Week 13 Reflection Journal

Week 13 Entrepreneur Journal

Weekly Readings

A special report on entrepreneurship

·         The world's greatest producer of entrepreneurs is America.

·         The third myth states that entrepreneurship is driven mainly by Venture Capital.

·         A disproportionate number of entrepreneurial companies are start ups.

·         The fifth myth is that entrepreneurs cannot flourish in big businesses.

·         Entrepreneurship is a social activity.

Steve Jobs commencement speech

·         Stay hungry. Stay foolish.

·         Steve Jobs dropped out of college after the first 6 months.

·         Death is possibly the single best invention of life.

·         Dropping out of college was one of the best decisions Steve Jobs ever made.

·         Death is the destination we all share.

·         In just 10 years Apple grew from two people in a garage to a $2 billion company.

·         Steve Jobs was so successful, even after failure, because he loved what he did.

Action Hero: Tom Nall

·         Don’t be afraid to fail

·         Be different!

·         Republic Tequila Import Company

·         Learned to sell at a young age selling insurance door to door

·         Have Imagination

·         Be a calculated risk taker

·         Build your company on honesty and integrity

Personal Reflection

It has been a very uplifting and insightful last week in B283.  I really loved the segment in class on Wednesday where everyone pitched their “big idea”.  It was evident to me the impact this class has had on everyone and their own prospective entrepreneurial venture.  This class has taught me some great lessons that I’m glad I’m learning now before I learn the hard way out in the real world.  I’ve always been a afraid of taking risks my whole life.  I now see and am excited of the opportunity that lies within risks and the lessons that can be learned from taking a plunge.  I’m not saying I’m going to take ridiculous risks but I now understand the importance of calculated risks and the progress you’ll make personally, win, lose, or draw. 

E Myth Complete

$500 dollar challenge Complete

Week 12 Reflection Journal

Weekly Readings:

Tim and Brad Larson case:

·         Contact businesses personally if possible, face to face

·         If you’re fortunate to have a successful entrepreneur in your family, pick their brain and use their knowledge to help yourself.

·         Don’t put all your eggs in one basket on a single business.  Narrow your choices down and carefully consider your options.

·         Education, education, education.  BA and MBA are VERY valuable in the fields of entrepreneurism. 

The Advantages of Owning an Existing Business:

·         Save time, energy, and money.

·         Cash flow starts immediately!  Or much sooner than starting your own business would.

·         Still have the ability to innovate and be creative with your newly purchased business.

·         Solid client base established.

12 Keys to Family Business Success:

·         Seek outside advice for your business.  Have a mentor

·         Require outside experience from employees for your business

·         Put business relationships in writing.  Keep organized and in a safe place.

·         Treat family members fairly

·         Develop a successful business plan and stick to what works.

You Be the Consultant:

·         Richard Gonzalez should turn the company over to his youngest son, Paul.

·         May not settle well with other siblings but is the most qualified for the job

·         Degree wise and personal understanding of the business.

·         Regardless, meet with each siblings and hold a personal interview and let them explain why they should take over the busiess.

Action Hero Video:   None for this week

Personal Reflection:

·         Purchasing a business can be a huge advantage and get your foot in the door of business

·         Can save time, money, and energy.

·         Get all of your paperwork/contracts with employees in writing and store in a safe place. 

·         Good idea to review these contracts on a regular basis

·         Don’t put all your eggs in one basket on a single business.  Narrow your choices down and carefully consider your options.

·         Require outside experience from employees for your business

$500 dollar challenge done

E Myth Conmplete

Week 10 Reflection Journal

Field Trip:  The Zone

Surround yourself and company with hardworking, motivated, and trustworthy people
Be careful of going into business with friends and family
Follow what you love
Business is hard but worth it




Weekly Readings 


Brigham Young What makes a leader

-Great entrepreneur
-Took risks
- Trusted in the Lord and in his leaders
- Founded schools, universities, territories, and businesses.


How will you measure your life.

