Detailed records-documentation of all financial transactions

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Reference no: EM132287190

Research shows that most new business ventures (not franchises) have serious challenges when it comes to acquiring start-up capital, predicting expenses and managing cash shortfalls. As a matter of fact, about 8 out 10 new businesses are no longer running after 10 years. Reasons include poor or inadequate management training, faulty or scant market research, or even boredom with the business. The number one reason for failure, however, is poor financial planning and management. So after reviewing the content in Chapters 7-10, incorporate your answers to the questions below in a 300-400 word summary.

1. What did you learn about managing finances effectively to maintain and grow your business?

2. Is it necessary for every entrepreneur to have a deep understanding of financial statements?

3. Many, if not most successful entrepreneurs, are real "penny-pinchers." Why do you think this is so?

4. Why is it important to keep detailed records and documentation of all financial transactions?

Reference no: EM132287190

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