THOUGHTS FOR BEFORE, DURING AND AFTER STARTING A BUSINESS
THOUGHTS FOR BEFORE, DURING AND AFTER STARTING A BUSINESS
We reflect on six great ideas that can help any entrepreneurial project in its initial phase (customer focus, importance of the team, expenses versus investments, cash budget, thoughtful decisions but speed in execution, having an escape plan). The participant will obtain, in an enjoyable way and based on examples, knowledge of immediate application for any entrepreneurial project. Single-session activity: 1 session of 3 hours
Entrepreneurs in general (from future shopkeepers to future big businessmen). The previous concepts that need to be known to follow the session will be briefly introduced, therefore, no specific knowledge is required.
General Objective:
To focus on six key ideas that can support any entrepreneurial project throughout its life cycle.
Specific Objectives:
To understand various concepts that are important for any entrepreneurial project, such as the definition of an entrepreneur, the entrepreneur's environment, the customer, segmentation, differentiation, the team, partners, investment, expenses, the cash flow budget, scenarios, the exit plan, decision-execution, or failure management.
Syllabus:
0.Introduction
Presentation (Who am I? Who are you? Who is this aimed at?)
Are we really entrepreneurs?
Why should entrepreneurs be proud? Work as a scarce good.
The entrepreneur's environment (naysayers, feel-gooders, realists)
What do we really gain when we undertake a venture?
Objectives and Methodology of the Session
Idea 1: Dress like your customer ¿ why customer focus is key. Differentiation/segmentation (Retail-style entrepreneur)
What is the most important thing for a company? Without customers, there is nothing.
The good news: customers talk, we can ask (real feedback).
What is customer focus?
Who? Segmentation
How? Differentiation
Idea 2: The importance of the team. Don't be a ball hog, pass it (Tiki-taka entrepreneur)
Emotional advantages
Skill-based advantages
Team vs. partners
Idea 3: Be stingy with expenses (especially fixed ones) and frugal with investments (Merkel-style entrepreneur)
Difference between investment (with return) and expense (money gone)
Some good and bad examples
Idea 4: You can live without a profit and loss account or a balance sheet, but not without a cash flow budget (PayPal-style entrepreneur)
Accounting documents for beginners (Profit and Loss Account, Balance Sheet, and Cash Flow Budget)
Purpose of the cash flow budget (to know today what will kill me tomorrow)
Example of a good cash flow budget (mine)
Scenario generation using the cash flow budget
Idea 5: Thoughtful decisions (even if it takes years), but lightning-fast execution (whether needed or not) (Roadrunner-style entrepreneur)
Difference between thinking/planning and delaying decisions
Difference between a large company (ocean liner) and a small company (outboard motor)
Application examples
Idea 6: Plan an escape route (Houdini-style entrepreneur)
Why is an Business continuity plan important?
When should it be thought out and, above all, written down?
Rigor in execution (the deadline in mountaineering)
Learning from failure
Brief Recap and Final Conclusions
Activity led by Albert Mas, consultant and expert at Be-able Technologies
Category: The profile of the entepreneur (NW)