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Note: This eBook is a guide and serves as a first guide. In addition, please get expert advice.

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Financial Management For Future Entrepreneur

Budi Sasongko

STIE Jaya Negara Tamansiswa Malang

Suryaning Bawono

STIE Jaya Negara Tamansiswa Malang

Triple Nine Communication Press Singapore

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All rights reserved. No part of this publication may be reproduced,stored in a retrieval system or transmitted in any form or by any means,electonic,mechanical or photocopying,recording,or otherwise without the prior permission of the publisher

Published by

Triple Nine Communication Press

No 7 Temasek Boulevard#12-07

Suntec Tower One

Singapore, 038987

Singapore

Part 1 Start Your Business

This section describes the steps to represent starting a business or business from scratch, assuming the reader has never done business or owned a business at all

Chapter 1 Know What You Have Now

Review What You Have Now

Many people are confused about where to start a business. A strong desire to start a business is accompanied by confusion about where to start.

If you experience something like this, you should sit down for a moment. Clear your mind, Calm down, take a deep breath, and exhale.

No need to go far ahead and start everything off perfectly. Understand we're just getting started. Understand all the required processes. Can dream as high as you want. However, don't forget to come back to reality.

Understand the reality of the moment. Understand what you want to achieve. Understand your biggest dreams that you really want to fulfill. But don't forget today. Don't forget the moment and don't forget what you already have now.

Be patient, calm your mind. Inhale and exhale. Please close your eyes, imagine, feel, express within yourself that you will achieve it. Think and imagine what you really want to manifest. Believe that you can make it happen. But, be patient….

Everything needs a process. Return to your current position without forgetting your big dreams. But believe you can achieve it.

Are you still closed at this time?

Suppose you want to close your eyes and feel happy by feeling your big dreams come true and manifest until they feel genuine. Close your eyes, think, believe, and feel as if your dream is real. Keep doing this until you feel delighted and get new energy to be ready to start.

Please do it again until you get a new spirit to start. Take your breath. Open your eyes. And look around you.

Take a piece of paper. Write down what your dream is and when you want to achieve it. Believe you can achieve it.

Write down all your dreams. Then come back to reality. Look around you. What do you have now?

Don't focus on what is lacking but focus on what is already there.

Write down what you have right now that might support you. Maybe yourself with your smart brain and your creativity. Maybe your best friend. Maybe your parents or your brothers and sisters.

Focus on what you have now. Now, imagine when you lost them, what you felt. Understand that the most valuable person in your life is leaving.

Feel the pain, feel the pain, feel all the pain you felt when those you loved left.

Suppose you feel sad if you feel angry. Close your eyes. Imagine what you want to do for them. Imagine how you would feel when you made them happy.

If you feel better, that is the basic capital in the business, which is to feel what you feel and feel for what might happen to other people.

The most valuable asset that cannot be lost from yourself is yourself. Now respect yourself, imagine your dreams, write down what is great, and cool about you.

Could you write it down on a piece of paper? Write down what you already have that might help achieve your dreams. Maybe your old guitar. Or your old computer, or your dad's legacy shoes.

Appreciate what is now. Then you will be able to appreciate what you get afterward.

Understand what you have now. Understand what supports you to achieve your dreams in the future that you already have now. Write, feel, appreciate, accept, and be prepared to get strength from whatever you already have and consider valuable. Never judge something from material nominal but appreciate anything that might help you achieve your dreams.

There are no rich and poor there are only different conditions. When you feel you have no money or go bankrupt. Calm down; it is not attached to you forever. You're not poor just in a cash-strapped situation.

Likewise, when you have a lot of money or possessions. Relax, don't feel great just yet. You're not rich just in the situation of having lots of possessions.

Rich and poor are only perspectives. There are only humans in different situations. So that wealth and property do not affect you.

When you are in a shortage of money, understand and accept that you are in a situation shortage of money. You have to plan anything to achieve your dreams with your current condition, which means that every minute ahead is your chance to make things better.

Likewise, when you are at a large profit, a lot of money and wealth. Be patient first, don't be careless because everyone can be in a different position. Understand that you have been in a sufficient condition in wealth. So, take control of your assets, manage your assets well, and invest them carefully. Because every minute or even second in the future of your present is an opportunity for you to make yourself better, and if you let your guard down, it can threaten you to lose what you have now.

