1) What was the biggest
surprise for you in the reading? In other words, what did you read that stood
out the most as different from your expectations?
I think the biggest surprise
for me again would be the actual business and financial/managerial accounting
aspects of entrepreneurship showing up as I usually think of entrepreneurship
as what comes to mind is Apple being created in a garage by the boot straps of
2 extremely talented individuals. I know
they didn't have accountants and business management experts in their corner at
the inception point of their business but now Apple would be nowhere without
either.
2) Identify at least one
part of the reading that was confusing to you.
I've always had questions
regarding the different components and what comprises the different financial
statements. So these will always be a
bit of a puzzle to me. The other aspect
was capital budgeting which I have seen in NPV, payback method and internal
rate of return but recall the calculations being a bit involved and not the easiest
to figure out. I guess I would need to
spend a little more time on them to familiarize myself with them again and
become proficient in their calculations.
3) If you were able to ask
two questions to the author, what would you ask? Why?
I would ask at what point do
you want to involve or hire employees in this capacity, either internal or
external?
I would also ask what
financial ratios they've used in the past and what methods have proven most
valuable in guiding them with planning looking back at results?
4) Was there anything you
think the author was wrong about? Where do you disagree with what she or he
said? How?
Again, no, they were not
wrong about anything. These are tried
and proven financial ratio formulas and concepts that are currently in use that
provide a solid foundation for any serious business/organization that wants to
remain in business.
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