My Own Last Lecture:
At the end of the semester, some of the advice I would give myself is that I don't necessarily have to be an innovator or an entrepreneur to start my own business. Those skills can be learned, and as long as I have a passion for what I am doing, and determination to figure out how to learn the things I do not know, and the persistence and patience required to start up a business, I can achieve success. There are proven formulas I have learned about for having a successful startup, but there is so much more to learn about business, finance, and marketing. It is important to keep learning all I can learn my entire life. I have learned that I am a bit risk-adverse, and I need to be more open to taking risks, as long as I have done my homework thoroughly.
Some of the keys to developing successful business relationships are to have honesty and integrity in the way I do business; from how I interact with customers, to how I treat employees. How you treat people matters. If you treat them well, they will become loyal employees, customers, and friends. It is also important to surround myself with "A" players. I want to work with people who share the same values and ethics, and with people who share my passion and vision for my business.
It's important if you want to have a successful business to find a way to really stand out from the crowd, whether that is in your product, your advertising, or your customer service. Standing out in the crowd of competitors is key. And once you achieve a measure of success, you need to be looking for the next strategy to stay ahead of the competition. You cannot become complacent with your business or the competition will pass you by.
It is also important to have a meaningful purpose to your life and your business vision, so that you can use your business to fulfill your dreams. There is more to life than making money. Find a way to find meaning and happiness will follow. Find a way to give back to your community as part of your business plan.
Lastly, I would just say to myself to find my purpose in life, then pursue the things that will lead me to fulfill that purpose. Ask God what He wants me to do, where He wants me to be, and whom He wants me to serve. When I include God in my plans, they will turn out far better than if I made the plans on my own. Have faith and trust that God will lead to where I am supposed to be, where I can help others, and where I can make a difference.
Monday, July 18, 2016
Wednesday, July 13, 2016
Lesson 13 Entrepreneurial Journal
Lessons Learned:
The article I learned the most from in the reading this week was the Harvard Business Review article "Strategies For Learning From Failure". After reading about the varying categories of failure (preventable, unavoidable, & intelligent), it broadened my thinking about degrees of failure and that the majority of failures are not bad. Something can be learned from failures, and in fact, for new innovation to take place, failure needs to be part of the planned learning process. It surprised me that there is really only one category where failure could and should have been avoided. The statistic quoted that only 2-5% of all failures are truly blameworthy but 70-90% of failures are treated as blameworthy, speaks volumes about the need to change our thinking on failure and blame. I also learned about why it's important to provide employees with a safe environment for reporting and learning from failures, and that by providing the right environment, much more learning will take place. I like IDEO's slogan -- Fail often in order to succeed sooner. I liked the philosophy to try to find small failures before they turn into big failures. Preventative measures are always better than cleaning up messes. I loved the video clip of Michael Jordan talking about how many shots he missed, how many games he lost, and how many times he missed the game-winning shot. Yet, nobody remembers that -- all they remember is that he is remarkable. I like that he attributes his success to many failures. I also gained a better understanding of finding the right balance of working in your business and working on your business. Every business owner needs to spend time thinking and planning strategies for the future growth and success of the company, or it will just remain the same old company, and you may get bored spending all of your time IN your business.
$100 Challenge:
While working on my Powerpoint presentation, I was able to take a look back over some of the things I have learned through the startup challenge. I could see that I definitely need to pay attention to marketing my business and posting on social media regularly to remind customers of my business. I learned that I need to have a backup plan for when business is slow. My backup plan will be to do work for a transcription agency that has a steady flow of work. I was really excited this week when I had a return customer bring me some more work. I won't be completing the work until finals are done, so it won't count for my challenge, but it was still exciting to have some more work. I have more confidence that I can run a small business successfully. My financials are the same as last week: Revenue $153.00; Expenses $10.00; Net Profit $143.00.
The article I learned the most from in the reading this week was the Harvard Business Review article "Strategies For Learning From Failure". After reading about the varying categories of failure (preventable, unavoidable, & intelligent), it broadened my thinking about degrees of failure and that the majority of failures are not bad. Something can be learned from failures, and in fact, for new innovation to take place, failure needs to be part of the planned learning process. It surprised me that there is really only one category where failure could and should have been avoided. The statistic quoted that only 2-5% of all failures are truly blameworthy but 70-90% of failures are treated as blameworthy, speaks volumes about the need to change our thinking on failure and blame. I also learned about why it's important to provide employees with a safe environment for reporting and learning from failures, and that by providing the right environment, much more learning will take place. I like IDEO's slogan -- Fail often in order to succeed sooner. I liked the philosophy to try to find small failures before they turn into big failures. Preventative measures are always better than cleaning up messes. I loved the video clip of Michael Jordan talking about how many shots he missed, how many games he lost, and how many times he missed the game-winning shot. Yet, nobody remembers that -- all they remember is that he is remarkable. I like that he attributes his success to many failures. I also gained a better understanding of finding the right balance of working in your business and working on your business. Every business owner needs to spend time thinking and planning strategies for the future growth and success of the company, or it will just remain the same old company, and you may get bored spending all of your time IN your business.
