Comments on: Weekend Entrepreneurial Thought – Worried About Money http://brianlinton.com/weekend-entrepreneurial-thought-worried-about-money/ Entrepreneurial Lessons and Adventures of Brian Linton Fri, 26 Feb 2010 16:58:58 -0700 http://wordpress.org/?v=2.8.2 hourly 1 By: admin http://brianlinton.com/weekend-entrepreneurial-thought-worried-about-money/comment-page-1/#comment-721 admin Mon, 09 Feb 2009 18:05:49 +0000 http://brianlinton.com/?p=756#comment-721 Usman, Glad to see you found your way here! Thanks for the article. Hope to see you around and back here! Cheers, Brian Usman,
Glad to see you found your way here! Thanks for the article. Hope to see you around and back here!
Cheers,
Brian

]]> By: Usman Sheikh http://brianlinton.com/weekend-entrepreneurial-thought-worried-about-money/comment-page-1/#comment-720 Usman Sheikh Mon, 09 Feb 2009 17:37:22 +0000 http://brianlinton.com/?p=756#comment-720 Hey Brian, Thanks for the response on the YE forum. You have written some great stuff over here. The problem of cashflows is one that I have dealt with many times. Mismanagement of funds is one of the leading causes as to why many startups have to fold. I wrote an entry some time back on some of the tips I use to manage cash flow, maybe it would be of interest to you and your readers. http://www.usmansheikh.com/strategy/5-tips-for-better-cash-flows Best of luck with you ventures. Please feel free to get in touch with me. I enjoy talking strategy and bouncing ideas of other entrepreneurs. Regards Usman Sheikh www.usmansheikh.com www.twitter.com/usmansheikh Hey Brian,

Thanks for the response on the YE forum. You have written some great stuff over here.

The problem of cashflows is one that I have dealt with many times. Mismanagement of funds is one of the leading causes as to why many startups have to fold. I wrote an entry some time back on some of the tips I use to manage cash flow, maybe it would be of interest to you and your readers. http://www.usmansheikh.com/strategy/5-tips-for-better-cash-flows

Best of luck with you ventures. Please feel free to get in touch with me. I enjoy talking strategy and bouncing ideas of other entrepreneurs.

Regards
Usman Sheikh
http://www.usmansheikh.com
http://www.twitter.com/usmansheikh

]]> By: admin http://brianlinton.com/weekend-entrepreneurial-thought-worried-about-money/comment-page-1/#comment-719 admin Mon, 09 Feb 2009 15:50:24 +0000 http://brianlinton.com/?p=756#comment-719 @adam - No, thank you for asking questions. Your questions not only are good for this website and add value to the content, but also get me thinking and keep me sharp as I move forward with my businesses. To answer your question: No, I don't use barcodes for my products. Yes, I should be, but I just haven't done it yet. Most of the stores I sell to put their own UPC codes on... I do know that you can purchase a machine that generates and prints unique codes for each product and the UPC system keeps record of everything that is sold...so yes, I should be using UPC codes as I would be able to better track the sale of my products, the inventory, and other important stats....I'm thinking this will come into effect sometime this year. @aulelia -- thanks for the comment. You can do it..you'll find a way. I just checked out all your blogs and you seem like you have the wheels rolling already on those projects anyways. Let me know how things go! @Millor - Thanks for your insights! @adam – No, thank you for asking questions. Your questions not only are good for this website and add value to the content, but also get me thinking and keep me sharp as I move forward with my businesses. To answer your question: No, I don’t use barcodes for my products. Yes, I should be, but I just haven’t done it yet. Most of the stores I sell to put their own UPC codes on… I do know that you can purchase a machine that generates and prints unique codes for each product and the UPC system keeps record of everything that is sold…so yes, I should be using UPC codes as I would be able to better track the sale of my products, the inventory, and other important stats….I’m thinking this will come into effect sometime this year.

