1) Why did Justin Beegel run out of money to pay his bills?

2) What would you do differently from what Justin did when confronted with a financial crisis?

3) Does a good accounting system guarantee entrepreneurial success?

4) In what ways does an inadequate accounting system impede entrepreneurial success?

Focus on Small Business: Justin Beegel of Infographic World, Inc. Infographic World, Inc.'s story reads like a Hollywood script for a stereotypical by-his-bootstraps movie about a struggling businessperson. Justin Beegel, fresh out of Binghampton University with a new MBA to post on his wall, went to work for as the social media manager for Hachette Filipacchi Mediathe publishers of Woman's Day, Elle, Road and Track, and Car and Driver magazines. While working for Hachette Filipacchi, Justin began working a side gig for extra money. Soon the side gig had grown to the point that he was in effect working two full-time jobs. In an article for the Young Entrepreneur Council (YEC) Justin wrote, I was working until 6 pm at the day job, and 5 am on the side business." 12 Justin quit his day job and went full time into his start-up, Infographic World, Inc. This was a gutsy move-he had no significant savings and took no partners to provide funding. 3 And, by his own words, the business very nearly failed soon after start-up. Justin is quoted as saying, there is no better teacher than failure.4 His first failure in the start-up came within the first year of operation. One day while he was printing invoices from vendors he suddenly realized that he did not have enough cash to pay the amounts that were due. He had largely ignored the need for accurate record keeping and for timely reports to help him direct and control his business. He wrote, I had virtually no systems ... to track... how much was coming in ... how much I would need to pay."5 In his desperation Justin turned to his father, who had often been his mentor. With his father's help, he began to make a plan to work himself out of the hole. His solution was twofold. First, to address the cash flow problem, he would establish and enforce specific payment terms with his vendors and also with his clients. Second, he would establish the necessary procedures and systems to ensure that he had the information needed to plan, direct, and control the finances of Infographic World, Inc.? Today, some 10 years later, Infographic World, Inc., now renamed IGW, focuses on all things concerned with Page 430 visual marketing. The company is highly successful, having won many awards for its eye-catching infographics and visual marketing campaigns. IGW has worked with a wide range of businesses, from newly funded star-ups to Fortune 100 corporations. In 2015 it was named one of Entrepreneur magazine's 30 Startups to Watch