Today we worked on our entrepreneurial experience, on my business plan portfolio, and discussed how our experience went.
Our entrepreneurial experience was Five Guys Who Drive, we had some success with our plan by promoting it through emailing the students and employees at Briar Cliff and setting up a Twitter account to reach out to more people. We had a few orders come in and weren't totally busy but we had enough orders to make things interesting.
After class today, I worked on completing my business plan portfolio. I mainly worked on printing of my final drafts for my portfolio and making sure everything was good to hand in. I worked at discovering my market and how I would target them. And I also worked at finding competitive advantages for my business.
I enjoyed this class and felt like I learned a lot about business through this class. I feel like it moved at an appropriate pace and covered plenty of material and it was a fun class.
Friday, January 17, 2014
Day 9
Today we learned about chapter 14. My group finalized our plan of operation, and gained more customers through our email, twitter and texting marketing idea to the students and employees. I also worked on my business plan portfolio and have nearly completed it.
In chapter 14 we learned about franchises such as mcdonalds and others. We went around naming our favorite franchises and what it would take to start them. We also learned about exit strategies and how to harvest our businesses after we had decided to close them.
My group decided to send out tweets and texts to obtain more customers and to just simply get the word out. It was successful in getting some of our friends to pay us for rides. Adding to our other customers we had.
For my business plan portfolio I worked on the cover page and several of the other handwritten parts we had to write. It went very well so far and hope it is what the teacher is wanting.
In chapter 14 we learned about franchises such as mcdonalds and others. We went around naming our favorite franchises and what it would take to start them. We also learned about exit strategies and how to harvest our businesses after we had decided to close them.
My group decided to send out tweets and texts to obtain more customers and to just simply get the word out. It was successful in getting some of our friends to pay us for rides. Adding to our other customers we had.
For my business plan portfolio I worked on the cover page and several of the other handwritten parts we had to write. It went very well so far and hope it is what the teacher is wanting.
Wednesday, January 15, 2014
Day 8
Today we went over chapters 12 and 13. Then we worked on our business plan portfolios. We also watched two segments of Shark Tank, and went over our operational plans for our entrepreneurial experiences for Friday.
Chapter 12 is about operating for success and gives tips and steps that most businesses apply to make there businesses successful. Chapter 13 is about management, leadership, and ethical practices that businesses use. As an entrepreneur you need to be a leader for your other employees and lead by example.
For our business plan portfolios we found locations for our business. I found a great office space for rent in downtown Sioux City on 4th street. This is a great potential business location for me, because it's right by the Tyson and by potential investors so they can invest in my business as well. Tonight I also started work on my business plan portfolio so I will see what Judy thinks of it tomorrow.
In the episodes of Shark Tank today there was a kids dance party business and rodeo cowboy workout salesman. The kids dance party seemed to be a great idea and pretty popular, but their growth plan was confusing on how they were going to reach there target market and grow. No one invested in this plan because their business plan wasn't complete. The rodeo cowboy workout was very interesting and fun to watch, the presenter was charismatic and presented a working product. He had a lot going on and it was tough to see if he had the idea to grow this into a great money maker. He made a deal with Daymond and he plans to sell the cowboy persona to reach people and help sell his charm.
Chapter 12 is about operating for success and gives tips and steps that most businesses apply to make there businesses successful. Chapter 13 is about management, leadership, and ethical practices that businesses use. As an entrepreneur you need to be a leader for your other employees and lead by example.
For our business plan portfolios we found locations for our business. I found a great office space for rent in downtown Sioux City on 4th street. This is a great potential business location for me, because it's right by the Tyson and by potential investors so they can invest in my business as well. Tonight I also started work on my business plan portfolio so I will see what Judy thinks of it tomorrow.
In the episodes of Shark Tank today there was a kids dance party business and rodeo cowboy workout salesman. The kids dance party seemed to be a great idea and pretty popular, but their growth plan was confusing on how they were going to reach there target market and grow. No one invested in this plan because their business plan wasn't complete. The rodeo cowboy workout was very interesting and fun to watch, the presenter was charismatic and presented a working product. He had a lot going on and it was tough to see if he had the idea to grow this into a great money maker. He made a deal with Daymond and he plans to sell the cowboy persona to reach people and help sell his charm.
Tuesday, January 14, 2014
Day 7
Today we went over chapters 11 and 12. We watched two parts of Shark Tank. Our group also worked on our entrepreneurial experience for Five Guys Who Drive. I also did research on how to gain money on startup business in Sioux City.
On Shark Tank we saw a pair of men trying to sell a cooler with LED lights in them. They had a great idea for a new product but the market is owned by three major companies so it may have been tough to join the group. They reached a deal with Kevin. The other presenter owned a meat business, he didn't fair as well. He didn't have a clear cut business plan on how he wanted to operate so he didn't reach a deal with any of the sharks.
