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.