Reflection
Today was the day we presented our entrepreneurial experience to the class. For our EE started the Briar Cliff Book Sellers. We took students old and J-Term textbooks, packaged, and shipped them to amazon. We had the goal of getting the Briar Cliff students more money for their text books than what was offered to them by the bookstore. We also charged a small 10% commission on all of the books sold.
By Friday, we already collected and mailed to amazon a little over $400 worth of text books. We still have a few orders pending as well. We also hope to receive a few more text books when J-Term ends.
Some of the good thing that we had going for our group was the little to no overhead. Since we we're really providing a service, and all the materials needed to package and ship the books were free we had no overhead and fixed costs to operate our business. So that was nice not having to worry about covering expenses.
Things we could improve however would be how me advertised and marketed this service, I felt that the email seemed less personal coming from the IT department, I would rather it came from us, the students. Also, we could have done more through Twitter to better market our product. We could also have expanded the business to spring term, in hopes of making future profits.
Overall, I would say that the Briar Cliff Book Sellers was a success and that all of our members learned from the experience.
Monday, January 20, 2014
1/16/14
Summary
Today we talked about what we wanted from our business, whether it was to sell, maintain, grow, or close it. We looked at the different ways to grow a business whether it was licensing, which is renting your brand or other intellectual property to increase sales. Or a replication strategy or franchising which is letting someone else copy your business including the business model and name for a fee.
In designing a brand it should have a name, sign, logo or design that identifies the product or service the company offers. A brand also represents a promise to consistently meet customer expectations. In valuing a business entrepreneures can use a few different methods. We could compare it to a similar business, we could use industry benchmarks that help determine the value of a business, and we could look at net earnings.
Reflection
Looking at my online casino, I would like to continue to see it grow. It would not only be enough for me to see it be successful, I would want to expand it and work to constantly improve the brand. I would however, consider a form of franchising or licensing agreements. I think the value for my casino would be in the services and convince an online casino has to offer. It is our goal to always put the player first and to provide a positive gaming experience for all the players that come to our website. I want our reputation to be that we are the premier casino both online and offline in Iowa.
Today we talked about what we wanted from our business, whether it was to sell, maintain, grow, or close it. We looked at the different ways to grow a business whether it was licensing, which is renting your brand or other intellectual property to increase sales. Or a replication strategy or franchising which is letting someone else copy your business including the business model and name for a fee.
In designing a brand it should have a name, sign, logo or design that identifies the product or service the company offers. A brand also represents a promise to consistently meet customer expectations. In valuing a business entrepreneures can use a few different methods. We could compare it to a similar business, we could use industry benchmarks that help determine the value of a business, and we could look at net earnings.
Reflection
Looking at my online casino, I would like to continue to see it grow. It would not only be enough for me to see it be successful, I would want to expand it and work to constantly improve the brand. I would however, consider a form of franchising or licensing agreements. I think the value for my casino would be in the services and convince an online casino has to offer. It is our goal to always put the player first and to provide a positive gaming experience for all the players that come to our website. I want our reputation to be that we are the premier casino both online and offline in Iowa.
Thursday, January 16, 2014
1/15/14
Summary
Today we started off by discussing the product distribution chain. The traditional chain goes in this order, manufacturer, wholesaler, retailer, and then to the consumer. There are also two other types of distribution chain, direct to retailer and factory direct. To find suppliers there are variety of options: trade shows or conferences, sales representatives, wholesale supply houses and brokers, newspapers and magazines, and also competitors. We then discussed how to manage inventory and reorder points. In deciding where to locate a business there are a few factors to consider. They include: access for costumers, access to suppliers, convenience, cost, demographics, economic conditions, governmental regulations and laws, and proximity to competitors.
After a break we talked about management, leadership, and ethical practices. The leadership styles that work are; coercive, authoritative, affiliative, democratic, pace setting, and coaching. We then went over how entrepreneurs pay themselves; commission, salary, wage, and dividends.
Reflection
Looking at my online casino, I will not have to worry much in the way of the product distribution chain, as the majority of transactions will be online. However I may need to find suppliers for the computer components needed to run an online casino. Luckily I will not have to deal with inventory and reorder points. As for my location, I chose the Badgegrow building, this is because the Badgegrow offers a number of IT and other network services that would help me when starting the online casino.
As for my own management style, I would say I am more of an affiliative leader. I try to put people first. However, for running an online casino I think I would either need to be an authoritive leader, or a coaching type of leader. Because, in running an casino the people need to be focused on the task at hand and meeting specific deadlines and requirements.