$100 Challenge:
While working on my Powerpoint presentation, I was able to take a look back over some of the things I have learned through the startup challenge. I could see that I definitely need to pay attention to marketing my business and posting on social media regularly to remind customers of my business. I learned that I need to have a backup plan for when business is slow. My backup plan will be to do work for a transcription agency that has a steady flow of work. I was really excited this week when I had a return customer bring me some more work. I won't be completing the work until finals are done, so it won't count for my challenge, but it was still exciting to have some more work. I have more confidence that I can run a small business successfully. My financials are the same as last week: Revenue $153.00; Expenses $10.00; Net Profit $143.00.
Friday, July 8, 2016
Lesson 12 Entrepreneurial Journal
Lessons Learned:
Something I gained from reading the DAG Case Study, about the Harvard MBA students wanting to open a dry cleaning business, is how important doing the research is before venturing into a business deal. They were very prepared, they knew the 4 best strategies to have a successful dry cleaning operation and they were able to weigh all the options with really great data to support their decisions. I learned from the reading about the pros and cons of buying an existing business that it can be very beneficial to buy a business IF the business is already doing well and has a great customer base. If the business has been poorly managed and requires a great deal of change, modernization, or is not in an ideal location, you are better off served opening your own business. I learned that I would need to learn a great deal more about buying a business before even considering going down that road. There are a lot of variables to watch out for when analyzing a business and I am just in the infancy stages of learning what I would need to know. Knowledge is power!
$100 Challenge:
This week I have been unpacking and getting settled into my new apartment. I did have one small typing job from a ward member. I did spend some more time going through virtualassistants.com to checking into transcription work. I'm a little frustrated with that process, but I do know a couple of people who do transcription locally for a company here in Arizona and that may be an easier route than the VA website. I need to look at more ways to market my business. I am happy I have had some typing jobs, but would like to have a little more work than I currently am getting. Financials for my business are: Revenue $153; Expenses $10; Net Profit $143.
Something I gained from reading the DAG Case Study, about the Harvard MBA students wanting to open a dry cleaning business, is how important doing the research is before venturing into a business deal. They were very prepared, they knew the 4 best strategies to have a successful dry cleaning operation and they were able to weigh all the options with really great data to support their decisions. I learned from the reading about the pros and cons of buying an existing business that it can be very beneficial to buy a business IF the business is already doing well and has a great customer base. If the business has been poorly managed and requires a great deal of change, modernization, or is not in an ideal location, you are better off served opening your own business. I learned that I would need to learn a great deal more about buying a business before even considering going down that road. There are a lot of variables to watch out for when analyzing a business and I am just in the infancy stages of learning what I would need to know. Knowledge is power!
$100 Challenge:
This week I have been unpacking and getting settled into my new apartment. I did have one small typing job from a ward member. I did spend some more time going through virtualassistants.com to checking into transcription work. I'm a little frustrated with that process, but I do know a couple of people who do transcription locally for a company here in Arizona and that may be an easier route than the VA website. I need to look at more ways to market my business. I am happy I have had some typing jobs, but would like to have a little more work than I currently am getting. Financials for my business are: Revenue $153; Expenses $10; Net Profit $143.
Thursday, June 30, 2016
Lesson 11 Entrepreneurial Journal
Lessons Learned:
I especially loved learning about Steve Jobs this week. His story is so inspiring. Going from dropping out of school to Apple is certainly a leap he was not expecting. Be he is a true innovator and didn't settle for the status quo of life. I really loved his ideas about dreaming big and finding work that you are passionate about. I really want to focus on finding a career I can be passionate about when I graduate and not just settle for the first job that comes along because I am afraid no one will hire me at my age. I was really able to use Steve's "connect the dots" analogy in seeing out my life has been a series of dots that were connected. Though I'm not sure I understand some of those dots yet, I have faith that they are for a reason. I like the way his perspective on life changed after his first scare with cancer. Asking yourself every day if what you are doing is important and a priority that will help accomplish your dreams. I liked Guy Kawasaki's lesson he learned from Steve Jobs. I especially like when he said "Customers cannot tell you what they need -- customers will tell you they want better, faster cheaper--that is, better sameness, not revolutionary change. Sometimes all you need to do for the customer is make something better, whether it's a process or a product.
$100 Challenge:
This week I did not work specifically on my $100 challenge because I am in the middle of moving. I have thought about different ideas I can look into when I get settled to create more business. I am going to look into medical transcription because those services always need typing done on a daily basis, and for the most part, you can accept as much work as you want. I would like to still find more ways to get work generated for my business. My numbers are the same as last week: Revenue $143, Expenses: $10, Net Profit: $133.
