The first three phases of the “Business Workout” successfully realized
In July 2018, Foundation 787 started a one-year program “Business Workout”, within which 12 participants from Zenica, Sarajevo, Fojnica, Laktaši and Mostar will have the opportunity to improve knowledge and skills in areas relevant to the establishment and development of their businesses. The program is directed to promoting the untapped potential of young entrepreneurs in Bosnia and Herzegovina, with the aim of encouraging them to start and expand their own businesses.
So far, three phases of the program have been implemented within which we already included large number of experts and entrepreneurs from various business areas.
The program started with the kick-off module in which our participants had the opportunity to get to know each other, but also to get information about everything they can expected to happen during the “Business Workout”. In addition to motivational lectures, they also had the opportunity to exchange experiences with four successful entrepreneurs.
Following kick-off, in the first educational module, participants learned more about legal and financial aspects of the business, which included familiarization with the accounting and administrative obligations of the business, registration processes, fiscalization and tax system, as well as the importance of financial planning and monitoring of the balance sheets and cash flows. Also, participants worked on the creation of a business model for their businesses.
When it comes to the second module, participants acquired more knowledge and skills in the field of marketing and branding. They learned how to perform market segmentation, position their business on market, how important is decision on delivery channels, which forms of promotion and advertising are suitable for their businesses, how to adequately determine the price and develop a pricing strategy, and what covers marketing plan and budgeting.
Also, thanks to additional thematic panel discussions, the program participants met successful young entrepreneurs from our country who shared their business stories and pointed out obstacles and challenges they faced on their way to success in the entrepreneurial world, and how they mastered them and developed their idea into successful businesses.
Since we are working with our participants until June 2019, it is our great pleasure to announce that the third module of the “Business Workout” program is also coming up, which will be devoted to the development of skills relevant to business management.
Team of the Foundation 787 is available for participants throughout the year, while trying to connect them with potential donors and investors.
* Foundation 787 is implementing program Business Workout with support and grant from the United States Department of State.