Conclusion/ Advice

The first piece of advice I would give to those starting their entrepreneurial journey is to find your passion. Starting a business with the sole purpose of making money will not lead to true happiness. Doing something you love will make it easier to get up in the morning and give you the feeling of self-accomplishment. The caution I will give is that this is not a cake walk. Starting your own business is tough and requires long hours. Going back to the first point, if you aren’t doing something you love, it will be harder to put in the long hours if there is no enjoyment in the process. Be willing to roll your sleeves up and get two work. Know your customer. This is probably one of the biggest pieces of advice I can give to someone starting their own business. The customer is what drives the business. If you don’t know your customer, you won’t be able to make necessary changes or build customer loyalty. The last piece of advice I give is to not being afraid of taking risks. Giving up salary or a well-paying job to start a business is a risk. Your family and others could be affected by your decision. Despite all this, the payoff is more than worth it. You can be your own boss and control your own future. Commit and don’t look back. If there are speed bumps, get through them. The road of an entrepreneur takes patience and continual effort.

Week #12

This week we were able to do a trial and error assignment and submit a report with our work. We were to research an entrepreneur who overcame obstacles to get where he or she is today. At first I thought, “well this is going to be a little difficult, I don’t know any off the top of my head.” As I began searching the web, I found several examples of successful entrepreneurs who had really tough trials get in their way of success. I liked the quote by Henry Ford that said success is 99% failure. These entrepreneurs have to go through a lot of failure to get where they are or were.

This week was a tough week for our business Custom Pillow Covers. We had finalized our last sales for the activity and were preparing to close the business. As we sent out the text messages, our customers were very sad to see us go. They became like family to us over the past weeks. Starting a small business has been challenging, but extremely rewarding. I would like to come up with something new and continue to do that on the side. My husband helped me a lot with Custom Pillow Covers and it has brought us closer together. 

Week #11

This week we were able to explore some case studies and have discussions regarding starting a family business. This allowed me to see some of the challenges associated with starting a family owned business. What I learned is that you really have to take into consideration how you are going to organize the business moving forward. You have to be clear about responsibilities, equity, salary, etc. Sometimes this is difficult to discuss because they are family and you are so close to them that talking business is difficult. Despite this challenge, it is necessary because it can definitely become muddied if things aren’t detailed and things go south.
This week was another great week for Custom Pillow Covers. We have had a lot of returning customers and we have been making seasonal pillow covers that are a hit. We had a lot of orders before thanksgiving, because people wanted there house to be festive and we already have more orders and requests for Christmas. It’s sad to see the business come to a close because we really have become connected with some of our customers. Having my husband alongside has really made a huge difference while doing this challenge. It has brought us together and actually made our marriage a lot of fun. Instead of watching t.v., we are out making money, creating posters and strategizing our next move. It has definitely been a valuable experience that we will never forget

Week #10

I forgot to talk about last weeks assignments and experiences.  I think was one of my favorite weeks in regard to the discussion board we had on the Roxanne case. Originally when I posted, I had stated that I thought North Carolina was the best decision for her because of the growth potential of her business. When I was reading through some of the discussions, I realized that growth is a very loose term and not always the best decision for a company. Roxanne was comfortable where she was in Maine, her company was profitable and she was able to provide jobs for workers who desperately needed jobs. We see the potential in North Carolina and all the sudden the money signs start popping up before we see the risks. By moving to North Carolina she would take on a lot more risks. Her company would not be nearly as profitable as before with the additions in staff and change in business model. She would have to change her product line which doesn’t guarantee success. What the discussion taught me is we can’t think all growth is good. Some companies have tried to grow too fast and lost the values and quality their business once had. Also, there are personal decisions to be factored into each decision. Life is too short to not do what we want to do.
This week for Custom Pillow Covers was on par with our average for the previous weeks. We actually had someone leave us a note saying we should visit x and y complexes because they have friends that live there who would want our service. Word of mouth is powerful and has helped us really build a bond with our customers. Although we only have about 9 truly loyal customers, they love us and are always giving us ideas on ways to grow.

Week #9

This week was centered on franchising and some of the benefits and risks associated with franchising a business. I really enjoyed the IceDelights case study as it gave me an opportunity to see what some of the associated risks there are with starting your own franchise. Not only are you strapped with the stress of starting a new location, but you also have to factor in market research, logistics and brand reputation. The other assignment I really enjoyed was the document that talked a little about franchising. It gave Mcdonalds as an example of a franchising opportunity. There are different variables that you have to weigh before making the decision to franchise.

This was a pretty steady week for Custom Pillow Covers. We did $30 in sales but also had a couple people bail on us which cost was sad. We don’t have a system to pre-charge people so that has been a concern for us throughout the semester that has not really been resolved. There are some people who tip and we figure the tip money could cover the last minute cancellations we get. People are pretty upset we are ending this business soon which is very sad for us.

Week #8

This week’s assignments and discussion boards really helped me to see the value of hiring the right people. One thing that we talked about back and forth on the discussion boards was how companies hire too fast and don’t know how to train the new hires. We pointed out how some companies hit a busy season and feel the need to hire someone even though they don’t have the resources or money to train the individual .The company also gets caught up in the need to hire so much that they hire fast and don’t take time to find the right candidate.
This week with Custom Pillow Covers, we experienced some trials followed by immediate success. We went from Monday to Thursday and had no business in that time period. We thought that this would be our first week where we generated $0 in revenue. Suddenly on Friday the pillow cover orders started piling up and we ended up having the best sales since we started the business. At first we doubted if this idea was sustainable over the course of the semester. We feared we might generate initial sales and then the interest would drop off. We keep trying to build customer loyalty and we have new ideas for building that loyalty for the upcoming week.

Week #7

One of my favorite parts of this lesson was the discussion board we had on leaders and what made Jesus a good leader. Before this assignment, I would have probably stated the more common attributes such as loving and forgiving. As I continued pondering, the attribute patience kept on coming to mind. Christ was the perfect example of patience in His relationship with His apostles. They were all new to the gospel and had little knowledge and understanding. Most managers are very impatient towards employees that don’t understand the principles they are trying to implement.  Jesus, however, was willing to see past their deficiencies and taught in parables for better understanding.
This week was our second week in business for Custom Pillow Covers. Business is going surprisingly well. Our customers have responded well to our "pillow talk" idea. There, I have been able to do exactly what the the customer wants. I am able to make and deliver quality pillow covers that our customers can enjoy. I have taken advice from those around me and tweaked a few things here and there, and I encourage my customers to give honest, helpful feedback.