My Entrepreneurial Journey

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...

  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...

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 ...