Where Does Risk Come Into #Entrepreneurship – #Success #Fintech

 

When I was in college I thought I was sooooooo smart. I had a very little picture of a bottle Wisk detergent in my dorm room and I would tell who asked that, “every once in a while you have to take a little Wisk” and I would hand it to them. I know you are laughing on the inside.

Shocking

In conducting my UNCC class on Entrepreneurship I introduced the idea of risk in starting a business. Now, keep in mind my students are some variety of computer sciences major, and my class (for the most part) is and has been the only “business type” class they have ever taken. Their views of entrepreneurship is the typical view that we are a bunch of “work hard – play hard – fly by the seat of your pants – 5 hour energy drinking – sport car driving – can’t get a word in edge wise” risk takers. I think we all know the stereotype, however, it cannot be future from the truth. When I told my class that information was met with a great amount of skepticism.

Skepticism

The idea that I introduced to my class was entrepreneurs are not risk takers. Well, good entrepreneurs are not risk takers. Taking risk is a skill, and like any skill can be matured, practiced and perfected. An example, and as I continue on my journey to close the gap between salespeople and entrepreneurs (to me they are the same) an entrepreneur that is focused on generating income for the company knows that it is less a focus on income and more a focus on activity that will bring in that income. Activity like making calls, meeting people, webinars, conferences, blogging, advertisement, articles, social media, website traffic… With higher levels of activity and the more consistent that activity is the less risky the plight of generating income.

Luck?

I can’t tell you how many people don’t understand this and are subject to things like timing and the winds of change. Entrepreneurs that have a focus on mitigating risk by skill building are consistently labeled as lucky. Well, they are and I count myself as one of these because of what a mentor of mine told me about the topic of luck. He said luck is when opportunity meets preparedness. With a definition like that the more you prepare and the more you put yourself out there using activity the luckier you will be.

Want to know more? Buy My Books!

To buy the book – The Argument to Automate – How Innovation Can INSPIRE Not Fire – click here to buy

(Also) To get your copy of The 8 Pitfalls of Accounts Payable Automation – click here to buy

How about a children’s book? The Princess and the Paper – click here to buy

About The Author:

Christopher Elmore has written 8 books, countless articles, lectures at UNC – Charlotte and travels around the country speaking on on the topics of startup success, sales, presentation skills, change, entrepreneurship, accounts payable and payment automation. Having deep startup and entrepreneurial experience, Christopher was one of the six people that startedAvidXchange in 2000 and continues to work in the business today. If you hire Christopher to speak or teach at your company or event… you won’t be sorry! Request a media kit or contact usfor more information.

Where Does Risk Come Into #Entrepreneurship – #Success #Fintech

 

When I was in college I thought I was sooooooo smart. I had a very little picture of a bottle Wisk detergent in my dorm room and I would tell anyone who asked  “every once in a while you have to take a little Wisk” and I would hand it to them. I know you are laughing on the inside.

Shocking

In conducting my UNCC class on Entrepreneurship I introduced the idea of risk in starting a business. Now, keep in mind my students are some variety of computer sciences major, and my class (for the most part) is and has been the only “business type” class they have ever taken. Their views of entrepreneurship is a typical view that we (entrepreneurs)  are a bunch of “work hard – play hard – fly by the seat of your pants – 5 hour energy drinking – sport car driving – can’t get a word in edge wise” risk takers. I think we all know the stereotype, however, it cannot be future from the truth. When I told my class that information was met with a great amount of skepticism.

Skepticism

The idea that I introduced to my class was entrepreneurs are not risk takers. Well, good entrepreneurs are not risk takers. Taking risk is a skill, and like any skill, it can be nurtured, practiced and perfected. An example, and as I continue on my journey to close the gap between salespeople and entrepreneurs (to me they are the same) an entrepreneur that is focused on generating income for the company knows that it is less a focus on income and more a focus on activity that will bring in that income. Activity like making calls, meeting people, webinars, conferences, blogging, advertisement, articles, social media, website traffic… With higher levels of activity and the more consistent that activity is the less risky the plight of generating income.

