Morse ’18 Works on Business Pitch
Nolan Morse ’18 LABB 2016-During the second week of the LABB Internship we worked on refining a mock business pitch for a restaurant. I’d like to take a bit of time explaining some of the intricacies and work that goes into creating a professional and polished business pitch.
The most striking thing is that a business pitch is going to be a lot more fleshed out and detailed than you might think. It’s not just a quick idea that you take to investors and offer up without any sort of guidance or direction for how you want to move forward. The idea is that you want to create an experience to share with investors, one that shows them exactly how your business will be run and in the case of a restaurant, how it will feel for a customer who goes there to eat.
For our restaurant business pitch my team of coworkers and I were assigned to create the business pitch for a Pub. We decided to go with an Irish style Pub, where customers come and sit down for hours at a time, making small talk, drinking, eating, and having a good time. We also decided to give the style a twist by replacing the typical European styled foods with Asian cuisines. The idea we had meant that we would be the only Pub in the area with our specific theme. People could come to our pub with friends or family and experience high quality asian foods in a warm, interesting, environment. They could drink Sake, craft brews, and wines, or even bring their families to hang out for the afternoon, since the dining section is open to people of all age groups.
But a business pitch isn’t just themes and generalized strategies. It’s also about projecting your own potential for profitability. No investor is going to invest in a venture with no possible chance for profit. This is where financial skills become a necessity. We were able to combine industry standards for start-up costs, with local income, dining habits, and a few other factors, to create an in-depth narrative of how our business is likely to perform, including a projected balance sheet and cashflow statement.
All in all, even though the Lilly LABB program is far from over, I’m already seeing a lot of personal growth in my skills relating to the business world. This mock business pitch has helped me understand what really goes into opening your own business, as well as how expensive it is to open one. The program has really emphasized the importance of investments for small businesses. I would like to thank the Lilly Endowment for their continued support for this program, which allows Wabash students to enhance their skills and knowledge of business.
Krum ’18 Listens to LABB 2016 lecture
Mitchell Krum ’19 LABB 2016-Choosing just one event to talk about in my blog is very difficult given the vast amount of things that we learned throughout the first week of the LABB Program. In the first week we learned about what qualities a good leader possesses and the various strategies leaders use to motivate their employees. We learned the good and bad aspects about each of these strategies, and when each should be used in a workplace setting. The following day, we all took the strengths quest test to determine our top five strongest qualities. Ms. Hagan came in and taught us how to interpret our test results and teach us how to properly talk about ourselves in a polite and concise manner. We practiced this by all giving an elevator pitch about ourselves, a concise summary of who we are and what we do that can be stated in the time it takes to ride an elevator. I’m confident that the exercises we did will prove extremely useful in future networking and interview situations. While all of these exercises and experiences are equally important and will most likely prove very beneficial in the future, I am going to talk about the financial boot camp that we did in the second half of the week.
Starting on Wednesday, Ms. Valerie Griffin began taking us through her financial boot camp, which would go through the end of the week. Throughout the boot camp we read multiple case studies and were exposed to the language of business. Being someone who has very little background in this, learning some of the commonly used business terms helped me understand the case studies much easier. We were also exposed to income statements, balance sheets, and cash flow statements. Ms. Griffin taught us everything we needed to know about each so that we could make an income statement, balance sheet, and cash flow statement on our own in Excel. We did multiple presentations pitching a particular business of our choice to investors. My group pitched the company Dollar Tree. The exercise generally improved my public speaking skills, but also taught me what to look for when investing in a company and how to effectively present myself in a business setting and to investors. The entire financial boot camp was an extremely useful experience. It taught me more about finances in three days than what I had learned in the rest of my previous education.
I would like to thank Ms. Griffin for taking time out of her busy schedule to come to Wabash for those three days to teach us about finances. I would also like to thank Mr. Morin for allowing me the opportunity to be a part of such an important and useful program. Furthermore, I would like to thank Wabash College for providing the opportunity, and most importantly would like to thank the Lilly Endowment for funding such a great program. Without the endowment, none of this would be possible.
Logan White ’19 LABB 2016-As a freshman at Wabash it did not take me long to realize that this institution was going to provide me with opportunities beyond imagination. This is possible because of many different people and organizations associated with the college. To start I would like to thank the Lilly endowment for making this internship possible. They are very gracious and I do not want them to think even for a second that we at Wabash do not appreciate them. They are giving us opportunities that we never thought would be possible. In return we plan to continue to make Indiana thrive as a state. Second, I would like to thank Roland Morin. Roland is both the instructor of the LABB (Liberal Arts Bridges to Business) Internship and the director of the CIBE (Center for Innovations, Business, and Entrepreneurship).
The first week we hit it hard. We gave three presentations in one week. While three presentations is not too rigorous, you have to think about other factors. Along with the presentations we had a financial bootcamp. Income statements, Balance Sheets, Cash Flow Statement, and eight Harvard Business School Case studies. All in week one.
The financial boot camp was headed by Valerie Griffin. She was an extremely competent instructor receiving her MBA from the Kellogg School of Management at Northwestern. She provided us with knowledge and tools for understanding and utilizing different financial records. These skills will be used throughout the rest of all of our lives. I am very grateful for these teaching because I now further understand what it takes to successfully analyze financial records for future business ventures, investments, and other financial decisions. This boot camp was just another stepping stone towards my goal of being a successful entrepreneur.
Logan White ’19 presents for LABB 2016
With one week in the books, I am excited for what is to come. With all of the knowledge I have already acquired, I know that this internship will continue to propel me toward my future goal of being a successful entrepreneur.