Entrepreneurial Journal – Week 3 – $100 Challenge Update

Our $100 Challenge is in full swing! The reason I say that is because of a few of the assignments that we have had completed this week. We read about Heather Evans in a case study and her experience that she had with starting her own clothing company based out of New York. Particularly, we looked at her business plan for her business and participated in a discussion board discussing our thoughts on whether her plan would work or not. From there we read an article from Richard Branson, founder of the Virgin Group, answering questions about four common start-up mistakes that many entrepreneurs commit as they start-up their business.

These two assignments caused a type of rising action on our plot diagram leading up to the apex of our pyramid; part three of our $100 Challenge which involved the creation of our very own business plan for our assignment idea. Each assignment built upon one another and I eventually completed my two business plans for this assignment. While doing it, I couldn’t help but get a sense of just how soon we will be implementing our ideas and taking part in this challenge. It’s starting to get very real! It’s exciting to say the least and I cannot wait to get it on. While I was filling in each section of this plan, the Lord truly did pour out his guidance upon me and I felt very blessed to have received so much additional revelation about my idea that I had never originally thought of. I’m getting excited to see how my idea will play out. I know it will do well. I know it can be a success. It will all come down on implementing the idea and carrying out accordingly.

It’s exciting to say the least! That’s really all that I’ve thought of this week and feel the need to report on. I gotta say though, business plans are crucial in the business landscape. They, especially, help to organize your thoughts and help you create specific plans for specific points. I also never knew just how long these plans can get and the amount of detail they cover! It’s incredible if done right. But I enjoyed it. This was a great week! A lot of fun assignments! I look forward to seeing what next week has in store for us!

Advertisements

Weekly Reflection – Week 2 – Web Business Creation

We covered much in this week’s Web Business Creation class. This week’s material built upon what we learned in last week’s and it seriously got me thinking about different web ideas that I could possibly incorporate into my future website that I will be creating for this class. The first topic that we covered dealt with brokers, manufacturers, and wholesalers. We utilized the quantify and compare functions for this assignment and learned about different websites where people can buy different products to sell on their own. It was an incredible topic to say the least. Growing up in Hawaii, my family, while vacationing on Oahu, would attend a swap meet that would take place at Aloha Stadium every Wednesday and Sunday. We bought many things at this swap meet. From watches to sunglasses, towels and hats, the possibilities were endless as to what we could buy. The reason for the variety and the cost. It was much cheaper to buy things from here rather than back on Kauai, my home island. This swap meet had everything and it was a joy when we would attend this occasional event for us. Well, fast forward a few years and now having completed this assignment, I realized that most of the items that I had consumed were sold at this swap meet and the majority of it was in very excellent condition. Of course, the websites and the things that I had bought weren’t name brand to say the least, but still, in very excellent condition and very profitable to say the least.  I also saw many of these same products found on Ebay sold for much more than what it costs on the distribution website. It was an incredible discovery and one that I have looked more into after having completed this assignment.

The final topic that we’d covered involved two additional business models that we had looked at briefly in a previous week. It covered the topic of the affiliate and drop shipping models and the difference between the two. The affiliate model consisted more of an advertising aspect that advertised to different websites where people could buy certain products. The drop shipping model was a model where people could buy a certain product from your website that could then be linked and shipped from the manufacturer themselves. It reminded me much of a middle man; you stand between the consumer and distributor and act as a means for both parties to purchase and sell products. In addition to our previous topic that involved wholesale and what we learned there, this topic built upon that previous topic and got my mind thinking about possible businesses that can be started-up utilizing all that I had learned here. It was incredible!

This week’s topics were inspiring to say the least. They came at the right time as I’ve been brainstorming certain website ideas. I look forward with great anticipation what next week has in store for us and what material we will be learning then. I am very much enjoying this class. It’s been great to say the least!

 

 

Entrepreneurial Journal – Week 2 – Planning

This week included a plethora of activities and assignments. It first started off with our first book report of the semester being due and ended on a Harvard Manage Mentor assignment on the topic of innovation and creativity. From reading the book Rich Dad, Poor Dad to the remainder of our assignments, I was reminded of a quote that my Mission President shared with our mission that has stayed with me since. I had the opportunity of visiting with him this weekend at a mission reunion and that experience coupled with this week’s assignments reminded me of his wise words and counsel. The quote is this: “Prior proper planning positively prevents poor performance.” 

I believe planning should be at the forefront of all we do. We should decide and envision, as I spoke of in last week’s journal, where we want our end result to be and then take the necessary steps in order to achieve that. Those stepping stones are included in the planning process. I remember times throughout my life this principle reinforce in many ways. My mission was one of them. If we did not plan for who we taught, we felt limited and unprepared in or material and what to say. I believe this is an important step and truly it will help us to prevent poor performance throughout our lives.

In this class, it seems like we are really making a push as to the many upcoming assignments that we will participate in this semester. We brainstormed and came up with five ideas to do for our $100 Challenge. We read a Harvard Case Study on Andy Wilson and the famous Boston Duck Tours of 1996. Both assignments taught us the preparation and planning aspects of business and both were singularly important preparation assignments for our future in this class. I look forward to all that lies ahead on this journey through this class. I hope that I can continue in the wise counsel shared by my Mission President and continually make planning central to my life. We heard much counsel and wisdom shared by our leaders this weekend in General Conference. May we go forth and plan for how we will implement this counsel. I know doing these things can only help us if we want both success and happiness in this life. Remember: “Prior proper planning positively prevents poor performance.”