Shadrach White was this week's guest speaker. Shadrach's message for the talk was simple, understand money and what your bottom line is. At the time of his lecture, White is currently running his fourth business. He said that in the past he wasn't focused on the revenue and that was his downfall, he says the most important thing an entrepreneur can do is to be a revenue hog and always be managing/making money. White said that in order to keep your mind on the money, it is necessary to do a SWAT analysis quarterly. I found this to be a great idea because this ensures you always have a good grasp of what is going on within the company and you are aware of what is coming up on the horizon. Keeping up the theme of money, Shad gave some insight on how to price your product: give enough information on your product so you're not leaving money on the table, sometimes less is more. Another point White made was that when starting a company, do not cut any corners and make sure you get the right legal time from the get go. He told us about how he had been screwed over in the past by not understanding the finer details as to what he was signing. This really resonated with me because I have been using online templates for preliminary legal work. Since his talk, I have looked into working with the UW's entrepreneurial Law Clinic in order to receive free legal help.
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