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.

Journal 5

This week I have learned the importance of marketing, and that every member of a business should be focused on having a marketing perspective.  Marketing involves thinking both about the customer as well as the competition.  It also requires developing new products, conducting market research and then communicating to customers about your products in the appropriate and most beneficial way.  Marketing can also be done by building relationships with customers who continue to do repeat business and who find mutual benefits such a relationship.

I also gained a great of insight from this weeks' E-Myth reading.  Creating a new business requires thinking about how your business will run.  However, one of the most critical parts of the new business is also about working on one's self.  It is changing how a business owner thinks and avoiding having a business that is your life, but one that supports and makes your life possible.

$100 Challenge - This week I worked on how to sell my business through creating an elevator pitch.  I also began putting together order forms and purchasing necessary items for my business.

Journal 4

This week I feel that I have learned a great deal about making plans when starting a business.  Of great importance is to plan through budgeting.  Having financial plans and identifying expectations is one of the key parts of having a successful business, as ultimately one of the purposes of a business is to bring in revenue.  It is important to realize that a budget is not a guarantee, but it should help you identify key activities and factors in your business that as a business owner it is important for you to understand and be engaged in.

Also in the E-Myth reading this week I feel that one of the important parts of starting a business is doing so with a plan for how the business will run as a large company.  If you start with the business model in mind then your growth can align with these plans.  Without such thought, it is easy for the growth of a company to overwhelm an entrepreneur.

$100 Challenge - This week I have selected how to raise the capital for my business (through my own investment) and begun detailed plans for how to accomplish starting my business.  I have also received approval to move forward with my business plan, and am excited to get started on purchasing necessary items, producing, and selling during the next few weeks.

Journal 3

This week I have learned about the importance of business plans, and some common mistakes to avoid.  In this week’s case study I felt I learned the importance of considering funding.  While money isn’t always the point of business, there is a reason they say it takes money to make money.  Taking the time to not only plan for how to adequately deal with money, and also prioritize it correctly is one of the most important steps in a new business.

I also really enjoyed the reading from E-Myth this week.  One thing that stood out to me was that companies are often either growing or shrinking.  If one doesn’t plan correctly for growth, and be involved in the most critical aspects and entrepreneur can easily lose control of the business they have created.  It is important to plan with the end in mind when starting a business.  This allows for the right culture and priorities to be built in from the beginning, and for the entrepreneur to be successful.

$100 Challenge – This week I completed my business model.  I have made solid decisions about what my business will be doing and forecasted how I would like to achieve the goal of profiting $100.  This plan has helped me not only outline what I want to accomplish, but made me consider the many facets of my business.  I have truly learned that there is much to consider when starting a business venture. 

Journal 2

This week I have learned that businesses require creativity and that creativity is hard work.  Often creativity is thought of as a moment in time when the breakthrough happens; instead, it is a process that results in new ideas which may conclude with the discovery.

Also, I really enjoyed reading the first three chapters of The E-Myth.  Personally, I have experienced those moments when two parts of myself have contended with each other, particularly the natural man and the spirit.  As such, I related to the idea that when starting a business there are three parts that we must play and that may at times, if not often, these parts of ourselves may be at odds.  I feel that this particularly applies since this experience of starting a business is part of a class - so  I believe that being an entrepreneur is new to a majority of us, and thus our situation is very similar to the situation in the book.  I have already felt that insecurity of not being sure about how to balance the entrepreneur, the manager, and the  technician.  I look forward to applying the principles of this book into my venture throughout this semester.

$100 Challenge Progress:  This week I feel I have made good progress in narrowing down my initial brainstorm to a couple of business ideas.  I feel I received good feedback and that there is potential in my ideas to meet the challenge of profiting from my business venture.

Journal 1

Starting a new business is not an easy task.  However, this week I have learned that there are many successful people who are willing to share what they have learned about creating a business.  These resources are vast and range in topics from getting started to pitfalls to avoid.  Clearly, the task of being an entrepreneur will be difficult, but a key factor in success will be learning from those who have gone through the process before.  I look forward to using many of the blogs suggested in the Favorite Blog activity and am grateful for the chance to learn not just theory, but from tried and true methods of successful business men and women.

This week I particularly learned some valuable insights while reading "The Effective Executive" by Peter Drucker.  One thing that effective executives do that stuck out to me was keeping track of their time.  While my business for this class won't be large, I have learned that time is one of the most critical factors to business/executive success and an even rarer resource than any money invested.  As such, I hope to do my best to use my time wisely.

Throughout this class and process of starting a business, I am excited to use this journal to track my progress and record the things I am learning.  I hope this assignment becomes something I can look back on to see my growth and to track my goals.