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August 04 2010
Be Merciless In Cutting Down Your Business Ideas [Video]
Jason Fried, co-founder of noted web developer 37signals and author of Rework, made a pretty good case for ignoring people at work. In a newer interview, he explains how starting your business should involve seriously, drastically paring down your ambitions.
Fried isn't suggesting you just give up or conclude that janitorial service is the only logical path for your entrepreneurial idea. What he's advocating for is not killing yourself over the peripherals of your business—physical space, mailing lists, logos—but focusing your limited energy and time on your core product.
... Doing all that stuff when you really got to focus on the product first and keep it as small as you can and if you're going to open a bakery, open it out of your house first. Just make – I mean, that's probably technically illegal in some place, but make some... if you want to open a cupcake bakery, make some cupcakes and sell them at the Farmer's market for six months, for a year first, on the weekends. See if it works. If it works, okay, now you have some people who like your cupcakes, you're selling out every weekend. Now maybe you can move into something else. Instead of saying, "I'm going to open a bakery" and go buy a storefront and some expensive machinery and stuff like that. So I think people kind of start a little bit too quickly sometimes too and they should just make their time and starts something on the side and see where it goes.
It's not a new idea, but the bakery example seems like a nice down-to-earth example of why you see businesses that seem to have great people behind them fall down in their first year.
July 03 2010
Indinero: A Realtime Financial Dashboard for Small Businesses
Web technology has revolutionized finance by making it easier than ever to monitor cash flow and track trends in your spending. Mint.com has been a leader in this realm for personal finance: its technology helps you track multiple accounts, analyze spending trends, and manage financial goals.
There isn’t a clear counterpart to Mint for businesses, though. That’s where inDinero, a Y-Combinator-funded startup, comes in.
inDinero, which launches today, is a web-based financial dashboard for small businesses. Like Mint, it aggregates financial data from bank accounts, investments, and other sources and places them in a simple, easy-to-navigate interface where you can quickly see your income, spending, recent activity, and your financial runway.
The app is divided into five parts: Dashboard, Income, Spending, Planning and Trends. Dashboard provides an overview of your business finances, Income provides detailed information about your income streams, Spending breaks down your different costs, Planning helps you set goals for your business, and Trends analyzes and graphs out spending and income trends in order to provide useful insights.
Businesses need this type of information in order to minimize costs while maximizing revenues. While solutions such as Mint also aggregate financial information and analyze it, they are not focused on small businesses. We look forward to seeing inDinero’s business toolset grow and evolve.


Image courtesy of iStockphoto, jwohlfeil
Reviews: Mint, iStockphoto
More About: finance, Financial, Indinero, mint
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June 07 2010
MBA Mondays Explains Important Numbers and Concepts for Startups [Startups]
Venture capitalist Fred Wilson is well known in tech circles for his regular blogging and free advice. He's just wrapped up his "MBA Mondays" series, and it's full of good advice for those looking to start their own business, tech or otherwise.
Photo by vlauria.
Wilson basically covers all the questions that an investor, a consultant, or an accountant would ask a business owner to answer in founding and running their company. It's an overview of the kind of courses they teach in basic accounting or business courses at college, but written with a far less stern and academic tone. In The Balance Sheet, for example, Wilson explains the most important items on a balance sheet and how the numbers fit together, even running some quick numbers on Google's balance sheet. Less math-y topics, like forecasting and marketing, are also covered.
Wilson's MBA Mondays is a good read for anyone thinking about, or in the process of, breaking free and starting their own firm, no matter what the product or service. Got another great read or resource? Link it up in the comments.
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