Friday, March 2, 2018

Is John Brighter or Dimmer?

This question above is actually completely irrelevant. For some reason I just wanted to use his last name as a comparative adjective.

Anyway, John Dimmer visited as a guest speaker not too long ago. He is not the software developer guy, the marketing guy, nor the idea guy; he is the guy with the knowledge of the ins and outs of the financial stuff. He went to high school with Andrew Fry, and has worked with him in the past, and if I remember correctly, he managed the finances for Free Range Media.

One of the main points I took from his talk as the most memorable was the whole idea of exiting. Having and knowing an exit strategy for the business is a very valuable thing. By exit, I literally mean exiting the business but with some kind of gain, which includes selling the business to some other entity, or initial public offerings (IPO), or some other methods that I cannot recall at the moment. The exit strategy, more often than not, will change from time to time, depending on what situation the business is in. Honestly, if I were to ever successfully run a business, my goal would be to exit. I have always dreamed of making an insane amount of money at once, and pretty much retire very early. However, I know it would not be that simple.

Here were some other points mentioned in his talk:
Accounting is how you keep score -- I found this interesting due to the fact that both of my parents are accountants.
There was a time when there were twenty eight websites on the internet.
One must know how to read contracts.
He went on to Angel investing after retirement.
The more venture capital, the less ownership.
There are business plan competitions that awards funding.

After his visit, I realized that there was more to running a business than just knowing how to make the product or executing the service, or having negotiation skills; the financial aspect is a huge part of it.

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