Understand what you have now. Understand your current situation, accept respect, and be prepared to change for the better because every second in the future from your present is your opportunity as well as your threat in realizing your dreams. Understand, accept, and write.

Do you have a team or work with your self?

Return to self-understanding in the previous section. A fundamental question. Do you have someone you can trust as teamwork that can support you?

Get to know your friends. However, if you don't have friends, it doesn't matter. You have yourself as your friend. If you don't have friends you can trust as partners, it's fine. You can make yourself your partner because you are human.

Building teamwork can develop quickly, but it has weaknesses, namely differences of opinion and good communication are needed to build a team. However, if you have enough social capital to direct your friends as solid teamwork, you can count on them to help you achieve your dreams. However, if you don't have people you can trust in your business. You can start with yourself and build a business starting with you.

What Is Social Capital?

The term social refers to the positive interactions of human interactions (Sakhi, 2020). Positive results may be tangible or intangible and can include useful information, innovative ideas, and future opportunities.

Social capital can describe the contribution to organizational success that can protect personal relationships and networks, both inside and outside the organization. It can also be used to describe personal relationships within the company that help build trust and respect among employees, leading to improved company performance.

Understanding Social Capital

Social capital allows a group of people to work together effectively to achieve a common goal or goal. It allows communities or organizations, such as corporations or non-profits, to function together through shared beliefs and identities, norms, values, and interrelationships. Put, social capital benefits society as a whole through social relationships. Thus, the study of how social capital works or fails to work includes the social sciences.

Social capital can describe civic and social responsibility or how community members work together to live harmoniously and together. When used in this context, the definition is purely social without any financial implications.

But the term can have different meanings depending on how it is applied, including in business terms.

In fact, social capital is no longer narrow and local. This concept is usually used to describe relationships that help contribute to business success.

Social capital is arguably as valuable as financial or human capital. Networks, the use of the internet are prime examples of how social capital works in a business sense. It allows professionals to form social and often global relationships in many variations.

Types of Social Capital

Researchers look at two main forms of social capital. Bonding refers to social capital created in groups with common interests and goals. Environmental associations are a good example of how bonding works. On the other hand, bridging is the creation of cross-group social capital. When bridging is successful, individuals in two groups find common interests and goals and work together to achieve them. The environmental association associated with the local police department is an example of how bridging works.

The internet has revolutionized social capital, effectively creating an infinite number of social connections suitable for every occasion. For example, Airbnb, Uber, and eBay users can use social capital to make choices based on past user reviews.

The same people contribute to social capital by leaving their reviews later. Companies that own websites use reviews as an essential component of their quality control program.

Social networking sites like Facebook strengthen bonds based on personal interests, such as hobbies, past experiences, hometown sharing, or previous companies.

Social media is also a major social capital source for small business owners who can present their products and services online as effectively, if cheaper, than large companies.

Side Effects of Social Capital

Many people believe that any organization's success, whether it is society as a whole or a particular group, depends on the available level of social capital. This is why social capital is always associated with positive change. But that's not always true. Although there are distinct advantages to social capital, it can be used for manipulative or destructive purposes.

Dangerous groups, such as gangs and drug cartels, often use social capital to strengthen bonds within the group and recruit new members. Likewise, a group of corporate executives may collude to manipulate and market prices to drive out competition. The emergence of such groups can reduce the social capital of a neighborhood or city as a whole. Residents and businesses are suffering, and potential customers avoid the area.

For those of you who feel alone and have no friends

It doesn't matter if you are alone and prefer to be alone. A loner like you must have advantages that others don't know.

Loners tend to prefer to create their own world and make other people happy in their own way. There's nothing wrong with being alone and more comfortable being alone.

Use your solitude as your strength to focus more on completing what you pioneered. Everyone is different; some are popular; some are happy to be alone. So there is nothing wrong with no one who is trusted and alone.

As long as you feel comfortable, you have ample opportunity with the internet. Many hackers prefer to be alone and achieve what they dream of, and it is not always related to something harmful.

