Fight Financial Imposter Syndrome with Business Money BasicsApril 15, 2021
This week on The Localist, Carrie is diving into the sometimes-scary world of business finances. Money can be stressful, emotional, and overwhelming, but it doesn’t have to be! Carrie was inspired to talk about this after participating in a SharkTank-like contest at a local high school. A lot of the projects had a common theme: underestimating how much funding their ideas would need. And this common theme isn’t specific to high school students; many entrepreneurs underestimate the funding they’ll need as well. Carrie then introduces the Rollwagen Theory of Accounting (disclaimer: Carrie is not an accountant!). Carrie points out that the math is actually pretty basic, the terminology is Googleable, and there is a simple formula to figure out profit. Carrie wraps up with the value of dividing money into buckets, the importance of having a solid business plan, and how you can still pursue your dream if the numbers don’t add up.