Entrepreneurialism

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Entrepreneurialism presentation to WaVE Group on November 17, 2008

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Entrepreneurialism

  1. 1. Entrepreneurialism Eric Nashbar WaVE Meeting November 17, 2008 http://wave.nashbar.us/
  2. 2. My History <ul><ul><li>Working summers </li></ul></ul><ul><ul><li>Spike Nashbar </li></ul></ul><ul><ul><li>Bike Nashbar </li></ul></ul><ul><ul><li>Sale of Spike Nashbar </li></ul></ul><ul><ul><li>Sale of Bike Nashbar </li></ul></ul><ul><ul><li>Choice Uniforms </li></ul></ul><ul><ul><li>Sale of Choice Uniforms </li></ul></ul><ul><ul><li>Deposit Dox </li></ul></ul>
  3. 3. Go or No Go <ul><ul><li>My filters </li></ul></ul><ul><ul><ul><li>Sustainable competitive advantage </li></ul></ul></ul><ul><ul><ul><ul><li>Dig moats and build walls </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Stickiness </li></ul></ul></ul></ul><ul><ul><ul><li>Reoccurring revenue stream </li></ul></ul></ul><ul><ul><ul><li>High margins </li></ul></ul></ul><ul><ul><ul><li>Many small customers </li></ul></ul></ul><ul><ul><ul><li>Work less/Make more </li></ul></ul></ul><ul><ul><li>Do something versus do nothing </li></ul></ul>
  4. 4. Envision It and Write It Down or Forget It <ul><ul><li>Go east or go on vacation and Cheshire cat </li></ul></ul><ul><ul><ul><li>Example:  Spike Nashbar projections for bank loan </li></ul></ul></ul>
  5. 5. Partners – Direct Reports <ul><ul><li>Managing direct reports as an entrepreneur </li></ul></ul><ul><ul><ul><li>The 90 Percent Rule </li></ul></ul></ul><ul><ul><ul><ul><li>Letting go while maintaining quality </li></ul></ul></ul></ul><ul><ul><ul><li>Communication </li></ul></ul></ul><ul><ul><ul><ul><li>Example:  Purchasing Objectives:  Margin, Turn, Fulfillment </li></ul></ul></ul></ul><ul><ul><ul><li>Modified ROIC = EBITDA / (Assets + Long term interest bearing loans) </li></ul></ul></ul><ul><ul><ul><ul><li>Combines income statement and balance sheet elements </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Example:  Executive management compensation system </li></ul></ul></ul></ul>
  6. 6. Partners – Indirect Reports <ul><li>Managing indirect reports as an entrepreneur </li></ul><ul><ul><li>Measure based on objectives </li></ul></ul><ul><ul><ul><li>Example:  Phone system reports </li></ul></ul></ul><ul><ul><li>The 10/10 rule </li></ul></ul><ul><ul><ul><li>Example:  Customer service call center </li></ul></ul></ul>
  7. 7. Financial Statement Management <ul><ul><li>Managing your income statement </li></ul></ul><ul><ul><ul><li>The bang for the buck rule </li></ul></ul></ul><ul><ul><ul><ul><li>Example:  Spike Nashbar reaches maturity </li></ul></ul></ul></ul><ul><ul><li>Managing your balance sheet </li></ul></ul><ul><ul><ul><li>Using Modified ROIC </li></ul></ul></ul><ul><ul><li>Managing your cash flow </li></ul></ul><ul><ul><ul><li>Bank/investor relations:  Do they understand your business? </li></ul></ul></ul><ul><ul><ul><ul><li>Example:  Catalog vs. retail </li></ul></ul></ul></ul><ul><ul><ul><li>High attention at startup transitions to lower attention at maturity </li></ul></ul></ul>
  8. 8. When To Sell <ul><ul><li>ROIC (with Goodwill) versus DIA </li></ul></ul><ul><ul><li>President of my company versus customer of investment broker </li></ul></ul><ul><ul><ul><li>Learned new business, the business of investing money </li></ul></ul></ul>
  9. 9. Trust Your Gut <ul><ul><li>Blink by Malcolm Gladwell </li></ul></ul><ul><ul><li>Example:  Bad deal versus good deals </li></ul></ul>
  10. 10. www.Nashbar.us <ul><ul><li>Management Consulting </li></ul></ul><ul><ul><ul><li>Startup </li></ul></ul></ul><ul><ul><ul><li>Return on Invested Capital Improvement </li></ul></ul></ul><ul><ul><ul><li>Divestiture Preparation </li></ul></ul></ul><ul><ul><li>Contact </li></ul></ul><ul><ul><ul><li>[email_address] </li></ul></ul></ul><ul><ul><ul><li>813-514-0550 </li></ul></ul></ul>

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