am i an entrepreneur? lessons learnt from the business skills 101 course. stephen madigan aquatic...
TRANSCRIPT
Am I an entrepreneur? Lessons learnt from the Business Skills
101 course.
Stephen Madigan
Aquatic Sciences
• A person who sets up a business or businesses, taking on financial risks in the hope of profit (Oxford Dictionaries)
• Course = better business management
Am I an entrepreneur?
• Investment by Seafood CRC
• Training & Education Program
• Innovation seafood industry profit
• 8 monthly modules
• Creativity, marketing, business models, risk, leadership, business planning
• Idea(s) business plan
About the course
• Informal
• Not “chalk & talk”
• Experienced & professional
• Inspirational
• Give you a library of information
The lecturers
• Australian & NZ residents
• Seafood CRC participants free tuition
• You pay for travel, accommodation, time & meals
• It’s a $20k course!
Attending the course
1. Don’t f**k with Microsoft
2. Have a customer b4 you start your business• Can I have that in writing?
3. Ask for forgiveness, not permission
4. Always have a sustainable competitive advantage
5. Understand the Law of 70
6. Start a business in an industry you know well
6 Golden Rules For Entrepreneurs
• 52 point checklist• Target market• Product• SCA• Financial
performance• Harvestability• Strategic
differentiation issues
Opportunity Screening Tool
• Detailed spreadsheet pro-forma financial statements (Income, Balance Sheet, Cash)
• Sales Projections• Cost of Good Sold• Yr 1 – 5 details (income statement, cash flow
statements, depreciation schedules, HR worksheet, expense details)
• NPV-IRR• Annual Statements• RRR (Required Rate of Return)
Financial Analysis
• Producing a business plan
• Company & the Product, Marketing Plan, Operational Plan, Financial Plan, The Ask and the Offer, Appendices (Industry & Market Overview, Detailed Market Research Information, Resumes of Key Personnel, Worst-Case Financial Statements)
Business plan template
Adapting to change
• Be creative• Be perceptive and
ready for opportunities
• Have skills necessary to adapt to change