Tie a Knot & Start Climbing!

$100 Challenge & "Big Idea" Updates

• I'm feeling a little discouraged on my progress for my $100 Challenge.  I was able to purchase all the materials needed to get going, but I have not been able to get my listing up or work on marketing at all.  On a positive note, I was able to purchase the supplies needed to get started for $18. In an effort to avoid this same frustration this week, I have made a plan for what I want to accomplish, including a target day to be completed.
• By Monday-create at least 20 products and finalize plans for packaging (how to & print-outs to include).
• By Wednesday-take pictures of product and create online listing.
• By Saturday-make 5 local sales to encourage in person sales in addition to the eCommerce.
• My vision for my "Big Idea' is starting to take shape.  I have created an elevator pitch, that probably needs more fine tuning, but I have attached here for my pitch.  I received minimal feedback from my class members.  I was frustrated by the discussion board this week because it just seemed like an outlet for everyone to get a pat on the back.  It would be so much more beneficial to get solid feedback about what is missing.  Most of the people I gave practical advice to, didn't respond but I just hope that my advice helped. I am learning to get a thick skin to criticism and starting to realize I would rather have a complaining customer than a agreeable customer because then I know where I need to improve.

Weekly Reading Highlights:

Acton Hero: Phil Romano

This was a tough week for me.  I struggled being motivated and feeling value in what I have to offer.  Phil Romano's story was just what I needed to hear.  He has refused to be told he can't do something. Phil describes learning a lot when he was young.  Instead of slowing down when he got older, he put his learning and wisdom to use to accomplish great things and be productive.  From his business ventures to his art work, he is a creator.  From his example I learned that the greatest creation of an entrepreneur is energy and love for life and that spills into all other aspects of life.

http://www.actonhero.org/celebrating-heroes/stories-of-heroes/index.php?hero=phil-romano

Marketing

So, the trendy topic of planning continues this week as we studied more about marketing.  From my studies, here is the process that stood out to me the most (and in a very simplified version) for building an effective marketing orientation.

1. Analyze the market opportunities.
2. Develop a marketing strategy.
3. Create a marketing plan.
4. Put marketing strategy into action.
5. Evaluate the effectiveness of your marketing strategy and adjust it accordingly.

Although, I know we all grow a little weary of the phrase "The customer is always right," there is a degree of merit in a business owner understanding the importance of customer relations.  I am again reminded of what I learned when reading The Tipping Point.  There are key customers who can be considered connectors, mavens and salesmen that can cause a business to sink or swim.  These kinds of customers are very valuable to a business in terms of finding out what customers want and need.  They are also key in spreading the word about a new business or product.