Journal 13

This week I learned a great deal about the importance of working on your business.  Without a focus on developing your business, an owner loses potential growth and even control over the future of the business.  This development requires a great deal of balance between spending all of your waking hours on the business and completely giving up control to your employees. As an entrepreneur working on your business is the most important task, as no one else can do it.  This strategizing allows for lessons to be learned and a direction to be determined, and your employees, as well as your business, will all be better off as a result.

I also gained a lot of insight from the trial and error activities this week.  So many of us struggle with what to do when we fail.  It is hard to get over disappointment that comes as a result of failure as well as any perceived shame.  However, learning from failures and continuing to chase your dreams is something almost all entrepreneurs have had to do.  Failure is a part of life, but it doesn't have to define it as long as it is learned from.

$100 Challenge - This week I finalized my presentation on my company and made my donation to Kiva.org.  Especially at this time of year, it was so exciting to help those in need.

Journal 12

This week has been very interesting to learn about family businesses and the pros and cons of these relationships.  While many of the basics are the same it takes special care to make plans that are fair and create success both in the business world and in the family.  I have come to learn that communication and plans are the key parts of building a lasting family business that can extend past the first or second generation of ownership.

I have also learned a great deal about the prospect of purchasing an already established business.  There are many advantages to starting your own business, acquiring one with customers, facility, staff, equipment, and reputation can be a very lucrative option, but requires risk in the debt of the company and other problems that are already a part of the business that may be unknown at the time of purchase.  However, with research, this is an option for entrepreneurs to consider when starting a business.

$100 Challenge - This week I wrapped up final orders for my company and was able to meet my final goal of $100 in revenue.  It was helpful to no longer have further orders to fulfill and to promote that this would be the final week to place orders.  Supply and demand in action.

Journal 11

I have learned a great deal about franchising this week.  Before this class, I had never considered the possibility of running a franchise, and it seemed to be something that always required a great deal of money.  While many of these opportunities do require capital it is actually a less risky way to go into business and to manage a company when someone doesn't have the desire to start their own company.  The Icedelights case study was very interesting and it made me see the pros and cons of working with others when starting a business.  I have really come to understand the importance of considering all of the aspects of running a business when reviewing a franchising deal in order to decide if it is a good one or not.

I was also very inspired by the reading on Steve Jobs.  He is a great example of what a true entrepreneur does to succeed.  When he started he had no idea how far he would go or how successful he would be, but he had a desire to change the world.  I think that is something we all need more of. In some ways, it is like the saying to "Shoot for the moon, because even if you miss you'll still land among the stars."  We can't make a difference if we aren't trying to.

$100 Challenge - Things continue to roll along slowly, but surely with my business.  With the holidays I have had fewer orders, but that was to be expected.  I am excited to have another week to try and accomplish the goal of reaching a $100 profit with my business.

Journal 10

I was really inspired by the case study of Roxanne Quimby this week.  It has helped me understand that starting a business isn't always about having the money to start a company or the right social media effort.  Roxanne was able to build her business with hard work, determination and vision. These are really the basics of any entrepreneurial effort.  All of the odds were not in her favor and yet she found a way to overcome her past and create a brand that was unique and personal.  On top of this, she made her way with a several million dollar company with no debt and a passion for continuing its growth.

I also was excited to learn about business process improvement this week.  As a project manager for my day job, this is something I deal with on a day to day basis.  To me, improving processes is at the root of a business and a business that recognizes that things aren't always going to be done the exact same way every time is one that grows.

$100 Challenge - This week I have continued to make progress with sales and have really developed a way to keep track of all of my finances.  Many of my customers have started returning and have talked with their friends and family.  While I struggle to meet my initial goals I have tried to refocus on maintaining the slow progress I am making.

Journal 8

This week I have learned a great deal about why hiring and selecting the right people is a critical part of business.  I believe that many businesses go about hiring in a way that leads to ineffective people filling roles that ultimately have a negative impact on their business.  Typically they hire family members or friends and forget to consider the many aspects of finding the right person for the role.  I really appreciated the idea of hiring slow and firing quickly.  I feel that all too often a hire is needed right away, and so the process is expedited, to its detriment.  Yet, the hire is kept on far too long and managers do not have any way to determine if someone is doing the job needed.

I also really appreciated reviewing the concepts from Good to Great.  It has been important for me to recognize that great companies do not happen over night.  While I know my business will never expand beyond this project, it has been meaningful to consider what steps I need to take to continue to improve it.

$100 Challenge - I have learned a great deal about the amount of work running a business takes this week.  While my sales have increased this has also meant that my business required a great deal more of my time.  Finances continue to be tight, but this week I made a profit.  I hope to be able to continue this trend, but fear that I will not be able to reach the $100 goal.

Journal 7

I have gained a much greater appreciation for leadership through out this week's study.  I have never really considered myself a leader but this week has inspired me to want to seek out the opportunities of leadership and to grow my abilities.  Starting a business requires leadership both for employees and for customers. However, I have also come to realize that being a leader doesn't require any kind of title.  Leadership often is being an example to those around you.  While I don't know that I will ever be in a place to be a leader of many people, I do want to have the skills to be a leader in living the gospel, in working hard, and in being positive.

I feel the thing that most impressed me this week was the focus on the leadership of the Savior. Previously I had not really considered Christ's leadership, and yet I now feel it is one of his most critical abilities.  He constantly invited the people to follow him, and if He wasn't a leader they wouldn't have done so, and people wouldn't continue to do so.  I particularly learned that Christ's leadership came from His love of the people, and all of us.  As such, I then must apply this principle in my own leadership and find ways to love, and show that love, for those I lead.  Once we love those we lead we will lead in a way that is focused on those we lead rather than ourselves, and become selfless leaders.

$100 challenge - This week I made my first sales and delivered my product to my customers.  While I only made a few sales and have yet to really make any profit it was exciting to see my business begin to really function.  I hope this week to do better at selling/marketing my product and need to start tracking my finances.

Journal 6

This week I learned a great deal about the importance of customer service and its relation to company culture and employee satisfaction.  I was particularly intrigued by the Zappos example and their commitment to the importance of their culture.  It has helped me understand that a good and successful company has determined what is important to their business and created an understanding of how employees should strive to do their work - or in other words created a culture.  For me it is important to then identify what things I would want to be a part of my companies culture even though it is still new.

I feel that I have come to understand more about the importance of keeping regular customers and maintaining their business. Most businesses seek for the most part to create more new relationships, and while that is important, the most cost effective and business building relationships are those with current loyal customers.  Doing more for them in order to maintain their business is ultimately very profitable for a business.  While I am still working on starting my business it is important to keep this in mind and find a way to retain as many customers as possible.

$100 Challenge - This week I finished purchasing all necessary items to begin my business and collected my first 5 orders.  I found it a bit challenging to remain inside my budget, but believe I have all that I need to fulfill the orders I have received.