-Look for an experienced and reliable architect when constructing a building for your business to minimize problems.
-You can expect competition and sometimes legal issues when entering a business where other competitors are already present.
- Doing lots of research and knowing your market is crucial before commencing a new business venture.
-Knowing when to move on from a business or continue to improve the business you already have is an issue all entrepreneurs will need to deal with



Personal Reflections  - Going into business with family and friends can be risky but also very rewarding if you can all work together.
-Before you go out and start your business, study the business model you plan on using and see what successes are out there currently and why they are successful.
-Know where you will place your business and what the population/needs are in that area.
-Always remember that paying your tithing is the first step to becoming financially free.


















 

Personal Reflections 
- Contracts with your employees are essential to running a fair business.  For your benefit and that of the employees.
- Providing a work atmosphere of enthusiasm and positive attitudes will separate your business from the good to the great.
-Network, network, network!!! We've had some great mentors come in and give lectures during the course.  Take the time to meet these people and let them know about you and build your network. 
- You must market yourself as best you can!!  This will land you in the field and with the job you want.


E Myth is now complete.


$500 dollar challenge is now complete

Week 9 Journal Entry

Weekly Readings 

Start up #4








-The corporate business structure offers significant tax savings

-

In a partnership, if your partner defaults on a loan, creditors can come after your personal bank account.

-Partnerships are extremely easy to set up and maintain.
-There is no universally "right" structure for all business.


Start up #7
You need to select an lawyer who is an expert in the area of law with which you need help.
 Insurance agents can counsel you as to what kinds of insurance you will need.
 Having your logistics in order can mean the difference between success and failure.









-The best way to find the service providers mentioned in the section is through referrals from your friends and business associates.


Roxanne Quimby Case





Roxanne and Burt’s business really started to take off at a rapid rate.  Their first year of business in 1987 brought in $87,000 in revenue.  Just six years later Burt’s Bees was making over $3,000,000.  The business had 0 debts.  What problems did they even have?  As business continued, Roxanne and Burt decided that the location in northern main was costing them too much money.  Transport costs were high as well as payroll taxes.  Also, the employees working for them lacked expertise and more broad skill sets.   The discussion too move Burt’s Bees elsewhere began to take shape.  With Roxanne’s random gut feeling North Carolina emerged as the new location for Burt’s Bees.


$500 Dollar reflections
- I personally finalized another sale at $80.
 -Have contacted some local businesses who are willing to buy from us
-Revenue will exceed over $500
- Have consistently met at least twice a week throughout the project.
 .WE are meeting on Monday and wiull be ready to present on Tuesday in class!!

 

Personal Reflections 
- Contracts with your employees are essential to running a fair business.  For your benefit and that of the employees.
- Providing a work atmosphere of enthusiasm and positive attitudes will separate your business from the good to the great.
-Network, network, network!!! We've had some great mentors come in and give lectures during the course.  Take the time to meet these people and let them know about you and build your network. 
- You must market yourself as best you can!!  This will land you in the field and with the job you want. 


E Myth is now complete.

Week 8 Journal Entry

Weekly Readings 

Start up Nation #8

-In a small business, one individual does make a difference.
-The single most important factor in success of a company is people
-Even when you are not in a hiring mode, you should be on the lookout for people to hire.
-Internet job boards are a good way to find people to hire.
-If you are a sole proprietor it is essential that you recruit a mentor to give advice, offer moral support, and break up the routine.

Good to Great

-Good to great findings apply to you and me.
-The right people are self motivated.
-Big change does not require extremities.
-The CEOs who took their companies from good to great were largely anonymous.
-Stock options are not incentives that grease the wheels of change.

Hire Slow, Fire Fast
-Build loyalty
-Have a contract with your employees
-Create a culture of delight
- Don't be a jerk.  Act, don't' react,
-PMA Positive Mental Attitude.








$500 Dollar reflections
- I personally finalized a big sale bringing in $80 in revenue.
-Have contacted some local businesses who are willing to buy from us
- We have all agreed as a team that we have been learning a lot from this project
- Have consistently met at least twice a week throughout the project.
 .