Today we started off by discussing the product distribution chain. The traditional chain goes in this order, manufacturer, wholesaler, retailer, and then to the consumer. There are also two other types of distribution chain, direct to retailer and factory direct. To find suppliers there are variety of options: trade shows or conferences, sales representatives, wholesale supply houses and brokers, newspapers and magazines, and also competitors. We then discussed how to manage inventory and reorder points. In deciding where to locate a business there are a few factors to consider. They include: access for costumers, access to suppliers, convenience, cost, demographics, economic conditions, governmental regulations and laws, and proximity to competitors.
After a break we talked about management, leadership, and ethical practices. The leadership styles that work are; coercive, authoritative, affiliative, democratic, pace setting, and coaching. We then went over how entrepreneurs pay themselves; commission, salary, wage, and dividends.
Reflection
Looking at my online casino, I will not have to worry much in the way of the product distribution chain, as the majority of transactions will be online. However I may need to find suppliers for the computer components needed to run an online casino. Luckily I will not have to deal with inventory and reorder points. As for my location, I chose the Badgegrow building, this is because the Badgegrow offers a number of IT and other network services that would help me when starting the online casino.
As for my own management style, I would say I am more of an affiliative leader. I try to put people first. However, for running an online casino I think I would either need to be an authoritive leader, or a coaching type of leader. Because, in running an casino the people need to be focused on the task at hand and meeting specific deadlines and requirements.
Wednesday, January 15, 2014
1/14/14
Reflection
Today we discussed the financing strategy for a business. Financing is a way a business raises funds for a particular purpose. This can be done three ways: obtain gifts and grants, borrow money, and exchange equity. Business often get some capital from creditors. We also discussed debt financing, and found it was available in many forms including commercial loans, personal loans, leases, and bonds. One of the good things about debt financing is that the lender usually has no say in how the business is run, or share in the businesses profits. A down side is that if loan payments are not made lenders could force the business into bankruptcy. Loans also increase the fixed costs of a business which lowers the profit
Looking at financing for my online casino I have a number of different options. I could seek out loans from local banks. I could also seek help from the Sioux land economic development company (SEDC), the Siouxland initiative, the Small Business Development Center (SBDC), or the innovation market.
I feel that when running my business it would be in my best interest to only borrow the funds I absolutely need. I should try to receive grants or look to attract potential investors or ANGELS.
Today we discussed the financing strategy for a business. Financing is a way a business raises funds for a particular purpose. This can be done three ways: obtain gifts and grants, borrow money, and exchange equity. Business often get some capital from creditors. We also discussed debt financing, and found it was available in many forms including commercial loans, personal loans, leases, and bonds. One of the good things about debt financing is that the lender usually has no say in how the business is run, or share in the businesses profits. A down side is that if loan payments are not made lenders could force the business into bankruptcy. Loans also increase the fixed costs of a business which lowers the profit
Looking at financing for my online casino I have a number of different options. I could seek out loans from local banks. I could also seek help from the Sioux land economic development company (SEDC), the Siouxland initiative, the Small Business Development Center (SBDC), or the innovation market.
I feel that when running my business it would be in my best interest to only borrow the funds I absolutely need. I should try to receive grants or look to attract potential investors or ANGELS.
1/13/14
Reflection
Today instead of class I had an ENACTUS project. Basically we ran a day camp called Jumpstart Innovation. The camp was on based on the idea of entrepreneurship and teaching middle school students about starting up their own business. We first, went to tour Jolly Time Popcorn. There we saw how Jolly Time ran their facility. We saw the manufacturing process of how they cleaned, separated, popped, and packaged the popcorn. We also saw how they stored, the packaged popcorn. I also learned a few things about Jolly Time, one, that this is their only production facility in the US, two that around 15% of the corn they receive from the farmers won't work for the popcorn so it has to be sent elsewhere, and three that they are constantly developing new products.
After we toured Jolly Time we went to tour the Hamilton Hy Vee. There we got to see how a retail store operates. We saw the backroom where bulk orders for resale are taken and stored. We saw how Hy Vee stores their cold and frozen products. We also saw how the store was set up to make the day to day operations more efficient.
After lunch we discussed the different parts of a business. We talked about the manger, the marketing, sales, and finance parts of a business. Then, with the middle school students we had to design, make, market, and sell a product. The only requirements for this were the product had to be made with the popcorn from Jolly Time, and made for under $10 which we received from Hy Vee.
Looking back at the day it was a good way for the middle school students to get a taste of entrepreneurship. With making and selling their own product they were able to get the a chance to see what it was like to run their own business. I would saw it was a great camp, and that I would be willing to help with it again in the future.
Today instead of class I had an ENACTUS project. Basically we ran a day camp called Jumpstart Innovation. The camp was on based on the idea of entrepreneurship and teaching middle school students about starting up their own business. We first, went to tour Jolly Time Popcorn. There we saw how Jolly Time ran their facility. We saw the manufacturing process of how they cleaned, separated, popped, and packaged the popcorn. We also saw how they stored, the packaged popcorn. I also learned a few things about Jolly Time, one, that this is their only production facility in the US, two that around 15% of the corn they receive from the farmers won't work for the popcorn so it has to be sent elsewhere, and three that they are constantly developing new products.
