Think Agile: How Smart Entrepreneurs Adapt in Order to Succeed by Taffy Williams

Author:Taffy Williams
Language: eng
Format: mobi
ISBN: 9780814434314
Publisher: AMACOM
Published: 2014-11-18T14:00:00+00:00

PUTTING CONCEPTS INTO ACTION

How rigid or agile are you when it comes to these financial issues? To help you do a quick assessment of your flexibility in this area, what follows are two lists of traits. The first characterizes an entrepreneur who views funding and related financial issues in a narrow, single-minded manner. The second list offers characteristics that suggest a much more open-minded, option-oriented perspective. See how many checkmarks you make on each list and be aware of your rigidity and agility as you deal with the funding and financial issues that confront entrepreneurs regularly:

Rigid Mindset

I have always used one type of funding for projects and refuse to deviate from this tried-and-true formula.

I refuse to consider cobbling together smaller funding sources, preferring to focus on a single source.

I am obsessed with growing the company at all costs and willing to dilute its value dramatically to achieve growth.

I am focused on building value to the point of becoming a tightwad; I nitpick expense reports, pay people poorly, and fail to spend money on essential aspects of the business.

I operate with little cash on hand all the time; I would be put out of business if there was a dip in sales or if the business incurred any significant, unexpected expense.

I never talk about or consider exit strategies with investors; I never plan for an exit from the business.

Agile Mindset

I explore multiple funding options besides the one that has worked in the past.

I put together a “coalition” of different funders who may provide varying amounts at varying times in various ways.

I have an open mind regarding dilution and valuation; I balance the need for growth with the need for increasing the company’s worth.

I make an effort to build cash reserves; I actively attempt to use different methods to keep the company as liquid as possible.

I am selectively frugal, maintaining a close watch on the money going out but willing to spend on mission-critical projects.

I have developed and discussed an exit strategy, both for the business and for investors.

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