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!

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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