Tuesday August 18, 2015
the Author notes there are two things an entrepreneur needs to understand.
The Product or service needs to be a win win for both parties.
The Founder needs to be able to project profit and loss statements.
He notes that most of the students he worked with could not do either. He also notes that the University of San Diego closed its Entrepreneur program once it gave away all its start up money.
As an accounting teacher I am not surprised at his second finding. We gave up trying to teach debit and credit accounting to non accounting majors, They were simply not interested. ACCT 3001 is therefore a managerial accounting class.
As a result only accounting majors learn how to construct an income statement. We cover the different statements in the ACCT 3001 class. But the professors teaching the capstone class regularly report that students arrive with little to no knowledge of financial statements or ratios.
I am not surprised.
Professor Elam 
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