B 210 - Week 6

I made my first purchase this week for my company. Amazon had a great deal on tea towels. The process will now move into testing a few things on towels. These are different than I’ve used before so I need to make sure they don’t shrink too much. My tags are ready to print and I’m making sure I know how they will be displayed in a store. The next task will be to make them and start selling. I’m contemplating hiring Kimberlee as an employee. I think she would like helping and another set of hands will make the job of painting go quicker. In class this week we studied some things about marketing so now I am looking at how I am actually going to sell the towels. What will a media post look like, how will customers contact me, what do I use for payment? These are all questions I’ll have to think about.

The action hero this week was Phil Romano. He’s opened multiple restaurants including Romano’s Macaroni Grill. What I found was interesting was a skill I’ve seen in others that I am intrigued with. The ability to work quickly, make decisions, and complete tasks. I emphasize the word quickly. My sister can do this. I call her the Tasmanian Devil from the Bugs Bunny cartoon we used to watch. Patrick can do it too. He always finishes what he starts. I love that about him, that's why we’re married (not the only reason.) Romano as accomplishments had started more than one restaurant, is an artist, creator, and does service for others. I watch people like this and want to be them, it’s easier said than done though. I haven’t reached that point yet but I know that every once in awhile I’ll get to the end of the day and look back noticing what a lot of projects were completed. Maybe in the future, I’ll be able to gain this same skill.

B 210 - Week 5

This week I found someone to be a lender for my business. Franklin has agreed to participate. He will provide me with twenty-five dollars for my start-up supplies. Our agreement includes that I will repay him the twenty-five dollars before the end of July and he will also receive 3% of sales for the next three months (June-August.) He is excited about this opportunity. I am confident that I will be able to sell the product through social media and word-of-mouth. I have even thought about talking with a few stores in the area to see if they would allow me to put the product in their stores. This obviously would have added expenses, they will not do it for free. It depends on how much they want from me to use their space. I am not sure how well sales will be either, this is something I will have to watch and contemplate. I have purchased the supplies to make the product and will be beginning this weekend to put it together. I also have been working on the tag for the product. This will show a company logo and washing instructions for the product.

Some of the studies this week were about budgeting. This is important for businesses to keep track of what they make, expenses, and products sold. I liked learning about accounting from my financial accounting class last semester so I am looking forward to this part of the business.

I have been reading the book The E-Myth for this class. It highlights some mistakes that new entrepreneurs make. I am learning a lot, what not to do, and how to start and grow in a good way. It points out things I hadn’t thought of before. I will write a report in a couple of weeks and share more then. 

B210 -Week 4

W04

This week for the $100 project I picked my top idea to start a business with. An assignment had me write a business plan for this project and one for one of my ‘big ideas.’ It was interesting to put together the plans and look at setting goals, having a mission, and knowing what strategies to use for the companies. HMM this week was all about business plans. I haven’t ever written any so it was good to learn about what goes in them and why certain parts are so important. My $100 project will be making holiday printed dish towels and selling them in sets of two. I’m trying to see the best way to sell them, myself through social media or if I should see about putting them in some nearby stores. My ‘big idea’ is not my biggest but one that I could start next year after school. I like the idea of having a small business that I run from home so I can be with my kids more while they are little. We have the space for it and the perfect room and the supplies would not be too expensive. I’d like to start a spray tan company. The start-up costs are minimal and I think I could build clientele quickly with my high school-aged daughter. I’m excited about the prospects of both companies.

One of my favorite articles this week was “The Simplest Little GEM that can Grow Your Business” by Stephen W. Gibson. He talked about the lemonade stand that we had when we were younger, everyone had them right? He talked about the similarities of the stand and starting a business. We gathered our childhood friends or siblings to set-up the business. Then we enhance the product, making homemade lemonade or in my case, it was my mother’s homemade cookies. Then we would gather together and market the product, hollering at cars, making signs, asking passersby. Starting and growing a business can be as easy as following this same plan. Gather help to get started, enhance your product into something special, market.

B210 -Week 3

W03

One of my favorite things this week was reading the discussion board for everyone’s top five $100 challenge ideas. It was interesting to see what people are willing to do. Classmates have different resources and abilities, it made me think of more options and opportunities that I might have myself.

The Action Hero this week was Tom Monaghan, he started the pizza chain Dominoes. This is my favorite pizza! He saw his strengths and weaknesses because he knew Dominoes could be big. He started the pizza delivery idea, hot and fresh. His pizza chain at the time was all across the U.S. Monaghan also knew that he had his fair share of pride and he didn’t like it. He decided to sell the pizza chain and ended up starting a University. It is interesting that he was willing to give up a great part of his life to improve the other part. It is a great lesson in noticing our weakness and choosing to live differently to refine the other part.

HMM this week was interesting too, it was a good reminder that we can be creative when we have problems to find solutions. It talked about being innovative and resourceful when things have gone wrong and using people, skills, situations to provide opportunities. One set added that even the environment plays a part. I need to remember to use these things in my own home. I forget how many options I have to use to help me teach my children when wrong decisions have been made, on their part or mine. I usually just feel lost with them, but incorporating this information would give me the ability to think outside the box at the problem and see what to do to solve it or to encourage my children in different ways.

B210 -Week 2

W02

We made a list this week of 20 Big Ideas and 20 $100 Challenge Ideas. It wasn’t that easy. Some people have had dreams since they were young and others know now what they want to do because they have a vision. Everything always seems muddy for me. I know this is the path I am supposed to be on but sometimes I don’t understand why.

Despite this, I am looking forward to the rest of the work for this class. I really enjoy the Action Hero clips about other entrepreneurs. They give me ideas, inspiration, and encouragement to keep going on this path. This week Corey Bell, a business owner shared how he realized he wanted certain things out of life and he wasn’t on the right path to get them. He wrote his vision down for the next 15-20 years of his life and changed what he was doing to fit this vision. I feel like I can’t even think about tomorrow let alone 20 years from now. I have to survive today first. Family, kids, school, callings, internship, service, work...one more year. I can make it. I can do this. Once I’m done I can think about the future. Maybe that isn’t right though, maybe I need to think about it now. This class will help me think about some of the inner workings of a business. I’ll be able to think about starting one of my own. Keeping a journal will help me remember important lessons that come during the class. Maybe this will put me in the right direction for my future. Lots of possibilities at this point. Overall, this class will be great. I’m looking forward to learning more about beginning a business. It will be interesting to see what others in the class choose to do for their $100 Challenge and watch how successful they are.