Change Ventures 2014 - Day 14

Today’s Quote

Doing as others told me, I was blind. Coming when others called me, I was lost. Then I left everyone, myself as well. Then I found everyone, myself as well. ~ Rumi

What We Did

For today’s Check-In, students were asked to bring along one quote that inspired them. Here’s what they shared (Today's Quote is our favourite pick from Rina):

Some men see things as they are and say “Why”. I dream things that never were and say “Why Not” ~ George Bernard Shaw 

Be so busy making it happen that you don’t have time to worry about hte people who said you couldn’t ~ Unknown

Failure is simply an opportunity to begin again, this time more intelligently ~ Henry Ford

The only way to do great work is to love what you do ~ Steve Jobs

We pay the doctor to make us better. But we should really pay the farmer to keep us healthy ~ Unknown

One man’s food is poison to another ~ Dr Merkhola

Speak in such a way that others love to listen to you. Listen in such a way that others love to speak to you ~ Anonymous

We need not wait to see what others do ~ Gandhi

To know, but not to do, is not yet to know ~ Stephen Lovey

Our morning session was with Richard Korff, founder of SolidModels, who believes that entrepreneurs should benefit from the same power of financial modelling to achieve strong financial sustainability. Looking at the Business Model Canvas, Richard’s session delved into Cost Structures and Revenue Streams to help students understand the various elements of a financial model.

Students had the rest of the day free to work, speak with Richard and prepare for our evening Talent Show!

What We Observed

  1. The students contributed a great collection of inspiring quotes that spoke to where they were along their journeys
  2. During Richard’s Solid Models workshop, two students offered their Business Model Canvasses to be used as case studies. This provided a familiar context for students to understand financial models as a tool to manage various costs, scenarios and pricing strategies.
  3. Change Venturers’ Got Talent! Shout out to Dan for organising our awesome Talent Show night :) 

Key Takeaways 5 Tips from Richard Korff’s Solid Models workshop:

  1. Financial models are to tell the story of your business and show how you think
  2. By definition, they are never 100% accurate but you need to get the principles right
  3. Scenarios will help you understand where/when you break even
  4. Think about the type of costs (fixed and variable) and revenue streams (fixed and dynamic) your business will have
  5. Instead of asking “how much would you pay for my product/service”, use online surveys/contests to gauge customer sentiments toward your product