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.