Secrets of Successful Entrepreneurs

by Galia Gichon on November 29, 2016

It’s been a busy – yet wonderful fall! The last few months I’ve been intensively involved with UberPitch, for Women-led tech companies partnered with Refinery CT, Uber, Kauffman Foundation and even NPR. I spoke at TechWeek in Kansas City and also started my 10th (!) year teaching Personal Finance at Barnard College.  I’m also super excited to present a seminar “Finance and Marketing Fundamentals for Startups and Entrepreneurs” with It Will Bloom – a new company I’ve co-founded. If you are a startup or entrepreneur, please reach out for more info!

Did the title grab you? I’ve worked with so many entrepreneurs and start ups the last few years – easily hundreds.  Since I started my own business over 15 years ago, I’ve also learned first hand what it’s like to be an entrepreneur and be in charge of my own revenue (and expenses!).  I started to write this newsletter at the TechWeek Conference – besides being one of the few women among thousands of attendees (slightly disheartening), I quickly jotted down notes about what it takes to be a successful entrepreneur.  Since most of you know me, you won’t be surprised to know it’s about the numbers.  It is more than that, of course, but read on….

1- Personal Numbers

Even though you are putting blood sweat and tears into your startup, don’t want to forget about your personal finances.  If you are in control of your personal finances, you won’t worry as much and can really focus on your startup.  If you are stressed about your personal finances, you might make poor money decisions about your startup that will hurt you in the long run.  The easiest way to do this on a monthly basis is answer these 4 questions every month with a dollar amount:

  * OWE- how much debt do you owe total?

  * OWN – what is the total dollar amount of your investments, savings and any other assets?

  * SPEND – what is the total monthly and annual amount you spend? Include everything in one number

  * EARN – what have you earned year to date and last year?

2- Projected Numbers

Even if your startup isn’t planning on raising money, you should know first hand your profit and loss numbers for next 3 months, 6 months, 1 year, 3 years and 5 years.  These will be projected numbers that will rely on many assumptions but it is incredibly important and essential to the success of your business to create this right away.  You can evaluate your margins, what expenses you should take on, what areas of your business are potentially more profitable, what revenue channels you should explore and learn more about the size of your market. If you need help creating these numbers, we can help!

3- More Confidence

See – I told you it wasn’t just about the numbers.  What I’ve seen first hand, is that entrepreneurs, freelancers, and business owners that take charge of their personal finances have more success in their businesses.

4- Marketing Plan Numbers

My star co-Founder at It Will Bloom is a marketing expert and keeps reminding me how important it is to add numbers to your marketing plan. This will help you figure out what to charge, what expenses you have to reduce/manage, what market you should go after, where you fit in regarding your competition and even – is your company viable financially?  Let me know if you want to discuss this further!

Don’t forget to check out Finance and Marketing Fundamentals for Startups and Entrepreneurs”  You can’t afford to wait….

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Time to Talk About Money

by Galia Gichon on August 30, 2016

I haven’t posted an article in a long time but I’ve been busy.  I’ve been giving Personal Finance seminars and workshops (Barnard College, Athena Center for Leadership, Lark Theatre, Playwrights of NY) and have been working with female founded start ups.  After so many of you asked about my next article, I decided it was time to connect again!  If you are part of an organization that is looking for a Personal Finance speaker, contact me HERE

After a recent workshop I gave this summer, I was blown away by some of the comments:

“Why hasn’t anyone taught me this before?”

“I’ve never talked about my money like this?”

“Is it ok to discuss money matters with my friends?”

“It was so easy to talk about money during the workshop, what next?”

While my colleagues and I have been working with individuals for more than 15 years, I realized an advantage of a workshop is it provides community to your money and shows that you aren’t alone in your money thoughts.  It gets us to talk about our money and move forward with our goals!

But it’s hard to talk about money! Especially true if you don’t work in finance, haven’t taken many (or any) finance classes and haven’t been raised with parents who taught money skills.  

So Why Even Bother?

* Talking about money and taking control of your finances leads to higher self esteem and more confidence  

* Taking control of your personal finances leads to increased professional success

* This means asking for raises, more money and higher fees in projects

How To Start Talking About Money

* Ask your friends if they are maxing out their IRAs or 401K

* Talk about no-load Index Mutual Funds

* Compare fun ways to save or spend smarter

* Ask a family member if they have a favorite personal finance book or blog (I like Your Money NY Times by Ron Lieber and Art of Money by Bari Tessler)

* Ask your spouse or partner where they would like to be in 5 years financially

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Personal Finance for Freelancers and Artists

May 18, 2015

Personal Finance for Artists & Freelancers. 3 Day Video Course
Produced by Creative Live, Written and Taught by GALIA GICHON
Surviving and thriving as a freelancer or working artist requires strong financial management skills, but getting there can seem stressful and overwhelming. Join financial expert and MBA holder Galia Gichon for a course you can’t miss!  It’s […]

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Lessons From Young Women and Money Conference

February 11, 2014

In December, I was thrilled to speak at the YWCA Berkley  “Young Women and Money” conference in Oakland, CA. This was the same trip when I filmed my Creative Live course “Personal Finance for Artists and Freelancers.” 
Valerie Coleman Morris  was the other keynote speaker. Many of our talking points were similar which affirms the importance of our […]

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Financial Literacy Expert for College Students

February 11, 2014

Even though today’s post is around college students, I found the message loud and clear for all my clients.  In fact, the message is: You are where you are today and then move forward.  If you need a push, you can still check out my Creative Live course “Personal Finance for Artists and Freelancers”.  I keep […]

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This Is What an Angel Looks Like

February 5, 2014

As many of you know, I took the Pipeline Fellowship Angel Investing bootcamp a few years ago.  Since then I have continued to be an angel investor, primarily through Topstone Angels.  I was recently interviewed for a series by Pipeline called “This is What An Angel Looks Like”.  It’s a fun interview that lists some […]

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Face Your Finances

January 28, 2014

“It takes as much energy to wish as it does to plan”
Eleanor Roosevelt
 
 
Why Face Your Finances?
When I was writing the curriculum for my Creative Live course “Personal Finance for Artists and Freelancers”, I wanted to start with helping the participants think differently about their money.  I realized that you, and the seminar attendees, will never move […]

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Barnard Athena Center Leadership Course “Keeping Your $20’s in Your 20s”

January 26, 2014

If you (or any college students that you know!) are in New York City, check out my new course at the Barnard Athena Center for Leadership Studies.
Baffled by the idea of a budget? Nervous about living paycheck-to-paycheck? Do the words IRA and 401k sound like a foreign language? Start planning for your post-college life with […]

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