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

 

Week 5 Journal Entry

Weekly Readings Italia Factoria

-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

Earthly Debts, Heavenly Debts

-First step to financial freedom is paying your tithing.
-Debt is a form of bondage
-It's ok to go into debt for the following: modest home, vehicle, and education.
-heavenly debts are much harder to pay back than earthly debts

$500 Dollar reflections

-Team has now successfully designed T-shirts for two intramural teams.  We currently sit at around 150$ in profit.
- Had a mishap with RecSports saying we can't advertise through our BYU Idaho e mail account.
-Held team meeting discussing contacts we've made as well as a sales quota from each team member by the end of next week.

 

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.

E Myth Notes

-Everything about the business should be documented in operations manuals.

- You need as much data as possible - with time you'll learn what the critical numbers are, and be able to tell how things are going by keeping an eye on them.

-The key question to ask is: "does the business I have in mind alleviate a frustration experienced by a large enough group of consumers to make it worth my while?".

-You need people that believe in what your company does to make those systems work, but having a system in place that doesn't require a fantastic manager.

Week 4 Journal Entry

Week 4 Journal Entry

 

 

Weekly Readings

Heather Evans Case Study

 

 

 

Provident Living

-Some of the most loving words you can say to your spouse is "we can't afford it".

- Hold family council's and teach your children the importance of keeping a budget and being frugal with your earnings.

-It's ok to go into debt when purchasing a home, buying a modest vehicle, and education purposes.

-Ask yourself before a purchase, "“Is the benefit temporary or

 

 

Bootstrap finance

-Venture Capitalists are neither greedy nor short sided

-Venture capitalists incur significant costs in investigating, negotiating, and monitoring investments.

-Raising big money requires careful market research, well thought-out business plans, top-notch founding teams, sagacious boards, quarterly performance reviews, and devilishly complex financial structure.

-Many entrepreneurs thrive in rapidly changing industries and niches where established companies are deterred by uncertain prospects.

-An entrepreneur's time is not well spent courting investors.

 

$500 Dollar reflections

- Team has reached deal with printing shop for our T-shirts.  It'll cost us $1.89 per shirt.
-Every member of the team has been assigned to a group of intramural teams to market too for our business.
-Flyers have been made.
-Decided to not focus as much on the website that we previously had spent a lot of time trying to develop.
-Best way too sell our product is through word of mouth and personal interaction.

 

Action Hero Video

Paul Robshaw

-Founded AIC ventures
- Learned the will to work from his Father
-Learned how to work at an early age.
-Lists honesty, integrity friends, family, and God as core values
-Went bankrupt and divorced in the same day
-Created a life plan that he still works with
-Dreams are reality without boundaries
Personal Reflections
- Keeping core values such as honesty and integrity will be driving factors for your success in the business world
-Don't assume or count on one big investor to invest in your company.  Build your network and don't put all your eggs in one basket.
-Don't waste too much time within your groups talking about possible methods to sell your product, get out and go do it!
- There is no substitute for hard work in the business world.

E Myth Notes

-Everything about the business should be documented in operations manuals.

- You need as much data as possible - with time you'll learn what the critical numbers are, and be able to tell how things are going by keeping an eye on them.

-The key question to ask is: "does the business I have in mind alleviate a frustration experienced by a large enough group of consumers to make it worth my while?".

-You need people that believe in what your company does to make those systems work, but having a system in place that doesn't require a fantastic manager.

Week 3 Journal

Week 3 Journal Entry

 

 

 

Weekly Readings

 

-Boston Duck Case

·         Andy Wilson worked his way through college at the university of Kansas working as a full time deputy sheriff.  This shows his work ethic and appreciation for hard work to make a living.

·         I was really impressed by Wilson’s sense of inspiration.   To just hop on a greyhound in search of business ideas and finding a worthy one to pursue while on the trip is awesome to me.  During my travels, I plan on paying more attention to detail and seeing what successes I could find or build off of.

·         Wilson’s sense to go to the right people was also impressive.  He sought out Bob McDowell, one of the largest duck owners in the country to get his foot in the business.  To go directly to one of the most successful people in any industry is gutsy and admirable.

