What are some tips to mitigate problems with financial matters in your small business when you are an entrepreneur? Well, the Rogue CFO, Chris Benjamin, delivers suggestions on Financial Damage Control for your startup — and what you can do to prevent financial “gotcha’s” that may blindside you.

Thus, in this episode of The Struggling Entrepreneur, we deliver this discussion in a repurposed podcast episode from his Podomatic series called The Rogue CFO’s Expert Guide to Launch a Startup.

There are a myriad of financial triggers that can cause problems — from taxes due from your business, to receivables, to payables, to negotiation with vendors, etc.

In this episode, Chris Benjamin gives some pointers for Entrepreneurs to practice a type of Financial Damage Control for your small business that can avoid these issues.

We know that this topic is unpopular,  but necessary. However, it is one in which every Entrepreneur needs to address  these potential pitfalls.

As you will hear in this audio episode, it is recommeneded to have a planning system to check the financial health of your firm. This is extremely important for the solo-preneur who needs to wear the ‘CFO hat’ in addition to all the other responsibilities to manage the business.

Copyright (c) 2012, Chris Benjamin Consulting, LLC and Matrix Solutions Corporation. All rights reserved.

Here is a success story of a part-time Entrepreneur and hobby-preneur that entered an environment that most people described as “saturated” — especially when his revenue streams started as sponsors and advertisers that had come to him, asking to be on his web site.

Max Flight is a mature individual who wants to complete his career, while being a “hobby-preneur” that has a passion for podcasting. In fact, his subject-matter expertise is in a podcast called “PodcastPassion.com” .He started with his interest in aviation. Since 1996, he had a web site with an aviation directory at the web site called Thirty thousandfeet. He also has a podcast called AirplaneGeeks.com.

Calling himself both an “advanced professional” and an “audio perfectionist,” Max Flight devotes himself to helping others in the area of producing high quality audio podcasts. He himself has good equipment in his home studio, and he provides high-quality audio advice and content to aspiring podcasters.

Although many would have told him time and time again that this market for podcasting services and podcast instruction and podcast education is “saturated,” he proceeded in spite of the warnings, and his is a success story, both in terms of financial success and career success for a post-retirement option.

As you will hear in this audio episode, it is not just luck that provides the formula for success. For podcasters, the path includes hard work, good equipment, total dedication to quality, and the planning and execution of the tasks of starting a business. The path to pursue usually includes the stages of successfully becoming:

- a subject-matter expert; then

- a trusted advisor to a loyal and growing audience; and finally

- a thought leader in the community or field of interest (in this case, podcast consulting and training).

To communicate with Max Flight, you can go to the web site of his contact form at PodcastingPassion.com.

Copyright (c) 2012, Matrix Solutions Corporation. All rights reserved.

How do you know what your best slide deck should be if you, as an Entrepreneur, are going to present to potential investors when you decide to get funding for your firm to grow your business?

This episode of The Struggling Entrepreneur podcast series delivers a repurposed episode by Chris Benjamin, the Rogue CFO, from his Podomatic Podcast series called “The Rogue CFO’s Expert Guide to Launch a Startup.”

As an Entrepreneur looking for funding from investors, you may only have one chance to present to them in a brief, limited amount of time. Thus, you had better have the best set of slides (mainly done in MS PowerPoint (R)) to give to the investors exactly WHAT they want and communicated to them in the way that they need.

You need to be effective in:

- getting their attention;

- giving them crisp and clear information about your firm, the market, the company management, its products and services, and the competition, and your financial status and projections;

- delivering all the details of the growth of your firm and the revenues you expect as per your business plan and marketing plan;

-  persuading them WHY they should take a risk and invest in your firm and provide you the funding you need;

-  convincing them that you know what your business strategy, success strategy and financial exit strategy are.

Since Chris Benjamin has been heavily involved for the past 15 years in the area of presenting to investors and getting funding for entrepreneurs, his real-world experience can be of value to you.

As you will hear in this audio episode, Chris gets to the level of describing a recommended slide-by-slide approach for slide decks that has worked for Startups seeking funding.

Copyright (c) 2012, Chris Benjamin Consulting, LLC. and Matrix Solutions Corporation. All rights reserved.