I especially loved learning about Steve Jobs this week. His story is so inspiring. Going from dropping out of school to Apple is certainly a leap he was not expecting. Be he is a true innovator and didn't settle for the status quo of life. I really loved his ideas about dreaming big and finding work that you are passionate about. I really want to focus on finding a career I can be passionate about when I graduate and not just settle for the first job that comes along because I am afraid no one will hire me at my age. I was really able to use Steve's "connect the dots" analogy in seeing out my life has been a series of dots that were connected. Though I'm not sure I understand some of those dots yet, I have faith that they are for a reason. I like the way his perspective on life changed after his first scare with cancer. Asking yourself every day if what you are doing is important and a priority that will help accomplish your dreams. I liked Guy Kawasaki's lesson he learned from Steve Jobs. I especially like when he said "Customers cannot tell you what they need -- customers will tell you they want better, faster cheaper--that is, better sameness, not revolutionary change. Sometimes all you need to do for the customer is make something better, whether it's a process or a product.
$100 Challenge:
This week I did not work specifically on my $100 challenge because I am in the middle of moving. I have thought about different ideas I can look into when I get settled to create more business. I am going to look into medical transcription because those services always need typing done on a daily basis, and for the most part, you can accept as much work as you want. I would like to still find more ways to get work generated for my business. My numbers are the same as last week: Revenue $143, Expenses: $10, Net Profit: $133.
Friday, June 24, 2016
Lesson 10 Entrepreneurial Journal
Lessons Learned:
I found the talk "United in the Building the Kingdom of God" by L. Tom Perry interesting. In particular the polar opposite conditions of humanity which, with the wrong attitudes, are condemned by the Lord. The wealthy can become prideful and look down on the poor; the poor, feeling deprived can blame others or the Lord for their situation. In either case, their hearts are turned away from God. This is the first time I caught the sinful trap the less fortunate can fall into. But it exists very much in the world today. My takeaway -- if you are blessed with abundance, always remember where it came from and be grateful. If you are not blessed with much in the way of material things, be thankful for the things you do have, and be grateful. When we seek for the things of God, we will find happiness in whatever circumstances we find ourselves. I enjoyed the "Then and Now" video by Guy Kawasaki that shows that entrepreneurial models change over time. As an entrepreneur, I would also need to change with the times I am in. If I tried to start a business using the 70's models, I would most likely fail. I was inspired by Catherine Rohr's example of using her talents to bless the inmates in prison. What an unlikely pairing, but it just goes to show how important it is to find your purpose and meaning in life and go after it. I taught me not to be afraid of opportunities that may present themselves in the future - you never know where you will be needed.
$100 Challenge:
This week my recipe book project came through and I was able to earn $55 and reach the $100 goal. Also, the client will have more for me to do. I am hoping I will get some word of mouth advertising through her, as she is well connected. Also, a book that I proofread this year just came out in print, so hopefully that will help my marketability as a proofreader. I plan on spending some time over the weekend looking at the virtualassistant.com jobs to try and pick up some work. I need to increase my income, as I will be moving out on my own next week. It's a scary thought, but I know if I work hard at my business I will be blessed to pick up the extra work I will need. I am thankful that the Lord blessed me with the skills, abilities, and desire to work hard. Financials to Date: Income $143; Expenses $10; Net Profit $133.
I found the talk "United in the Building the Kingdom of God" by L. Tom Perry interesting. In particular the polar opposite conditions of humanity which, with the wrong attitudes, are condemned by the Lord. The wealthy can become prideful and look down on the poor; the poor, feeling deprived can blame others or the Lord for their situation. In either case, their hearts are turned away from God. This is the first time I caught the sinful trap the less fortunate can fall into. But it exists very much in the world today. My takeaway -- if you are blessed with abundance, always remember where it came from and be grateful. If you are not blessed with much in the way of material things, be thankful for the things you do have, and be grateful. When we seek for the things of God, we will find happiness in whatever circumstances we find ourselves. I enjoyed the "Then and Now" video by Guy Kawasaki that shows that entrepreneurial models change over time. As an entrepreneur, I would also need to change with the times I am in. If I tried to start a business using the 70's models, I would most likely fail. I was inspired by Catherine Rohr's example of using her talents to bless the inmates in prison. What an unlikely pairing, but it just goes to show how important it is to find your purpose and meaning in life and go after it. I taught me not to be afraid of opportunities that may present themselves in the future - you never know where you will be needed.
$100 Challenge:
This week my recipe book project came through and I was able to earn $55 and reach the $100 goal. Also, the client will have more for me to do. I am hoping I will get some word of mouth advertising through her, as she is well connected. Also, a book that I proofread this year just came out in print, so hopefully that will help my marketability as a proofreader. I plan on spending some time over the weekend looking at the virtualassistant.com jobs to try and pick up some work. I need to increase my income, as I will be moving out on my own next week. It's a scary thought, but I know if I work hard at my business I will be blessed to pick up the extra work I will need. I am thankful that the Lord blessed me with the skills, abilities, and desire to work hard. Financials to Date: Income $143; Expenses $10; Net Profit $133.
