Room 402 APS, H de la Costa Campus February 26, 2013
Our schedule last night included: SR, Case Analysis of Red Crab, and Review of Financial Management. We were able to do the SR: "Go Negosyo " by Athens Cruz and "Creativity" by Jaypee Eugenio.
Special reports
Go Negosyo, of which ProfJorge is a part of, is not involved in financing but is involved in changing mindset and or creating entrepreneurial mindset among Filipinos. Take note that our FDI is practically nil; yet Philippines is a hotbed of economic growth. Why - because many locals are taking risks; many are betting with their own money to start their projects/businesses. And this is entrepreneurship in action. The Negosyo efforts paid off, in a way. The 7.1% economic growth, the PHL as no 6 in the world's fastest growing economy is a dividend, a pay off.
The creativity report mentioned so many books on creativity and many relevant information from Edward de Bono to Einstein, George Bernard Shaw, etc. and many contemporary businesmen and creative people: Steve Jobs among them. (Be crazy; make a dent in the universe.) Ideas and application of the idea are essential parts of creativity (thus those who fail to apply fail to get their NU 12 posted.
Financial Management
I mentioned some truism on financial management:
l. " The numbers will set you free" - Harold Geneen
2. Cash is king.
3. "You can make a lot of mistakes, and running out of cash is not one of them."
4. The determination of the bottom line isnt accurate. The company policy on recognition of income and expenses can vary the outcome. Some company comptrollers are sometimes cooks or doctors.
5. The concepts: cash flow statement, balance sheet, income statement, funds flow were discussed in a whiteboard infographic. A template shall be sent the students to study and apply.
Wednesday, February 27, 2013
Start up hiring challenges and how to overcome them
From Globemail on Start Up hiring challenges | October 31, 2012
Start ups are in great dilemna: they must get great talents up front to get moving in sales operations, and finance. However, they are cash strapped and have hardly any resources to recruit, retain, retrain great talents. How to resolve this problem/dilemna:
l. Cant adapt to start up style...
2. How much are you really worth?...
3. Realignment necessary....
4. Are you self starter/resourceful?
5. Uncommitted candidates? Will they disappear or fail to arrive for orientation?
6. Can they execute what they say they will? Or are they just good in promises and speeches/talks?
Find out more the start up hiring challenges
Start ups are in great dilemna: they must get great talents up front to get moving in sales operations, and finance. However, they are cash strapped and have hardly any resources to recruit, retain, retrain great talents. How to resolve this problem/dilemna:
l. Cant adapt to start up style...
2. How much are you really worth?...
3. Realignment necessary....
4. Are you self starter/resourceful?
5. Uncommitted candidates? Will they disappear or fail to arrive for orientation?
6. Can they execute what they say they will? Or are they just good in promises and speeches/talks?
Find out more the start up hiring challenges
10 ways to start a business with almost no money
From Globe and Mail | January 31, 2013
How often do we hear the common complaint of start ups, or entrepreneur wanna bees that their biggest concern is the lack of capital. Nothing can further from the truth.
The capital lies right on top of their shoulders, or right between the ears!
What --- their heads!
Capital comes from capito which is a Latin word for head (thus provincial capitol, army captain, per capita). The biggest capital of the entrepreneur is his head
Thus entrepreneur can start a business, or any business, without money and that makes entrepreneur truly strategic ie achieving his dream with little or no resources and fulfilling the definition of entrepreneur - ie "starting something with practicality nothing"
Last night, I talked about us starting a bank with almost l00% borrowed money from a rural bank in neighboring town, or starting a real estate project with just P15,000. Toby's started with just P3,000.00 Splash was started by Drs. Hortaleza with P12,000, one half of the cash gift on their wedding.
Here are some of the 0 money start-up strategies:
1. Clarify the concept. What is the customer problem that the entrepreneur wants to solve? How will the company solve the problem? What is the product that the entrepreneur wants to come up with? (What pisses you off, the customer, the user etc and come up with the prototype product. No expensive r and d or thousands of trial needed; just prototype the product. Hire beg steal or borrow!)
2. Wireframe the product (Do the prototype, if you can do 3d printing so much the better) Picture exactly how the product will come up
3. Do market research (or FGD, or beta testing of your prototype)
4. Network, network network
5. Study in the street, university of life
Find out the 5 other strategies.
Remember focus on what you can sell; prioritize your cap ex/efforts on the product, and not on other irrelevant products/stuff
How often do we hear the common complaint of start ups, or entrepreneur wanna bees that their biggest concern is the lack of capital. Nothing can further from the truth.
The capital lies right on top of their shoulders, or right between the ears!
What --- their heads!
Capital comes from capito which is a Latin word for head (thus provincial capitol, army captain, per capita). The biggest capital of the entrepreneur is his head
Thus entrepreneur can start a business, or any business, without money and that makes entrepreneur truly strategic ie achieving his dream with little or no resources and fulfilling the definition of entrepreneur - ie "starting something with practicality nothing"
Last night, I talked about us starting a bank with almost l00% borrowed money from a rural bank in neighboring town, or starting a real estate project with just P15,000. Toby's started with just P3,000.00 Splash was started by Drs. Hortaleza with P12,000, one half of the cash gift on their wedding.
Here are some of the 0 money start-up strategies:
1. Clarify the concept. What is the customer problem that the entrepreneur wants to solve? How will the company solve the problem? What is the product that the entrepreneur wants to come up with? (What pisses you off, the customer, the user etc and come up with the prototype product. No expensive r and d or thousands of trial needed; just prototype the product. Hire beg steal or borrow!)
2. Wireframe the product (Do the prototype, if you can do 3d printing so much the better) Picture exactly how the product will come up
3. Do market research (or FGD, or beta testing of your prototype)
4. Network, network network
5. Study in the street, university of life
Find out the 5 other strategies.
Remember focus on what you can sell; prioritize your cap ex/efforts on the product, and not on other irrelevant products/stuff
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