Education for entrepreneurs has been available in many ways for many levels of aspiring entrepreneurs:

- within the Federal and local programs (e.g., Small Business Development Center and Small Business Development Program–both of which were described in earlier episodes in this podcast series);

- within the online marketing offerings in the Business area for both free and fee courses, modules, webinars, etc.;

- within iTunes(R) and iTunes University for free courses delivered in the form of podcasts (e.g.,  the Entrepreneurship and Business course);

- within the College and University systems, where courses, programs, internships, incubators and even majors for higher learning degrees are offered;

- and in many small, independent non-profit organizations and ventures (e.g., SCORE, Vetrepreneur Magazine and Entrepreneur Bootcamp, etc.).

Now the entrepreneur overview, exposure, education and  training is within the High School level.

As you will hear in this audio podcast episode, we explore an Entrepreneurship course at the high school level as a case-in-point.

As you will hear in this audio episode of The Struggling Entrepreneur, there is definitely a concern with the approach and the teachers of such courses in the areas of live, real-world experience, qualifications and appropriate education–including their abilities to TEACH and deliver value to the high school students.

Since we were invited to deliver a presentation within the discussion of entrepreneurship with such a class of high school students in a “Course for Entrepreneurship,” we explore briefly from our preliminary point of view “the good, the bad and the ugly” regarding the present day situations and these concerns.

As we mentioned in the audio episode, here is a link that provides to you the list of 20 topics that I delivered as suggestions in a discussion about the objectives of the invited session:

http://bit.ly/yFCNno

As was mentioned in the audio podcast, there is a course available for free on iTunes (R) (and others at iTunes University) with the title of

Entrepreneurship and Business Course.

The link for the podcast series of over 25 sections of content and subjects of the course is located at:

http://recordings.talkshoe.com/rss13431.xml

Note: this is just one course available to those iTunes listeners that want to get an overview of Entrepreneurship delivered by a professor. The quality may not be the best, but free content for an exploratory approach to entrepreneurship may be what some high school students, as well as Junior College students, may need at this time for an initial exposure.

In a future episode of this podcast, we plan to report on the results of the presentation and discussion with the high school class taking the Entrepreneurship course–including the attitude of the students, the quality of their learning and participation, and the future success for these students.

FREE WHITEPAPER

In addition, here is the whitepaper that was mentioned during the audio episode about challenges facing the Entrepreneur:

This whitepaper (taken from the blog of The Struggling Entrepreneur) is titled Addressing the Issues Facing the Struggling Entrepreneur.

The whitepaper is available in the way that YOU would like to consume it.

For the EXECUTIVE  SUMMARY VERSION:

If you want a quick 8-minute read or listen to get the executive level SUMMARY version:

- if you prefer to READ the whitepaper, it is available as a pdf document. Click here to access the whitepaper or download it: 

- or, if you prefer to LISTEN to the audio version of the whitepaper, Click Here for the mp3 audio of the EXECUTIVE SUMMARY VERSION of the Whitepaper.

However, if you prefer to get the FULL VERSION of the whitepaper in its entirety, with all the details:

- you can get the pdf version for Reading. Click here for the FULL VERSION of the whitepaper in pdf format .

- or you can LISTEN to the audio of the FULL VERSION of the Free whitepaper. We have divided the entire audio of the whitepaper into 3 bite-sized consumable chunks for you.

Click  on the episode you wish to get the mp3 audio of the FULL VERSION of the whitepaper:

- Click here For the audio mp3 of Challenges 1-4 that Face the Entrepreneur in the free whitepaper;

- Click here for the audio mp3 of Challenges 5-8 that Face the Entrepreneur in the free whitepaper;

- Click here for the audio mp3 of Challenges 9 and 10 that Face the Entrepreneur in the free whitepaper.

The choice is yours.

Copyright (c) 2012, Matrix Solutions Corporation. All rights reserved.

The Struggling Entrepreneur podcast series delivers not only interviews, but also web resources available to the small business owner to help that individual become a Successful Entrepreneur.

For assistance with improving the financial health of your Entrepreneur firm, there are the BLUEPRINTS from the Rogue CFO, Chris Benjamin — or, as he describes it, the web site that is “The Road to Success for Entrepreneurs.”

This is a repurposed episode from Chris Benjamin in his Podomatic platform podcast series called “The Rogue CFO’s Expert Guide to Launch a Startup.”

In addition to 10 free whitepapers and other no-charge deliverables, Chris Benjamin also describes in this audio episode both the fee-based deliverables (e.g., online and web tools, audio and video files, and ebook training modules) in the area of financial health for Entrepreneurs. He also includes templates and other educational offerings.

Chris Benjamin is also the subject-matter expert who delivers both the free audio-book modules, as well as the audio and video and screencast training in the 7-week online Premium Podcast education offering at Finance for Startups (at www.finance4startups.com).