Thursday, June 16, 2016
Lesson 9 Entrepreneurial Journal
Lessons Learned:
After reading "Journey to a High Ground" by Elder Wirthlin, I started thinking about the pride cycles of the Book of Mormon. They are so clear to the reader when we can see the big perspective, but when you are living in the moment, you can't see the obvious. The obvious is follow the prophet and the Lord and live righteously and you will be blessed. It's sad that it's almost common sense as a member, but much of the world can't see it. It would be interesting to see if there are any studies of the world which follow a similar pattern. And it's always a good reminder to read about what can happen when the Lord blesses you with prosperity if you don't keep your heart in the right place. I was surprised at the videos with Guy Kawasaki and Mark Zuckerberg, where they were saying don't hire someone based on their skills, but hire someone who is passionate and believes in your company. I was still under the impression that skills and experience were the most important thing for hiring, but I can see how the culture fit it also important. I don't believe they used "culture fit" back in my day. I could also see how important comprehensive employee training is to ensuring the success of an employee. I think sometimes companies think the employee is the problem, when in fact they just haven't had the proper training to do the job right. I enjoyed reading about the JetBlue startup and how simple yet effective their company vision was of putting the customer's comfort and satisfaction as the number one thing. But equally important, they also showed that they cared greatly about their employees as well. They created a great environment in the company.
$100 Challenge:
This week I just had a small typing job and am still waiting for the bigger recipe book job. I decided to invest in a 1 month subscription to www.virtualassistant.com for $10 just to see if I could find any small jobs there. From what I have seen so far, it will be pretty difficult to get work because there are literally thousands of people competing for the same jobs. I applied with a proofreading service and they said they only hire 1 out of every 300 people that apply. I think I am better off looking for work locally like I planned on. When colleges are back in session I will look to advertise in some free publications that cater to the college students. My finances to date are: Income $88; Expenses $10; Net Profit $78.
After reading "Journey to a High Ground" by Elder Wirthlin, I started thinking about the pride cycles of the Book of Mormon. They are so clear to the reader when we can see the big perspective, but when you are living in the moment, you can't see the obvious. The obvious is follow the prophet and the Lord and live righteously and you will be blessed. It's sad that it's almost common sense as a member, but much of the world can't see it. It would be interesting to see if there are any studies of the world which follow a similar pattern. And it's always a good reminder to read about what can happen when the Lord blesses you with prosperity if you don't keep your heart in the right place. I was surprised at the videos with Guy Kawasaki and Mark Zuckerberg, where they were saying don't hire someone based on their skills, but hire someone who is passionate and believes in your company. I was still under the impression that skills and experience were the most important thing for hiring, but I can see how the culture fit it also important. I don't believe they used "culture fit" back in my day. I could also see how important comprehensive employee training is to ensuring the success of an employee. I think sometimes companies think the employee is the problem, when in fact they just haven't had the proper training to do the job right. I enjoyed reading about the JetBlue startup and how simple yet effective their company vision was of putting the customer's comfort and satisfaction as the number one thing. But equally important, they also showed that they cared greatly about their employees as well. They created a great environment in the company.
$100 Challenge:
This week I just had a small typing job and am still waiting for the bigger recipe book job. I decided to invest in a 1 month subscription to www.virtualassistant.com for $10 just to see if I could find any small jobs there. From what I have seen so far, it will be pretty difficult to get work because there are literally thousands of people competing for the same jobs. I applied with a proofreading service and they said they only hire 1 out of every 300 people that apply. I think I am better off looking for work locally like I planned on. When colleges are back in session I will look to advertise in some free publications that cater to the college students. My finances to date are: Income $88; Expenses $10; Net Profit $78.
Thursday, June 9, 2016
Lesson 8 Entrepreneurial Journal
Lessons Learned:
There were so many good leadership lessons in this week's readings. I like the 3 points President Kim B. Clark made about leading with a small "l". Leading by example in a business would be showing my employees that I am willing to do the work I require them to do. I am showing them the correct way and not just telling them the correct way to do a job. Leading with vision is important in business so that my employees can understand why they are doing their job, and how their role in the company is critical to the overall success of the company. It helps with motivation. Leading with love in business lets employees know that you care more about them than just the job they are doing for your company. When you have a boss who truly cares about you as a person, you are more inclined to do a good job for them. I relate this to my boss (a pastor). I have worked for him for 24 years, but he knows very little about me or my family, and until this past year he has never really cared about getting to know me at all, yet he trusts me completely to run his business. It just find that a little odd and sad at the same time. In the readings about sheepherders versus shepherds I could see the value in learning to lead people instead of push them to do a task. A true leader inspires his people so they will want to do a great job for him and for the company. Then they follow his lead. This would create a much more caring and trusting environment in a work setting. It was great to read through the leadership attributes of Christ and to apply that into the context of business. I learned that I need to make some adjustments in the accountability and responsibility areas of how I lead. One of my favorite quotes from the power point presentation was "When a true leader has done his job the people say 'we did it ourselves.'" (Author unknown) It's not about the leader taking the credit for what the team has accomplished, it's about the team, including their leader, and what they have accomplished that matters.
