Getting Started and No One Really Knows

Getting Started and No One Really Knows 

This week has been an interesting one in that I shot my first video for our elevator pitch.  What took the most time was figuring out how to get it uploaded. :)  With my $100 business, I have purchased most of what I need and I have convinced my wife to help make the breakfast bars which will save me a lot of time.  I have been called to be on the executive board of my daughter's school and so I really don't have a lot of extra time in the week between work school and family, but I will still make it work. In the readings this week, I really enjoyed reading about the purple cow as I have always personally felt that it is the best way to attract new clients.  Standing out and being different is what gets noticed and appreciated by the consumers.  I also enjoyed reading in the E-Myth book about the writer's life and how he didn't really figure what he wanted to do with his life until he hit about 40.  In his search for himself, he was able to uncover a under served market, entrepreneurs. I too have noticed this in a lot of the business owners that I meet; they know how to do the technical side of their business but really don't know how to run a business and keep it running for an extended period of time.  Occasionally I run across business owners that have failed enough times to know what not to do and they are usually the most successful ones.  I don't have any plans to leave my job but at least I am learning more about running a business so that if I do, at least I won't be doing it blindly. 

Funding and Managing Money

So here I am at the end of the another week of class.  This week has been about getting funding and being able to manage what we have.  Having worked in the financial industry for a while now, this week was more of a refresher to what I have learned in the past.  I did enjoy reading in the book about the way to "franchise" our business.  Which means that in order to make our business run smoothly, we should think of it as a product and determine what that product needs to have in it in order to work.  I also enjoyed reading about how we are stewards of our possessions and we are not to waste what our Father in Heaven has given us.  A thing that I want to remember about running a business is that a lot of business run a "boot strap" style with their finances, meaning that they do not spend a lot on unnecessary things even if they have millions of dollars. Just because we have the money doesn't mean we need to spend it.   This week I also decided to personally fund my $100 start-up as I don't really need much to start it as I have most of the ingredients that I will need in my pantry.  

Business Plans and Reading

Another week has gone and I have continued to learn so much in this class.  I can't tell you how amazing it is to actually learn things that I know will help me in life!  This week I prepared my business plan for the $100 Challenge and the Big Business Plan and I am very excited for it! I found a great recipe that I will be able to improve on that will taste amazing and should sell very well.  I need to do more research into getting a food handling permit, as I don't think I need one as this is for a class, but I'd better check to be safe as I do not want to get into any trouble with the state.  I have also really enjoyed reading the E-Myth book and I have also learned so much from it.  I have been in the financial industry for over 10 years now and I can look back and see the different clients I have worked with and see what stages they were in their businesses.  There is so much more to running a business than I had imagined, and I did not realize the multiple personalities that an entrepreneur needs to have.  I don't have any plans to start my own business as a way of supporting my family anytime soon, but the things I am learning will help me to be a better advisor to my clients. 

See you next week! 

Starting a Business - Not that easy

This week has been a bit of a crazy week for me in that I am leaving my old job and will be starting a new one next week.  The reason I bring it up is that in the new job, I will have the ability to run it like my own business, without having to use my own money, so it will be exciting and a lot less stressful than starting a business from scratch like some of the people we have been reading about this week in class.  I really enjoyed studying the Harvard Manage Mentor tool and learning more about the innovative process, finance, marketing and leadership.  It surprised me how much I already know, having been in the finance industry for 10 years now.  

Another thing I have been thinking of this week is the $100 challenge.  At least I was able to narrow it down to 5 different options.  The one that I think will be the best for me, given my schedule, will be to make a breakfast bar that is not meant for body builders or someone trying to lose weight. Just for a regular office worker that wants a quick good tasting breakfast bar that doesn't cost an arm and a leg.  I am a good cook but I need to create something from scratch and I am only used to reading recipes, so this should be fun. If you have any suggestions, I am open! Wish me luck!