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.