$100 Challenge:
I was really excited last week when I got a typing job after I sent out my Documents Done Right Facebook page to my friends. The one job I am going to do is typing a recipe book for a lady, but she has not gathered all the recipes yet for me to type, so I did not end up having any typing for this week, but I know it will be coming. I want to be careful that I don't have too many projects all at once because of my work/school schedule, so I haven't advertised anywhere else yet, but plan on doing so once I get the recipe book going. I can see that there is work to be had, but it will be a little more difficult than just putting the word out on Facebook. I do plan on continuing this business though because I will need a little more income once I am out on my own supporting myself. Financials for the week are: Total Revenue: $70; Expenses: $0; Net Profit $70.
There were so many good leadership lessons in this week's readings. I like the 3 points President Kim B. Clark made about leading with a small "l". Leading by example in a business would be showing my employees that I am willing to do the work I require them to do. I am showing them the correct way and not just telling them the correct way to do a job. Leading with vision is important in business so that my employees can understand why they are doing their job, and how their role in the company is critical to the overall success of the company. It helps with motivation. Leading with love in business lets employees know that you care more about them than just the job they are doing for your company. When you have a boss who truly cares about you as a person, you are more inclined to do a good job for them. I relate this to my boss (a pastor). I have worked for him for 24 years, but he knows very little about me or my family, and until this past year he has never really cared about getting to know me at all, yet he trusts me completely to run his business. It just find that a little odd and sad at the same time. In the readings about sheepherders versus shepherds I could see the value in learning to lead people instead of push them to do a task. A true leader inspires his people so they will want to do a great job for him and for the company. Then they follow his lead. This would create a much more caring and trusting environment in a work setting. It was great to read through the leadership attributes of Christ and to apply that into the context of business. I learned that I need to make some adjustments in the accountability and responsibility areas of how I lead. One of my favorite quotes from the power point presentation was "When a true leader has done his job the people say 'we did it ourselves.'" (Author unknown) It's not about the leader taking the credit for what the team has accomplished, it's about the team, including their leader, and what they have accomplished that matters.
$100 Challenge:
I was really excited last week when I got a typing job after I sent out my Documents Done Right Facebook page to my friends. The one job I am going to do is typing a recipe book for a lady, but she has not gathered all the recipes yet for me to type, so I did not end up having any typing for this week, but I know it will be coming. I want to be careful that I don't have too many projects all at once because of my work/school schedule, so I haven't advertised anywhere else yet, but plan on doing so once I get the recipe book going. I can see that there is work to be had, but it will be a little more difficult than just putting the word out on Facebook. I do plan on continuing this business though because I will need a little more income once I am out on my own supporting myself. Financials for the week are: Total Revenue: $70; Expenses: $0; Net Profit $70.
Thursday, June 2, 2016
Lesson 7 Entrepreneurial Journal
Lessons Learned:
I enjoyed the story about Stew Leonard and the sour eggnog, where in the end he decided "the customer is never wrong." I'm not sure I agree with this totally, but I know there are many stores who follow this policy. I do think in today's society there are customers who take advantage of that policy and who are plain rude. I think there are ways to to tell the customer you are sorry they had a bad experience without telling them they are right, and you can appease them at some level, but I don't know that I believe "the customer is always right" mentality. I learned from the JetBlue reading that you don't necessarily need to offer everything a customer could every need in your business, just the things that really matter most to them. The personal television concept was brilliant and gives passengers some say as to what they engage in on their flight. Something I learned this week is that culture is part of the company's brand. I have always thought that culture was more of an internal idea in terms of how your company operated from the inside. But I can see how the Zappos culture of top notch customer service plays into the branding of the company and if one of the reasons people would choose Zappos. I learned how important customer loyalty is to the bottom line of a business. I didn't realize the cost differential of retaining a customer versus finding new customers. It makes sense to try to keep your current customers satisfied. I can see where it can be difficult to get employees invested in the importance of customer loyalty when they don't have a vested interest in the company. Perhaps if they were vested financially with rewards-based bonuses that would help.
$100 Challenge:
This week was fun with my $100 challenge. I created a Facebook page for my business: https://www.facebook.com/documentsdoneright. I shared it on my Facebook feed and asked some of my friends to like my page. The next morning I had a typing job to type a recipe book for someone. I was pretty excited to have immediate success with that page. I hope to generate more business through this page. Financials: Total Revenue $70; Expenses $0; Net Profit $70.
