Attendees of the Women in Charge conference in Miami Beach, Florida rushed to hear Entrepreneur columnist and internet entrepreneur Rosalind Resnick teach the breakout session, The Money Game: How to Get What You Deserve.

“If you want to take your business to the next level, it’s not enough to fly by the seat of your pants,” Resnick said. “You need to do the math to create a profitable and scalable business model and raise the capital necessary to execute your strategy.”

Resnick, an internet business pioneer and author of Getting Rich Without Going Broke: How to Use Luck, Logic and Leverage to Build Your Own Successful Business defined debt financing and equity financing. Debt financing--bank loans, home equity loans, bank lines of credit and the like--is funding you must pay back. Equity financing is selling a piece of your company to investors for cash. They control a percentage of your company and have a stake in the revenues.

Resnick also defined the rules of venture capital, encouraging attendees to study any VC firm they approach as well as learn the merits of the term sheet before signing on the dotted line. She reminded entrepreneurs that a deal should be beneficial to both sides before signing.

Writing a solid business plan that includes impeccable financial figures is key to receiving any funding though, she noted, so entrepreneurs should spend a lot of time on this step. “[Build] a solid business plan with a bullet-proof financial model that can pass muster with even the toughest bank or investor,” she said.

Finally, Resnick opened the floor to questions from the attendees who asked how to connect with angels and investors as well as how much a small business can expect to pay for financial consulting. She answered all the questions and even spoke one-on-one to entrepreneurs after the session. Using the strategies laid out by Resnick, entrepreneurs should be prepared for anything. --Nichole L. Torres