Copyright (c) 2012, Matrix Solutions Corporation. All rights reserved.

When Entrepreneurs pursue getting funding from Investors, there is a due diligence process that is performed by the potential investors on behalf of their stakeholders.

However, many entrepreneurs are not aware of the extent of the detailed investigation and validation of every aspect of your business.

The Struggling Entrepreneur podcast series delivers a repurposed episode from Chris Benjamin, the Rogue CFO, from his Podomatic platform podcast series called “The Rogue CFO’s Expert Guide to Launch a Startup.”

As you will hear in this audio episode, the due diligence goes beyond just checking on cash flow and revenue projections. The extent that investors dig in goes all the way from investigating the market and potential product or service feasibility, as well as competitive advantage and your management team as individuals.

Being pro-active during this process is highly recommended. Verification, validation, proof, credit reports, background checks, legal liabilities — these all march to the goal of reducing the risk of the Investor organization.

Also, Chris recommends that you should do some due diligence on your own to investigate the investors.

Copyright (c) 2012, Chris Benjamin Consulting, LLC. and Matrix Solutions Corporation. All rights reserved.

For an Entrepreneur who has just launched a company, there are multiple stages with criteria that define a firm’s growth, especially in relation to the top reason why small businesses fail–money and funding.

In this podcast series of The Struggling Entrepreneur, we deliver a repurposed podcast episode from Chris Benjamin, who is known as the Rogue CFO,  from the Podomatic platform podcast series called The Rogue CFO’s Expert Guide to Launch a Startup.

As you will hear in this audio episode, Chris Benjamin briefly steps us through the stages of a Startup’s growth and how to recognize which stage you may be in–especially in raising capital.

Chris also describes the main stage in which he assists startups during their growth.

Copyright (c) 2012, Chris Benjamin Consulting, LLC. and Matrix Solutions Corporation. All rights reserved.

If you have launched your small business or Startup, then you will be looking for opportunities to promote and market your business. There are traditional methods using old media, and some using new media.

However, BUILDING A COMMUNITY can be a strategy where you can become a subject-matter expert or trusted advisor and perhaps a thought leader, and then word-of-mouth and viral marketing can be an effective method for referrals (and this can then act as a strategy for promotion).

In this episode of The Struggling Entrepreneur, we deliver to you some ideas on using an online tool that is available on the internet to help build your community and give you the credibility, awareness, exposure and expertise that you need in addition to traditional promotion tactics.

That tool is the Meetup(R) facility at www.meetup.com.

 As you will hear in this audio episode, this online tool and facility is sometimes considered a type of Social Media Network tool. This online facility provides a great deal of the tasks and “grunt-work” that is needed by an organizer who would like to host and provide in-person meeting sessions with members of the subscription group that share the passion, topic, idea or subject matter for the “meetup” group.

You can do the following as a result of holding your in-person and virtual meetups:

- promote an ebook that you have just written and published;

- promote your blog and podcasts (both audio and/or video) from your blog and web site.

- create offers, discounts and “show specials” for events and business shows in which you will be participating, attending or sponsoring–from the National / International or local level (i.e., from South By Southwest or BlogWorld/New Media Expo or Consumer Electronics Show, etc. to your own regional or local events);

- promote any training courses or educational offers that you may have for both free and/or fee;

- hold roundtables for feedback about your niche or industry segment of your business;

- deliver great value in content by having guest speakers with interesting topics, how-to sessions, announcements or community buzz;

- and many other results, as well.

However, what was not mentioned in the audio podcast episode is that the management and development team at www.meetup.com conducts periodic Meetups for Organizers in the regional areas, as they travel to different cities. In these meetups, they get feedback from organizers about tools and tasks that they would like to see in the online tool, as well as speak to the developers themselves, and they listen to different updates and announcements.

I myself attended several of these when the meetup.com team visited Austin, Texas. I was quite impressed with the level of sensitivity and response from the visiting team, and this gave me more faith in the tool from www.meetup.com.

Copyright (c) 2012, Matrix Solutions Corporation and www.meetup.com. All rights reserved.

For entrepreneurs (especially solopreneurs), the thought of increasing the labor power of your business during its growth is to hire or staff with your spouse, family or friends. If you are contemplating this in the short term because it is the easy and “obvious” thing to do, perhaps you had better contemplate if the role is the right fit for the individual.

