Maui Economic Development Board workshops focus on helping entrepreneurs build foundations for business success. Here, Gerry Smith speaks to workshop attendees. PHOTO BY MEDB.

KIHEI – Next month, Maui Economic Development Board (MEDB) will offer two power-packed workshops as part of its 2017 Startup Weekend Maui Series.

Entrepreneurs interested in jumpstarting their new business or fine-tuning their existing business are encouraged to attend either or both of these sessions.

Workshops will be held at MEDB’s Malcolm Center located at 1305 N. Holopono St., Suite 5, in Kihei.

During the workshop “Pinching Your Pennies: Finance for Small Businesses” on Thursday, Feb. 9, from 5 to 8 p.m., attendees will learn how to run a business more profitably and avoid mistakes that cause businesses to fail. Led by Gerry Smith, MEDB’s director of business development, this workshop will address these important questions: are you covering ALL of your costs? How much should your product sell for? Should I sell my product wholesale? What is break-even analysis? What is cash flow, and why is it so important? What are fixed vs. variable costs?

The next workshop, “Business Model Canvas & Lean Startup Overview,” will be held on Wednesday, Feb. 15, from 5 to 8 p.m. The business model canvas is an important tool that people can use to help bring clarity to a key question, “How will my business succeed?”

During this hands-on workshop led by Sultan Ventures and XLR8UH, participants will learn about the canvas and immediately apply their knowledge. They will learn to develop a new or existing business model; outline their firm’s or product’s value proposition, customers, and finances; and align and evaluate business activities by recognizing potential tradeoffs in a much easier and effective way

“MEDB’s workshops provide useful information for new and existing businesses that aim to help their bottom line,” said Smith. “This particular workshop will be an invaluable preparation for Startup Weekend Maui on May 19-21.”

Startup Weekend Maui is part of a global grassroots movement of active and empowered entrepreneurs with various skill sets who are determined to learn the basics of founding startups and launching successful ventures.

The Startup Weekend movement is the largest community of passionate entrepreneurs with over 2,900 past events in 150 countries around the world.

Cost is $25 per person per workshop. Dinner will be provided. Reservations are required, and space is limited.

To register, visit http://bit.ly/SUWMaui2017.

Workshops are sponsored by the County of Maui Mayor’s Office of Economic Development, Sultan Ventures, and XLR8UH.