I enjoyed the story about Stew Leonard and the sour eggnog, where in the end he decided "the customer is never wrong." I'm not sure I agree with this totally, but I know there are many stores who follow this policy. I do think in today's society there are customers who take advantage of that policy and who are plain rude. I think there are ways to to tell the customer you are sorry they had a bad experience without telling them they are right, and you can appease them at some level, but I don't know that I believe "the customer is always right" mentality. I learned from the JetBlue reading that you don't necessarily need to offer everything a customer could every need in your business, just the things that really matter most to them. The personal television concept was brilliant and gives passengers some say as to what they engage in on their flight. Something I learned this week is that culture is part of the company's brand. I have always thought that culture was more of an internal idea in terms of how your company operated from the inside. But I can see how the Zappos culture of top notch customer service plays into the branding of the company and if one of the reasons people would choose Zappos. I learned how important customer loyalty is to the bottom line of a business. I didn't realize the cost differential of retaining a customer versus finding new customers. It makes sense to try to keep your current customers satisfied. I can see where it can be difficult to get employees invested in the importance of customer loyalty when they don't have a vested interest in the company. Perhaps if they were vested financially with rewards-based bonuses that would help.
$100 Challenge:
This week was fun with my $100 challenge. I created a Facebook page for my business: https://www.facebook.com/documentsdoneright. I shared it on my Facebook feed and asked some of my friends to like my page. The next morning I had a typing job to type a recipe book for someone. I was pretty excited to have immediate success with that page. I hope to generate more business through this page. Financials: Total Revenue $70; Expenses $0; Net Profit $70.
Friday, May 27, 2016
Lesson 6 Entrepreneurial Journal
Lessons Learned:
I learned from the video "In Praise of the Purple Cow" that in order for a business to be successful, you have to stand out from the crowd. It's important to find a niche market or produce a product that is new and different from what is currently on the market. My favorite example from this was Dutch Brothers Paint. It was such a simple thing, yet remarkable because everyone who has done any painting can relate to the frustration of the paint can. That is a great example of thinking outside the box. You don't necessarily have to come of with a new product, you can package it or vary it in a way that is remarkably different than everyone else. I can also see the genius behind suggestive selling. It really is much harder to find a new customer than to up-sell and bundle to your existing customers. A fresh example is my husband's company. Everyone comes in to purchase landscape rock, sand or gravel and asks them "Do you carry Portland Cement?" For years they have said no, and the customer has had to go elsewhere. Just yesterday the boss finally caught the vision and is now going to carry Portland Cement, shovels, and work gloves. I also see the value in having a good marketing strategy and plan in place before you open your business. It's important to do your homework before launching into anything, including needs, markets, competition, pricing, etc. I also learned that you cannot just put a product or a service on the market and never change a thing. While you may have a great product or service, your customers' needs and wants tend to change over time and it's important to pay attention to changing needs and change up your products or services so that your business doesn't go extinct.
$100 Challenge:
My business is going at a slow, steady pace so far, which is great for me. I have had a couple of missed opportunities where I should have promoted my business but did not. I have had a former client ask for my help with minor projects and should have asked her to pass the word among her writer friends that I was available for more work. I will do that this week. I have also finished a project this week for another person who teaches adult creative writing classes and I will ask her if I can give her some business cards to offer to her students. I have set up a "Documents Done Right" Facebook page which feeds from my Facebook account. This next week I will create some social media ads to run on it and ask my friends to share it. My biggest concern right now is figuring out the right pricing for my services. I have always charged by the hour, but am considering charging by the page. I need to do more research on competitor pricing. I have made a couple attempts to get pricing from Craigslist advertisers, but they have not given me price quotes without having an actual project. Freelance.com does a bidding system, so their prices end up being much lower than I am willing to do the work for. Financials are: Total Revenue $25.00; Expenses $0; Net Profit $25.
I learned from the video "In Praise of the Purple Cow" that in order for a business to be successful, you have to stand out from the crowd. It's important to find a niche market or produce a product that is new and different from what is currently on the market. My favorite example from this was Dutch Brothers Paint. It was such a simple thing, yet remarkable because everyone who has done any painting can relate to the frustration of the paint can. That is a great example of thinking outside the box. You don't necessarily have to come of with a new product, you can package it or vary it in a way that is remarkably different than everyone else. I can also see the genius behind suggestive selling. It really is much harder to find a new customer than to up-sell and bundle to your existing customers. A fresh example is my husband's company. Everyone comes in to purchase landscape rock, sand or gravel and asks them "Do you carry Portland Cement?" For years they have said no, and the customer has had to go elsewhere. Just yesterday the boss finally caught the vision and is now going to carry Portland Cement, shovels, and work gloves. I also see the value in having a good marketing strategy and plan in place before you open your business. It's important to do your homework before launching into anything, including needs, markets, competition, pricing, etc. I also learned that you cannot just put a product or a service on the market and never change a thing. While you may have a great product or service, your customers' needs and wants tend to change over time and it's important to pay attention to changing needs and change up your products or services so that your business doesn't go extinct.
