entrepreneurial and ostrich strategies in designing your business model
TRANSCRIPT
Finance is FunJack Foley Really?
20 minutes (<)
1. Entrepreneurial or ostrich business-design strategy?
2. The financial skills you need are easy to build3. The online financial skills course4. But what about the FUN!
This is not about accounting or bookkeeping!
Finance
Financial Model
Business Model
Business Idea
(1) Entrepreneurial
Your plans for:• Buying & Selling• Overheads• Funding• Fixed Assets
Projected:• Profit & Loss
Account• Balance Sheet• Ratios
But will it make money?
Financial Model
Business Model
Business Idea
(1 cont’d) Ostrich
I leave finance to accountants
I’ll pick it up once we are up and running
8 out of 10 start-ups fail
within 18 months
Why?
18 Months
82
Idea or Events
“18 months” suggests you have to get it right before you start!
The avoidable errors:• Profit margins too low (Pricing)• Overheads too high • Cash crisis
• Equipment • Working Capital policies• Not enough start up capital or
too much borrowing
Business ModelThat’s life!That’s sad!
(2) And it is so simple
We use a trading model because…
.
Now is the time to learn
Lean?
(3) The online course
• Complete the simple quiz and email it back • We send your login details• Log in to www.fabeducation.com• Complete the foundation course in Step 1• Email for support it you need it – we will
follow through and contact you anyway
30 days!
Learn by “doing”Systematic Learning”
Tutors
Go LiveAdvanced
and
Optional
• Learn it• Speak it• Do it
Lean financial skills
Buying & selling
Overheads
FundingAnd
Fixed Assets
How to generate
profit
How not to run outof cash
Ratioanalysis
❷ ➌ ➍ ➎ ➏❶
1 Video2 Quick Practice Guide3 Practical Financial Quiz4 Key learning points and workbook references
5 Multiple choice questions
(4) But where’s the FUN bit?
• The FUN is:– Using FaBLinker to explore and perfect the
business model – Having a business that you can enjoy and does not
fail on a TKO.
It is just as important to
design a sustainable &
profitable business
model as an appealing
product/service
The big question
How many of you will complete the finance
course?