A word of caution (speaking from my own and others’ experience)…

Just because it is the simple and easy road to take, it may not be the least costly. In fact, in choosing the wrong individual with the staff role in your business — especially with the customer service and/or tech support responsibilities and duties — it may be a detriment to the business that may cost you immediate income and money, as well as customers, and even a damaged business relationship.

As you will hear in this audio episode of The Struggling Entrepreneur podcast series, the results can be significant and can impact your business. This episode goes into several cases-in-point (a couple of which are my own “lessons learned” from my experience — and one of them when I myself was the customer).

How can you tell if the individual’s personality and behavior may not fit the role you need in your staff position for your business?

There are detailed explanations of several tests (which are really “instruments” for measuring) which you can easily have the individual(s) complete.

(1) The DISC model. For details, you can go to the podcast on iTunes(R) called Manager Tools. They discuss all four of the profiles in detail, and you can see how to get this instrument.

(2) The other is the CUSTOMER (R) PROGRAM’s personality traits and behavior profiles from Integrity Systems, Inc.  You should know how to communicate and manage these types of individuals in the role which they will have. They are the:

-  Talker

-  Doer

-  Controller, and the

-  Supporter.

Once you have the personality and behavior profiles measured, you can then see if there could be potential problems in fitting the individual with the duties and responsibilities of the staff role.

Also, you should have an idea of the TYPE of relationship you will want with the individual. This could be that of an EMPLOYEE, or CONTRACTOR, or INTERN or PARTNER.

With a good, solid and “airtight” contract or agreement (which we recommend should be drawn up by your legal counsel who specializes in small business and entrepreneurship), you will then have the proper “exit strategy and commitment” if the individual wishes to leave your business environment of your firm–either because it is “not fun any more” or if it ends up being the wrong fit, or if there is a probability of conflict and problems up ahead. Also, be advised that you yourself should be able to terminate the relationship if the fit is not good for your firm.

In this audio episode, you will hear about our recommendation to hire outside via personal or solid references, where the individual can show and prove the abilities needed for the position and responsibilities from past, outstanding performance. Even a virtual assistant with specialized skills can avoid the problem of the “wrong fit.”

As Paul Colligan (of www.paulcolligan.com) stated when he was searching for talented individuals to hire:  “I don’t want you learning on my time and on my dime. I want to see what you have done. Show me which outstanding service you have provided in the past to others in the role that you would provide for me.”  (quoted from a public, live Paul Colligan webinar, 2010)

It is up to you whether or not you should hire your spouse or family members or close friends when your business is growing. In some cases, this works out wonderfully (if the individual and role are a good fit).

However, a word of caution resulting from our experience…

Hiring or Staffing the individual just because of the relationship may set your business back and damage personal and business relationships.

Copyright (C) 2012, Matrix Solutions Corporation. All rights reserved.

In an earlier episode of The Struggling Entrepreneur, we talked about the different organizations that assist aspiring entrepreneurs at the local level to launch their businesses–mainly the City and County levels.

However, there are other organizations with names very similar–but their mission, coverage of clients and funding are different.

In this audio interview, we speak to Joe Lam, the Associate Director of another organization called the Small Business Development Center — which is a federally funded group that is implemented at the State level to help entrepreneurs with programs and resources.

Joe On Lam is a Senior Certified Business Advisor based in Austin, Texas, for the Small Business Development Center (or SBDC). As you will hear in this audio episode, we investigate what the SBDC is, and how it is different than other entrepreneur-resource assistance organizations.  We also see how Joe On Lam’s group provides benefits to the Texas entrepreneurs to help them become successful–both during startup, as well as in growth stages.

What seems to be significant is the ROI for the services delivered by the SBDC. As Joe mentioned during the interview, for each dollar spent, there is a return of over six dollars that is delivered back to the local economy. This specific Texas SBDC region describes this in their annual report from a published study.

 As Joe Lam stated in our discussion, the mission of the SBDC is not to duplicate what other organizations are doing to provide services to the entrepreneurs in starting or launching their business. They also have a critical mission to help the entrepreneurs that have existing businesses and to provide support so that they can continue their success and maintain profitability.

The SBDC model is based on a partnership with the regional Universities to link sponsors and other resources to the entrepreneur. In addition to Texas State University (the Austin area of coverage), the University of Texas at San Antonio is another partner in the regional area.

 The recommendation is for entrepreneurs to visit the SBDC office and see what type of assistance and resources are available to them. As we said in this audio episode, since these Centers are funded with tax dollars,  we have paid for them as an existing asset in our entrepreneur toolbox.

Copyright (c) 2012, Matrix Solutions Corporation and the Small Business Development Center.  All rights reserved.