AEM1230-0930-ToPost - AEM1230 Principles of Entrepreneurship and Business Wednesday 9/30 Finance for Beginning Entrepreneurs Capital questions

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AEM1230 Principles of Entrepreneurship and Business Wednesday 9/30 Finance for Beginning Entrepreneurs Capital questions Beginner financial tools Equity or debt?
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Peggy Hart Earle - Hartstrings
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Peggy Hart Earle - Hartstrings Maybe, it'd be interesting to talk about the profitability, because early on, and maybe how the money that we needed to get started, because I think that's often people's - a big roadblock. My father had given me $5,000 in a trust fund, which was very nice. Back then - I don't know what that would mean now, but whatever, it was enough to buy some initial fabric. Of course, I did most of the stuff myself. Oh, the other part I should mention - I had a husband who had a real job and was paying the bills. So, that's very key. If you don't have one of them, you've got to figure that part out. (Laughs). But, I took this money and got through the first season, I'm pretty sure with that. I was twenty-six, so it wasn't like he was even making that much, but we had a house, and a roof over our heads, and stuff. We went in to get our first bank loan within that first year. We asked for $8,000, but he is a CPA, and was working, at the time, for Coopers and Lybrand in the consulting division. I think a lot of what he did was feasibility studies for people. He had these fancy Coopers and Lybrand - big, long flow chart things, and he projected out our cash flow needs. Now, we were a tiny, little company, but we did have cash, and he had the most amazing presentation to the bank, I'm sure, they ever saw for a tiny, little company. So, we got it right away. Whatever we want. Of course, we had to sign personally. Which pretty much is the story all along, that when we've asked for money, we have gotten it, and we've never had any cash flow problems, which I have to give him a lot of credit for. But the other thing that I wanted to say, is that early on, we were such scrimpers and - sometimes I call myself a cheapskate, but other people say I shouldn't use that word, because we didn't buy one piece of office furniture. We would get a table out of the trash. That would be our desk. We didn't have any overhead, other
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This note was uploaded on 08/12/2010 for the course AEM 1230 at Cornell University (Engineering School).

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AEM1230-0930-ToPost - AEM1230 Principles of Entrepreneurship and Business Wednesday 9/30 Finance for Beginning Entrepreneurs Capital questions

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