Entrepreneurs Guide to Managing Financial Resources

Author : Damian Kutzner

Successful entrepreneurs live a balancing act They typically deal with limited resources as they aspire to achieve lofty goals They push the limits of what others believe is possible They make choices that others wouldn’t make and struggle to realize their dreams

To succeed, they need to be smart When a new business is in trouble, many mistakenly think that money will solve all their problems

The reality is that throwing more money at a problem, is not the solution Unearned money doesn’t solve problems; not for businesses, for families, for organizations or for schools

Look at the well intentioned Reading First issue, which was put in place in 2002 with the No Child Left Behind Law After six years and $6 Billion Dollars, the Department of Education did a study and found no difference in scores between students who participated in the program and those who did not

The House Education Committee Chairman George Miller was quoted as saying “We need to seriously reexamine this program and figure out how to make it work better for students ”

Examine what?

In California they continually ask for higher taxes for education Why? What did the $6 billion do? Think of it, $6 billion didn’t work so let’s just throw another $6 billion and see if we get the same result No, unearned money is never the answer While it may help you to hang on until you find an answer, the reality is that too often it merely masks an underlying problem

Only the government has the luxury of waiting six years and $6 billion later to see figure out that something is not working As a small business owner or an entrepreneur, you don’t have that much time or money Don’t fall into the trap that it takes money to make money That is what testing the market means

Don’t roll out a new plan until you know it works Test things on a small scale before going big The most common mistake of new entrepreneurs is to dream big and spend big in the beginning They let their passion and excitement take over that which is sensible and good business practice

While its true that it takes a little insanity to be an entrepreneur, there must be some method to your madness Throwing money at a problem should be left to politicians Study and test the market first Use your resources wisely and succeed!

Damian Kutzner is a serial entrepreneur who understands success. He opened his own real estate firm at 23 then went on to launch one of the most successful debt settlement firms in the nation. Damian is the founder and CEO of Integrated Legal Systems (ILS), a company that provides applications to simplify the way law firms do business. He is also the president of Serious Pimp, an extreme lifestyle clothing company that sponsors MMA fighters and events.

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