Our entrepreneurial group created an email to be sent to employees and students. We also looked at our Twitter page and have around 35 followers. We are hoping this will get our name out there and people will contact us for times on Friday.
For my individual project I looked up businesses in Sioux City. Their were several agents around the downtown area and their are several banks willing to help out as well. This information will definitely go into my business plan portfolio.
On Shark Tank we saw a pair of men trying to sell a cooler with LED lights in them. They had a great idea for a new product but the market is owned by three major companies so it may have been tough to join the group. They reached a deal with Kevin. The other presenter owned a meat business, he didn't fair as well. He didn't have a clear cut business plan on how he wanted to operate so he didn't reach a deal with any of the sharks.
Our entrepreneurial group created an email to be sent to employees and students. We also looked at our Twitter page and have around 35 followers. We are hoping this will get our name out there and people will contact us for times on Friday.
For my individual project I looked up businesses in Sioux City. Their were several agents around the downtown area and their are several banks willing to help out as well. This information will definitely go into my business plan portfolio.
Monday, January 13, 2014
Day 6
Today we got our tests back in class. We also went over chapters 8 and 9 from the book. At the end of class we watched Shark Tank. My group also made a lot of improvements to our entrepreneurial experience.
We got our tests back and I did well. Going over some of the wrong answers was helpful learning what I'd gotten wrong. We also had an opportunity to ask questions about what we got wrong and why. This was good because we noticed there was several questions or points not evenly distributed throughout.
In chapter 8 we learned about the different financial statements used to guide a business. The three we learned specifically about were the cash flow, income, and balance sheet statements. In chapter 9 we covered cash flow and taxes.
On shark tank we saw two entrepreneurs that had a product similar to duct tape but that it was 10 times stronger. They had a revolutionary product and good offers from the sharks but their negotiating skills were not that great. In the end they did get a deal done which will probably help benefit their growth as a company.
In class, our group came up with our full operational plan and came up with our email presentation. We also started a twitter page for our company which we put out our company details and what we were going to do. We also followed a big majority of the people we knew on Twitter.
We got our tests back and I did well. Going over some of the wrong answers was helpful learning what I'd gotten wrong. We also had an opportunity to ask questions about what we got wrong and why. This was good because we noticed there was several questions or points not evenly distributed throughout.
In chapter 8 we learned about the different financial statements used to guide a business. The three we learned specifically about were the cash flow, income, and balance sheet statements. In chapter 9 we covered cash flow and taxes.
On shark tank we saw two entrepreneurs that had a product similar to duct tape but that it was 10 times stronger. They had a revolutionary product and good offers from the sharks but their negotiating skills were not that great. In the end they did get a deal done which will probably help benefit their growth as a company.
In class, our group came up with our full operational plan and came up with our email presentation. We also started a twitter page for our company which we put out our company details and what we were going to do. We also followed a big majority of the people we knew on Twitter.
Sunday, January 12, 2014
Day 5
On Friday we went over the rest of chapter 6 and 7. We also had a guest speaker, Anthony Rossi, Mr. Rossi's son. We also took a test over chapter one to the part of six we covered.
Anthony Rossi is the entrepreuner on campus, he has an office down in the atrium. We is working on several business ideas like Double D's which is like a designated driver business where you call in and they will come to you and take you home in your car. Thus was a very good idea especially for Sioux city with its downtown bar scene, and the new hard rock casino will be coming in as well which will make his business more successful I'm sure. It was really cool to hear his story of how this is what he wanted to do, and is seeing his dream coming true for all his business ideas. Listening to Anthony's ideas helped enhance my plans for my own stats business, and our group business which is a shuttle service and was very similar to his Double D's business.
Our test I felt was very reasonable for what we've went over in class. Studying over the quiz questions was helpful to learn what the test questions might entail. I feel like the test went really well and my studying paid off.
Anthony Rossi is the entrepreuner on campus, he has an office down in the atrium. We is working on several business ideas like Double D's which is like a designated driver business where you call in and they will come to you and take you home in your car. Thus was a very good idea especially for Sioux city with its downtown bar scene, and the new hard rock casino will be coming in as well which will make his business more successful I'm sure. It was really cool to hear his story of how this is what he wanted to do, and is seeing his dream coming true for all his business ideas. Listening to Anthony's ideas helped enhance my plans for my own stats business, and our group business which is a shuttle service and was very similar to his Double D's business.
Our test I felt was very reasonable for what we've went over in class. Studying over the quiz questions was helpful to learn what the test questions might entail. I feel like the test went really well and my studying paid off.