 

Personal Reflections 
- Contracts with your employees are essential to running a fair business.  For your benefit and that of the employees.
- Providing a work atmosphere of enthusiasm and positive attitudes will separate your business from the good to the great.
-Network, network, network!!! We've had some great mentors come in and give lectures during the course.  Take the time to meet these people and let them know about you and build your network. 
- You must market yourself as best you can!!  This will land you in the field and with the job you want. 



 

E Myth Notes

-Your "Strategic Objective" is what you want to do with the business in order to fulfill your "Primary Aim" in life.

-You must speak to people's unconscious minds - all the rational arguments in the world won't win over someone whose unconscious mind has already said 'no'.

-The author explains that in order to make your business work, you must have a "Primary Aim" in life - not business, but your life.  Without that, your business may come to consume you.

-If the business is to thrive, it must move beyond the founder

Week 7 Journal Entry

Weekly Readings 

In Praise of the Purple Cow

 -Stand out from the herd!
-Don't be afraid to be different
-If you're a boring company, customers will also be bored.
-Find things that are “just not done” in your industry, and then go ahead and do them.
-Create two teams: the inventors and the milkers. Put them in separate buildings.



Affordable Consumer Research Tools





-ATYM, ask your target market.

-Target respondents through a variety of criteria, such as age and income, to ensure you're talking to the right audience.

-Zoomerang:
create your survey online using the Zoomerang tool and fill out a form outlining your targeting criteria.

Acton Hero: Phil Romano 

-Go against the grain
-Actions speak louder than words
-Do the things people tell you not to do in business.
-Create things.  Innovation.
- If it doesn't feel good to you it won't feel good to your customer.
-Ask people what they would want from your service.
-Think about service.  Giving people what they want. 





 5 Company Naming Mistakes That Can Kill Your Business

 -Building a long lasting, attribute-based company name can add value to your business and reduce customer confusion.

- search engine ranking becomes a major issue as you compete with thousands of other “alphabet soup” company names.

- customer won’t understand the business unless it’s described in literal terms.

-

$500 Dollar reflections

- Team is working hard
-Everyone has made at least 5 sales
- Met twice this week and set sells goals and finalized designs for different teams
.

 

Personal Reflections 



Look for a purple cow opportunity.
Be different.
Think of what could make like easier.
What things do you not enjoy doing? What could make this easier?


 

E Myth Notes

-Your "Strategic Objective" is what you want to do with the business in order to fulfill your "Primary Aim" in life.

-You must speak to people's unconscious minds - all the rational arguments in the world won't win over someone whose unconscious mind has already said 'no'.

-The author explains that in order to make your business work, you must have a "Primary Aim" in life - not business, but your life.  Without that, your business may come to consume you.

-If the business is to thrive, it must move beyond the founder

Week 6 Journal Entry

Weekly Readings 

Cow Pie Clocks
-Look for business in everything.  Be creative.
-Personality and charisma can go a long way in the business world
-Be aware of how much the business you can handle yourself
-Consider hiring the right team and employees to help your business progress
-Consider increasing your product line


The customer is #1

-Every time you touch a contact or prospect, you should feel your brand breathing.
-A brand has a tremendous impact on your business!
-One of the most important assets you can develop for your business is a powerful brand.
-"your brand purpose" is a logical snapshot of what you provide the market

$500 Dollar reflections

Increased profit to $260
Rec Sports won't allow us to advertise in the I-Center or on campus. 
Too much conflict with IBC.
We are limited to flyer and word of mouth advertisement
.

Personal Reflections 

-Look for business opportunity in everything, a la cow pie clocks!
-Be willing to expand your product line if one product will eventually fade out in time.
-Your personality in the business world can attract the right investors to your company.
-Be Charismatic and likeable.  Don't have a big ego.


E Myth Notes


-Your "Strategic Objective" is what you want to do with the business in order to fulfill your "Primary Aim" in life.

-You must speak to people's unconscious minds - all the rational arguments in the world won't win over someone whose unconscious mind has already said 'no'.

-The author explains that in order to make your business work, you must have a "Primary Aim" in life - not business, but your life.  Without that, your business may come to consume you.

-If the business is to thrive, it must move beyond the founder