Luck?

I can’t tell you how many people don’t understand that luck isn’t subject to things like timing and the winds of change. Entrepreneurs that have a focus on mitigating risk by skill building are consistently labeled as lucky. Well, they are and I count myself as one of these because of what a mentor of mine told me about the topic of luck. He said luck is when opportunity meets preparedness. With a definition like that the more you prepare and the more you put yourself out there using activity the luckier you will be.

 

About The Author:

Christopher Elmore has written 8 books, countless articles, lectures at Queens University and  UNC – Charlotte and travels around the country speaking on on the topics of startup success, sales, presentation skills, change, entrepreneurship, accounts payable and payment automation. Having deep startup and entrepreneurial experience, Christopher was one of the six people that startedAvidXchange in 2000 and continues to work in the business today. If you hire Christopher to speak or teach at your company or event… you won’t be sorry! Request a media kit or contact usfor more information.

Where Does Risk Come Into #Entrepreneurship – #Success #Fintech

 

When I was in college I thought I was sooooooo smart. I had a very little picture of a bottle Wisk detergent in my dorm room and I would tell who asked that, “every once in a while you have to take a little Wisk” and I would hand it to them. I know you are laughing on the inside.

Shocking

In conducting my UNCC class on Entrepreneurship I introduced the idea of risk in starting a business. Now, keep in mind my students are some variety of computer sciences major, and my class (for the most part) is and has been the only “business type” class they have ever taken. Their views of entrepreneurship is the typical view that we are a bunch of “work hard – play hard – fly by the seat of your pants – 5 hour energy drinking – sport car driving – can’t get a word in edge wise” risk takers. I think we all know the stereotype, however, it cannot be future from the truth. When I told my class that information was met with a great amount of skepticism.

Skepticism

The idea that I introduced to my class was entrepreneurs are not risk takers. Well, good entrepreneurs are not risk takers. Taking risk is a skill, and like any skill can be matured, practiced and perfected. An example, and as I continue on my journey to close the gap between salespeople and entrepreneurs (to me they are the same) an entrepreneur that is focused on generating income for the company knows that it is less a focus on income and more a focus on activity that will bring in that income. Activity like making calls, meeting people, webinars, conferences, blogging, advertisement, articles, social media, website traffic… With higher levels of activity and the more consistent that activity is the less risky the plight of generating income.

Luck?

I can’t tell you how many people don’t understand this and are subject to things like timing and the winds of change. Entrepreneurs that have a focus on mitigating risk by skill building are consistently labeled as lucky. Well, they are and I count myself as one of these because of what a mentor of mine told me about the topic of luck. He said luck is when opportunity meets preparedness. With a definition like that the more you prepare and the more you put yourself out there using activity the luckier you will be.

Want to know more? Buy My Books!

To buy the book – The Argument to Automate – How Innovation Can INSPIRE Not Fire – click here to buy

(Also) To get your copy of The 8 Pitfalls of Accounts Payable Automation – click here to buy

How about a children’s book? The Princess and the Paper – click here to buy

About The Author:

Christopher Elmore has written 8 books, countless articles, lectures at UNC – Charlotte and travels around the country speaking on on the topics of startup success, sales, presentation skills, change, entrepreneurship, accounts payable and payment automation. Having deep startup and entrepreneurial experience, Christopher was one of the six people that startedAvidXchange in 2000 and continues to work in the business today. If you hire Christopher to speak or teach at your company or event… you won’t be sorry! Request a media kit or contact usfor more information.

The Opposite of Risk Is Not Security – #APAutomation

Certain types of people make sense of the world by looking at the opposite. Even if you aren’t that type of person a good analogy can go a long way.

2 Subjects

Judging by the title I am going to make the point that there is more to risk than just making sure all of the door are locked on your accounts payable process. There is risk which is a situation involving exposure to danger. In the accounting world that would be things like people stealing money from the company. Then there is security which is the state of being free from dander or threat. Using the same idea in the accounting world security would be that it wasn’t possible for people to steal money from the company. It is no coincidence that the key word in both definitions is “danger”.