Thursday, January 9, 2014
Day 4
Today we went over Chapter 5 and the beginning of Chapter 6. We decided names for our group business, Five Guys Who Drive is our business' name. We got out fairly early today so we could study for tomorrow's test and watch two videos and complete a worksheet for tomorrow.
Chapter 5 is about marketing mix and the 4 P's. Price, product, place, and promotion. We talked about how these four P's are important to your business' success. The rest of the chapter is evaluating your product to how it fits into your desired target market. Chapter 6 talks mostly about how you can reach your target market and see what they think of your product.
The two videos I watched for homework were both about how to start up businesses and who you can go far to get money to start them. The one I liked best was the one of the food truck owners, they seemed to have committed to their truck "That Food Truck." They talked about how hard and long it has taken them to work up to earning a profit.
Chapter 5 is about marketing mix and the 4 P's. Price, product, place, and promotion. We talked about how these four P's are important to your business' success. The rest of the chapter is evaluating your product to how it fits into your desired target market. Chapter 6 talks mostly about how you can reach your target market and see what they think of your product.
The two videos I watched for homework were both about how to start up businesses and who you can go far to get money to start them. The one I liked best was the one of the food truck owners, they seemed to have committed to their truck "That Food Truck." They talked about how hard and long it has taken them to work up to earning a profit.
Wednesday, January 8, 2014
Day 3
Today we finished going over Chapter 3 and went over Chapter 4. We also spent a lot of time researching for our projects. At the end of class we also watched half an episode of Shark Tank. And tonight we also took a quiz over the end of Chapter 3 and Chapter 4. This quiz was much better I felt extremely confident after taking notes and reading the chapters so it went well.
In chapter 3, we talked about the economies of one unit of sale which tells the amount of gross profit that is earned on each unit of your product so say you make 3.99 on a jar of mango preservative you know if you sell so many jars that your gross profit is such an amount. We talked about gross profit and how you find it in your business, you need to figure out your total revenues and total cost of goods sold and that difference will give you gross profit. I personally like figuring that kind of stuff out because I am an accounting major and it's fun to see how it affects the numbers.
In chapter 4, we talked about marketing and reaching out to your target audience about how they would respond to your product. It can also be done by checking in on your competitors and see how they are doing. We did secondary research for own personal companies and I found a trade association of statisticians which will help make my project easier. I'm still hashing out the details but I think I want to be like a service and supply to the local athletics around Siouxland.
In Shark Tank, we watched a Christmas themed episode where one man had an invention of magnetic Xmas lights, and the other man had a Star of David that could go on your Xmas tree. Targeting the market for Jewish and Christian families. I wasn't crazy about either of their ideas. The lights were too expensive for what he was selling them at, and they didn't stick to aluminum gutters (almost everyone has aluminum gutters). The Star of David didn't seem to have a big enough target market for people that wanted to buy it.
In chapter 3, we talked about the economies of one unit of sale which tells the amount of gross profit that is earned on each unit of your product so say you make 3.99 on a jar of mango preservative you know if you sell so many jars that your gross profit is such an amount. We talked about gross profit and how you find it in your business, you need to figure out your total revenues and total cost of goods sold and that difference will give you gross profit. I personally like figuring that kind of stuff out because I am an accounting major and it's fun to see how it affects the numbers.
In chapter 4, we talked about marketing and reaching out to your target audience about how they would respond to your product. It can also be done by checking in on your competitors and see how they are doing. We did secondary research for own personal companies and I found a trade association of statisticians which will help make my project easier. I'm still hashing out the details but I think I want to be like a service and supply to the local athletics around Siouxland.
In Shark Tank, we watched a Christmas themed episode where one man had an invention of magnetic Xmas lights, and the other man had a Star of David that could go on your Xmas tree. Targeting the market for Jewish and Christian families. I wasn't crazy about either of their ideas. The lights were too expensive for what he was selling them at, and they didn't stick to aluminum gutters (almost everyone has aluminum gutters). The Star of David didn't seem to have a big enough target market for people that wanted to buy it.
Tuesday, January 7, 2014
Day 2
Today in class we went over Chapters 2 and 3. We talked quite a bit about our group and individual projects. We mainly learned about business plans and how they are formatted. We studied the business plan laid out in the book for Honest Tea. In Chapter 3 we learned about creating a business from opportunity and competitive advantages. We also took a quiz tonight over Chapters 2 and 3.
Business plans contain all the information about your business and how you intend to run your business from the mission statement and executive summary to the way end of how you would leave the company and part ways with it. The business plan involves your idea for the product you will produce and the market it will reach and how it will be received in customer's opinions. Your business plan needs to prove to those that want to invest in you that your business is going to be successful and make a lot of money for you and for them.
