You are an entrepreneur! You are passionate about your product or service; you are excited about creating your brand; you are working hard to grow your market footprint; you focus much of your attention on bringing in new orders.
First-time entrepreneurs tend to misstep on the road to business and financial success, not because they're bad at business, but because entrepreneurship is a learned skill. It takes experience, practice and persistence to make a successful business a reality.
For first-time entrepreneurs, accounting for business income, expenses and taxes may seem daunting especially if the business has inventory or fixed assets. This is because there are different rules regarding recognition of accounting and taxable income, along with deductible expenses.
The business climate in Colorado is strong and welcoming to entrepreneurs. Looking at the Kauffman Foundation rankings, Colorado shows up as second on The Index of Mainstreet Entrepreneurship; fifth in Startup Activity and seventh on the Index of Growth. With those numbers, it is easy to say that entrepreneurship in Colorado is alive and well.
At first, launching a peer-to-peer based startup can seem like a challenge. However, with these simple tips in mind, your startup can blossom before your eyes.
If you are planning on starting a business, you have likely heard advice from many people, telling you exactly what you should and should not do to make your business successful. Many of these came up while working on Stow, where I am a co-founder. Unfortunately, there are many myths about starting a business. These myths may prevent you from ever starting a business or may cause your business to not be successful once it is started. A 2015 Entrepreneur article talked about some of these myths.
Everyone in business has a personal brand. Not everyone is aware of it or tends to it like they should, but it is there nonetheless. The key to success is to manage that brand, to define it, and to make sure that people are aware of it. But when you are both the marketer and the actual product it feels awkward to build and promote your personal brand without coming off as a narcissist. Here are a few ways to feel confident that your brand building isn't coming off as a festival of 'me'.
Making the switch from the highly structured world of accounting to being an entrepreneur can seem like a giant leap. Many of the accountant stereotypes are what prevent CPAs from making the leap into entrepreneurship, but I would argue that the best accountants would be great entrepreneurs. There is an article by Entrepreneur.com on the top 10 traits of successful entrepreneurs. Let's look at them from a CPA perspective.