreneurship Industry. I must say it will help greatly!
Each week I learned why it is important to have a, clearly thought-out StartUp Cost Plan, and how to put that on paper—you know—write it down. So many times I felt afraid to write it down because of feeling ignorant to the world of Finance and now I know better. This course has helped me to understand my other courses better, like my Product Feasibility course and Legal Issues.
I Get It!— get why we need to know— the Financial side to business because without it, we won’t have a business and without financial knowledge, we won’t stay in business. I will be applying all of this material that I’ve learned to my LAJames SMLLC product business. I’m beginning to feel like I am able now to write a successful business plan.
Well, I did write one and it surprised me to see how quickly I could —in the perfect world of sales— get to my breakeven point in a short amount of time. Now I can see why business people want to talk about the Profit and Loss statements and I see why so many businesses fail. When you calculate the right numbers, the right way you get a better picture of what to do and how to do it. You can see just when to increase your advertisement and where you might need to cut back to make ends meet. You can even find out if your marketing to the right target market.
Learning how to research startup costs and why it necessary prior to starting a business is powerful. You feel empowered to continue forward with your business plan. I guess that how I feel now that I’ve taken this course.
I feel Empowered! Oh! I almost forgot I wanted to share our course study book with you all, it’s a must read.
Fundamentals of Corporate Finance (2nd edition), Robert Parrino, David Kidwell, and Thomas Bates, Wiley ISBN: 978-0-470-87644-2 (available on Safari Books Online)
Best to you all,
Lisa A. James