Business Process

Burt’s Bees

I think the business should not be sold until either the profits slow or until Roxanne and Burt really want out. For now, I think Roxanne and Burt should start production in North Carolina and see where it takes them. When Quimby applied for a credit card she needed a cosigner. I do think that even though the company had money in the bank is would be wise to have a large credit line just in case the start-up production costs were high initially. She also didn’t have a lot of business education and would need to hire some experiences business help. Like Quimby I don’t like debt, but I think in business it may be necessary to expand if it is done wisely. Initially Quimby was doing things right by building slowly without going into debt.

In my recent interview the business owner did not acquire any debt in his business. He said that it is too risky to owe interest on top of start-up costs for a business. He also said that he would never get a loan that was 10% or higher. That is why Quimby should get a line that doesn’t have to be used and won’t acquire interest unless it is used. I think it is a safety net for her business until she has progressed the production phase and sees continuous profit in mass production.

United in Building the Kingdom of God – L. Tom Perry

The Book of Mormon teaches us cycles of human behavior. We see how people fall when they turn to worldly possessions and needs. Whether we have too much or too little, the Lord wants us to use our resources to build the kingdom of God. The Book of Mormon teaches us to not discriminate, but to share what we have. If we seek first for the kingdom of God and then obtain riches (invest in things of an eternal nature), we will use those riches to do good. In business, our first priority should not be to seek for profit, but to have a greater purpose. Small things often become great things. Even in business, we can begin small and build one step at a time.

Entrepreneur Tips

In building our business we should not settle for less than the best people. Get people you like that you agree with. We also should aspire to be experts. Get to know your product or company idea very well before you start to hire employees. Technology is a great market to get into. The priority is to build a business instead of building a brand. Engineering degrees are very helpful in startups. Prove your model locally. Build a business because you love it and want to change the world, not for the money. Build the next big thing.

Catherine Rohr – Action Hero

Catherine was a Wall Street investor, but changed her business plan to teaching prisoners about running their own business. She taught convicts how to use their talents to run businesses. Most companies won’t hire convicted felons. Giving felons a goal and purpose after they get out give them a reason to do something with their lives even if they cannot find a regular job. At first, Catherine was judgmental about prisoners, but realized they were making big changes in their life and had untapped potential for greatness just like you and I. When she got knocked down, she had a resolve to get back up and not quit. There were obstacles, but Catherine was committed to make it work. Catherine suggests to seek out the best people and stay close to them. They will be a great resource in your business. Her vision to help these prisoners become productive citizens by teaching them skills while in prison has come to pass and inspires her daily.

Business Processes

The ways to avoid problems with implementing a new process are to "follow a process in the development and implementation." If things are not going smoothly, select what needs to be improved and analyze the way things are being currently done. Next include those in the process to get team feedback on ideas and structures that are currently in place, the order things are being done, and what things would help to make the flow or process work better. Ask "skeptics" that challenge the process to get feedback. This will help you avoid potential problems. Then get the resources to make the changes. It could be a new employee or a new system, etc. Once you have the ideas and new system in place, explain the new process to the members it affects and implement the changes. Make sure team members clearly understand the process and are constantly trying to find ways to improve the process as problems arise. As the process is working be sure to continue to evaluate the functionality and continue to review, improve, and adjust as needed. Problems will be sure to rise, but they can be minimized with proper communication and processes in place. 

$100 Challenge – The Perfect Cookie

I did not make any sales this week for my cookie challenge. To date I have made 16 cookies, one was a sample cookie not for sale. I made the $100 profit and will make more if there are more sales. I spent 1 hour on the design order page, 2 hours shopping on several occasions for supplies and ordering boxes online, 1 hour on delivery, and an average of an hour per cookie including the decorating. The total time spent was 20 hours. I was only successful because I had to do several cookies for a big event, but I am a terrible sales person. I don’t feel as though my product is something people want. I think smaller packages for a lower cost would have been better.