Last Lecture

My journey this semester has been exceptional.  I registered for this class with mixed feelings.  Part of me just wanted to get it over with, part of me wanted to prove that I could do it and the rest of me wanted to run away and just consider alternate courses that would count towards my degree.  I had no idea what the $100 challenge was, but I knew it had something to do with starting a business.

Anxiety built as the weeks passed that led to the beginning of the fall semester.  I dove into the curriculum with trepidation.  As the course progressed, one step at a time I was tackling all the challenges before me, even the $100 small business challenge.  There is now a sense of relief that this particular project is completed, but more elation in realizing how much I have learned this semester.

At the close of the semester, there are several trends that stand out from this semester.  I find that they are things that apply in so many aspects of life.

• The only business worth starting is a business that can thrive.
• Research and planning are required, not optional.
• Build a strong network of individuals that can challenge you, support you, mentor you, work with you and dream with you.
• Meet challenges head-on and learn to recognize quickly which challenges are worth surmounting and which challenges are queues to move on.
• Do what you know and love what you do.
• Find a greater cause to work for than an inflated paycheck.

Somehow, these high-points only seem to scratch the surface of lessons I learned this semester, but they pinpoint the principles that have given me a fresh outlook.

Failing Forward

$100 Challenge Update:

The $100 Challenge project has been wrapped up.  This week I completed my presentation and shared it on a discussion board with my fellow class members.

Weekly Highlights:

This week was filled with discussion boards.  There was one discussion board dedicated to the study of Steve Jobs and another discussion board for an entrepreneur of our choice.   I learned quite a bit about Steve Jobs.  Some of the highlights of the Steve Jobs materials studied are:

·         Move past set-backs swiftly and recognize their future value (Jobs calls this connecting the dots).

·         Do what you love doing, after finding your passion.

·         Know when to say "No."

·         Surround yourself with a great team. Hire people that could replace you, not just stay your subordinate.

·         Learn to be a great communicator.

·         This might be my favorite, "Changing your mind is a sign of intelligence."

·         Customers don't know what they want next.  Customers may be able to give valuable feedback about service and current products, but they generally won't be the source of new ideas.

The entrepreneurs I selected for the “Trail and Error” discussion board was the Wright brothers, Orville and Wilbur.  The highlights I gleaned from study of the Wright brother’s story are:

·         Do your research.  The Wright brothers were very hard working and very inquisitive.

·         Little successes can keep you going, but learn when to recognize the ideal time to “go public” with new ventures.

·         Progress only as fast as it is feasible.  Take one step a time and don’t try to skip forward, risking incomplete execution of a seemly less significant step in the process.

Most of my research of the Wright brothers was based on an article found on success.com. 

http://www.success.com/article/profiles-in-greatness-wilbur-and-orville-wright

Family Businesses & Buyouts

$100 Challenge Update

This project is complete.  I have begun working on my presentation for next week.

Weekly Readings & Studies

Case Studies:  I reviewed a case study of the DAG group and the Rogers Family real estate investment business.

Discussion Boards:  I researched businesses that are for sell in the area that I live.  I found a tutoring franchise that looked interesting.  My husband and I have talked about owning a business before.  The reality of this would most likely take a lot of savings on our part.  There was another discussion board about being a consultant for a family business needing to identify a successor.  This case study made me think of my grandfather who owned a ranch.  It’s not a portable business so his options were limited.  A succession plan was very important to keep his business going.

Acton Hero: Erick Slabaugh

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

This is such a poignant hero to study during this week while our studies are focused on family businesses. Slabaugh brought Absco to the number one slot in their field. Listening to his story solidified what I have thought about some of the difficulties of being a business owner.  Peers might look at you differently because you may not have everything they do and you have to live a different lifestyle, but the quality of life later on will be flipped.  Then people saw you were "lucky," not realizing all the work it took to get you to that point. Slabaugh came back to his dad's business when things seemed bleak.  He helped turn things around, bought all the equity in the company and built the business into something phenomenal.

My favorite quote from Slabaugh during the interview was, "Entrepreneurship is a wonderful way to go. If you choose to, it can be an adventure, but it also comes with a responsibility."  This is such a great quote because it can apply to all entrepreneurs. 

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.

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.

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. 

Lean Startup

$100 Challenge & "Big Idea" Updates

• Some progress on the $100 Challenge.  I secured "financing" of limited $20 capital this week from my gracious parents in exchange for providing baking services in their home. Next week I will work on producing earrings, take pictures for my blog and Etsy listing and work on packaging.  I purchased the initial materials to start production next week for $18.
• The progress this week for my "Big Idea" was selecting an entrepreneur to interview.  I will be interviewing Logan Skidmore of LS2 Real Estate Investments.  His business deals with real estate investments, credit counseling and small business coaching.  Looking forward to probing his brain about getting a financial services small business off the ground in San Antonio.

Weekly Reading Highlights:

Start-Ups on a Shoestring published Aug. 16, 2010 by The Wall Street Journal

http://online.wsj.com/news/articles/SB10001424052748703720504575376664285510930#printMode

• Kael Robinson, Live Worldly LLC, Started with $40
• Donated 20,000 bracelets to charity and 20% of profits to Plantabillion.org
• Even with sales going up, into the second year of business she was not paying herself a salary and she set goals and stuck to them.
• Jeff Swedarsky, Food Tour Corp, Started with $110
• Wanted to start a business, but realized that he would have to keep his day job to get the company off the ground.
• His advice is to only do something you love to do and plan on working long hours to get the work done that will bring profits.
• Marc Ringel, Floor Works New York, Started with $145
• Have a secure job to fall back on.
• When changing fields, he marketed for another company and learned from that owner and business.
• Had people fill our surveys on StreetEasy.com, UrbanDigs.com and AngiesList.com (for free publicity).

Acton Heroes Stories

• Desh Deshpande-He forged the way in the optical network technology. Deshpande grew up in India and came to America with $8, a positive attitude and a willingness to try new things.  Experiencing his share of challenges, he recognized that they were not the end of the road and there was a valuable lesson in each hardship or failure experienced in life.

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

• Ken Zolot-The story of Ken Zolot, founder of companies like Egenera and Heartland Robotics, shows how an entrepreneur can bring balance to business by being bold enough to do what others have not and seeking ongoing input from consumers.  Zolot stresses the importance of asking the question "Who Cares?" about your business.  Focus on an individual product or service within a business has its merits, but all this effort will not amount to much without attending to the wants and needs of consumers.  It's important to being sensitive to the world around us and how our business fits in, even when we are doing something new that may not have had a place before.

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