The most important entrepreneurship skill

It’s not having a good idea.

It’s not being self motivated.

It’s not being action oriented.

It’s not knowing your product.

All of those are importantly obviously, but none of them matter without:

UNDERSTANDING THE NUMBERS (Basic Accounting)

Without that, you can build the train and you can even get it moving, but the tracks are headed off a cliff and you would have been better off never boarding in the first place.

You don’t need to be a CPA but you do need to understand P&L Statements, Balance Sheets, Forecasting, and basic tax rules AND WHAT THOSE NUMBERS MEAN.

Otherwise how else are you going to know if you’re truly making money? How much more debt you can take? What you need to do to get your business eligible for financing? How fast you can scale? How many more people can you hire?….you can’t.