A Time for Being Thankful

This week of Thanksgiving, I am grateful for the chance to attend a BYU school.  Even though the semester isn't what I expected, I am grateful for the things I have learned.

$100 Challenge Update

So this was the last week to produce and sell for my $100 Challenge.  I have to say that at the beginning of the semester I felt excited about the entrepreneurial prospects of starting a business.  At this point, in a way, I feel like I have fallen flat on my face.  I suppose if I have learned one thing from the entrepreneurs I have encountered in my life is that I should be prepared to fail, but then get right back up, dust myself off and get right back to work.  That is the lesson I have learned from the $100 Challenge, that I must take what I have experience and plan better to avoid failing.

Weekly Lesson Highlights

The case study this week focused on IceDelights.  I tried to find a record of this company online and there was no footprint on the internet.  I can only assume that this venture was not successful in the long run.  What I learned from this case study is that no aspect of starting a business can be left to someone else.  As a business owner, you have to be ready to have your finger in every pie as a business gets off the ground.  Failing to focus on just one aspect can be detrimental.

Crunch Time.......

….an all too familiar moment for me.  You’d think I would have learned my lesson by now.  I’m still looking to make my first sell of my Crane Earrings on my etsy.com shop.  If you stumble onto my blog, please check out my shop.  http://www.etsy.com/shop/SweetNSourOrigami 

This week, I've lower the price to $5.00 for each pair of earrings in an attempt to bring in some sales.  The costs for my supplies is relatively inexpensive and I will not be operating at a loss to sell at this price.  I’m not comparing myself to Roxanne Quimby, but something she said stood out to me, that as long as you can sell something for more than it cost to make it, you can keep a business going. Of course, that’s a very simplistic way of looking at a business plan, but in the end that really does matter.

Highlights from this week’s studies

One of the Acton hero’s we studied this week really made an impression on me, Catherine Rohr.  Her story of setting up the Prison Entrepreneurship Program was very inspiring.  I was deeply moved by her dedication to the program and the sacrifices she made in her life in order to get this program off the ground and running. I can’t imagine how fulfilling it would be to see these individuals find hope in their lives and find a way to create a business, especially when it seems like the world is against them.

The Harvard Manage Mentor topic was Process Improvement.  This was a little trip down memory lane.  I can truly see the value in the experience I went through as a manager when the office I was working at converted to Six Sigma processes.  Albert Einstein said, “Insanity: doing the same thing over and over again and expecting different results.”  This is the simplest way I can think of to define the importance of process improvement.  The world will continue to change around us, and in fact, not changing in business can not only yield no change, but it can decrease outcomes.

Ever start to feel defeated?

The $100 Challenge Update

I feel like I have hit a hurdle with my product.  I have gotten listings posted, shared with my social networking group and still have not sold one product.  In the coming week, I plan to focus on marketing. I am going to join groups that make similar products on Etsy.com and read material available about boosting page visits and the potential for more sales.  The only thing I can say is going well is the final product.

I plan on adding a button here too, but for now here is my website. Even though I have not made a sell yet, I have been thrilled to see the views of my page.  Now to focus on getting more views and learning how to market my product differently. I don’t have much time left to meet the goals of this project, but I have enjoyed the experience and will continue it after this class is over.

https://www.etsy.com/shop/SweetNSourOrigami?ele=shop_open

Reading and Discussion Board highlights.

The highlighted topic this week was hiring.  The importance of getting the right people in the right role is crucial to the success of your business.  I enjoyed the topic this week as this was one of the things I enjoyed the most about being a manager.  During the hiring process I was pretty meticulous because I want to hire someone that would be a good fit in the company’s culture. Based on the things I read this week, I learned that will be even more cautious if I am a hiring manager again.

What a week!

Do you ever have a week where you feel like you did nothing, but you know you worked your tail-end off?  Well, that was how I felt this week.  For the $100 challenge I was able to produce a final product that I thought was worthy of posting pictures of.  When I was thinking about creating a listing without a quality photo of the product, I knew I would be sunk.  I created ten products.  I found out that glossing the paper before folding is much more time consuming and creates a sub-par product.  Now I gloss the paper before folding the origami crane.  I still feel unsuccessful in regards to sales, but feel like my planning will pay off.  I was able to get a listing posted on Etsy and setup a Paypal account.

The lesson material this week was management and leadership.  It’s the kind of material I wish I had read before my first real job.  There was so much to learn this week, but here is a brief highlight of a couple of the readings:

• Kim B. Clark-Leadership with a Small “L” helped me understand the value of leading by example, leading with vision and leading with love.  Being a leader should not be an opportunity to boast about how great you are. On the contrary, effective leaders often find ways to blend in and lead through service. This was
• Spencer W. Kimball-Jesus: The Perfect Leader was an excellent reminder that Christ gave us the perfect example of how to lead through love.  Through reading this and the discussion board this week, I realized how important humility is.

Bottom line from this week: I was reminded of how important service is in a leadership role.  Service in church callings, in the workplace and in the home will have an impact on the degree of leading that can be accomplished.  The best measurement of a leader is not in that individual, but in the people that follow.

I Can't Get No…..Satisfaction! Don't underestimate customer satisfaction

$100 Challenge & "Big Idea" Updates

• Update for the $100 challenge:  Although I did not achieve all of my targets for this week, I did accomplish quite a bit.  I am still in the production stage, but I was able to make some last minute changes in how I put together my final product in a manner that would be more appealing.  Even though this would cause a delay in getting my product listing posted, I think it will generate more sales.  Goals for this upcoming week.
• By Monday-Take pictures of product and create online listing.
• By Saturday-make 5 local sales to encourage in person sales in addition to eCommerce.
• Update for my "Big Idea": So I am learning some things in my accounting class that are helping me form a business plan to get my financial services business off the ground.  I have decided that I will create my business as an LLC. Now begins the tasks of checking into what documentation is required to start my business as an LLC.  In addition, I have discovered that the local Small Business Association has a mentor program. I hope to sign up for this as soon as I become eligible. I look forward to learning from other people in this area that have trodden the path I am headed down.

Weekly Reading Highlights:

The theme that resonated this week was customer service, and not just the face-to-face interactions.

Case Study: Zappos

The discussion board question prompted thinking about how important it is to not only hire people that can do the job, but also people that want to do the job.  Zappo's approach to keeping employees on board that would be a good fit with their culture was offering a bonus throughout training and at the end if they quit.  They indicated that only about 2-3% of people took them up on that offer.  The points from the discussion board that I found related to customer relations were:

-People that have made a conscience decision to work for a company will be happier employees and perform better on the job.  This in turn will result in better customer service.

-Sometimes business owners have to make decisions that may create short-term losses but can bring long-term benefits.

Customer Focus-Manager topic

This topic was a good reminder that customer service isn't just about the face-to-face interactions. It's about implementing good practices companywide to keep customers satisfied and returning.