Post 13: Conclusion - What I Have Achieved

What We Have Achieved

I found the workshops, presented by VFM business advisors to be really useful and cover the major topics necessary in this stage of my business career. The content was delivered in small understandable pieces, with plenty of time for Q&A. Steve in particular stood out as knowledgeable and someone who's advice you could trust. The way he drew on his real life experiences to contextualise issues helped with my understanding and made for interesting listening.

My ideas about the business have changed drastically as a result of this experience. At the first workshop I was preparing to sell safety equipment, but after group discussions and one to one meetings with the supportive team at Old Broadcasting House, I now find myself embarking on an exciting joint venture with ELHFA.

The workshops have helped me to cement my ideas, and given me the direction and drive to take the first steps. Completing all of the exercises discussed during the workshops along the way, complemented by an extensive consultancy project for ELHFA, has now provided me with the basic tools and a ‘road map’ to get going.

I have achieved the following:

Elevator Pitch – defining TEDA concisely

Defined USPs of products, and TEDA to form our company proposition

Decided on Limited company status - with day to day operations under my jurisdiction

Named the company – The Ethnic Diet Association

Understood Terms of Business requirements – and begun to compose drafts

Realised how to maintain control – through holding the casting vote with 51% share

Gained insight on intellectual property

issues - discussed potential patent for VTAs

Understanding of book-keeping and basic
records – Cash Book, Bank Reconciliations, Petty Cash, and Invoicing

Gained insight on year end accounts – when they are due, and what they must include

Learnt about my responsibilities as a director


Completed analysis of the marketing environment, buyer behaviour and competitors

Completed a PEST analysis for TEDA

Performed a competitive sweep for TEDA

Segmented the market through Porters 5 Forces

Learnt about generic marketing strategies – including differentiation and marketing management

Created a marketing mix for TEDA – product, price, place, promotion

Gathered prospecting data – and learnt where to source this information

Created a direct mailer for TEDA – and learnt about the correct approach

Prepared a cold calling script – including qualification questions and objection handling

Identified features and benefits

Learnt how to close a deal

Gained a basic understanding of how to apply NLP and its various advantages

Realised the importance of networking - how it is a life skill, and gained some practice

Learnt where to network and about online resources
How to market yourself as ‘brand you’

It’s easy to see that I’ve learnt an awful lot during the incubator workshops, more than ever I’m feeling prepared and confident about being self employed and following my dream.

If you’re interested in business or perhaps thinking of going to uni, and still looking for that killer course then I would recommend doing BA Hons Business Creation and Enterprise, as it is more hands on than many courses and a great starting point for your business. Everyone here has been really helpful and a pleasure to work with.

I hope this blog has been interesting and given you some helpful hints – if not then check out my post with my 12 top tips for business start-ups!