·         Wilson’s persistence is another thing I want to touch on.  To get his DUCK tours started in Boston he had to go through over thirty permits and allegations to get started.  It was during this time where it could have been very easy to call it quits but Wilson pressed on.

·         To have a dream and follow through with the steps to get there is a perfect example of what Wilson did to get his DUCK tours business going. 

 

Start up Nation

·         Do not fill your business plan with complicated descriptions.  Be clear and concise.

·         Your financial section should always have a statement of cash flow.

·         Creating and writing a business plan is as valuable as your business itself

·         Refrain from fancy graphs and photos in your business plan

 

 

 

$500 Dollar reflections

- Team has finished our business proposal

- Held a focus group where we each invited random students into a practice room to look at our sample valentine’s day gift baskets.

- Asked key questions for feedback and how to better the product

-Found out a good price range to sell the baskets at.

- Met with team twice outside of class to discuss launching date and review individual positions.

-Everyone needs to be a sales person!

-

 

 

Action Hero Video

Tom Monaghan

·         Original pizzeria was named Dominic’s.

·         Tom calls himself the first to take pizza delivery seriously.

·         Credits a book by CS Lewis that changed his prideful ways.

·         Took the, “Millionaires vow to poverty”. 

·         Found the best way to give to the people was through education and started a university.

·         He isn’t trying to buy his way Into heaven, he is using it to help build the kingdom. 

 

 

 

 

 

Personal Reflections

·         Making sure your team understands the goal(s) behind your business makes for a much more efficient business.

·         Communication continues to prove itself as a key component in working with others in business

·         Who do you know?  Who does a member of your team know?  Networking is a crucial and strategic part of building your business.  Meeting and knowing the right people can help jump start your future and success.

 

 

 

E Myth Notes

·         Everything about the business should be documented in operations manuals.

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

·         Be open to change when it's necessary.

·         A real business is one where the founder has created a system so that the business can run itself without their constant presence.

The key consideration when you determine what kind of business your in, is to look not at the thing you sell, but the feeling you create for your customers about your product a

Week 2 Journal Entry

Weekly Readings

Startup Nation

Business Model Options
-Home Based
- E-Commerce
- Brick and Mortar
-E-Bay Prenuership
-Franchising
-Resource  
- Multi Level Marketing


Points of Pain 
-Most entrepreneurial ventures are created out of frustration
- Instead of wishing for the person to "be a man" and quit complaining, the entrepreneurial mind will listen carefully and see the opportunity in the person's complaint.
-Look for a more simple to access a good or product.
- Something that can make life easier.
- Product or service "flaw.

Top ten principals and practices  
- You want to be an entrepreneur. you need to lead.  This is how I would summarize all the points.
-Exceptional customer service.
- Training and Developing skills 
- Have integrity. 



$500 Dollar reflections
- My group switched gears and we threw out the T shirt idea and are now whole heatedly pursing a Valentines gift bag business.
- We've already set up a bank account and have assigned group members to either marketing, sales, or finance positions.
- We are bringing samples of gift bag designs and products to class on Tuesday
- We have named our business "Double the Love".  You buy from us you aren't just showing love to your significant other or family member but you are also donating to a charity.



Action Hero Video
-= Harvard business school seems crazy!
- Case studies are effective because they allow you to analyze and dig deep into a real life business and see why it succeeded and where things could have gone better.
- Instructors prepare almost 3x as much as we do preparing the case studies for us!.  At least at Harvard.  I'm sure the same applies here at BYU-Idaho which I highly respect.  






Personal Reflections

-Look for the opportunity in everything!  This what a true entrepreneur does.
- Working well with others and in a team setting is a key characteristic.  I'm starting to realize this even more while working with my group on our $500 dollar challenge.  I fill like we are a step ahead of the other groups, having already met numerous times outside of class and getting a feel for each other personalities and attributes.
- Wake up with the idea, how can I make life easier for people.  You'll be surprised how many diffrent ideas and opportunities come to mind.
- Don't be afraid to attempt a entrepreneur venture that has already been done.  If you believe you can make it better and even more attractive, go for it.


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