An interesting Entrepreneur.com article came across my feed this week written by Brian Patrick Eha titled, Daymond John of Shark Tank on the No. 1 Thing Entrepreneurs Need. Eha jumped right in with a quote from Daymond himself:
“While good business ideas are plentiful, many entrepreneurs struggle to understand payroll taxes, health care and other thorny issues… In other words, they don’t have the financial literacy to scale their businesses and attract investors.”
You will be forgiven for not seeing Daymond as a big proponent of financial literacy. It’s more often Mr. Wonderful that’s drilling Shark Tank entrepreneurs on the numbers and Daymond is more of a cool, celebrity-linked, garmet guy – but doesn’t that make his viewpoint hold even more weight? Mr. Suave says the everyday skills of financial literacy, taxes, and healthcare are what every entrepreneur desperately needs.
Amen Daymond! I’m nowhere near as cool and rich as he, but I wholeheartedly agree. A business cannot succeed when the numbers are on a poorly set auto-pilot. In the article Daymond goes on to remind us that no one will write you a check to invest in your business or buy your business when you have no idea what’s going on financially. Yikes – exit plan out the window.
A little pop quiz – can you give a solid answer to the following questions:
Can you start that super smooth, exciting marketing campaign or will even a Facebook ad break you?
Should you continue offering “X” service, i.e., is it making you actual money?
Do you need to raise money to continue on, by when, how much and what should you offer?
What will your taxes look like at the end of the year. Will the IRS man be knocking on your door during Christmas dinner?
How much will you bring home next month? Can little Suzie have braces, play soccer, eat meat?
The Daymond John article really peaked my interest because I’m launching a course aimed directly at making sure you can answer those questions with confidence. You can check it out here.
No one will write you a check to invest in your business when you have no idea what’s going on financially.
So, Daymond John didn’t say you have to attend my course, but he did say you need to be financially savvy to be a successful entrepreneur. And again I say Amen!
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