Think back to your old high school days. As a student barely maintaining consciousness through algebra class, how many times did you think, “When am I ever going to use this?” Little did you know at the time, the answer was probably “a lot.”
It’s really a question of timing—how quickly you put information and skills to work. In college, I labored through four semesters of German, only to find myself dumbfounded by the language when I visited Germany two years later.
At Get Started, we see the “use it or lose it” challenge all the time. Entrepreneurs gain valuable insights from classes, books, blogs, advisors and fellow business owners. But if they’re not ready to put their knowledge to work quickly, it can slip away in a swarm of competing information and priorities.
That’s why we take a “just in time” approach to our entrepreneurial program. Just In Time (JIT) is a manufacturing technique used to slim down inventory needed to produce products. The days of holding $10M in raw materials in inventory at a significant carrying cost are gone. Instead, manufacturers are optimizing their supply chain to synchronize materials to arrive precisely when they are needed.
At Get Started, we see a great many parallels for entrepreneurs. Knowledge and skills “held in inventory” can quickly go to waste if not put to use. So we work one-on-one with company founders to provide the guidance, support and connections they need exactly when they need them. And we urge entrepreneurs to take immediate action.
For example, our Financial Model workshop helps entrepreneurs:
- Understand the main variables of their financial model
- Document revenue streams and expenses known at that point in time
- List key assumptions that they will monitor and revise in the future
- Learn how to present their financial model to various audiences
However, before entrepreneurs go through this workshop, we work with them to ensure that they have the inputs needed to build a meaningful financial model. For example, do they understand their target customers, the specific problem they will solve, the required capabilities and how they will monetize their offering? Have they defined a product strategy that will get them to their minimum viable product and beyond? Do they know their capital requirements to build and support the MVP?
With the answers to these questions in hand, entrepreneurs are ready to learn about and build a world-class financial model. The Get Started program equips them with the knowledge, templates and samples they need to get the job done—just in time.