Business Plans!

This week I learned about creating a business plan and made one for my daycare business idea as well as for my yoga studio idea.  Putting things down on paper in a concise way helped me to gain a better vision of how I want my business to operate and what it could become.  It helped me to think of potential obstacles and challenges and what I could do to address them effectively.

I also was able to learn about the importance of taking things slowly, focusing on one thing at a time, and not trying to do too much all at once.  We had a case study this week about Heather Evans, an MBA student who was launching a clothing business while finishing her education.  It was insightful to see what the other class members thought of the case, but overall, I think we decided she was trying to grow her business too fast and she was doing too much at once and wasn’t able to dedicate her focus to one thing at a time.

Lastly, I learned about a businessman named Paul Robshaw.  I had never heard of Paul Robshaw before, but learning a little about him and his life helped me to see that character, values, and faith are things that can never be taken away from us.  Some consider Robshaw as having lost everything, but he maintained that he still had his core values, his faith in God, his honesty, and integrity.  This reminded me of Job of the Old Testament – despite trials and difficulties, he remained strong and hopeful.  Robshaw is a great, modern example of that principle.  He also learned the importance of hard work at a young age.  It sounds like he had to work for everything he had most of his life.  He also displayed a positive attitude about the fact that his dad didn’t leave him anything in his will other than “the will to work.”  I think there is a great sense of satisfaction that comes with working for everything you have rather than relying other others for help and support.  I know I feel great when I am self-sustaining and can care for myself and not rely on others.

Business Ideas!

This week I got to brainstorm some business ideas.  I made a list of 40 possible business ideas and these are the top 5 that I could easily start immediately:

1.       Daycare/Babysitting – I could run a small daycare from my home for $5/hr. per child (with a limit of 4 children total).  Childcare is always in demand and I have plenty of toys and a great location and house for kids.  

2.        Sandwiches at Work – I could prepare yummy sandwiches to sell at businesses during lunchtime for $4-5/each.  They can even preorder so I know what kind to make or how many.  This can save people time and money since they won't need to prepare a lunch to take to work or go out somewhere to get lunch.  

3.        Sushi Workshops – I can hold a couple classes each month on how to make and eat sushi.  For $5/person, it’s a fun, hands-on activity and we can all eat sushi afterwards! 

4.       Piano Lessons – I have been playing the piano for 19 years now and I have some teaching experience.  I could start teaching kids how to play the piano and read music for $10/lesson. 

5.       Homemade Pasta – I can make different types of pasta noodles to sell using my pasta maker.  My main concern would be freshness – homemade pasta is best when used within 3-4 days after making it, so it might be a made-to-order thing.  I would sell it for $3-5/packet.  Startup costs are minimal – only flour, eggs, and salt are needed!

Furthermore, I got to learn about Tom Monaghan, the man who started Domino’s.  It was fun to learn a little about how Domino’s was started.  Tom Monaghan is an excellent example of how to use your success and money for good.  He is not absorbed in financial gain, even when he could have been with his success.  He is a man of faith, acknowledging the importance of God and following His will.  Even though he grew up poor, he is happy without money.  He discussed how he was following a calling in his life by starting an institute in Michigan and increasing higher education.  The video said that “he wants to go to heaven and bring as many people with him by using his money to build the kingdom.”  Monaghan inspires me to be less focused on material wealth and focus more on helping others and looking for ways to improve the world.  Life doesn’t need to be about making a profit and building up wealth.  Life should be about greater things – things greater than ourselves.

Entrepreneur Resources

This week I was able to learn about some of the different resources I have available to me as an entrepreneur.  I was able to visit several entrepreneur blogs containing helpful advice, insight, and information. 

A couple of them in particularly stood out to me.  The first one is Wisebread.com.  I love the WiseBread.com blog!  It focuses on saving money through person finance and frugal living.  As a young mother, I want to do all I can to save money so we can buy a house soon, as well as pay for our regular bills and expenses.  I think that being able to save money and live frugally applies personally as well as in a business.  When starting your own business, you want to cut back on as many costs as possible, as well as cut out any unnecessary costs.  Having this mindset can help increase revenue and success.  Additionally, we feel better out ourselves and our lives when we use our resources wisely.

The other one is the Young Entrepreneur blog on Entrepreneur.com.  I felt like I related more to this one since it was focused on young entrepreneurs.  It discusses a variety of things ranging from social media marketing, New Year’s Resolutions from young entrepreneurs, to why the “Millenials” are great people to hire.  It shares advice for aspiring entrepreneurs and helps them to identify and develop traits that will help them to be more successful.  It contains resources on goal setting, tips on being a better entrepreneur, overcoming struggles, and ways to build good credit for a new startup.  As a student, I feel like this blog can be an excellent resource for me as I begin my own business.  I feel like it’s targeted for beginners like me.

I am excited about this semester and starting my own business for the $100.00 challenge!  I know I will learn a lot of valuable lessons and gain experience.  This journal will help me to track my progress and allow me to review the experiences and remember the things I will learn.