B283 Update

This week I was able to learn a lot about family businesses!  This was very interesting and informative for me since I have often thought about the possibility of opening a family business.  I learned about the important of developing equity plans and succession plans right from the beginning to avoid any confusion, tension, or other problems in the future.

I really enjoyed my $100 business challenge and I’ve been thinking about my final presentation for it.  It worked out perfectly for Juliet’s family as well as for my class with the timing and everything!  I probably would have continued watching Juliet even after the challenge if they needed me, but having her dad be at home with her now is also a good thing for them.  I’ll miss having her over as often, but she’ll still come over on occasion when they need a babysitter!

I also learned about an entrepreneur named Erick Slabaugh.   He seems like a great person!  Even at a young age, he was willing to give up a fun social life to help his family’s business.  He even invested in the business, buying out a partner’s equity for himself.  He worked long hours every day and even weekends without the nice paychecks that his friends were receiving.  But his hard work paid off – he was able to see great success with the company and he became the CEO.  He also learns from his mistakes and asks lots of questions.  He emphasized the importance of having a mentor and he wished he asked more questions when he was younger.  His insight encourages me to ask lots of questions and not try to know everything.

Week 9: Entrepreneurial Journal

Lessons Learned

This week’s mentor session helped me to see that my idea of starting a home daycare business is much more probable that I originally thought.  Yes, there will be challenges, but there are simple, effective solutions to address those challenges. 

Challenge 1:
The first challenge would be the time commitment involved with starting a business.  I would love to start a business from home, but I also want to be able to spend the time and attention needed by my daughter and husband.  I already find it difficult to get things done, such as working, homework, housework, food preparation, etc. while caring for my family – I’m not sure if I can fit more things into my schedule right now! 

Solution:
My concern of time commitment can be alleviated through family support and delegation.  If my husband is willing to take on some of the responsibilities at home, I would have some time available to focus on my business.  I think balance and delegation are the solutions.

Challenge 2:
We are trying to save up money so we can buy a house, so I would prefer limiting any investments or expenditures right now.  I know that starting a business does require some investment and I could see returns after some time.

Solution:
We can set aside a specific amount each month that is solely for my business.  That way we can keep saving for a house while still providing some financial resources for setting up my home daycare.  Another option would be to get a little loan from my mom and pay her back over time with my revenues.  A good thing about having a daycare service is that there are very little investment requirements!

Challenge 3:
I don’t want to be tied down to my business – I like having the flexibility of traveling and visiting family when I want to.  I know with some businesses, this would not be a concern.  But for my idea of starting a home daycare business, I would need to be there and available to take care of the children on a consistent basis.

Solution:
I can address this concern by arranging a small team to cover for me on days I am unavailable.  My sister would be a great option for this!  I could also ask a few friends if they would be willing to work some days and have a network of backup workers.

As shown above, starting a business does involve risks and challenges.  But these challenges can be addressed and concerns can be resolved through an entrepreneurial  mindset of creativity and determination!