I'm going to be completely honest. While this was probably the most relevant guest speaker in terms of discussion topics and our business plan, this was the most boring. Not to disrespect Mr. Dimmer, but financials are not my strong suit, and I couldn't help but get distracted during the talk.
When I was paying attention however, I was able to get a few of my questions answered, as well as gather some important on tips to build my financial and funding plans for my business plan.
I was really glad he told us about the P & L (Profit and Loss) documents. The funding requirements section of the business plan has been my least favorite part to write, and knowing that I can pull similar information from big companies that give me an example of rates and percentages will be a big help in completing that portion.
Along with that, I'm glad he went over the timeline of investing. I didn't know what Angel investors or mezzanine was, and that part really helped me understand how they worked and at what point I would need to go after them. I think I'm the same boat as Mr. Fry however, Friends and Family aren't really a funding source I'd want to take advantage of. There's just something about asking my grandparents for money that feels worrisome to me. Mostly because I don't want to take the risk of my business failing and losing their investment capital. That sounds like a terrible situation to be in.
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