Numbers are a thing
Sept. 12th, 2016
9AM, Funder Readiness. This morning we spoke about some basics of financials: gross margin, break-even analysis, sales forecast, etc. Confusing topics were presented with very simple examples, making this stuff a lot easier to understand.
This session was EXTREMELY useful, because it’s this stuff that is REALLY important when it comes to business. It forces you to think critically….
OK, what am I doing? How much is this venture costing me and how much can I make? Financials are always tricky, because you are guessing but the process of thinking it through is really valuable. If nothing else, it makes you realize that your dreams of making impact can be, or often are, really dependent on the bottom line: money.
Mid-afternoon, did another interview with a Watson scholar. Then, time for ideation where we reviewed the design thinking process and dove into “stakeholder mapping.” We discussed the importance of empathy and interviews to better understand the needs and problems of a target population. For me this was a bit of a review, especially considering the experience that I had at LSU through the I-Corps program. But the discussion and worksheets were still valuable.
To finish the day, cooked some burgers and had some conversations with other Watson students. Good day overall, mainly filled by these two classes.