Week 6

$100 challenge - we are still going with the chocolates, I have been assigned to help out with making fliers, this has been good for me because I haven't been able to help much with sales because of my classes during the day, and working nights.

This week we started focusing on marketing. Start up nation talked about 5 company naming mistakes that can kill your business.
1. Using a literal or descriptive name
2. Basing the name on a product or service
3. Letting the map determine your company's future direction
4. Use a meaningless acronym to spell out your identity
5. Relying on your last name as your first alternative
These are all great ways to keep your business open to the possibility of expanding, or being sold in the future. What ever the future holds for the business will be better served with a name that invites and inspires.

We also talked about an article called "In praise of the purple cow". This was the idea of driving down the countryside and seeing a lot of normal cows, and how that can get boring very fast, and how if there was a purple cow on the side of the road that it would grab your attention. This is true of starting your own business, you need something that will stand out and grab people's attention. Also you can't just coast when you have their attention, you need to keep them coming back for more. Keeping your ideas fresh is a good way to invite new people, and keep people coming back for more.

W also read on the "Y Generation" , and how we are coming into a time were people are no longer satisfied with working for a large cooperation, we can see that there are needs that are not being fulfilled by the big companies, and that we have the skill sets to be able to fill those gaps. This is why there are so many startups around, people want to work for themselves and gain the satisfaction of seeing their customers walk away happy.

We also got another case study about Premier Print Solutions, and we had the owners of this business come in and talk to us abut what they did, and where they are planning on going. So it was neat to be in on what was going on with their company, and to see where I could be at some point with my own business.

Acton Hero - Phil Romano
Always have a point of difference
If it doesn't feel good to me, it won't feel good to a customer
Service a need, don't just make a profit
People remember you for what you did, what do I want to be remembered for?

Week 5

$100 challenge - we pivoted again, we are going to make and sell chocolate covered strawberries, pretzels, and Oreo truffles. This should be a good turn with valentines day coming up, and people usually like chocolate covered anything anyway.

This week started out with a talk from Elder Wirthlin called "Earthly Debts, Heavenly Debts". He talks about how we need to pay our earthly debts, and that there is no real need to accumulate a large amount of debt. Then he talks about Heavenly debts, and how these are not easily repaid, and that most we will never be able to repay. The Lord will bless us any time that we do right, and when we try to repay that, he blesses us again, because we have to do right in order to repay, and so heavenly debts are eternal.

We also read the case of Italia Factoria. This is a case study about a restaurant that Bro. Nygren started with other members of his family. It is a start up restaurant that was modeled after the Tomato Cafe, and Fazolis. Creating this restaurant was a way to break out from the former place of employment and be able to branch out on their own. The idea of an Italian buffet with a drive through option for pasta on the go were excellent ideas, and also using exciting property that was already under the company was an excellent move as well.

Next we talked about suggestive selling, and that two ways to sell to customers that you already have include up selling and bundling items. Up selling is trying to play on the needs of your customers, and try to talk them into buying the next step up from what they ask for. Bundling items is an easy way to move product, and help the customers save a bit of money. This is also affective if they are used together.

Acton Hero - Ken Zolot
Anything is possible if you focus your energies on what you want to do.
You are dealing with human beings.
Ask yourself, " who cares about this, what problem are you solving"
Don't fail to listen to feedback from your market

Acton Hero - Henry Stein
You need to find people that think of work as a game
You don't need very many passionate employees, they will do the work needed and inspire others to do better

Week 4

$100 challenge - this week we turned in a one page business plan on the business that our group is starting, and our own "big idea". As a group we decided that we would switch to making hand warmers rather than flipping or a talent show. I think that this will be a better choice

We also focused on a talk by Elder Hales called "Provident Providers". This was a great talk, Elder Hales focused on going into debt, and how there are certain things that going into debt for can be good. Things like buying a house, or going to school, and other things that will truly help you accomplish the purposes of God. It also talks about how debt is a form of bondage, and that it may start out small, but it can get out of hand very quickly. He also talks about how he wanted to get his wife a coat, and she said that she didn't need it, and so she didn't want it. He also went on to say that four of the most caring words that can be spoken are "we can't afford it".

