ABSTRACT
Most accountants’ training focuses on working for large publicly traded companies. The application of accounting and financial principles to entrepreneurial ventures creates unique challenges. The success of new ventures often depends on entrepreneurs having the skills and knowledge necessary to manage the aspect of their businesses. Accountants who work with entrepreneurs often report that most entrepreneurs know very little about accounting or finance. The language of numbers in business is the one used to communicate with those entities and people who provide funding for businesses. Bankers, venture capitalists, and investment angels all speak this language and expect the entrepreneurs with whom they work to be fluent in the language as well. For most entrepreneurs, success is also measured by the ability to earn a profit from the business beyond the salaries they earn from their businesses. The chapter also presents an overview of the key concepts discussed in this book.
