Thursday, January 16th

Today we learned about franchising. Franchising is when someone can open up a new store of an already existing firm. Like opening a new subway or jimmy johns. This is a lot less risky for entrepreneurs because they already have brand recognition and they are usually given a straight forward outline from the company. We also learned about the affects of family businesses. It is not always a good thing to work with family because there are a lot more factors in play than what just happens at work. 

Later on we talked about our entrepreneur experience. We had a couple people use our service and everything went fairly smoothly. I feel like the communication between us and our customers could've been better. Like where we should pick them up and how long they would need to be at a certain location.  Nevertheless, it was our first time and I felt like we did pretty well. 

Tuesday, January 14th

In class today we talked about the different ways to finance your business. The most common way is to get a loan from a bank to start your business. However we learned today that there are a number of of other sources where an entrepreneur can receive money for their business. There are a few competitons in Sioux City alone that give out cash prizes to the people with the best business. This is a great way to get your buissness known and get funding as well. Also there are some sites that allow people to donate to your idea. This is all money the entrepreneur doesn't have to pay back. 

Today when we watched Shark Tank two entrepreneurs came on with a very simple idea. To put lights in a cooler. This is a very simple but useful idea. They also had a patent on their product so no one else could produce another cooler like this. They did get invested and I agree with it. I would invest in this product because they have a patent and they clould probably sell the product for the same or close to the same price as a regular cooler. For this reason I would invest in this product. 

Monday, January 13th

Today we learned about the different statements an entrepreneur has to prepare for his or her business. These statements include the income statement, balance sheet, and the statement of cash flows. The income statement deals with the revenue, COGS, gross profit, etc. it basically tells you whether you are making a profit or not. The balance sheet deals with asserts, liabilities, and equity. It pretty much shows how a business is financed. Then the statement of cash flows deals with the outflows and inflows of cash in the business. It shows how much cash you have currently. 

Also we watched another episode of Shark Tank today. The entrepreneurs had a product that was stronger and more durable than duct tape that was able to be sold at a cheap price. Three sharks were interested but the entrepreneurs wanted way too much for their business. I would invest in this product because it is very useful and their sales were pretty impressive for just over a couple months. I do think that they undervalued their product. They could sell it for much more than they are right now but nevertheless I would invest in this product. 

Friday, January 10th

Today we took our first exam but before that we listened to a guess speaker. He is an entrepreneur and has a number of businesses either running or in the making. He received $3,000 from Briar Cliff for his idea of a designated driver service in Sioux City. Along with the money, he also has an office on campus where he can work on new business opportunities. When he showed us his office he had a list of about 9 or 10 businesses ranging from in business to purely ideas. 

Our guest speaker was pretty eye opening on how many opportunities there are to receive money for your business idea. Also, I came to realize that it is much easier to come up with a business idea than I had originally thought. You don't necessarily have to come up with a brand new idea. All you have to do is figure out what the market needs or is lacking and supply it, whether it is a good or service. Listening to the speaker made me realize that it is a very realistic idea that I could have my own business and be successful. 

Wednesday, January 8th

Today in class we learned about the economics of one unit of sale. This includes different kinds of businesses, such as; retail, service, wholesale, and a combination of retail and service. Learning about the economics of a unit of sale, we are able to determine whether a business is profitable or not. If the cost of making the good exceeds the price you are receiving for the good then your business is not profitable. This is also the same for service businesses, except that you have to determine the cost of labor. 

At the end of class we watched an episode of Shark Tank. The first pitch was for magnetic christmas lights to hang outside your home. I didn't like this idea primarily because it costs about four times as much as normal christmas lights. Also the fact that the light might not even work for your home because it is not magnetic to aluminum. So you could pay $70 for lights that don't even work.  The last pitch was a Jewish star christmas tree topper. I felt like this product just didn't have a big enough market in order to be successful.  

Tuesday, January 7th

Today in class we learned about creating a business plan and all of the different components that make it up. Business plans are very useful and important when starting your own business. They give you a general outline to follow that we keep you on track and help save time and money in the long run. Also, business plans should give potential investors all of the information they need in order to make educated decision on whether or not to invest in your business. Learning how to make a good business paln could be the difference in the success of your business. 

My business idea is to create a traveling team basketball program. I would like to start out smaller with maybe only a few teams at different grade levels . Then gradually over time as more people hear about and are interested in the program, I can expand the amount of teams. This, in turn, will lead to more expenses like; uniforms, coaches, and tournament costs. However it should lead to more revenue due to the increased amount of players joining the program. Also, I would like to over time be able to own my own facility where the teams can practice and tournaments can be held to bring in more revenue. 

My goal is to have a competitive advantage in the quality of my program. The players will be able to get a lot of individual attention and become well rounded players, as well as, people. They will enjoy playing and spending time with their teammates. I believe quality will be a big factor for parents and the players. Also, I feel like I could be competive on price. There are a lot of programs that charge a very high price to be on their team. These teams usually play year-round or close to it. I want to be competitive in price by having less tournaments at a lower price for the players that play other sports and maybe don't want to play basketball year-round.  

Monday, January 6th

Today in class we learned about the characteristics of entrepreneurs. They have to be able to see opportunities and be willing to take risks in order to be successful. Also I learned that money is not the only motivation for people trying to start a business. Most entrepreneurs have the goal of seeing their business idea becoming successful, and that is one of the biggest motivators for them. 

From what we learned in class today I found out what it takes to be a successful entrepreneur.  In order to be successful you always have to be looking for business opportunities. Which requires you to be knowledgable about different markets and the changing economy. I feel like I have some of the traits of an entrepreneur. I am never content and I'm usually thinking of different ways something could work better or be more efficient. Nevertheless, I feel that being knowledgable in what's going on in the buissness world locally and around the world is one of the most important traits in being successful. 

Also in class today we watched an episode of Shark Tank. I had never watched this show before but I did find it pretty interesting. The first pitch was a mango preservative that apparently was very tasty. None of the sharks invested in this idea for numerous reasons. I, personally, would not invest in this product because I am not knowledgable about the market for mangos. The next pitch was a phone app that found your blood alcohol level by blowing in it. All of the sharks invested in this idea. This is something I am a little for familiar with and I would feel comfortable investing in this idea. I found it to be fairly simple but a very useful technology.