Entrepreneurs are interesting people. They are talented, insightful, creative and visionary. They have an ability to make an idea or concept into a reality. Taking something out of thin air and making it tangible.
But when it comes to money and finances, eh, that is not always their forte.
So as a financial professional, I find myself often working with these folks who have found a way to get funding but not take their project to the next level. That’s why I came up with a list of rules for working with what I call the Funded Entrepreneur.
- Be bonded by trust. Be a trusted advisor and partner.
- Understand their ideas and share in their passion for their business. Look for and suggest options for their business they hadn’t thought of.
- Be the voice of reason.
- Advice does not dictate. Have a dialogue between you so that neither of you lectures the other. Know when to stop talking and listen.
- Help them understand their finances at a high level and in the context of their business and markets. Stay out of the weeds.
- Be the financial brains while they are the creative and director of the whole business.
- Show them how to grow financially while growing creatively.
- Help them understand when to stay with a business and when to consider an exit
- Plan for the future and ask tough questions.
We love numbers. If you are looking for help with your finances, write to us at email@example.com. TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the boardroom.
*Photos courtesy Unsplash (photographers Adeolu Eletu and Daria Nepriakhina