My Blogs from Learning

20 Qualities of a Great Founder

It’s Sunday. I am just letting it flow and I got a message on RhinoBoss.com. First one, crazy. Lady said we haven’t shipped out a unit and she will cancel on Paypal if we don’t ship. Wow, things are getting crazy it’s BodyBoss 2.0, was broke in 2016 completely and I am in search of a higher purpose. Money truly makes you feel empty and I am like not taking it seriously anymore. But, I am going to keep searching. we of course will ship her unit. We of course will not twist her arm. But we know if she uses the product she will love it, she will just need to learn how to use it and hold herself accountable. I am trying to figure out roles and I was watching youtube.

Here is a video I came across of Valuetainment speaking on 20 Qualities of a Great Founder

  1. THEY’RE VERY UNREASONABLE – they are very demanding, because they are demanding and unreasonable. They lose a lot of people in the beginning because they are so unreasonable and demanding. What is wrong with you? Why are you so unreasonable. The great founders can’t help themselves because they see where they are going. This person doesn’t see where the person is going.
  2. OTHERS CAN CO-EXIST WITH A GREAT FOUNDER – they realize they have to have people around them that know what they don’t
  3. A LEVEL OF DETERMINATION MORE THAN THE REST
  4. NIMBLE YET FIRM – what do you think
  5. THEY DON’T GET SWAYED EASILY ABOUT THEIR VISION – positively stubborn, they know it is going to be successful. They do whatever they can to not listen to people saying you shouldn’t be doing this. Great founders know where they are going.
  6. WILLING TO SHARE EQUITY AND VICTORIES WITH OTHERS – they realize for talent their vision is so big they would much rather own 70% instead of 100%. Founders understand they want a long of strong talent
  7. WILLING TO START OVER AGAIN WITH A FRESH START. they are willing to start from scratch again. Gets respect from talent, gets respect from vendors, he is certain something is different about this guy. They have to be willing to sink or swim. Lots of people play way to safe. They will fight to make it out.
  8. COMFORTABLE HAVING TOUGH CONVERSATIONS WITH OTHERS. Here’s what we are going through whats going on with that department.
  9. CONSTANTLY SELLING – they are selling 24/7. They don’t even know what that means. What they think their company will be doing.
  10. INTEGRITY – if you struggle with integrity you will lose people. Energy. Integrity. You need people around you that trust you.
  11. GOOD SOUNDING BOARD AROUND THEM THAT SHOWS THEM THEIR FLAWS – they have people around them they are willing to listen to them that says you are wrong. In the mind of the founder, they won’t take it personal. If it gets them their faster they will do it.
  12. RESTLESS – out of control energy. As if they never go to sleep. You were just here how are you here. Hes already out here trying to grow what i am doing. If i had to go out against this guy.
  13. GREAT RECRUITERS – they are always selling what they are doing. Constantly selling where they are going. Keep telling the story over and over again.
  14. THEY’RE THE PIED PIPER – they are always converting these guys. They don’t believe let me convert them, i will make sure everyone converts. They want to tell the truth and it will be a reality. Find a founder and see what will happen. They are in the converting business.
  15. THEY LEARN HOW TO STRETCH THE DOLLAR – they want to make this 50k seem like 250k and turn this 1M into 15M. They are so good at stretching the dollar.
  16. GUT FEELING AND INTUITION- i don’t feel this is a good hire. I don’t want to do business with this person, a certain intuition. Like mothers, they have a bad feeling about this.
  17. THEY’RE GREAT AT PAINTING A PICTURE – constantly
  18. THEY’RE VERY MOODY – but they HAVE PERSPECTIVE. They can go from happy to pissed off in a second and they still won’t fire you. But 30 minutes later they will come find you. What just happened to you bro. Founders have great perspective, because they know they need help of people. They can’t help themselves because they are so urgent because they want it to become a reality today. Everyone is always trying to catch up to them. 5 minutes later they will be happy. To them it will become reality today. if they don’t get their ways they will be moody but they have perspective.
  19. THEY HAVE IMAGINATION – the what if world. wow what if this thing takes place. because they are in the imagination phase of the future. they are also are living in the future and have the most anxiety. it turns into determination.
  20. THEY HAVE INTERESTING CONVERSATIONS WITH THEMSELVES – they’re always talking to themselves because in the beginning there isn’t anyone else. What do you think about this. It’s always moving conversation mind. Sounds crazy sounds insane founders are always talking about themselves. Everything is going in the brain. Founders at this point. It sounds like a crazy guy. Founders are strange and crazy. Someone who is willing to put insanity you have to be a little off.

