CHICAGO, IL (WBBM Newsradio) - On the WBBM Noon Business Hour for the first Entrepreneur Friday of 2026, Matt Matigian, CEO of Blue World Asset Managers in Chicago, IL, said that learning finances should be the first mission critical step for any would be entrepreneur. “What we often find is that entrepreneurs know the industry that they’re going into, but they’re not versed in the specific language of business,” said Matigian.
It’s very possible that a profitable company could still go out of business, and the trick, according to Matigian, is to know why that's true. “Profit does not mean to your attorney, accountant, and business manager what it means in a casual conversation over a cup of coffee,” Matigian said.
So, when does it make sense to call in an expert or hire a consultant?
“Yesterday,” quips Matigian, “Learn to read and understand financial statements, before you start.”
Starting a business requires realistic planning - enough financial runway for the lean months - and a clear understanding of customers - costs - and time commitment.
Some business basics that matter:
- Sufficient savings or backup income to cover lean months.
- A realistic business plan with clear pricing and costs.
- Understanding your target customer and competition.
- Legal, tax, and insurance requirements.
- Time commitment and workload expectations.
- A willingness to adapt and learn as you go.
- Starting a business is a risk but preparation turns risk into opportunity.