Hell Night Guidelines
March 7th, 2008These are team guidelines for presenting on Hell Night:
1. No more than 4 people per team are allowed to interact directly with investors. The others can interact with presenting team members (e.g. fetch water, handouts), but cannot talk to investors nor to hand material directly to investors.
2. You can bring in one outside person as a presenter when the outsider is your business co-owner. One of the other co-owners must be on the student team. Lastly, 1-person teams can invoke a special exception: bring a single helper that can also interact with the investors.
3. Presenters are not allowed to stray from the area in front of their booth unless to get water, grab food, or use the restroom.
4. All visitors are eligible to be “investors” and are given an envelope with play money. A few visitors are designated as “super-investors”. Super-investors are given larger envelopes, containing much more play money. The super-investor envelopes are tagged with color dots. On Thursday, there will only be a handful of super-investors, but as a group, the super-investors may carry about as much money as the regular investors combined.
5. When you finish, label an envelope with your team name and stick your earned play money into it. Give the envelope to Miller or Thomson.
6. Your team members should ask for feedback from key members of the crowd.
7. The first place team will be expected to make a presentation. The presentation should not last longer than 12 minutes. On Thursday night, we’ll limit the audience to a handful of questions.
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
Fishbowls
January 27th, 2008First at Bat (How about Feb 5?)
Elixir Winery
Gang Software
Volz Enterprises
Assignment 3
January 23rd, 2008Due Tuesday Feb 12 at class
Business Plan Critique
Your team will grab someone else’s plan on Feb 5 and critique it. You should write comments directly into their plan. The individual team members may wish to use a different color ink, or you can simply use one color.
The Introduction to Writing a Business Plan includes checklists. You may also include additional items from the guests.
You will hand in the critique to the instructors and we will grade the critique. Did you catch the major concerns with the plan? Do you have any suggestions? Do you have any referrals to help the authors?
Your team should share the critique with the authors.
Assignment 2 - The Early Business Plan
January 23rd, 2008Due Tuesday Feb 5 at class
Worth 40% more than the standard assignment
The Business Plan
You will create three clean copies of your business plan. You should not use any binding that makes it difficult to write onto your manuscript. Coil or comb binding is acceptable as well as stapling (don’t staple your final plan).
You will give two copies to the instructors and one copy to another project team. You should also grab one business plan from another project team. Teams of one or two persons may wish to exchange plans with other teams of like size, but this is not a requirement.
What do we want in a business plan? You may wish to view a sample business plan and also to read through draft booklet given to you on the first day of class.
What Will Happen?
Each business plan will be reviewed by at least two instructors or advisers. We will use a different pen color to identify each reviewer’s comments. Don’t be surprised if the plan is literally painted with pages of reviewer comments.
Your plan will also be reviewed by another project team, but that critique will first be submitted to the instructors (see assignment 2).
Why an Early Business Plan?
It’s simply the most effective way to get you running. We know it won’t be perfect. This exercise will clarify what you must accomplish. It might also force you to abandon your original idea and totally morph. Don’t be afraid. I award style points for total morphs. Consult your instructor(s).
We also remove the mystery about how we approach the business plans. It also gives us a jump on how to best advise the teams.
Yes, this is painful. You’re in a mad rush. Almost everyone who went before you maintains this is a mandatory step. You’ll learn a lot of things about your teammates and what additional talent you may need to acquire.
Assignment 1
January 10th, 2008Due on Tuesday, January 29, 2008.
You (and your team) will create a financial model on an Excel spreadsheet. If you’re all by your lonesome, you have our permission to join another team (or person) just for this assignment.
You may create a fairly generic spreadsheet, but it should be slanted towards your current business concept.
It does not require a balance sheet although we like to see major fixed and variable expenses covered. It should also document cash flow and Profit & Loss.
The spreadsheet should produce charts or graphs that demonstrate the “breakeven points” for profitability and cash flow. You should also graphically portray the relationship of your main driver(s) to revenue, cash flow, and/or profitability.
You will submit your spreadsheet by posting your excel to the class google group.
Lecture Slides & Other Materials
January 10th, 2008Introduction to Writing a Business Plan v1.95 (revised Feb 13, 2008)
Class Introduction Slides (Jan 8, 2008)
Tips and Sins (Jan 10, 2008)
Alan’s Cash Flow 101 Based Deck on Finance (Jan 15, 2008)
Alan’s Unedited Full Deck on Finance (Jan 15, 2008)
David Miller’s Simpler Finance Primer (Jan 15, 2008)
Financial Modeling (Jan 22, 2008)
David’s Good Presentations (Jan 29, 2008)
David’s Marketing Primer (Feb 7, 2008)
Tenley Peck and Business Etiquette (Feb 14, 2008)
Kyle Flindt and Intellectual Property (Feb 19, 2008)
Elizabeth Rusnak - Financing Your Startup (Feb 26, 2008)
Sample Business Plan & Sample Spreadsheet
Zen Chai Business Plan (pdf format) (2006 Class)
Zen Chai Spreadsheets (xls format)
Plastic Payments Spreadsheets (xls format)
Three Examples of Graphics to Explain a Story
Echospace Financials (Your mileage may vary on this one, but it’s an example)
IMCentric Early Draft Business Plan (2001 Class)
Four Alums give their Tips
Michelle Gamboa’s Tips (2005 Class)
Chris Whitten’s Tips (2002 Class)
Tom Vu’s Tips (2001 Class)
David Thomson’s Tips for Project Leaders (2005 Class)
An Expert Marketing and Biz Consultant Gives his Tips
Eric Mattson’s Mottos (2007)
Syllabus
November 26th, 2007I updated the syllabus on Dec 2, 2007
6th Annual Hell Nights for Student Entrepreneurs
February 8th, 2007When: 5:40 pm - 7:40 pm
Dates: Tuesday, March 6 and March 8, 2007
Where: North Creek Cafe, University of Washington Bothell
Co-sponsored by the Center for Student Entrepreneurship.
View the Event Brochure and the directions and campus map.