Exam Study Guide
February 27th, 2008The Exam is on Tuesday March 4. You’re allowed THREE FOUR pages, front and back of cheat sheet material.
There are no multiple choice nor T/F questions. At most, there are brief answers. Most questions are concept questions and you will also have to analyze a business case involving a startup. The answers should incorporate material from the book, lectures, adn the handout.
First Lecture and Early Readings
How does Alan and Guy Kawasaki define entrepreneurs?
What’s the difference between real vs. fake?
What does Guy mean by making mantra?
What are the 5 basic elements of a business model?
What should go into a business plan? What underlying style should pervade this document?
Why do Alan, David Miller, and others despise the blind allegiance to business plan software or template? Why does Jenny build each plan from scratch?
How do you validate your initial ideas?
What is an elevator pitch? What is the rationale(s) for creating an elevator pitch?
What did Guy Kawasaki suggest as a way for organizing your presentation?
Ok…there’s more coming. I’ll post more in the coming days. Be sure to take notes during the next guests!.
What does it mean to have wisdom about your customers? What two questions must be answered? (Found in Alan’s book)
Intro to Financials (Readings, Cash Flow Game, Lecture)
What things should be included in a financial section? What questions need to be answered?
What financial metric most concerns the startup? For what reason? Why isn’t it simply just profitability? How does Dave M. characterize this metric in his lecture?
Also according to Dave M., what are some oft-missing expenses? What are some common mistakes in the financials? What are his two metrics? (It really presages his set of magic marketing questions)
In Alan’s more extended finance lecture, what does he mean by his set of “profitable facts”? How does he define cash flow (it’s a similar definition used in the Cash Flow 101 game)
According to Martin Z., what are the goals of a financial model? What is the basic structure of his spreadsheet model?
According to a slide in the “Tips and Sins” lecture, what items comprise a Financial model for this class? Why does Martin advocate setting up the Revenue section before the Cost section?
How do you plan your profit?
What do the instructors mean by “financial drivers”.
Larry Nakata, President, Central Market
What did Larry mean by Gaman? Kaizen? How do the two of these blend together for the company?
What is the rationale behind maintaining a “Director of Learning”?
Although Larry expressed that “profit is the lifeblood”, he didn’t feel it was the “purpose” for a startup. What was Central Market’s mantra?
David M & Jenny on Marketing
Can you say why David is so big on using magazine media kits? Can you precisely describe what information you may get from it? How does it help with customer profiling?
What does David M mean by Guerilla Marketing? What are two types that he advocates? What is his rationale for these?
How does David M derive a marketing budget? Can you guide your way to David’s magic number?
Why does Alan (& David & Jenny) believe it’s sheer stupidity say say “we have no competitors”? For any business, what competitor always exists?
Presentations
For what reasons would David Miller throw a wad of paper at you?
Why does David Miller hate flash presentations? Is it because he’s hopelessly out of date?
What are three quick tips that Alan (in his book) offers for fishbowl presentations? How many groups followed these three tips?
Kyle Flindt & Intellectual Property
Kyle talked about IP as “fence posts”. What did he mean?
Do you hold a copyright to anything? Why or why not? By the way, what’s a copyright? Or is it the opposite of a “copywrong”?
What right does a patent actually confer? Is it the exclusive right to market an invention?
How do you strengthen your claim to a trademark?
Rodger Kohn and Corporate Law
How did Rodger discriminate among different company entities?
Can you describe the entities that are exposed to unlimited liability?
With respect to creating some form of LLC or partnership (and perhaps even a corporation among different shareholders), what provisions does Kyle recommend?
Tenley Peck and Business Etiquette
What do you do if you forget the other person’s name?
If you’re introducing two people, whom do you introduce first? How long do you shake a person’s hand?
Elizabeth Rusnak and Financing your Business
What is a line of credit? What does a bank see as the legitimate purpose for a line of credit?
What is an “Evergreen Loan”?
What differentiates an SBA backed loan vs. a regular non-SBA loan? Can a bank deny an SBA loan due to a lack of sufficient collateral?
What does Elizabeth say about credible business plans for bankers? Should these plans be incredibly long and thorough?
