Start Up Finances
How much money on average does it cost to start a business?
Most startups cost around $3000.
Do most entrepreneurs fail their first couple of businesses?
Yes
Why is investing risky?
Investing involves risk, including possible loss of principal. Past performance does not guarantee future results. Asset allocation and diversification do not ensure a profit or protect against loss.
How do small business startups begin?
An idea
What is a scalable startup?
How much money does it cost to make an LLC?
$99 in ohio.
How many new businesses are created every day?
Over 3,000 businesses were created every day in the first quarter of 2022.
List one way to reduce startup risks.
Identify all of the potential risks.
Probability and Impact
Mitigation strategies.
Monitoring.
Disaster planning
What is a small business usually?
A local business with one owner
What is an example of a scalable startup?
Google, Facebook, Skype, Twitter
How much money does it cost to build a customized website?
$200 to build a website with an ongoing cost of around $50/month to maintain it.
What percentage of startups turn into corporations?
Less than 1%
List one way to maintain the continuation of the capital chain.
Reduce inventory and increase inventory turnover.
Pay vendors on time and manage debtors effectively.
Convert to electronic payables and receivables.
Receive adequate financing.
How big do small business startups become?
However big they want/can
What is the goal of a scalable startup?
The goal is that the business capacity grows to meet increased demand. For example the business creates enough capacity to satisfy the demand from customers.
How much does it cost for the internet in an office?
How many ideas make it out of the startup phase?
6% of all "official" ideas reach a developmental phase and become commercial successes.
List one way to invest correctly.
Give your money a goal.
Decide how much help you want.
Pick an investment account.
Open your account.
Choose investments that match your tolerance for risk.
How close are small business startups?
They think of each other as family
Are scalable startups successful?
Typically they are the most successful. This is because they are up and running incredibly fast.
Early customers, along with additional funding.
What does it cost to advertise a product to 1000 people on Facebook?
$7
List 3 ways for entrepreneurs to connect with the right people once they have created a startup?
Finding relevant connections on social media
Joining online communities like LinkedIN
Joining national communities and alliances
attending industry events
attending startup networking events
working from a coworking space
List a way to protect a products reputation.
Define your brand's journey.
Take good and positive action to build trust.
Leverage three to four social media platforms to boost your brand's likability and brand engagement efforts.
Believe in your brand's purpose and growth potential.
Have fun and stay positive.
Perception is powerful.
Who are these funded by?
Typically the owner with the idea
What percentage of scalable startups are successful?
Around 10%