For my business plan on my individual project, I was thinking of opening my own sports stats company. It would be a business where my company is hired to work certain sporting events and we would provide them the service of taking statistics for there events. I don't know of anyone in this area that does it, but I could do it for the local colleges and high schools in Sioux City and see how that goes.
Our group project seems to be taking form. Our idea has grown to a business that will take you anywhere in town at a cost per mile traveled, and we will also run errands for the customers as well. We are also considering sending out a mass email to all the students and faculty on campus to see if we can fill in time slots for our opening day of business.
The quiz we took tonight was rather challenging again. I found that just simply reading the chapter and taking notes in class isn't quite working out as well as I'd planned. Many of the questions were tough to figure or understand what it was asking from us. Also it was tough to know which ones were wrong. The answers I put I was very confident in. Oh well I guess all I van hope for is to do better tomorrow.
Business plans contain all the information about your business and how you intend to run your business from the mission statement and executive summary to the way end of how you would leave the company and part ways with it. The business plan involves your idea for the product you will produce and the market it will reach and how it will be received in customer's opinions. Your business plan needs to prove to those that want to invest in you that your business is going to be successful and make a lot of money for you and for them.
For my business plan on my individual project, I was thinking of opening my own sports stats company. It would be a business where my company is hired to work certain sporting events and we would provide them the service of taking statistics for there events. I don't know of anyone in this area that does it, but I could do it for the local colleges and high schools in Sioux City and see how that goes.
Our group project seems to be taking form. Our idea has grown to a business that will take you anywhere in town at a cost per mile traveled, and we will also run errands for the customers as well. We are also considering sending out a mass email to all the students and faculty on campus to see if we can fill in time slots for our opening day of business.
The quiz we took tonight was rather challenging again. I found that just simply reading the chapter and taking notes in class isn't quite working out as well as I'd planned. Many of the questions were tough to figure or understand what it was asking from us. Also it was tough to know which ones were wrong. The answers I put I was very confident in. Oh well I guess all I van hope for is to do better tomorrow.
Monday, January 6, 2014
Day 1
Today we talked in class about the syllabus, projects, and chapter one in the book. We covered the basics of the course and chose our project ideas. My group decided that we would try to do a on campus shuttle service for anyone at Briar Cliff. For my individual project I am thinking of starting a sports stats agency. We also went over the content for Chapter 1 and watched an episode of Shark Tank in class.
Today I learned that entrepreneurs are always thinking of new business ideas and how they can make it successful. At first it was hard to think like this, but as the class went on I realized I was coming up with better and better ideas throughout the class and how to make our shuttle service even better.
Reading through the chapter I realized there is a lot to being an entrepreneur and it takes a special breed to be successful. And it reiterated the things we talked about in classing helped make the terms have more meaning to me. I was surprised by the types of questions on the quiz because I felt I didn't find a lot of the answers very fast from what I read.
I felt like watching Shark Tank today in class helped a lot to make the entrepreneurship idea of a business more realistic. It put things in a real world perspective. It helped to make judgments on our own business ideas. It showed how not everyone will always be as confident in your business plan or product as you are. I learned that even if they love the product you need to have a very solid business plan. With the Mango preservative presentation they all loved the product but didn't want to invest because they didn't like the business plan. With the Breathometer they all saw an opportunity to hit an important and growing market that hasn't been done before and saw in his business plan that there was potential to make a lot of money.
Today we talked in class about the syllabus, projects, and chapter one in the book. We covered the basics of the course and chose our project ideas. My group decided that we would try to do a on campus shuttle service for anyone at Briar Cliff. For my individual project I am thinking of starting a sports stats agency. We also went over the content for Chapter 1 and watched an episode of Shark Tank in class.
Today I learned that entrepreneurs are always thinking of new business ideas and how they can make it successful. At first it was hard to think like this, but as the class went on I realized I was coming up with better and better ideas throughout the class and how to make our shuttle service even better.
Reading through the chapter I realized there is a lot to being an entrepreneur and it takes a special breed to be successful. And it reiterated the things we talked about in classing helped make the terms have more meaning to me. I was surprised by the types of questions on the quiz because I felt I didn't find a lot of the answers very fast from what I read.
I felt like watching Shark Tank today in class helped a lot to make the entrepreneurship idea of a business more realistic. It put things in a real world perspective. It helped to make judgments on our own business ideas. It showed how not everyone will always be as confident in your business plan or product as you are. I learned that even if they love the product you need to have a very solid business plan. With the Mango preservative presentation they all loved the product but didn't want to invest because they didn't like the business plan. With the Breathometer they all saw an opportunity to hit an important and growing market that hasn't been done before and saw in his business plan that there was potential to make a lot of money.
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