Is my business sustainable?
Entrepreneurship workshop, day 4. Ideas have been developed, markets analyzed, potential clients identified, described and classified, and products developed. Now, is this all something that will work?
Developing the financial plan is about developing a simulation of the company. More than following established templates, during the workshop we introduced the idea that each business has a unique schema of cost-revenues, and that there is no “rule” – you have to find out what elements are critical for forecasting and controlling your business.
Also, doing the financial plan is a good way to identify specific missing information bits: costs for supplies, customs taxes, etc.
Today we also introduced the idea that this group of people is not just together for this program, but a potential entrepreneurs crew, that can still work as a network in the future. This was not a topic of discussion, but a suggestion emerged from teram building and leadership exercises we did first thing in the morning.