Business Plan Week

Business Plan Week

In the E-myth I learned that company design matters in a company. Circles are more appealing than triangles and crescents are the best to include in a logo. I also learned that the goal should be to get our business to become consistent in quality and service. That is why McDonald’s is so successful.

This week I learned about business plans. I learned that business plans share your vision and mission statement. They show objectives, strategy, and the step by step plans. Most business plans will include a cover page, table of contents, and an executive summary at the beginning.

Action Hero Paul Robshaw

Paul learned at a young age that it takes a lot of work to achieve success. He helped his dad with his real estate business starting at the age of thirteen. As an adult Paul began AIC ventures. During a difficult time in his life, Paul went through both bankruptcy and divorce. He learned that core values such as honesty, integrity, and faith in God were far more important than money and others. Paul learned to write about his thoughts and create a life plan that he would adjust from time to time. He is a big believer in having dreams without boundaries. Too often we limit our ideas by putting boundaries such as lack of money and lack of resources on them, but if we think about our dream and assume we have the things that are lacking, it opens up our creativity to think big and be inspired to go out and do.

The Lean Startup

Some entrepreneur myths are that a start-up is “a shrunken down big company.” This is not true. Startups are designed to start something new under conditions of uncertainty. The goal is to create something that will outlive us. Most startups have really bad ideas, but the successful startups test their ideas against reality. Eric Ries tells us that within each bad idea is a small good idea that can grow. Instead of giving up on our big ideas when they go wrong, we can adjust them as the business grows, also known as changing direction as needed.

E-myth

In the E-myth I learned that company design matters in a company. Circles are more appealing than triangles and crescents are the best to include in a logo. I also learned that the goal should be to get our business to become consistent in quality and service. That is why McDonald’s is so successful.

$100 challenge progress

I created my business plan for the $100 challenge and the Big Idea. The $100 challenge is called “The Perfect Cookie” and the Big Idea is called “Shape Style & Design.” I like both ideas. The next step for The Perfect Cookie is to order the boxes and create the sample cookie to photograph.

What it Means to Be an Entrepreneur

Melodie Morgan

Jan 23, 2016

President Hinckley told students at BYU – Idaho to do their best. We are a blessed people and we need to do our best.

What it Means to Be an Entrepreneur

In the Special Report Global Heroes we learn what it means to be an Entrepreneur. Entrepreneurial ideas are mainstream. Being an entrepreneur means being able to offer an innovative solution to a problem. There are several myths about entrepreneurs. Some include: being an outcast – Entrepreneurs actually need to network socially to succeed. Another is being young. Many entrepreneurs started when they were older. One is that you need venture capital funding, but many can start off with angel investors. One is that you need a new product, but in fact old ideas can be great businesses too. Both managers and entrepreneurs can make rational decisions, but entrepreneurs are much more capable of making risky decisions. Some believe an entrepreneur cannot flourish in a big company, but owner entrepreneurs are the ones that break into the big markets. Today opportunities are more numerous for entrepreneurs. Entrepreneurs can be successful in good and bad markets especially now with the computer, phone, and internet. It is easier to be an entrepreneur in America because it is deeply rooted in our history. Some threats to entrepreneurism include legal systems, patent trolls, tax laws. India and China have become the second and third most entrepreneurial countries in the world following the US which is in the lead.

Build the Kingdom of God

Tom Monaghan was the founder of Domino’s Pizza. Originally the pizza shop was named Dominicks but it changed to Domino’s and became very successful owning a large percent of the pizza market. At one Domino’s Pizza had 54% of all the pizza sales in the US. Tom grew up in an orphanage and as he became successful he became obsessed with owning many things. He wanted more than the next guy. Then he remembered what it was like in the orphanage. He was happy without anything. After reading “Mere Christianity” by C.S. Lewis, he felt guilt in having too much pride. He felt as though he was too obsessed with impressing people. He decided to change. Tom started Generous Giving, Inc. Tom decided to focus on giving to Catholic higher education and founded Ava Maria University. Now Tom focuses on the eternal picture and uses money to build the kingdom of God. Making money can be a blessing or a curse. It is important to use money to further the work of God.  

Business Advice

Scott Kriens teaches that we cannot make an assumption that we will always be smarter than the next guy. We can start working on problems first by recognizing the opportunities when they come.

Marissa Mayer says that ideas come from everywhere. She works for Google. She says that everyone who works there are expected to come up with ideas. It can come from wanting to solve a problem, idea acquisition, or from employees. Set up a system where people can contribute ideas and the best ideas will rise to the top.

Guy Kawasaki says that business models should be specific (a specific customer), simple (a simple model – unique model is a bad idea), make it, sell it, collect the money is a business model, ASK WOMEN, men want to create a company to kill another company.

Alexander Osterwalder says a business model is different for everyone.

Startup Nation says to 1) Use a descriptive name based on core strengths, a clear, compelling, creative name. 2) Do NOT base the company name on a product or service like CompUSA or RadioShack (products can change over time). 3) Don’t base your name on where you live. 4) Don’t use acronyms for the name. 5) Don’t use your last name.

In business we need to look have diverse groups that can brainstorm innovative ideas. From these ideas pool together solutions.

$100 Challenge Project

$100 Challenge Project. I have decided on making and selling the 11 inch cookies for $12 each. The next step will be to order some boxes for delivery and make a sample one that I can take a photo of and create a flyer sign-up sheet. I will give the flyer to my husband to bring to work and to my son to bring to school. They money will have to be paid before I buy ingredients. 

$100 challenge ideas

Melodie Morgan
January 16, 2016

$100 ideas 

This week I looked at several blogs. Some blogs had creative designs and videos, some were a compilation of articles or interviews, while others were thought provoking ideas. I liked both types.

The entrepreneur hero I learned about was Corey Bell. Corey Bell worked for several companies including Nabisco, Chrysler, and Dell, but it didn’t line up to the vision he had for his life. He decided on a way to touch people’s lives and started his own company. Cory Bell is the founder of Tri-Fusion, a hardware IT service company. When both of Corey’s parents died he decided to help raise his nine younger siblings. From this experience he came up with the saying that “The word can’t does not exist.” Corey wanted to live his life without wondering, “What if I had never tried?” When he meets people along the way, he tries to learn something from them. One of his philosophies is to give back and touch lives along the way. Corey’s company got together supplies to help hurricane victims. At the end of our life, the concern is who we are. Did we make an impact? That is what drives him.

This made me think about how I can impact those around me and do the best things with my life. What drives me?

 My top five ideas so far for the $100 challenge are:
1. Sell Cookie Cakes for Valentine’s Day
2. Take Pictures and Sell Other’s Things on Ebay for a Commission
3. Sell FHE Packets online
4. Make chocolate covered pretzels to sell
5. Sell Old Computers that my son helps fix