After we toured Jolly Time we went to tour the Hamilton Hy Vee. There we got to see how a retail store operates. We saw the backroom where bulk orders for resale are taken and stored. We saw how Hy Vee stores their cold and frozen products. We also saw how the store was set up to make the day to day operations more efficient.
After lunch we discussed the different parts of a business. We talked about the manger, the marketing, sales, and finance parts of a business. Then, with the middle school students we had to design, make, market, and sell a product. The only requirements for this were the product had to be made with the popcorn from Jolly Time, and made for under $10 which we received from Hy Vee.
Looking back at the day it was a good way for the middle school students to get a taste of entrepreneurship. With making and selling their own product they were able to get the a chance to see what it was like to run their own business. I would saw it was a great camp, and that I would be willing to help with it again in the future.
Sunday, January 12, 2014
1/10/13
Reflection:
Today we had an entrepreneur from Briar Cliff come in to class and talk a little about what businesses he was starting in Sioux City. He was starting a designated driving service, along with a number of other jobs. He also talked a lot about networking and said this is something we need to learn to do. He mentioned a number of different events he had going on. We then went down to the entrepreneurship office he had in Heelan. He showed us a list of 10 business ideas he had on his wall and also encouraged each of us to look into networking withing the Sioux City area. Another big thing he hit on was that it was up to our generation to make Sioux City the way we want it, and less boring.
We also discussed the fixed an variable costs of a business. Looking at our EE we can see that we will have to deal with variable costs being the cost to package each book and drive it to the post office. We do not have any overhead or fixed cost as we are running it out of the school. As for my online casino there are a lot of both fixed and variable costs. Some of the variable costs include the wages of employees that help to set up the casino. A overhead fixed cost would be obtaining a licence to run the online casino.
Today we had an entrepreneur from Briar Cliff come in to class and talk a little about what businesses he was starting in Sioux City. He was starting a designated driving service, along with a number of other jobs. He also talked a lot about networking and said this is something we need to learn to do. He mentioned a number of different events he had going on. We then went down to the entrepreneurship office he had in Heelan. He showed us a list of 10 business ideas he had on his wall and also encouraged each of us to look into networking withing the Sioux City area. Another big thing he hit on was that it was up to our generation to make Sioux City the way we want it, and less boring.
We also discussed the fixed an variable costs of a business. Looking at our EE we can see that we will have to deal with variable costs being the cost to package each book and drive it to the post office. We do not have any overhead or fixed cost as we are running it out of the school. As for my online casino there are a lot of both fixed and variable costs. Some of the variable costs include the wages of employees that help to set up the casino. A overhead fixed cost would be obtaining a licence to run the online casino.
1/9/14
Reflection:
Today we talked about selecting the right marketing mix and plan. In this we discussed the four p's of marketing: product, place, price, and promotion. We also talked about the keys to building a successful brand. Which is to focus on the primary benefit you want the consumers to receive from your business.
Relating these concepts to my online casino, the primary benefit I am looking to promote is entertainment at your fingertips. With the casino online the customers would not have to travel to a casino, instead all they have to do is log on to their computer.
We also watched two short videos over a food truck business as well as a Microlending. In the food truck business the owners found that it was a 100x harder to start their own business and make it successful, but it was more rewarding at the same time. This and the drive to make my business succeed is what would help me if i chose to start my own business.
The microlending service is a service that lends small loans to upstart businesses. Typically loans range from $1000-$1500. In the us these loans have had a 99% repayment rate. I think that due to their high repayment rate, and that they help get small businesses off the ground, microlending is a great trend that has started in the US.
Today we talked about selecting the right marketing mix and plan. In this we discussed the four p's of marketing: product, place, price, and promotion. We also talked about the keys to building a successful brand. Which is to focus on the primary benefit you want the consumers to receive from your business.
Relating these concepts to my online casino, the primary benefit I am looking to promote is entertainment at your fingertips. With the casino online the customers would not have to travel to a casino, instead all they have to do is log on to their computer.
We also watched two short videos over a food truck business as well as a Microlending. In the food truck business the owners found that it was a 100x harder to start their own business and make it successful, but it was more rewarding at the same time. This and the drive to make my business succeed is what would help me if i chose to start my own business.
The microlending service is a service that lends small loans to upstart businesses. Typically loans range from $1000-$1500. In the us these loans have had a 99% repayment rate. I think that due to their high repayment rate, and that they help get small businesses off the ground, microlending is a great trend that has started in the US.
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