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Trump University Entrepreneurship 101: How to Turn Your Idea into a Money Machine, Second Edition
book

Trump University Entrepreneurship 101: How to Turn Your Idea into a Money Machine, Second Edition

by Michael E. Gordon
September 2009
Beginner content levelBeginner
299 pages
8h 16m
English
Wiley
Content preview from Trump University Entrepreneurship 101: How to Turn Your Idea into a Money Machine, Second Edition
P1: OTA/XYZ P2: ABC
c16 JWBT144/Gordon September 25, 2009 17:46 Printer Name: Courier Westford, Westford, MA
TRUMP UNIVERSITY ENTREPRENEURSHIP 101
Figure 16.1 Grandma’s Cigar Box
CIGAR BOX
All money flowing out
All money flowing
into shoe repair
business from any
and all sources
Lithuania in hopes of a better life in America. They literally had nothing
but a few hundred dollars (sewn into his cuffs) and the clothes they wore
on the ship. Saul decided that he would continue to make his livelihood as
a cobbler in the United States because shoe repair was the only business he
knew. Borrowing money from a few acquaintances, he set up a small work area
inside a friend’s tailor shop and began to build his business. So, how did Anna
come to understand cash flow, when many MBA students have trouble with
this concept? Simple: her cigar box! Money from any and all sources from and
for Saul’s shoe repair business went into the cigar box; all of the expenditures
came out of the cigar box. Anna watched that cigar box like a hawk. Figure
16.1 shows the simplicity of cash flow.
At the end of each day, week, month, and year Anna would count the
remaining money in the cigar box. Because she collected all the money and
paid all the bills, she always knew precisely what was coming in, what was
going out, and what was left in the cigar box. In those months when more
went out than came in, she understood the consequences
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Publisher Resources

ISBN: 9780470467183Purchase book