Cayman Islands Investment Bureau
“Business Modeling Techniques: Thinking outside the box”
In collaboration with the
Caribbean Development Bank
February 18 – 22, 2008
Westin Casuarina Resort, Grand Cayman
Facilitator: Kenneth Harvey, CDB Investment Officer
The conference will be delivered through lectures, case studies and group class assignments. All training will be conducted in an easy-to-understand format. The general subject areas to be covered will include:
1. Understanding how a business works
2. Identifying the initial business idea
3. Refining the initial business idea into your Core Business Idea
4. Identifying the Market Niche
5. Confirming the market demand/potential.
6. Recycling and retooling the Core Business Idea
7. Confirming the Business Concept
8. Enhancement of the business model
9. Identification of Critical Control Points
10. Review of various business models
11. Multiple classroom exercises in building your own business model
12. Extraction of the opening balance sheet
13. Financial tools used in business management
14. Costing techniques
15. Getting started
16. Applied marketing techniques
17. Evaluating the performance of your business
OVERVIEW OF BUSINESS MODELLING
Business Modelling (BM) for entrepreneurs is a fresh, not necessarily new approach, to conceptualising, planning and executing your business idea. Its foundation encourages the entrepreneur to “Think Outside the Box” and may best be captured by the idiom, “Its not how many ideas you have! It is how many ideas you can get to work”.
Consequently, entrepreneurs who approach their businesses from the BM perspective will never rush head-on into a raw, new idea, nor would they prepare the Business Plan or even think about seeking financing before they are confident, and this is only after carefully testing, evaluating and refining the original idea, that a clear and distinct Market Niche is available.
The entrepreneur would want to be sure that the BM has been designed and tested, not by a consultant nor a business advisory institution, but personally, to ensure that it is business elastic, that is, if the business is actually only able to perform at the modest level and expectations of the BM, the business would still be able to breakeven and even make a little profit.
A well conceived BM is said to be elastic when a lot of bad things may happen externally or internally or even together, before the business is forced to operate at the level of the BM. The entrepreneur, therefore, builds his final business plan, if need be, with the help of experts, and seeks financing at the requirement levels of the BM. The entrepreneur will then allow Market Performance to grow the business, not excessive or overloaded borrowing. The entrepreneur owns the business plan even though he/she may not have the capability to draft it.
Having a clearly defined BM allows the entrepreneur to know where his business is going and how it will get there, even before action is required. In other words, the BM empowers the entrepreneur to take advantage of the idiom: “Opportunity favours the prepared mind”.
PO Box 10087
Cayman Corporate Centre,
(345) 945.0943 –
(345) 244.2204 – Direct
(345) 945.0941 – Fax
visit us online: www.investcayman.ky