@aulelia — thanks for the comment. You can do it..you’ll find a way. I just checked out all your blogs and you seem like you have the wheels rolling already on those projects anyways. Let me know how things go!

@Millor – Thanks for your insights!

]]> By: aulelia http://brianlinton.com/weekend-entrepreneurial-thought-worried-about-money/comment-page-1/#comment-718 aulelia Mon, 09 Feb 2009 15:41:33 +0000 http://brianlinton.com/?p=756#comment-718 This is an interesting subject. It's the number one thing that is stopping me now. I am trying to save money as I go along each month for utilities like web for my site launch but I am finding it difficult. But again, you always find a way when you want it to work. This is an interesting subject. It’s the number one thing that is stopping me now. I am trying to save money as I go along each month for utilities like web for my site launch but I am finding it difficult. But again, you always find a way when you want it to work.

]]> By: Adam http://brianlinton.com/weekend-entrepreneurial-thought-worried-about-money/comment-page-1/#comment-717 Adam Mon, 09 Feb 2009 04:13:53 +0000 http://brianlinton.com/?p=756#comment-717 Thanks for your responses Brian, you've been really helpful and have given me some good insight. I have another question for you...do you have UPC's/barcodes for all your products? And if so could you explain a little about how that process works and when it's necessary to get them? Thanks again!!! -Adam Thanks for your responses Brian, you’ve been really helpful and have given me some good insight. I have another question for you…do you have UPC’s/barcodes for all your products? And if so could you explain a little about how that process works and when it’s necessary to get them? Thanks again!!!

-Adam

]]> By: Millor Machado http://brianlinton.com/weekend-entrepreneurial-thought-worried-about-money/comment-page-1/#comment-716 Millor Machado Mon, 09 Feb 2009 02:36:46 +0000 http://brianlinton.com/?p=756#comment-716 Hey Brian! In Babson, people say that entrepreneurship is based in 3 main areas. Opportunity, team and resources and I agree with them. You have to know how to control your resources for the best results. But more than that, it's a consensus that you have to have the passion for what you do, than the money will follow. Guy Kawasaki also says that. He says that the most important thing you have to keep in mind is how to make meaning, not money. By making meaning you will make your costumers happy then money is a consequence. Well, from my experience I can't say much, I'm just starting. But these mind-set really seems correct to me, I totally agree with you that thinking about money all the time will keep you from moving foward. Congratulations for the post. Cheers from Brazil! Millor Hey Brian!

In Babson, people say that entrepreneurship is based in 3 main areas. Opportunity, team and resources and I agree with them. You have to know how to control your resources for the best results. But more than that, it’s a consensus that you have to have the passion for what you do, than the money will follow.
Guy Kawasaki also says that. He says that the most important thing you have to keep in mind is how to make meaning, not money. By making meaning you will make your costumers happy then money is a consequence.

Well, from my experience I can’t say much, I’m just starting. But these mind-set really seems correct to me, I totally agree with you that thinking about money all the time will keep you from moving foward.

Congratulations for the post.

Cheers from Brazil!
Millor

]]> By: admin http://brianlinton.com/weekend-entrepreneurial-thought-worried-about-money/comment-page-1/#comment-715 admin Sat, 07 Feb 2009 21:11:46 +0000 http://brianlinton.com/?p=756#comment-715 Right on Jens. I know it is corny, but I too am a firm believer that if you have the love and passion for your product and company you can always find a way. I'm happy to hear you don't worry about money and that your main concern is not making progress. To answer your question, I don't have an emergency fund, I reinvest most of the money I make back into the company to help it grow...growth is more important to me than an emergency fund. Thanks for the comment!! -Brian Right on Jens. I know it is corny, but I too am a firm believer that if you have the love and passion for your product and company you can always find a way. I’m happy to hear you don’t worry about money and that your main concern is not making progress. To answer your question, I don’t have an emergency fund, I reinvest most of the money I make back into the company to help it grow…growth is more important to me than an emergency fund.
Thanks for the comment!!
-Brian

