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.

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

Research, Ponder and Plan. Repeat.

This week, I have come to appreciate the power of researching and looking to others for advice.  In addition, getting a plan in writing has forced me to do research.  I don't want to put a plan together that will not be functional at a later time so I took time to focus on the business plans for my $100 Challenge and my long-term "Big Idea."  The business I have settled on for this semester long project is making handmade mini-crane origami earrings and my focus for my "Big Idea" will be on a financial services business.  Here are the highlights from a few assignments this week:

• StartupNation.com: The "Defining Dozen" and creating a business plan.  I lucked out this week by getting online early to review my assignments. I jotted down the "Defining Dozen" questions to fill out and the next day this content was not available on the website any longer. One of the downsides to using references from the web, they can decide to change their content and how accessible it is to users.  This is another reminder to me that if I find something useful on the web, it's best to document what I can, when it is available and reference the source. So often I find something and think "Oh, that's awesome advice!" I forget to save the website or information found and struggle to find it again later. Or worse, waste valuable time finding it again.
• Heather Evans, Inc. case study: Just because you were raised in a family with finance and get a business degree from an Ivy League school doesn't guarantee success.  Heather made a great business plan but seemed to fall short in focusing, relied on her own savings to fill in the financing gaps and did not pursue investors aggressively.
• Chapter 3-4 of E-Myth: I learned that skilled technicians with an expertise level within their field often choose to drop out of the rat race and start their own business because they are so great at what they do.  Many of these small business owners forget that a balance must exist between technician, manager and entrepreneur for their business to be successful.  When you start your own business, you don't get rid of the boss, you become the boss and you have to develop a split personality.
• Business Plans: No more stalling! I had to make a final selection for the $100 Challenge and "Big Idea." After completing reading assignments, including a study of the Harvard Manage Mentor topic Business Plan Development, I cracked my knuckles and got to work. 

 RESEARCH, PONDER and PLAN. REPEAT.

Creative juices flowing, check!

This week's lesson was titled "Choose a Business" but I felt it could have also aptly been titled "Flip on Your Creative Juices."  There was so much information covered this week from brainstorming to absorbing knowledge from those that have done it before, so here are the highlights:

• Book review for The Tipping Point: How Little Things Can Make a Big Difference by Malcolm Gladwell.  In a nutshell, this book is all about epidemics and how they get started and I'm not just talking infectious diseases that attack you physically.  Gladwell provides example after example to help visualize the driving forces behind epidemics; namely the people who transmit them (mavens, connectors and salesmen), the agent/infection itself and the environment of the breakout.  Who ever thought Paul Revere was an epidemic spreader or that Sesame Street was an epidemic?  I now have a different view of the term word-of-mouth and how it really works.  From a business standpoint, I think the most valuable lesson I gleaned from the book was the value of a product or service being "sticky" enough for people to want it and for infecting agents to want to spread it.
• Case study review: Boston Duck Tours-If I'm ever in Boston, I'm so going on one of these tours. It sounds like a lot of fun and I learned a lot about Andy Wilson and what he overcame to launch this business.  The case study reminded me that people don't just fall into a good business, behind every business is a story of someone that stuck to their guns and didn't give up.  http://www.bostonducktours.com/
• Points of Pain activity: After soliciting advice from friends, pondering the assigned readings and mulling over my own interests, I came up with a list of 20 ideas for my $100 challenge and 20 ideas for my "Big Idea."  I'm still pondering the $100 Challenge, but need to decide soon so that I can start etching out a solid business model.
• Here are the top 5 from each list:
• Top 5 $100 Challenge business ideas
• Sell homemade items on Etsy
• Service based business like cleaning houses or babysitting
• Sell homemade salsa
• Sell holiday goodies for Halloween, Thanksgiving and Christmas
• Balloon twisting

• Top 5 "Big Idea" business ideas
•  Accounting/bookkeeping Services
• Kolache bakery
• Small business consultant
• Solar power conversions for homes/businesses
• Home organizing
• Acton Hero: Tom Monaghan-First off, this man is amazing. I'm not surprised that he's better known as the founder of Domino's than the founder of the Ave Maria foundation, but I think the later contribution is more note-worthy. Kudos to Tom for sacrificing your own riches and putting other people's higher education needs in front of things of the world.