My second lecture to the RMIT Entrepreneur students asked the question now the product/service is defined, how do you go about getting funding and presenting your ideas to interested parties? What's improtant about the presentation and how do you present your budding organisation in the best possible way. Assuming you get through that, then the hard work of negotiation the deal has to be undertaken. What needs to be considered and done to ensure you maximise your results from all the hard work you have put in over a long period of time?

Presenting Information to IT students from RMIT about entrepreneurship gave me an opportunity to raise the awareness of risks and rewards associated with SME's (as invariable entrepreneurs start life off as a SME). There are certain characteristics that distinguish an entrepreneur, and in this lecture I identified some of those traits. Risk and the mitigation of these risks were then explored. I believe that all identified risks can be reduced and potentially eliminated through planning and using my Business Health Checklist.

To succeed in business, amongst other things, you need the best employees who are competent, know the business and are willing to put the company before self-interest. But how do you know if people are competent? I have previously blogged about the importance of employees but if you are going to pay somebody to be part of your growth plans, you want to know that they fit in and are doing that which is required to benefit the business.

Working capital is a simple concept that can give an immediate indication on how a business is travelling. It is the difference between the current (short term) assets and current (short term) liabilities.