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Home › Topics › Starting a Life Science Business › Financial Skills, Planning, & Investors

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Entrepreneur Financial Skills and Resources

Topics Starting a Life Science Business Financial Skills, Planning, & Investors Entrepreneur Financial Skills and Resources

The most important financial skills every entrepreneur should possess – By Nick Rojas, a business consultant and journalist, written for Millo, a freelance job website. November 21, 2018. Lists and describes the following skills:

  1. Understanding credit
  2. Budgeting
  3. Project Management
  4. Investing
  5. Borrowing

Accounting for Entrepreneurs: 5 Skills You Need to Know – Written by staff, Harvard Business School Online. Lists the following skills:

  1. Managing cash flow
  2. Managing a balance sheet
  3. Identifying a path to profitability
  4. Communicating about money, including about. . .
    • Employees, vendors, investors, and other stakeholders
    • Terms of payment and descriptions of the scope of work
    • Protocols for everything related to payments, especially for working with multiple invoices, purchase orders, vendors, and tax accounts
  5. Forecasting the future of your business

It also discusses other financial skills needed for entrepreneurs:

  • How to find investors
  • Key accounting concepts to make decisions: balance sheets, budgets, profit and loss, cash flow, and spending
  • Keeping current and accurate books
  • Monitoring income, expenses, and cash flow
  • Knowing how your business is doing financially at all times even if you outsource accounting
  • Working with a tax professional to save money

Sales skills, or prospecting—which involves creating a database of potential customers and converting them to actual customers—is another important, related set of skills to have or recruit someone to fulfill.

Other Resources

  • Financial Skills Every Entrepreneur Needs to Succeed – Written by Maker’s Row. January 24, 2018. Describes skills such as learning how to budget, spending money wisely, and borrowing responsibly.
  • How Entrepreneurs Can Manage Their Business Finances With Success – By Melissa Houston for Entrepreneur. May 5, 2021. Offers tips on managing business finances, including keeping personal and business accounts separate, learning about finance so you can make informed decisions, and working with a tax professional.
  • How Important Are Financial Skills For Entrepreneurs? – Techie State. November 7, 2019. Discusses various finance aspects, such as balance sheets and cash flow accounts, that business owners should understand even if they don’t personally deal with the finances.

Tip on Credit Scores: Some investors may look at your credit score as a measure of your financial skills and responsibility. It may be worth the effort to try to improve a low score.

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Topic Home Expand All
Intro to Starting a Life Science Business
3 Articles
Overview of Starting a Life Sciences Business
Evaluate Your Business Skills
Finding a Sound Business Idea
Early Market Research
3 Articles
Case Example: Leslie Bowen, Early Market Research
Market Research Before Starting a Business
Tips for Biomedical Market Research
Business Planning & Commercialization
9 Articles
Writing a Business Plan
Develop a Reimbursement Strategy
Technical and Business Assistance and Other Commercialization Support
Case Example: Commercialization Advice
Other Post-SBIR Commercialization Support
Planning Your Research Environment
Technology Readiness Level
Design, Prototype, Testing, Manufacturing
Tips on Planning from Successful Biotech Entrepreneurs
Financial Skills, Planning, & Investors
6 Articles
Financial Planning
Tackling Financial Risk
Equity and Shares
Sources of Capital for Small Businesses
Case Example: Learning Investor Basics
Entrepreneur Financial Skills and Resources
Registering Your Business
3 Articles
Business Name, Tax IDs, and Insurance
Registrations for Your Business
Industry-Specific Requirements, Licenses, and Permits
Your Business Governance
4 Articles
Select a Business Structure
Cofounders, Partners, and Founding Team
Board of Directors
Roles You Can Play in the Business
Return to Starting a Life Science Business
End Resources

This project is funded by National Institute of General Medical Sciences (Grants 1R43 GM131458-01 & 2R GM131458-02)


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