Entrepreneurial Math
If recent poll numbers are to be believed, as much as 86% of people surveyed claim to hate math. They say it’s boring or they’re just not good at it. They think it’s too rigid and cold, or that the rules are too complicated. They’re frustrated with memor
Episode 54 of the Tiny Course Empire Podcast podcast, hosted by Cindy Bidar, titled "Entrepreneurial Math" was published on August 11, 2022.
August 11, 2022 · Tiny Course Empire Podcast
Summary
If recent poll numbers are to be believed, as much as 86% of people surveyed claim to hate math. They say it’s boring or they’re just not good at it. They think it’s too rigid and cold, or that the rules are too complicated. They’re frustrated with memorizing endless formulas. The list of reasons people give for resisting math is long. Maybe some of them resonate with you. Maybe you even have your own reasons for avoiding it. But love it or hate it, math skills are a must for entrepreneurs. You cannot successfully run a business without at least a basic understanding of concepts like profitability, income predictability, and conversion rates. Math is what allows you to make good business decisions. I don’t know a single successful business owner who, when deciding whether to hire a contractor or buy a new piece of software or invest time in a new business venture, doesn’t first pull out a calculator to see if the numbers work. Understanding which numbers matter and what to do with them is what this episode of the Tiny Course Empire podcast is all about. Join me as I break down the basic math concepts every successful business owner needs. I promise, it’s a lot easier than you think. Prefer a transcript? Here you go! What you’ll learn in this episode: How to calculate your profit margin and why it matters How to really know if your business is growing How to predict your earnings for the next month or next year How to budget for future business expenses, like hiring a new team member or buying a new computer How to set—and actually achieve—your income goals How to calculate conversion rates, and how they impact your income and goals Resources mentioned: Six-Figure Systems A License to Print Money
Episode Description
If recent poll numbers are to be believed, as much as 86% of people surveyed claim to hate math.
They say it’s boring or they’re just not good at it. They think it’s too rigid and cold, or that the rules are too complicated. They’re frustrated with memorizing endless formulas.
The list of reasons people give for resisting math is long. Maybe some of them resonate with you. Maybe you even have your own reasons for avoiding it.
But love it or hate it, math skills are a must for entrepreneurs. You cannot successfully run a business without at least a basic understanding of concepts like profitability, income predictability, and conversion rates.
Math is what allows you to make good business decisions. I don’t know a single successful business owner who, when deciding whether to hire a contractor or buy a new piece of software or invest time in a new business venture, doesn’t first pull out a calculator to see if the numbers work.
Understanding which numbers matter and what to do with them is what this episode of the Tiny Course Empire podcast is all about. Join me as I break down the basic math concepts every successful business owner needs. I promise, it’s a lot easier than you think.
Prefer a transcript? Here you go!
What you’ll learn in this episode:
- How to calculate your profit margin and why it matters
- How to really know if your business is growing
- How to predict your earnings for the next month or next year
- How to budget for future business expenses, like hiring a new team member or buying a new computer
- How to set—and actually achieve—your income goals
- How to calculate conversion rates, and how they impact your income and goals