]]> By: Jens http://brianlinton.com/weekend-entrepreneurial-thought-worried-about-money/comment-page-1/#comment-714 Jens Sat, 07 Feb 2009 21:06:51 +0000 http://brianlinton.com/?p=756#comment-714 I'm right now in the starting process of my company. I know pretty much all the cost for tools, fees, material that I will need for product development and the first few products(My customes will pay cash, I don't have any cashflow delays). I don't know what it will cost me to promote my product, I don't know how set up an emergency fund for any unexpected interruptions (do you have one brian?). But what I know is that, if I can proof some taction, my parents will support me a little bit. Anyway I don't worry about money, I only worry about not making progress or taking too much time to reach my "milestones". What I learned just a few days ago: Once you are in the entrepreneur-mindset nothing can stop you. Since that shift of mind ideas are flowing into my mind constantly. I can't help it. And based on that, I believe that when I encounter a lack of financial backup I will find a way. I also think that if you need the 500 bucks for an ad-campaign or product pictures for your onlineshop you will do anything (even cleaning toilets) for the money to get it done. Once you love your product and company you would die for it. And that "love" will push you. I’m right now in the starting process of my company. I know pretty much all the cost for tools, fees, material that I will need for product development and the first few products(My customes will pay cash, I don’t have any cashflow delays). I don’t know what it will cost me to promote my product, I don’t know how set up an emergency fund for any unexpected interruptions (do you have one brian?). But what I know is that, if I can proof some taction, my parents will support me a little bit. Anyway I don’t worry about money, I only worry about not making progress or taking too much time to reach my “milestones”. What I learned just a few days ago: Once you are in the entrepreneur-mindset nothing can stop you. Since that shift of mind ideas are flowing into my mind constantly. I can’t help it. And based on that, I believe that when I encounter a lack of financial backup I will find a way. I also think that if you need the 500 bucks for an ad-campaign or product pictures for your onlineshop you will do anything (even cleaning toilets) for the money to get it done. Once you love your product and company you would die for it. And that “love” will push you.

]]> By: admin http://brianlinton.com/weekend-entrepreneurial-thought-worried-about-money/comment-page-1/#comment-713 admin Sat, 07 Feb 2009 20:36:54 +0000 http://brianlinton.com/?p=756#comment-713 Adam, Yep, that is pretty standard practice -- that I don't get anything until either right before or right after the order is delivered. It varies by customer, and you always want to try to get the money as early as possible, but you usually won't get it too long before delivery, and in many cases larger companies will not pay you until 30 days after delivery (net30). I pay manufacturers about 30% up front and then the balance right before it is shipped. I have been trying to get better terms with my manufacturers, but it is quite difficult to get net30 or net60 from them. Let me know if you have any other questions. Cheers, Brian Adam,
Yep, that is pretty standard practice — that I don’t get anything until either right before or right after the order is delivered. It varies by customer, and you always want to try to get the money as early as possible, but you usually won’t get it too long before delivery, and in many cases larger companies will not pay you until 30 days after delivery (net30). I pay manufacturers about 30% up front and then the balance right before it is shipped. I have been trying to get better terms with my manufacturers, but it is quite difficult to get net30 or net60 from them. Let me know if you have any other questions.
Cheers,
Brian

]]> By: Adam http://brianlinton.com/weekend-entrepreneurial-thought-worried-about-money/comment-page-1/#comment-712 Adam Sat, 07 Feb 2009 16:05:38 +0000 http://brianlinton.com/?p=756#comment-712 Hey Brian, Is that the way it typically works? You don't get paid anything until the order is delivered? And what about with the supplier/manufacturer? Do you pay them everything up front or do you pay something like half up front and then the remaining half once you receive the product? Thanks a lot. -Adam Hey Brian,

Is that the way it typically works? You don’t get paid anything until the order is delivered? And what about with the supplier/manufacturer? Do you pay them everything up front or do you pay something like half up front and then the remaining half once you receive the product? Thanks a lot.

-Adam

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