The U.S. Small Business Administration recently hosted a Twitter chat on how to start a business. We were among the expert participants including Google Small Business, Constant Contact, IRS Small Business, QuickBooks, SCORE and more, who shared tips and resources on how to take the first steps to entrepreneurship! Below are some highlights from the session.
“How to Start a Business” Chat Questions and Answers
David Barnett, the founder of PopSockets, shares how he turned his idea into a fast-growing business and why doing good is good business.
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What did philosophy teach you about business?
David said it taught him how to solve problems.
Where did the idea for PopSockets come from?
David was motivated by his frustration with his earbuds, back when they had cords. His cords were always tangled when he took them out of his pocket.
Finding startup money is essential if you are to move forward with a new business. However, you might not need as much as you think.
On The BIGG Success Show, we were joined by Maria Aspan, Editor-at-Large of Inc. Magazine. We talked about her wonderful new book, Startup Money Made Easy*. Maria combines her award-winning journalism skills with lessons gleaned from successful celebrity entrepreneurs like Mark Cuban, Bobbi Brown, Jack Ma, and Daymond John. Here’s a summary of our discussion…
Listen to this post! Click play to hear George & Mary-Lynn on The BIGG Success Show Podcast (Duration 3:29)
In the hit movie, Wall Street, Gordon Gekko (played by Michael Douglas) said to his protégé, Bud Fox (Charlie Sheen):
“The key to the game is capital reserves. If you don’t have enough, you can’t piss in the tall weeds with the big dogs.”
How’s your access ability?
We hear it all the time – cash is king. But it’s not just cash that matters; it’s also access to capital.
Large companies generally have that. Small business people often don’t.
So it’s crucial to manage your cash flow wisely. Make sure you’re getting a return on every dollar that goes out your door. Because…
Even if an outlay goes to your Income Statement as an expense,
it should still deliver a return to you or it’s not worth spending the money.
In addition, build up your reserve borrowing capacity. Protect your credit rating like you would any other asset. Then you’ll be able to take advantage of opportunities when they present themselves.
Watch your debt ratios so you could always tap into some money if need be. But also be aware that …