I am Craig Armstrong, Ph.D., Associate Professor of Entrepreneurship. Over the past several years I have developed many of the entrepreneurship courses you take at the College of Business: MGT 386, MGT 387, MGT 482/582, MGT 497/597, and MGT 481. These days I teach mostly MGT 481, New Venture Finance, during fall and spring semesters. I have been experimenting with AI tools like ChatGPT and Claude Sonnet and even Co-Pilot! I want you to know how to use and build your own tools to save time and iterate faster in your entrepreneurial journeys. This summer I will be writing more scripts that focus on new venture finance tasks, like building pro forma financials, determining funding needs, and creating capitalization tables. If we have time we can go over some of the topics I teach in that course.
This is a preview of the type of activities I lead in my MGT 481 course. Proof Eyewear on Shark Tank - Skills: Simple income statement, backing into numbers, working capital. The objective is for you to learn how to think like a Shark Tank Shark.
First, let’s watch the video. Take good notes!
Then let's back in to an income statement.
Discuss
The boys "don't take any salary." What's going on with operating expenses? (Hint: Think about how they have made the majority of their sales so far)
How much inventory does the $150,000 investment give them? How does that impact prospective sales? How does this investment work in the bigger picture of the company's growth projections? (HInt: Determine if they will need to secure more financing and, even more importantly, if they will need to secure additional financing in the middle of a growth spurt).
Is an equity investment the right way to finance inventory?
Let's start with pitches. You will create an entrepreneurial pitch for your venture idea. Open this google doc, copy and paste the entire ChatGPT Coaching Script and paste it into a ChatGPT prompt
Debrief.
Now let's design a prototype. Open this google doc and copy and paste the entire script below the horizontal line into a ChatGPT prompt.
Debrief