Home Events Live Blog – Google for Entrepreneur Week Sri Lanka (Day 3)

Live Blog – Google for Entrepreneur Week Sri Lanka (Day 3)

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Google for Entrepreneurs Week is an annual week celebrating entrepreneurs and the anniversary of the Google for Entrepreneurs team.

This is scheduled to begin on 30th September 2013 and will be going on till 4th of October 2013 at Park Street Mews and Sri Lanka Foundation Institute.

Day 1 Live Blog - http://digit.lk/live-blog-google-for-entrepreneur-week-sri-lanka-day-1/

Day 2 Live Blog - http://digit.lk/live-blog-google-for-entrepreneur-week-sri-lanka-day-2-2/

Event Info : https://www.facebook.com/events/231686746987428/?ref_dashboard_filter=upcoming

From Press From Press Oct 2, 20138:07 pm

That’s it. It is time to wrap up. See you guys tomorrow. diGIT team, signing off.

From Press From Press Oct 2, 20138:06 pm

Don’t over focus on profitability, focus on cash flow.
over trading could be the enemy of your company.
try to run your company on a balance card.
think of platforming your company on a Eco-friendly approach.

These are the few of the tips which Mr. Ravi gave us before departing. No Questions were asked from him as well.

From Press From Press Oct 2, 20138:04 pm

Ravi talks about an example about “Innocent Smoothies” which was started by 3 Software Engineers and which was based on Triple Bottom Line approach.

From Press From Press Oct 2, 20137:58 pm

Balanced Score Cards for a collage and for a Hotel or any kind of company are almost the same. Keeping tracks on your business is very important.

As an accountant, Triple Bottom line approach is important too.

profit
planet
people

From Press From Press Oct 2, 20137:51 pm

Having a clean P&L does not mean that the company is doing good.

- Ravi

From Press From Press Oct 2, 20137:42 pm

Over trading is trying to stretch the company to a level which you cant sustain.

Some of the symptoms of Over Trading

-Increasing trend on OD
-Reducing GP margins over time
-Customer delaying payments
-Stocks build up
-Suppliers hesitant to supply.

From Press From Press Oct 2, 20137:38 pm

Ravi says, Its time to ‘re-visit’ the basics. Its very important to keep an eye on your cash flow.

From Press From Press Oct 2, 20137:36 pm

People tend to believe that the business is doing well when they make a profit which is not the case.

Ravi shares a Profit statement with us which made a profit of billions and collapsed after 8 months.

From Press From Press Oct 2, 20137:35 pm

After the session of creating Group Music, Ravi Edirisinghe will take the stage and will be talking on “Modern Aspect of Business Finance.”

From Press From Press Oct 2, 20137:27 pm

As a group activity, everyone here present here is going to make music.

From Press From Press Oct 2, 20137:26 pm

A member from the organizing team of #GFEWSL will perform a song now.

From Press From Press Oct 2, 20137:19 pm

Mafaz Ishaq concludes his speech with this note. He opens the stage to the audiences to ask question and clear their doubts. Since no questions were asked, he gets off from the stage.

From Press From Press Oct 2, 20137:17 pm

Know what you are asking for. Know how long is this money is gonna last for. How are you going to engage with the investors.

These are commonly overlooked but easy to create.

From Press From Press Oct 2, 20137:10 pm

Essential components you should worry about your business along with financial matters.

1. A great one-liner. Your on-liner should be simple and catch which tell all about your company.

2. Know your Audience. Know whom you are pitching to.

3. Beware of the demo. Know what you are pitching.

4. Expect the deck to be shared. Whether you like it or not.

From Press From Press Oct 2, 20137:05 pm

Profit Management should be done while serving your clients, with a profit for you.

Holding onto your Market is so important that you don’t exit it. Companies should have their patents and unique ways of doing their jobs. These are the barriers to entry.

- Mafaz.

From Press From Press Oct 2, 20137:01 pm

3 attributes of a Management team (according to him)

Integrity (attitude)
Experience (knowledge)
Competence (skill , drive , energy )

Mafaz thinks Sales and Marketing is the toughest skill to master. Its a huge win for a company to have the correct person on board for Sales and Marketing.

From Press From Press Oct 2, 20136:56 pm

Ice Market is growing so dramatically, that by 2016, its revenue will be doubled. Its a good market to invest in.

Look at the market access. Can you distribute your product? How long is the purchasing cycle?

- Mafaz

From Press From Press Oct 2, 20136:52 pm

“MO TE PP CA BE” analysis

MO – Market Opportunities
TE – Team
PP – Profit Potential
CA – Comparative Advantage
BE – Barriers to Entry

MOTEPPCABE is an analysis which Mafaz uses.

From Press From Press Oct 2, 20136:48 pm

Venture Capital is a long term investment. You are investing into the business, not into the debt.

- Mafaz

From Press From Press Oct 2, 20136:44 pm

Mafaz Ishaq from Lankan Angel Network is about to start his speech on “Roping in the Cash.”

From Press From Press Oct 2, 20136:36 pm

Hi. We are live from Day 3 . Event is about to start.

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