A founder isn’t necessarily the best in the company. They simply help the company survive. The founder needed the CEO, that CFO, that CMO. The founder makes it through the difficult phases.

Those are the 20 founders. What do you feel like makes a great founder?

Here are my thoughts, from ROSS OLTORIK.

  • When you first start using the product you are making you hit an ah-ha moment and can’t stop thinking about what it can do in the future.
  • You overcome constantly and focus on the future
  • You fight hard
  • You are good at selling to get people and get things done
  • You are creative
  • You think you can be bigger than everyone
  • You truly care about your customers, and work to get back to them when things go wrong
  • You are a bit crazy
  • Marketing
  • Unique

My Journal on setting up Quickbooks Online for BodyBoss 2.0

How I set up 4 years worth of data in 5 Days without any Accounting knowledge and after hiring 3 different people to try.

My journey on setting up Quickbooks

My name is Ross Oltorik, co-founder of BodyBoss 2.0 and a Managing Partner of RhinoBoss Corporation with my father, brother and former friends and cousins

January 2, 2020, RhinoBoss Purposed Documentation

List of Results

  • Created a Quickbooks account
  • Took advantage of the $45/mo pricing instead of $161
  • Entered in Business details in Account Settings (get urgency here easy to update)
  • Activated Purchase Orders in settings
  • Watched nearly 5 hours of YouTube videos. Hector Garcia, CPA, was my favorite.
  • Learned everything is set up for a reason, it’s simple.
  • Quickbooks wants you to succeed, they want you on it so I stopped fighting it and went Zen on it.
  • The tabs, yes they literally are your friend sit there and read them, no actually read them. What do they say? Click on them, then click on them again. And again. Over good now actually read what is on the page just clicking on it. Although I did not do this, I should have because I will never not track business finances in a software again, or personal finances as well, it literally succeeds for a reason and saves you time. So love the tabs, embrace the tabs, flow with the tabs and oh yeah read the facts in there actually read the facts. I do now after 5 days.
  • Your Business has accounts – accounts to me are just anyone you pay, anyone you get paid from in the category that you want. But don’t worry about that right now. You need to play with the System first. You need to get your mind right first.

First things first. What is Quickbooks doing? Here’s my mind going for ya, read it, you need to start thinking about it and then each day you will understand it:

How come no one is using the oldest business tools in the world?

The 3 Financial Statements.

Balance Sheet, Income Statement, Cash Flow Statement

What is on the Balance Sheet, anything with a Balance. Click on Chart of Accounts and you will see the first charts have a balance, play around with it you click new add accounts you think would be on the balance sheet, play around with it. You now are getting the flow with the Balance Sheet Account types, your Tax accountants will love you because then they can be even lazier. Oops, I mean, you think they really care about you? Na, they just want paid. Okay, Balance Sheet. But, Ross Oltorik, why do you say they just want paid? Um, because they work 3 months a year not 12. If they really cared they would set up your Quickbooks and have a category list for you of every single category on the chart to help you with your taxes and filing appropriately so you don’t get in trouble. But seriously, they will withhold knowledge, not help you or protect you so take an owners mindset you can’t delegate anything when it comes to your finances. The CEO’s mindset is delegate everything, so set your Quickbooks up. Why not? Why not take 5 days, learn as much as you can so you can protect yourself, your family, your future, your customers and overall just have an easy more efficient day to day life style. Now that we established that I called a guy we hired for $90,000 on how he didn’t have a clue about how to properly flow in Purchase Orders and Inventory. I realized how lazy you can be if you don’t just do it and apply consistent learning. Let’s talk about the 2 main Documents that matter to you.

