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3rd week - The Sleepless one!!!

posted 25 Oct 2016, 01:15 by JAIN MONISHA ANANDRAJ
The Sleepless one indeed....
Continuing the story.....
Starting from the meeting scheduled with Mr. Ang - Sales and Marketing IC of Maxcon Enterprises which had been postponed to the 20th Oct at 1pm.

- My 2 friends and I had reached Queenstown - for the meeting 30 mins early and were waiting, when Mr. Ang messages to postpone the meeting to 3pm instead due to unavoidable circumstances. Sadly, I had an exam at 3.30pm at NTU so i had to leave but my friends were ready and they did complete a successful meeting with our first manufacturer.
  • Now we had a clearer insight  on the type and price of the wood we wanted and could afford to use to maintain our quality and achieve out competitive pricing.
  • We narrowed down to 3 types of wood - SPF, Pine and plywood 
  • And based on the minimum quantity of 4'x8' - I calculated the number of pieces we could make to maximise the utilisation of the wood.
- Now, that very night we all were in a Skype meeting to complete our Business Plan report, which was due the next day 12pm.
Things we did that SKYPE call :
  1. Started off by discussing on issues we weren't sure of and once decided we filled the incomplete spaces. Most importantly we decided our company LOGO.
  2. I was analysing the survey results and keying in the correct figures. My friends were completing the Executive Summary and the Exit Strategy. 
  3. Then, came the finances part which one of our team mates was responsible for. He did the income statement and left since he had a super hectic schedule the next day.
  4. That was around 1am. Then the 3 of us left were finishing up the last touches, alignment and error checking WHEN we read the requirements of a Balance Sheet, Income Statement, Profit and Loss Statement and a Breakeven Analysis.
  5. So i took up that role as i knew the basics of accounting and started making financial statements..... Till 3am I was somehow managing but nothing made sense and was confusing all the accounting principles i knew.
  6. That's when all 3 of us TRIED , GOOGLED, searched for NOTES and managed to come up with numbers. But that was not the end, none of out numbers tallied.
  7. We struggled the whole night and came up with a sensible income statement and cash flow statement, making assumptions suiting our values but the balance sheet still never balanced.
  8. We were all brain dead and exhausted but still we didn't give up. It was 5.57am when our team mate had woken up and came to the rescue.
  9. He explained us the few concepts and then despite no sleep and time we managed to create the necessary financial statements.
  10. The last thing was when i was calculating the Breakeven in sales, in units, the margin of safety, etc etc it was 11.55am and we had to submit by 12pm. I have never been so fast in using a calculator and thats when we all compiled and saved successfully and I emailed our tutor the completed Business plan.

- We all had like some time to rest until we had another Skype meeting to deicide on our presentation the very next day, 22nd Oct. We all designed our blog and finalised our parts unanimously.

22nd Oct - THE BIG DAY
The moment had come !!!
We presented with full confidence and faith in our business and our detailed research was the proof behind all.
We were applauded, and got some very good suggestions and criticisms from our friends and mentors, which widened the scope of our product.
"Your business has a lot of potential. So don't screw it up" - exact words by our tutors. 
After all the effort, it did pay off in a positive way considering our stand compared to all the other businesses were looking good.

- Next step, 24th Oct : Meeting with Mr. Dave, Chen Sing Pte Ltd.
 Venue : And Mo Kio Industrial area 
 My friend and I attended the meeting. 
  • Firstly, it was very hard to locate this place since it was in an industrial region.
  • Once we started on, we found all useful pieces of information and saw the various quality woods suitable for our product.
  • Meeting had been good and we requested for quotations of the woods we had selected.
Now, it is the time to decide with which manufacturer are going to work with depending on their respective quotations sent to us.
This week definitely has given me the feel and effort of becoming an entrepreneur though I know its just the beginning.
I am definitely looking forward for more of this excitement.