$100 Challenge:
My business is going at a slow, steady pace so far, which is great for me. I have had a couple of missed opportunities where I should have promoted my business but did not. I have had a former client ask for my help with minor projects and should have asked her to pass the word among her writer friends that I was available for more work. I will do that this week. I have also finished a project this week for another person who teaches adult creative writing classes and I will ask her if I can give her some business cards to offer to her students. I have set up a "Documents Done Right" Facebook page which feeds from my Facebook account. This next week I will create some social media ads to run on it and ask my friends to share it. My biggest concern right now is figuring out the right pricing for my services. I have always charged by the hour, but am considering charging by the page. I need to do more research on competitor pricing. I have made a couple attempts to get pricing from Craigslist advertisers, but they have not given me price quotes without having an actual project. Freelance.com does a bidding system, so their prices end up being much lower than I am willing to do the work for. Financials are: Total Revenue $25.00; Expenses $0; Net Profit $25.
Thursday, May 19, 2016
Lesson 5 Entrepreneurial Journal
Lessons Learned
I like the quote by President Faust that talks about a religion that does not require sacrifice of all things never has power sufficient to produce the faith necessary for live and salvation. This reminded me that anything worthwhile in this life or the next is worth great sacrifice. Obtaining my Bachelor's Degree is requiring great sacrifice, but the reward and blessings will be worth that sacrifice. How much more sacrifice should I be willing to make for the Lord; which brings even greater rewards and sacrifice. This kind of helps me see that I am spending lots of time making sacrifices for my education, but also need to give more time and service to the Lord and the gospel. I also learned from the video from Peter Diamandis the importance of being creative when looking for funding. Even though the business couldn't give him the cash he was asking for, they could provide the services he needed. And all it took was for him to ask. The "Startups on a Shoestring" article helped me to see that if you have the vision and the passion for something, you can create something out of next to nothing. All you have to do is figure out how to fill a need or desire on the part of a customer.
$100 Challenge
For marketing this week I have let a couple of my writer friends know that I am interested in finding more proofreading and editing work. I have posted an ad for services on a city Facebook page for Home-Based businesses. I have been researching online Virtual Assistant websites but most of them charge a monthly fee to look through the posted jobs. I also have been looking at publishing companies to see if they need virtual proofreaders. I found one publishing site that posts jobs needed for writers, editors and proofreaders, but they also charge a fee. I have found a couple of people advertising on Craigslist for similar work, but I am a little hesitant to use Craigslist. This weekend I plan on setting up a Facebook of page that is linked to my personal page and asking all my Facebook friends to like it. I am taking it slow, because I can't handle too much work right now with my load. An accounting for my business for the week is: $10 Revenue, $0 Expenses = $10 profit.
I like the quote by President Faust that talks about a religion that does not require sacrifice of all things never has power sufficient to produce the faith necessary for live and salvation. This reminded me that anything worthwhile in this life or the next is worth great sacrifice. Obtaining my Bachelor's Degree is requiring great sacrifice, but the reward and blessings will be worth that sacrifice. How much more sacrifice should I be willing to make for the Lord; which brings even greater rewards and sacrifice. This kind of helps me see that I am spending lots of time making sacrifices for my education, but also need to give more time and service to the Lord and the gospel. I also learned from the video from Peter Diamandis the importance of being creative when looking for funding. Even though the business couldn't give him the cash he was asking for, they could provide the services he needed. And all it took was for him to ask. The "Startups on a Shoestring" article helped me to see that if you have the vision and the passion for something, you can create something out of next to nothing. All you have to do is figure out how to fill a need or desire on the part of a customer.
$100 Challenge
For marketing this week I have let a couple of my writer friends know that I am interested in finding more proofreading and editing work. I have posted an ad for services on a city Facebook page for Home-Based businesses. I have been researching online Virtual Assistant websites but most of them charge a monthly fee to look through the posted jobs. I also have been looking at publishing companies to see if they need virtual proofreaders. I found one publishing site that posts jobs needed for writers, editors and proofreaders, but they also charge a fee. I have found a couple of people advertising on Craigslist for similar work, but I am a little hesitant to use Craigslist. This weekend I plan on setting up a Facebook of page that is linked to my personal page and asking all my Facebook friends to like it. I am taking it slow, because I can't handle too much work right now with my load. An accounting for my business for the week is: $10 Revenue, $0 Expenses = $10 profit.