Next we got the opportunity to go to a business summit, and write a one page paper on the things we learned. This was a good experience, there were a lot of things addressed in that summit that I haven't thought about before. Like "what is success?" It was proposed that success is different for everyone, and that to put it in one single thing would make it difficult for everyone to achieve it. For him success was being in the right place at the right time, and learning from every situation. I look at that and to me that makes sense, successful people that I know don't make all the money, and they don't have all the flashy things, they know where they are going, and they are finding success wherever they go.

Week 3

$100 challenge - we decided that our action plan was to flip stuff off of Craigslist and try to earn money that way, but the idea was also presented to do a talent show and get money off of the sales. We decided to go with flipping, but there are still some reservations on how this is going to work.

This week was all about creating a business plan start up nation #3 gives an introduction to the business plan, why it is needed, and the best way to start. We also read about how to avoid common start up mistakes. There were 4 main steps to look at when starting up your business
Step 1: Stay on Target
Step 2: Be Realistic About Costs
Step 3: Hire the People You Need, Not the People You Like
Step 4: Know When to Say Goodbye
These are great steps to help out when starting to go out on your own.

We then studied another case, this was about Heather Evans. Heather Evans was a fashion designer looking to start her own company. She attended Harvard Business school in order to gain the skills needed to create her own successful business. This case is about her struggles to finance her business, and also to bring those people into her business that will make the work easier and run smoother.

Acton Hero - Desh Deshpande
set benchmarks to measure yourself
it’s not the end of the world
Always stay motivated

Acton Hero - Paul Robshaw
nothing good in this world is easy
nothing is as important as your core values

Week 2

$100 challenge - this week we brought our top 5 ideas with us to class, and find a potential person to donate to on kiva. Then found out that the groups were done wrong, and so we needed to get into new groups and then get to know each other.

This week we were also asked to read and watch start up nation #2 - choosing a business model. This was a very insiteful way of looking at what kind of business I am looking into, and all of the different types of business models that there are. There are 7 main types,
1. Home-based
2. Brick-and-mortar
3. E-Commerce
4. eBay
5. Franchising
6. Licensing your product
7. Multi-level marketing
I am looking into a small brick-and-mortar store that I can run from my house. I have a lot of land behind my house that I am going to build a shop on and work out of that.

Another thing that we read was " Visionary businessman". This was a summery of a book that pointed out several different things that every business should think about when they start up. The author said that every business should begin with a sense of vision. A list of 11 things were given and the challenge was given to apply 3 to our business ideas, I chose
1. Visualize success. If your visualization is stronger than your doubts or fears, you will succeed.
2. Practice management by goals, not by crisis. Keep reinventing your company, establish good working relationships, and hire A People and empower them to lead.
3. Have a higher purpose than just making money.
I believe that these will help me as I go out on my own

Next we were introduced to the case study method. This is a very effective way to learn from other people's challenges. We studied about the Boston Ducks, an amphibious jeep that was used in WW2, was converted to give tours around Boston. The creator of the tours went through several different trials before and during his business getting off the ground, but he held on and it is still going on today.

Acton Hero - Tom Monaghan
Things I learned from watching this are:
Had to change the name, and took the suggestion of one of his drivers. Good way to keep employees happy.
Realized that having all the "toys" is not the best way to do things
Had a corner on the delivery market.
Realized that he was being very prideful, and needed to change, and help others.

week 1 - introduction

$100 challenge - this week we were introduced to the challenge, and told to come up with 5 ideas that we could sell around the area to generate at least $100 in profit, and then donate that profit to a borrower on KIVA.org

This week has been a good introduction to starting a business. It has been a great introduction to our teacher Bro Nygren, and understanding a little bit of what he has gone through to help him get to the point that he is at now.

We were also introduced to a life plan. This was helpful to me because I had never done this before, and so it was a good way to see where I see myself going. It also gave me a chance to think of my bucket list, the top 50 things that I want to do before I die. Another thing that I have never really thought about.

This should be a great class, and I am looking forward to applying this to my own business ideas.