Nailing your messaging will open doors to bigger and better conversations in the future,” said Bonner. All entrepreneurs need to prepare for every aspect of running a business, and this includes developing a sound understanding and ability to manage the financial aspects of their company, including financial analysis, taxes and budgeting.
Alex Kurrelmeier, director of the Ron Rubin School for the Entrepreneur at Culver Academies, said early-stage entrepreneurs should seek out online courses in finance and study various startup business models.
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“It will most likely be a while before your company is at a place financially where you can hire a full-time controller, so the more comfortable you are with numbers, the better,” said Kurrelmeier.
But even in the face of all these challenges, your business can thrive if you have enough tenacity and fortitude to stay the course. “If you ride out the turbulence and stay the course, you might find that in the long term you can overachieve even the most ambitious goals,” said Seth.