Thursday, May 12, 2016
Lesson 4 Entrepreneurial Journal
Lessons Learned - Week 4
I thought the "Defining Dozen" questions for a startup were very helpful and a great resource for the planning stages of a startup. It covers the most important questions you would want to have answered and include in your business development plan. I also learned the important of the PIVOT points that I need to be watching for in a small startup. This was also discussed in the book I read. It's a start to have a great idea, but along the way if something isn't quit working, you need to be able to be flexible and grounded enough to say "my original plan isn't quite right." Then you can work out a modified plan that may work even better than your original idea or plan. If your ego is too big with your original idea, this can become a stumbling block if you are not willing to make changes when necessary. The HMM gave a great review on business plan development. I learned a lot from the descriptions of each section of the business plan. I haven't really ever seen a business plan before, so this was great new information for me to learn about. One point that I will remember is the importance of reviewing your business plan from the reader's point of view. And also to write it specifically tailored to who will be receiving it -- a lender, an investor, or Board of Directors.
$100 Challenge:
I have decided to do the typing/editing/proofreading service for my $100 challenge and have come up with the name "Documents Done Right". I have decided that I will have two phases to this business. Phase I will be the next 2 years while I am still in school and working part-time. I have limited time to spend on anything extra, so my goal is to spend no more than 5 hours per week. Once I have graduated I can decide if I want to pursue this work to supplement my income or find full-time work.
I thought the "Defining Dozen" questions for a startup were very helpful and a great resource for the planning stages of a startup. It covers the most important questions you would want to have answered and include in your business development plan. I also learned the important of the PIVOT points that I need to be watching for in a small startup. This was also discussed in the book I read. It's a start to have a great idea, but along the way if something isn't quit working, you need to be able to be flexible and grounded enough to say "my original plan isn't quite right." Then you can work out a modified plan that may work even better than your original idea or plan. If your ego is too big with your original idea, this can become a stumbling block if you are not willing to make changes when necessary. The HMM gave a great review on business plan development. I learned a lot from the descriptions of each section of the business plan. I haven't really ever seen a business plan before, so this was great new information for me to learn about. One point that I will remember is the importance of reviewing your business plan from the reader's point of view. And also to write it specifically tailored to who will be receiving it -- a lender, an investor, or Board of Directors.
$100 Challenge:
I have decided to do the typing/editing/proofreading service for my $100 challenge and have come up with the name "Documents Done Right". I have decided that I will have two phases to this business. Phase I will be the next 2 years while I am still in school and working part-time. I have limited time to spend on anything extra, so my goal is to spend no more than 5 hours per week. Once I have graduated I can decide if I want to pursue this work to supplement my income or find full-time work.
Thursday, May 5, 2016
Lesson 3 Entrepreneurial Journal
Lessons Learned: The things I want to remember from this week include Marc Allen's advice on business; in particular his discussion points regarding the need to have a higher purpose than just creating wealth. The rule of 3 was also good information that a startup will take 3 times as long and cost 3 times as much as you expect. I saw the correlation there with the Boston Duck Tour startup. I liked what he said about practicing management by goals, not by crisis. So often managers are just putting out one fire after another. I think it would be important to be organized enough to steer your department to meet the company goals. I learned a lot from the teachings about creativity. I have always thought of creativity in terms of the arts, music, etc. But I can see how importance creativity is in business. The ability to think big, outside the box, and use the techniques in HMM to create an atmosphere for creativity are all important things to remember. I learned from the 5 company naming mistakes article that I shouldn't use my last name in my business name. I will have to work on a new name for my $100 challenge business.
$100 Challenge: I loved reading my classmates ideas for their $100 challenge. I received good feedback for the business I am wanting to create -- a typing/editing/proofreading business. I have gathered information on ways to find business, including Freelance.com, Craigslist, college bulletin boards, and my writer friends.
$100 Challenge: I loved reading my classmates ideas for their $100 challenge. I received good feedback for the business I am wanting to create -- a typing/editing/proofreading business. I have gathered information on ways to find business, including Freelance.com, Craigslist, college bulletin boards, and my writer friends.
Wednesday, April 27, 2016
Lesson 2 Journal Entry
This week I learned so much about Entrepreneurship. In the reading materials and in the book I read, it kept stating how coming up with ideas was the easy part of starting a business. I really struggled to come up with 40 business ideas. But it was helpful to do the brainstorming process to get me thinking with a broader vision. I found the "pain point" activity very helpful in coming up with possible solutions to problems. I think I have some great ideas for the $100 challenge. The book I read, "The Startup Weekend," was such a great concept. It really stressed how valuable creating a great team behind your project is and how much better your concept will be when connecting with other skilled professionals. One point I thought was very helpful is that a great idea is only useful if people actually have a need for it. It is so important to not just think about how great your idea is, but to get in touch with people on the streets and see if there is an interest in and need for your project. This step offers project validation. If you do this step up front, you will know whether or not your idea is worth pursuing. I also enjoyed reading the various business blogs. I was surprised at just how much useful information is contained in these resources. I plan on reading through more articles as the semester goes on. I found a personal essay on one of the blogs that has inspired me to continue in my search to find a solution to my health problems.
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