DANGER!

I could add “Will Robinson” to that title, but I am attempting to be all professional. Danger is something that accounting and finance people are all too aware of. The more I work with the profession (which I love) the more I find that in some situations the difference between being secure and not secure is an attitude a few people have in accounting.

Opposite?

So if security is not the opposite of risk, then what is? Well, that a very good question and I am so glad you ask. This is a difficult thing to write, because if I go with conventional wisdom, I shouldn’t even bring up this subject. There is no way to make your company 100% secure. It is an unrealistic goal. The problem with an unrealistic goal is it creates unrealistic consequences that have unrealistic planning and (worse) unrealistic process. The opposite of risk in accounting and finance is good process.

What?

Because it is impossible to stop danger in accounting, which we know as having our money stolen, the best we can do is make it as difficult as possible. There are a few principles of good fraud reduction in play that you can leverage.

  • Get rid of the paper – Paper causes paper problems and one of the biggest problem paper causes is the lack of tracking that paper has.
  • Be on the update – Processes that are old get soft (as the young people would say) and when people get to know a process real well they get to know the holes in the process.
  • The gangs all here – Dividing the critical processes that people can do between as many people as possible will create a more secure process. Think of it this way, what is more secure, two people holding critical processes or seven (it’s the seven by the way). The more the bad guys have to recruit the less likely they are to commit the crime.

So

It may not have as a glamorous ring to it but the opposite of risk in accounting and finance is not security but good process.

Want to know more? Buy My Books!

To buy the book – The Argument to Automate – How Innovation Can INSPIRE Not Fire – click here to buy

(Also) To get your copy of The 8 Pitfalls of Accounts Payable Automation – click here to buy

How about a children’s book? The Princess and the Paper – click here to buy

About The Author:

Christopher Elmore has written 8 books, countless articles, lectures at UNC – Charlotte and travels around the country speaking on on the topics of startup success, sales, presentation skills, change, entrepreneurship, accounts payable and payment automation. Having deep startup and entrepreneurial experience, Christopher was one of the six people that startedAvidXchange in 2000 and continues to work in the business today. If you hire Christopher to speak or teach at your company or event… you won’t be sorry! Request a media kit or contact usfor more information.

 

 

Stop The Risk In Accounts Payable #APAutomation

As an automator one of the most frustrating things that I have to combat is the notion that a company’s Accounts Payable process will become less secure if the paper is gone.

I Understand

I get it… I have talked to people who have been running the AP process for thirty years with paper. The thought of the paper being gone puts those people in a bit of a panic. If all you have ever known is paper then it is difficult to understand life without it.

Not So Bad

It took me many years before I was able to communicate the need for AP Automation. My first swing at convincing was to help the organization realize how bad their current process was… you know… drill for pain. I couldn’t find it, for the most part, because the processes people put in place were good. Plus it has never done me any good to let someone know their professional life’s work was terrible.

Paper And Risk

Changing to AP Automation is perceived as a risk because it takes something that you have known and making it something you don’t know. Automation looks and acts different so it requires the users of automation to do the same. The problem is, if you want the most secure and risk free process you have to automate.

Why?

Accounts Payable Automation makes the invisible – visible. With automation you are able to track and report against:

  • Who is doing what, when, where and why
  • How long invoices are being held by which person for what reason
  • With permission making sure not one or even two people have the ability to add vendors, process invoices and approve payments
  • The history of all invoices can be referenced years after the fact.

All Together

Looking at the short list above the thing that makes AP Automation so powerful and therefore limits risk in accounting is visibility. People are unable to hide or stuff things into draws with automation.

Want to know more? Buy My Books!

To buy the book – The Argument to Automate – How Innovation Can INSPIRE Not Fire – click here to buy

(Also) To get your copy of The 8 Pitfalls of Accounts Payable Automation – click here to buy

How about a children’s book? The Princess and the Paper – click here to buy