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

Here goes another class, another semester. This class is business creations. Over the course of the semester, I will create and run a small business starting with less than $20. The proceeds earned by the end will be donated to a charity of my choice. I am looking forward to it although the task seems somewhat daunting on top of my other responsibilities. I have seen the grace of God in the past by putting my faith in him and going to work to do my best. My heart fills with gratitude for my Heavenly Father for the many things I am learning. This is the busiest, most difficult, exciting, and possible part of the best time of my life.

"It is not what you have, but who you are. And who you are is not what you say, but what you do.” -Tom at Bain and Company

President Monson said, “What an exciting life is available for each one of us today. We can be explorers in spirit with a mandate to make this world better by discovering improved ways of living and doing things. God left the world unfinished for man to work his skill. He left the electricity in the cloud, the oil in the earth. He left the rivers unbridged and the forests unfelled and the cities unbuilt. God gives to man the challenge of raw materials, not the ease of finished things. He leaves the pictures unpainted and the music unsung and the problems unsolved, that man might know the joys and the glories of creation. True pioneers solve problems and rise to bless others by opening new frontiers and finishing the undone work God left for us to do.” This quote makes me excited to look around me and see what I have to work with. The options are endless, I am so grateful for this Earth and the good things on it. The Lord's plan really is perfect. He provided everything we would need to learn, grow, and create.

I read and watched a college conference talk by Robert Gay. It was very insightful about what is important in business and life. He pointed out that, "beyond making ends meet, whether you have little or much of this world’s goods, will never be a fundamental determining factor of personal peace and happiness, but rather it is your attitude towards wealth that will be critical." It is easy to forget that so much depends on our attitude and so little on the small tasks throughout the day. I am grateful for the small reminders to be in control and to be positive.

Charles Handy reminds us of "The purpose of a business" in an article called What's a Business For? "It is not to make a profit, full stop. It is to make a profit so that the business can do something more or better. That “something”becomes the real justification for the business." In my desire to have a business I have thought about the income I would receive. I would be foolish not to admit that there has been some excitement about the money I might gain. There have also been thoughts about the people I could help and the service I can give. This also brings me happiness. There are many positive things to do with money. Robert Gay warned that, "firms are likely to fail if they only follow the key rule of money, and look solely to maximize profits... Our aim must be to do His will, not ours, in all our spiritual as well as temporal activities." The scriptures also remind us to "seek ye first the kingdom of God," and then other blessings will be added upon us and we should have money to share with others and help the poor. Brother Gay quoted something that helps us to remember what can happen when we think of service first. This is called the Shetobreyon principle. 

“In the days of service, all things were founded, 
In the days of special privilege, they deteriorated, and 
In the days of vanity they are destroyed.” 

Sweet Shop

After years of waiting and watching the 'opening soon' sign the pink door finally changed to say 'we're open!' I took the kids recently to test out the product. They were overly cheerful as we walked up the rainbow painted sidewalk into the sweet shop. Kimberlee wants to go into Interior Design after High School so after we ordered a handful of desserts on the menu we sat discussing the business. We talked about the design, the layout of the building, the menu items, the flavors of the food, the competition, the prices, and the location. Then we wondered if it will last. My bet is not good. While some areas are well done others are entirely lacking.

After studying this week I wondered if the sweet shop had a business plan and what process was used. According to the Action Foundation there are three areas of knowledge that should be considered when starting a successful business. They are:

1   An in-depth knowledge of the competitive structure of an industry and a network of contacts within that industry.
2  The skills to run the daily operations of a small, rapidly growing company.
3  The ability to raise money.

If possible look at the industry you want to join. Find a job for a company that is doing something similar and learn everything you can. Hopefully following this advice and coming up with a good business plan would prevent you from failing. I would add my own advice, remember to consider the businesses you go into. What stands out and what would you change?

Do It or Stop Talking About It

Sharon Mays is an entrepreneur. After throwing out an idea for years her mother told her, "you talk about this all day long...what are you so scared of either do it or stop talking about it." Sharon followed her own dreams and opened a drive-through salad restaurant in Austin, Texas.

Growing up I have listened to many people in the family throw out great ideas for products or businesses to each other but it ends there. Obviously not all ideas are worth looking into but I wonder why some people don't follow their ideas especially if they could be a success. I realize knowledge could be a contributor but I think fear is a big stopper when it comes to the unknown. I had to make a list this week of fear's I have when it comes to a opening a business. Then I had to list what I was going to do about it. This was a good exercise for me to think through problems related to my ideas that can arise and what would make it difficult for me to continue opening the business. I've learned that I am going to have to follow Sharon Mays example of someone who was fearless and willing to face the challenges of opening and running her own business. I hope that when the time comes I can be brave. I hope that I will be able to 'Do it.'

I’ll need to remember ‘The Formula’ for success from Steven Hitz book Launching Leaders.
This is a combination of advice to Steven from David B. Haight and J. Paul Getty.
Launching Leaders was a great book about using spiritual guidance to help us become who the
Lord wants us to be. This formula was included as a way to reach success.

1. Get up Early

2. Work Hard

3. Get Your Education

4. Find your Oil

5. Make your Mark

6. Give Back

Top 10 things to have for a Start-Up

10 things to remember from Professor Frank Levinson at Standford University. He suggests there are ideas that will help any business to be successful and these are his top 10.

10.  Invest in great people and great equipment - Not furniture.
9.    Name the company and put up a sign.
8.    You need little capital - Use too little money.
7.    Use common sense - You must have customers.
6.    No pride - Whatever it takes to stay in business.
5.    Have a supportive family.
4.    Follow your standards - Good moral values.
3.    Develop a culture where new ideas are expected - Customers bring ideas.
2.    Sales - Real sales and customers in business.
1.    Choose a great partner.

Honesty is the Best Policy

I have an amazing brother-in-law that has great entrepreneurial skills. He has opened multiple home healthcare businesses and also manages a top-of-the-line rehabilitation center. He is very successful as a business man although, some partners over the years have made negative choices that ripple out to affect so many others. Some partners have been dishonest. They have stolen from the company, or stolen from other coworkers knowingly committing fraud. It is a tragedy for all involved when someone is deceitful. I have watched my brother-in-law rise from the sludge of these experiences to find his own way above the muck. His character has shined through to show that despite being lied to and cheated on their can be goodness in work environments and prosperity for good business.

Thinking about the kind of business woman I want to be I notice great advantages to having integrity and being honest with those involved. Having good moral qualities can be beneficial in more than just a work environment, it spreads throughout life, family, and the people we meet.