Week 9 Journal Entry

Weekly Readings 

Start up #4








-The corporate business structure offers significant tax savings

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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.