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How they’re alike

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We start with the similarities between the nonprofits and for-profits because, believe it or not, there are several. For instance, consider the following statements:

 Sound business practices are important to both organizations.

 Strong financial oversight, including budgeting for revenue and expenses, is a key factor for both organizations.

 Good planning based on good information is a critical factor in the success of both nonprofits and for-profits.

 Management skills, the ability to communicate clearly, and attention to detail make a difference whether you’re working in a nonprofit or somewhere else.

 A little bit of luck doesn’t hurt either type of organization.

A final similarity involves the term entrepreneur, which usually describes someone who starts a new business. But any person or group that sets out to establish a nonprofit organization is entrepreneurial as well. After all, you’re starting out on a path that may lead to great success, and you’ll assume some risks along the way. We hope that you won’t risk your house or your savings account to get a nonprofit going, but you may have uncertain income for a while.

Nonprofit Kit For Dummies

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