Chapters 13 & 14

In chapter 13 we learned about being an effective leader in a business. I resignated it with sports leadership based off the fact that there are many ways to be a great leader. The method that resignated with me the most was the democratic way. I feel when you first start out its good to have many peoples opinion and the best opinions come from those who work for you. I worked at a pizza place in my hometown and the owner would always have me try new things he would put on the menu and give input. I greatly respected that because I felt he cared about what I thought. In chapter 14 it's all about options to getting out of your business or selling it. It also covers how to effectively grow it through licensing and franchising.

First Day

   Today was the first day of class. I'm a little skeptical about it just because I'm not sure how creative I actually am and I don't know if I match the qualities of a entrepreneur. Also today, we formed a group for a business experience. My group consists of Gary Davis and Mike Nielsen. We are unsure of what we are going to do as of now, but hopefully we will get it figured out.

Final day

   My final post will be all about our business experience. We ended up with only two sales but was probably more than expected. I think where we went wrong is marketing as well as resources. Our marketing was weak and not very well planned out. For resources students are able to to access the Briar Cliff Fire Pit without having to go outside or using a car. That put a damper on our sales and I think one if the bigger reasons for no sales.

Chapters 11&12 and the business experience

Chapter 11 was mainly about the legality side of a business. It's all about knowing commercial law and understanding the importance of contracts. Also it was highly stressed in the chapter about protecting your intellectual property. If you have a product or trademark get it protected is that it can't be stolen. Chapter 12 is about the operational side of the business. Knowing what is important to your companies success and developing a solid foundation for your business plan will be key. For our business experience we are putting the finishing touches on our service and will soon take off for the week of hard planning,

9&10 and the business experience

   Chapters 9&10 are similar to that if chapter 8. Chapter 9 shows how the cash flow statement is key to your business. It is important to know what your cash flow is saying and knowing if you're making a profit or a loss. Also nine explains knowing your taxation as well as calculating working capital. Chapter 10 is all about how to finance your company and knowing where your capital will come from. Chapter nine and ten really didn't pertain much to what we did four our business experience, but we have been making progress on our company and will soon to be determined on how it goes.

7&8 and the business exoerience

 Chapters 7&8 are basically just going over the financial side of the business.  Chapter 7 goes over starting up the business and the costs towards your company such as fixed and variable. Chapter 8 essentially goes into greater detail about the income statement, balance sheet, and cash flow, and how to understand what the numbers mean. Our business experience today kind of reflected chapter 7 because I found that it really isn't easy starting up a business it's actually pretty difficult. My group is having a little trouble figuring out certain things like how we are going to operate and so forth.

Chapter 5&6

     In chapter 5 we are told the four P's-product, price, place, and production. Product is what you are selling. When selling your product it is good to focus on your brand and build it up. One way is by using price. There are numerous ways to do pricing but it's best to not over or under value your product. Location is also key to making your product or service successful. Keep your business in a location that is optimal for it's selling. Chapter 6 is all about selling the product. When marketing it's best to use electronic mail, blogs, and newsgroups. In selling of the product, focus on your customer. It's hard to sell products if you have no customer base.