The Book and the Handout
What does Guy (& Alan) mean by “make mantra”?
What simple steps does Alan advocate for initially validating an idea?
What does Alan (& one or two of the Guest speakers) mean by the “long tail”? How does this relate to customer feedback that betray intense love and intense hate?
What does Guy mean by “weaving a MAT”? Why is this weaving so important?
What format does Guy give for a presentation pitch? what is the 10/20/30 rule?
Within what time frame must the entrepreneur “explain himself”? Why is this time frame so limited?
How do Guy and Dave Miller agree on presentation tips? How do they differ?
Why do Alan and Guy advocate making a pitch before the plan?
What does it mean to “keep the business plan clean”?
What does it mean to “bootstrap” a business? Even if you’re going for major cash investments, why is it wise to approach your business from the viewpoint of “bootstrapping”?
What are 3 good things to remember about recruiting startup employees?
What do Guy and Alan think are common lies or myths that are spun by entrepreneurs?
The BioEntrepreneurship Panel (TBA)
What do Rob and Marty mean by “there’s no such thing as bad data”? Can your answer generalize to your startup situation?
Why did both of them stress being realistic about your milestones? How does this related to raising money and maintaining control of the company?
What did Marty say about the value of an elevator speech?
Although Marty acknowledged that Cash is King, what did he say was even more important?
What is the no-asshole rule? Why is this so important for a startup?
Although Marty and Rob work in highly scientific settings, what attributes did they both greatly desire in the employees?
What advice do Marty and Rob have with regard to board selection?
Hell Nights on March 11 & 13 2008
February 20th, 2008Everyone is invited!
It occurs at 5:40 pm on Tuesday March 11 and Thursday March 13 at the North Creek Cafe. If your guest can make only one day, then have them choose Thursday March 13.
Each team is allowed up to 4 people giving pitches. Each team is allowed to take one table. The North Creek Cafe opens at 5:00 pm and you can start your preparations as soon as the doors open.
Light appetizers will be awaiting you and your guests. The final night will have an intense ceremony.
The winning team will be called upon to give an encore presentation to the audience and face their grilling. There will be real investors and university administrators in the audience. There might even be a few reporters and a television news crew.
The winning team will get an award. As for now, a provisional patent or free trademarking is part of 1st place.
Directions from UWB to Sai Mai Bar & Restaurant
Entry Details - Business Plan Due on Tuesday May 6, 2008
February 11th, 2008
- A Business plan must be submitted by 5:30 pm, Tuesday, May 6, 2008 at the Center for Student Entrepreneurship
- Each team must submit three coil-bound or comb-bound 8.5” x 11” copies including:
- Cover page with identifying information;
- 1-Page Executive Summary
- No more than 10-pages in the main body
- Appendix may include detailed financials and other material
- Each team must fill out the contact information form.
- At submission, each team shall set an appointment to meet with the Fund Trustees and Judges
What should be in the business plan? You may wish to examine this introductory handbook to assist:
Introduction to Writing a Business Plan v1.99 (revised April 7, 2008)
Competition Schedule - May 6, 2008 to May 30, 2008
February 10th, 2008Tuesday, May 6, 2008 Plans submitted
Monday, May 11, 2008 Plans returned with Reviewer Comments
Friday, May 16, 2008 Revised plans submitted
Monday, May 19, 2008 Semi-Finalists selected
Friday, May 23, 2008 Semi-Finalists pitch
Tuesday, May 27, 2008 Competition Finalists Selected
Friday, May 30, 2008 Final Competition - Awards Ceremony
Who can enter the UW Bothell Student Entrepreneurship Competition?
February 10th, 2008- The cash prizes are reserved only for UWB student companies.
- The cash awards are given to the company, not to the individual. The intent is to support real businesses.
- The business plan can involve the launch of a new business or the expansion of a current business.
- To be eligible for a cash prize, a UWB student must be a co-founder or owner. Presenting teams must be comprised of UWB students, or recent UWB alums (graduated at end of Fall 2007 or Winter 2008) only.
- Investment firm representatives are present, but will come up with their own decisions about whether to extend offers. The Center for Entrepreneurship takes no responsibility for the awards made by other agencies.