(don’t worry about your Bank Feeds yet or Hooking up your Credit Card (Although I did hook them up before I knew this, but I wish I would have known this first to ease my mind on what I was suppose to do after I hooked up my feeds)

What the heck is the Chart? Oh The list. The Chart of Accounts. Why do they have to think of it that way, when you’re not some brainiac who knew to go to school for this. lets just put it this way Your Chart of Accounts is like A Grocery Store Numbered with Isles and within the Isles there are subcategories. Meat section = Chicken, Steak, Sausage, etc yes I just compared it to the meat section. This is serious though, really serious. It’s like the Dog Section (this one is for any females out there who go to the dog section every Grocery Visit and spend $22.91 on another dog bone.. yes we are Accountants now so we notice these things). It’s like an Accordion, unravel the categories, put levels to it. Main 9 Isles and each isle has 3 Main Categories. So that is 18 Chart of Accounts, that’s it. It’s Like a Library. Quickbooks = A Library.

Walk in, Find The Main Book Categories. Probably 9 of them, ha ha. Then you find your favorite category within it. Quickbooks is just the book shelves at the Library. There are Categories like 3 of them on each of the 2 Statements. It’s that easy.

(YOUR BUSINESS… Keep it simple and don’t dive in yet)

Balance Sheet is above Profit and Loss in the Chart of Accounts Tab

  1. Balance Sheet is Assets
  2. Balance Sheet is Liabilities

….. say it again

  1. Balance Sheet is Assets
  2. Balance Sheet is Liabilities
  3. Balance Sheet is Assets
  4. Balance Sheet is Liabilities
  1. Balance Sheet is Assets –
  2. Assets are accounts that have a balance.. that you can turn into cash
  3. What can you turn into Cash? Where is your Account Balance of cash?
  4. Bank
  5. Can you currently get it? Like within the next 12 months can you go and get that cash out of the bank? Okay it’s a Current Asset. If not it’s a Long Term Asset. Quickbooks tells you the options when you create a chart.
  6. So now you know Assets are a good thing, they are accounts with a positive balance that you can turn into cash.
  7. Cash in the bank (all banks you have cash in) and if you keep cash like in your wallet, at your cash register or in a safe somewhere up to you but get visible on it if you want, call it Petty Cash. Cash on Hand.
  8. Cash = Asset
  9. Receivables = Asset
  10. Inventory = Asset (if you turn it on in account settings)
  11. Pre-Paid Expenses – not a huge one but just google if you want to learn about it. I will use it for our company Pre-Paid Inventory since when you place a PO it doesn’t become a Vendor Bill until you receive the goods with an item receipt. Liability Insurance, etc.

Chart of Accounts = Balance Sheet (these accounts are at the top)

Profit & Loss (INCOME & EXPENSES)

  1. Assets – Liabilities
  2. Income – Expenses

Assets = Current vs Non Current —- Liabilities (who cares about them)

  • Current = Cash in Bank, Receivables, Inventory
  • Non Current = Anything non current LOL. (building or something else you research)

Liabilities

  • Anything you owe for soon or not soon
  • Oh yeah anything you owe that has a balance. it’s on the Balance Sheet
  • Credit Cards
  • Accounts Payable
  • We’re Not Going To Get Fancy on this one

Balance Sheet

  • Assets
    • Cash
      • Banks
        • Bank Account #1 Checking
        • Bank Account #2 Savings
      • Petty Cash on Hand
        • Safe in the attic
    • Accounts Receivable
      • Customer Invoices you sent and they owe you still
    • Undeposited Funds
      • Who cares – but if you get a check and need to take it to the bank and there is a lag
  • Liabilities
    • Credit Cards
    • Accounts Payable
  • Equity
    • Whatever you put in among other things I am just going to use it for now to see Assets – Liabilities it will give you your equity of the business.
    • Assets ($5,000,000) – Liabilities ($3,000,000) = Equity ($2,000,0000)

Assets always balance with Liabilities and Equity. Balance Sheet

Profit and Loss – Aka income Statement

  • Income
  • Expenses
    • Cost of Goods Sold
    • Expenses

But really it is:

  • Income
  • – Cogs
  • – Expenses
  • = Profit or Loss

What is in the P&L?

