You don’t have to be a financial wizard to run a prosperous business.
But you do need to understand some basic “numbers” so you can use financial data to make smart decisions.
In this module, you’ll learn how to:
- Shift your focus from revenue to profit
- Price your offering to maximize your profit
- Create and manage your cash flow sheet
- Recognize the importance of setting up a bookkeeping system
- Use financial data to guide your decisions
Be sure to check out the Resources section for further help developing your financial literacy and planning for financial success.
Mastering the Numbers Part of Business
Thinking Like a CEO
Zeroing in on Profit
Cashflow is King
Making Use of Your Financial Data
Take Entrepreneurial Action
- Using the Cash Flow Sheet template, estimate your cashflow for the next six months. (For bonus points, go for the full 12 months!)
- Choose an accounting app and set it up for your business. Then make an appointment with yourself to update the app regularly.
- How do you feel when you think about the “numbers” part of running a business? If the idea of managing business finances brings up any negative emotions, how might you reframe your thinking about that to adopt are more finance-positive mindset?
- How do your thoughts about managing business finances relate to your thoughts about money in general?
- What did you learn about money growing up? How have family attitudes and personal experiences shaped the way you think about money?
- Would changing any of your thoughts about money make you a more effective entrepreneur?
For Further Help
Below you’ll find a catalogue of entrepreneurship resources. It includes the resources curated for each Module of the Think Inc. program plus additional resources on other topics that will help you develop your entrepreneurial thinking skills.
Module 1 Resources: Find Your Entrepreneurial Idea
Nine ways entrepreneurs think differently than employees (Inc.com Article)
- Six tools to assess your potential as an entrepreneur (AlleyWatch Article)
- Why is entrepreneurial thinking important (Video from the University of Calgary)
Module 2 Resources: Collect Insights from Your Target Market
- Customer interviews: Tips, do’s, and don’ts (VentureWell Article)
- Find your customers with a target market analysis (Forbes Article)
- How to do the “product/market fit” survey with your customers (video from Tiny Marketing Wins)
Module 3 Resources: Sketch Your Business Model
- Guidance on how to create a Social Impact Canvas
- Why business models matter
- How to start a business budget
- Capture your business model in 20 minutes
Module 4 Resources: Pitch Your Business Idea
- Nine things that take a pitch from good to great
- 30 legendary startup pitch decks and what you can learn from them
Module 5 Resources: Start Your Side Hustle
- Ideas for side hustles to get you thinking
- Side hustle ideas for students
- How to run a side hustle and avoid burnout
- Benefits of side hustles
- List of tools that can help you run your side hustle
Module 6 Resources: Design the Career and Life You Want
- Designing Your Career (free course from Stanford Online)
- Forget resolutions. Try these 7 ways to design your life.
- Life Design Log
Module 7 Resources: Attracting Your First Customers
- How to Develop a Unique (& Memorable) Brand Identity in 2022 (tips for creating your visual brand identity)
- 12 Top Storytelling Marketing Examples: How Brands Tell Stories
- Data-Driven Marketing Trends for 2022
- Which Marketing Personality Type Are You?
- Seth’s Blog (blog by marketing expert Seth Godin)
Module 8 Resources: Sales and Business Processes
- Top 3 Strategies to Sell Without “Selling”
- Interview with Daniel Pink about his book To Sell Is Human
- The Beginner’s Guide to Relationship Selling
- Starting Up a Business? Focus on the Business Process
Using LinkedIn to Grow Your Business
- How to Use LinkedIn to Market your Business
- How to Use LinkedIn for Business and Marketing
- 10 LinkedIn Tips for Students & New Grads
Using PESTLE Analysis to Position Your Business
- PESTLE Analysis: Painting a “Big Picture” of the Business Environment
- Do a PESTLE Analysis
- PESTEL Analysis Explained
Cultivating Influence Skills
- 7 Ways to Influence Other People
- 5 Communication Skills Successful Entrepreneurs Use to Influence Others
- New Research: The Skills that Make an Entrepreneur
How to Pivot Successfully
- When and How to Pivot a Business Model
- How to Pivot Successfully in Business
- 10 Steps to a Successful Pivot of Business Strategy