Author View (Michael E. Gordon)

Stephen was anxious to own a company close to where he lived. He became excited when he realized there were no fish supply stores in the area, so he began to pursue the idea of opening one. He borrowed money from family and friends and tapped his own personal finances and credit cards for a total of $18,000 to cover start-up expenses. He found a location, signed a lease, stocked the store with tanks, supplies, accessories and exotic fish of all kinds. He opened the doors for business. Stephen was feeling really exhilarated. But one year later, his business had to close more...

Bootstrapping is the process of conserving financial resources to the extreme during a business’s startup phase. It means pulling yourself up by your bootstraps by doing most of the work yourself. Because you want to go into any new business enterprise with your eyes wide open, let’s take a look at some of the pluses and minuses of bootstrapping: Upside: You can get started, even when you lack the money to hire others to handle the tough work. Downside: You run the risk of making the wrong decisions and wasting time on tasks that could actually have been done more cheaply by specialists. Upside: more...

Is your company healthy or unhealthy? One of the easiest, most effective ways to answer that question is to create a classic balance sheet for your company’s business plan. It is a simple document to put together, yet it can reveal small “illnesses” in your business that will lead to larger problems later on. A balance sheet is really a snapshot that shows the financial condition of your company, as expressed by its net worth: The net worth of your business = Assets - Liabilities Assets are everything that is owned by your business, plus everything that is owed to you. Assets include property owned, more...

An exclusive first look inside Trump University’s newest book, Trump University Entrepreneurship 101  The term entrepreneurship leaves much to be desired. You have to wrap your mouth around the word, making creative pronunciation choices on three of the five syllables. Dictionaries define it as the startup and management of a business, with great initiative and risk, for profit.  But to me, entrepreneurship encompasses these three factors: Mindset, Actions and Process:  Mindset: Entrepreneurs go through the world continuously seeking ideas and opportunities that can be commercialized. They focus on innovating, doing things better, adding, creating, and delivering unique value to customers and to all more...