  • What does your business sell to generate new Money in?
    • Income
      • Product or Service Categories you like to see
      • Less Discounts
      • Less Returns
    • Costs of your Goods or Services being Sold
      • Cost of Goods or Cost of Services
      • Shipping Item to them
      • Freight Insurance
      • Warehouse Fees
      • Customs
      • Service could be labor or hosting, etc research it I used Trainers as ours
    • Expenses
      • Marketing & Sales Expenses To Generate Income
        • Advertising
        • Direct Sales events
        • Phones & Texting
        • Client Meals
        • Flyers, etc Other Costs Related To Sales & Marketing Expenses
      • Research and Development Spend
        • Research this anything to do with product improvement
        • Product is process improvement, enhancement, design, etc
        • Intellectual Property (Patents, Trademarks, Copyrights, etc)
        • technology
        • engineers, etc
      • Operating Costs
        • Workers (Employees or Subcontractors 1099)
        • They like when your expenses are geared towards generating more income
        • Liability Insurance
        • Vehicle
        • Dues & Subscriptions
        • Rent
        • Anything with Back Office, Front Office
        • Anything it costs you to operate the business

Balance Sheet & Income Statement are found on the Reports Tab and just click the report to practice.

Use the gear to fiddle around, when setting up quickbooks I would keep up the BodyBoss Balance Sheet and Duplicate the tab and then have the Profit & Loss Statement Up.

First I started with then hooking up things to start to fill up the Balances in my Balance Sheet. So you will want to hook up your Bank to Quickbooks under Banking. When hooking it up create your account and Add the Accounts for Bank Checking and Savings.

Stick to Business Expenses only. I called RhinoBoss’ our companies:

  • Fifth Third Cash in Checking x2846
  • Fifth Third Cash in Savings x2040

Then I hooked up our Credit Cards under the Banking Tab because it is anything to do with Bank Feeds of Transactions. You probably checking your credit cards, and your bank account as often as you can, well now it funnels in for you. Set up your Credit cards and link to an account you create when hooking up the credit cards bank on the chart of accounts.

We have 3 cards (previously in 2015 we didn’t have enough to pay for anything so they gave us small limits, we worked to 1 credit card American Express Platinum)

  • AMEX Delta Card -4922
  • AMEX PLATINUM BUS -30004
  • FIFTH THIRD Credit Card -5084

I wanted to pull in past transactions since the beginning all the accounts were open so I went to my banks website and exported the .QBO files from American Express they let you do it easily and from Fifth Third not so much so I went into the brand and then spoke with a Business Commercial Account Rep it took them a bit, but you can download your transactions and use an app to scan PDF or enter transactions under Bank Feed and the put it back to the beginning of the account balance. When started your accounts if you do not feel like going back you can just put a beginning balance

MAKE SURE YOU PUT A BEGINNING BALANCE you want to start the Bank or the Credit Card with if you don’t plan on going back. Easiest is to look at the ending balance on your statement you want to begin with it summarized and starts at the amount then once you are ready you will add those transactions to Quickbooks as expenses or deposits. so just get the transactions in there as far back as you want and let them sit there for a bit and move on to the next tab.

SALES TAB = INVOICES (a sale from a customer)

[ Bills, Invoices ]

  • Bills vs Invoices
  • Law of the Universe
  • Cause & Effect…. Yes…. Input vs Output… Double Sided Accounting. Just know that input and output and keep it simple. Bills and Invoices are the only things that really matter upfront.
  • Bill = Vendor
  • Vendor = Bill
  • Vendor Bills
  • Yes, Vendor Bills
  • Yes, Vendor Bills you.
  • You Take the Vendor’s Bill
  • The Bill is from the Vendor for you.
  • You put in the Bill.
  • Where? Duh. The Tab! The first tab! The + tab. The top tab, Its all about the tabs! Quickbooks developers have a job for a reason.
  • So Vendor sends you bill you create a NEW Bill. You + New bill under Vendors read the tab it only has 3 main categories:
  • Vendors, Customers, Employees
  • Well Customers come first because they know their Income Statement, the developers must be accountant coders or something. These guys are good, yes like they know to put Customers then Vendors then Employees. Customers come first they are the ones who Buy From you. They buy from you, they send you money if you send them something they want or could use. Yes they pay you for the exchange of a good. Oh yes or a service. So you get it stop worrying about everything else right now, flow with the tabs and chill! These developers and product people over at Quickbooks they know their Customers come first so that they will get their money coming in for as long as possible. They will give you value conveniently.
  • Bills vs Invoices —— > Vendor Bills You and You Put it into Quickbooks as a Bill and tie it to a Vendor. You then put that bill on Accounts Payable for the category of expense it is. What are you paying for? What is your Vendor doing for you?