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Fall 2021 Mkt 250: Wk 2 Choosing a Business

Marketing 250 Web Business Creation September 24, 2021 Week 2 is focused on choosing a business for our online venture. There are several different business models to choose from and they are all foreign to me. The question was posed to us: is it better to choose the model or product first? I argued that it is best to choose the model first. I came to this conclusion because the business model is something that gives me the most anxiety. I could choose a million products to sell, several services as well, all through emotional decisions. Choosing the model seems to require real skills and understanding.  I hope that this class goes into more detail about the benefits and challenges of the various models so that I can make an informed decision. There are several speed bumps coming up over the next few weeks.  I leave tomorrow to head home from our house hunting trip Next week I have to finish going through our stuff for donations/give away/dump run The movers will be at our hou...
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Bus 210 Wk 14: The Last Lecture

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Dream Big Entrepreneur Resources Choose a Business Create a Business Funding Your Business Building Your Brand Love Your Customer Management and Leadership Finding Great People Production, Operation, and Logistics Franchising Buyouts and Family Businesses Failing Forward The Last Lecture 14 weeks of the semester. There has been a lot of information shared and I feel that I am better prepared to take my entrepreneurial journey. Many lessons have made me question my insanity but many more have helped me see that it is something that I must do. Week 1: Dream Big      Not much else needs to be said. Fear and doubt have prevented me from taking the first step in the past. I now know that when it comes to dreaming, the bigger the better! Week 5:  Building your Brand      My business plan is constantly being edited in my mind. The more I try to convince myself that I don't want it, the more I realize that I have what it takes to go for it. I believe in the me...
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Bus 210 Wk 13: Failing Forward

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  This week's study focused on failure and how we respond to it in the professional world. I can relate to the reactions to failure that were described and recognize where personal improvement can be made. Taking failure in stride, using it to make improvement rather than placing blame and being critical, is a part of the process of seeking success in all aspects of life.  In "What Happened VS Who Did It!" there are four points mentioned that can help any organization turn failure into a learning opportunity. building a learning culture detecting failure early analyzing failure  promoting experimentation For leadership, there are ways to create a learning culture to improve response to failure. frame the work accurately embrace messengers acknowledge limits invite participation set boundaries hold people accountable The Michael Jordan "Failure" commercial mentions several names of famous people who failed first before finding success. A few of my favorites liste...
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Bus 210 Wk 12: Buyouts and Family Businesses

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This week's study focused on buying an existing business or starting a family business. A few reasons to consider buying an existing business are: 1. If you don't have a new idea, you could find one in an existing business 2. You need to reduce uncertainties and risk 3. Operations are existing and ongoing 4. You can sometimes get an existing business for a great price 5. Buying existing allows for a quick start into the business world Some of the cons are: 1. Existing problems 2. Poor quality of employees 3. Poor business image 4. Modernization required 5. Purchase price based on bad data 6. Poor business location I found a wedding venue in Utah County, UT listed for $500,000. Established in 2010, they have an existing customer base. Services offered include the venue, floral, rentals, catering, and a bed & breakfast. It would need a great deal more research to understand the financials to see if it is a good purchase/viable option. Starting a family business seems like an ...
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Bus210 Wk 11: Franchising

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I was able to complete my franchising and entrepreneur papers this week. It has been beneficial to talk with others who have gone down these paths already. There is a lot for me to learn. I think that franchising sounds appealing because of the business systems already in place. But, after a lot of consideration, I believe that a start-up is more aligned with my goals. We studied Steve Jobs. I have not followed his life but know the name. It was interesting to hear his take on business. He dropped out of college because he felt he was wasting his parents money. He seemed to know himself better than most young people. Unfortunately, I think many people use his example to drop out of college, choosing that point to follow. Instead, they should be looking at his "why's." He had passion, natural talents, and a work ethic that allowed him to find success without the formal education first. These strengths allowed him to suffer the downfalls of failure and disappointment as wel...
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Bus 210 Wk 10: Production , Operation, & Logistics

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  A few highlights from this week's study: Larry Page, Eric Schmidt Entrepreneurship:   Don't settle. Cofounders/investors/CEO's are all crucial - Spend time to find the right ones.  Be an expert in all aspects. Leadership: Have a healthy disregard for the impossible - not a fear of failure.  Aggressive goals are often easier Never enough measurement Work with people you like (and want to be like) End to end: Don't be afraid to solve the whole problem at once VS Bandwagon Don't start a company because a space is hot Guy Kawasaki Entrepreneurship now -        the reason = your passion/change the world                                                        the big picture = the next big thing technology Build a business bootstrap funding key employees- engineers public relations/sel...
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Bus 210 Wk 9: Finding Great People

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My $100 Challenge is finally getting off the ground! I have a few lessons under my belt and, I'm sure, more to come.  I ordered my salsa containers from Sam's Club online. I was hoping they would arrive for my first pick-up day (Monday!) but, alas, they won't be delivered until Thursday. Luckily my wonderful customers are all ok with waiting a few extra days.  My original goal was to sell 25 units each week for 4 weeks. My first week is a little under that goal at 21 units, with 11 orders. With the change in delivery, I have to hold one order over until the third week, so I am down to 20 units. I feel pretty successful with that.  I believe the challenge is in getting enough orders for 4 weeks in a row. All of these customers are friends who are willing to support me in this project. I think they will love the product, of course, but will they love it enough to reorder... that is the question. Even better, though, would be that they love it enough to tell their friends so...
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