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.