You can focus on doing what you want to do. And you can focus on what you want to develop. Whoever you are, no matter how quiet your world is. I'm here to tell you that you are valuable.

Apart from social capital, there are other, no less valuable assets that you can maximize for your success. There is an intellectual capital that enables you to create many things with your world. But learn to be warm and not to be cold. Open a little of your heart to learn to understand other people and learn to understand the needs of others. Your job is to create something valuable and useful for others regardless of your field. You will also find that you are precious beyond what you know from yourself in the first place.

What is Intellectual Capital?

Intellectual property is the value of knowledge, skills, business training, or company or organization proprietary information, or any proprietary information that can provide a competitive advantage (Moore, 2017). Intellectual capital is considered an asset and can broadly be defined as collecting all information resources a company has that can be used to drive profits, acquire new customers, create new products, or increase business. It is the sum of employee skills, organizational processes, and other intangibles that contribute to company profits.

Some subsets of intellectual capital include human capital, information capital, brand awareness, and instructional capital.

Understanding Intellectual Capital

Intellectual capital is a business asset, although measuring it is a very subjective task.

The assets for this company are not recorded on the balance sheet as "intellectual capital"; conversely, to the extent possible, it is integrated into intellectual property (as part of the intangible and goodwill on the balance sheet), which in itself is difficult to measure.

Companies spend a lot of time and resources developing management skills and training their employees in specific areas of the business to add to the 'mental capacity' of, in a sense, their companies. Capital that is used to increase intellectual capital provides benefits for the company, although it is difficult to measure, contributing to business value over the years.

Various methods exist for measuring intellectual capital, but no consistency or uniform standards are accepted in the industry. For example, the Balanced Scorecard measures four-employee perspectives as part of an effort to measure intellectual capital. The perspectives are finance, customers, internal processes, and organizational capacity.

On the other hand, the Danish company Skandia considers the transformation of human capital into structural capital as the mission of intellectual capital. The company has designed house-like structures with financial focus as roof, customer focus and process roof as walls, and development and renewable focus for sustainability as a platform for measuring intellectual capital.

Due to the cryptic and distinctive nature of intellectual capital, it is also referred to as an intangible and environmental asset.

For those of you who feel alone and feel you don't have friends. Be patient; you can focus on developing your intellectual capital and making yourself your best friend.

Look Out Side

After you understand yourself, after you understand your environment and your friends (or other people around you), look outside the circle of your life. There are many opportunities to collaborate with what you have inside of you.

For those of you who are loners in the room. You can look out of your computer screen through your internet access. Or go to your cafe and access the internet. Look for opportunities out there. Loners tend to be more active and online-focused.

For those of you who are talented with your friends. Develop your social capital. Understand who your supporters are and go forward with your friends to become a solid team. Look beyond your surroundings and your circle of life; there are plenty of opportunities out there. You are a traveler and conqueror of the streets.

Loners can maximize their intellectual capital, and social activists can maximize their social and emotional capital.

Everyone is unique. Before doing business, your main task is to understand yourself, the people closest to you, and your environment. Suppose you understand all that make your choice. Starting from yourself with everything you have today or fighting with your friends as a solid team.

Chapter 2. Every Think Have Risk

Know Your Business Risk

Risks and opportunity costs must follow every decision taken. Whatever we decide in life, there are risks and opportunities behind it all.

No human being is capable of being in different places at the same time. This means that we will lose the opportunity to do something else every time we choose to do something. Likewise, business decisions are always followed by the opportunity cost and the risk behind it.

What is Opportunity Cost?

Opportunity cost represents the potential profit that an individual, investor, or business loses when choosing one alternative. The idea of opportunity cost is a major concept in economics.

Since, by definition, opportunity costs are invisible, they can easily be ignored if not careful. Understanding potential missed opportunities by choosing one investment over another allows for better decision making.

While financial reports do not show opportunity costs, business owners often use the concept to make smart decisions when they have many choices beforehand. Congestion, for example, is often caused by opportunity costs.

Opportunity Cost Formulas and Calculations

Opportunity Cost = FO - CO

Where:

FO = Return to the

Impressum

Verlag: BookRix GmbH & Co. KG

Tag der Veröffentlichung: 04.07.2021
ISBN: 978-3-7487-8733-4

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