Most entrepreneurs when they start out their business dream, mess-up relationships with money. Understanding relationship with money is crucial for starting or buying a business as well as to continue to operate it. While business is running, there is a need to care for themselves and their businesses and this needs money too. For aspiring entrepreneurs, it is time take a step back and get some insight from those who know it well, when it comes to money for business, like Marc Sparks.
Marc Sparks jumped into the business arena soon after graduating from high-school in 1975 in Austin, Texas. After a few failure ventures, he gathered up courage and resources to start a few companies where each went on to become one of the highly successful firms in telecommunication industry. He has successfully owned and operated a wide range of businesses since then. His involvement is mainly in the telecommunication industry and some of the firms he dealt with include Cardinal Telecom, Splash media and Blue Jay Wireless. Marc has also worked in business solutions, real estate and venture investing. He had a great relationship, a healthy one when it came to money all the time. His businesses cost money and he was clever enough to borrow for covering a lot of start-up costs. His Dallas based Timber Creek Capital contains a portfolio of all his establishments and awards.
Marc Sparks has a lot of advice for young and unsuccessful entrepreneurs. His mantra is to not lose hope. Entrepreneurs need money obviously and the less money they have, the less they are able to start a business. When businesses are risky, placing money on the line is also risky. Investors who put less money are allowing entrepreneurs to take a big share of this risk. On the other hand, a big share of investment from these investors means less control over the business for business owners. Marc Sparks’s advice is to strike a balance in this situation. For owners who have limited cash, Marc suggests starting the business without external capital or raising capital with a working prototype. Starting small with the idea is another option. This will let the owner or entrepreneur need less money, make more money out of the business and scale it into a largest business opportunity. For those who do not have money, they need to consider making and saving as much as they can before jump into the business bandwagon.
Entrepreneurs who cannot manage their own finance should not manage business finance either, says Marc. Many entrepreneurs who want to start new have lots of debts. Getting rid of some of these debts is a no-brainer. And being financially responsible goes much deeper. It is about making good decisions and making purchase that is affordable. People who make bad decisions when it comes to personal expenditure will only amplify the situation in case of business expenditure. In essence, business is only for someone who is good at managing money – both in personal and professional level.