Entrepreneurship - Day 10

Today for our entrepreneurial experience we gathered all our books and shipped them on amazon. We couldn't sell about half of them, but we were still able to make enough to split about $10 each. We presented our results to the class today as well. Our plan did better than I thought it would to be honest. I wasn't sure if we would get any books, but we got a decent amount. Class was really short today considering we only presented our entrepreneurial experiences and listened to the others. Ours seemed to go well compared to the others.

Entrepreneurship - Day 9

Today we talked about continuing a growing business. Franchising was discussed and we looked up what is involved to start your own franchise and how much it costs. I looked up Taco Bell and found out that a new franchise will run you about $1.5 million for start up costs, and they offer free training for their new managers. We did our final planning on our entrepreneurship groups today as well. We found quite a few buyers actually and will be shipping most of the books tomorrow.

Entrepreneurship - Day 8

For class today Prof. Thompson discussed the start up costs of running a business. We did some research over what start up costs would be necessary for each of our individual business plans. One of the start up costs involves buying or renting the space needed so we put some thought into the location of our business and local buildings that could be leased. Following our break, the topic of human resource management was discussed. Prof. Thompson taught us about the types of leadership and the recruiting process of obtaining employees. We wrapped class up once again with a "Shark Tank" episode. The first presenters were a man and a woman who were offering a stake in a family fun clubbing experience. It seemed like a weird idea to hold a family gathering with little kids in a club. I didn't expect them to get an offer since their business plan, or lack there of, was confusing. The next guy had a wild presentation and was a really boisterous and crazy guy. I didn't think he would get funded either, but to most people's surprise Daymond made the deal.

Entrepreneurship - Day 7

Today we talked about ways to finance your business and looked up ways we could fund our own business plan. We looked up websites like Kickstarter and venture capitalists that we could utilize. We got the marketing aspects of our entrepreneurship projects figured out as well. Our project is coming together well and today we got the email sent and created the flyers. After our break, we went over the ways to run a business and the legalities of a business. Lastly, we watched another "Shark Tank" video. In today's episode, a guy wanted to sell equity of his meat company, but couldn't get a buyer since he didn't have the slightest idea of a marketing plan. Another product was a illuminated coolers. The presenters made the mistake of giving Kevin 33% of all royalties. They missed on a much better opportunity because they hesitated.

Entrepreneurship - Day 6

We were lectured over chapters 8 and 9 today. They involved income statements, balance sheets, and cash flow statements. We started class learning about income statements and balance sheets, and then we discussed our plan for our entrepreneurial experience again. Our group assigned jobs to each of our group members. I was assigned to be in charge of marketing since I have a twitter account. That means I will be making signs and posting on social networking sites, as well as sending out an email. After that we started up on chapter 9 and went over cash flow statements. The stuff we went over today mostly dealt with accounting principles, so I was familiar with some of it already. We finished class with another "Shark Tank" video. I thought the presentation wasn't the greatest, but the entrepreneurs had a good product and they earned the deal.

Entrepreneurship - Day 5

Today we had a guest speaker come in to talk to us, Anthony Rossi. He is a local entrepreneur and has had experience in the field, so he was able to teach us a little bit from experience. He explained the situation in Sioux City and all the possibilities for entrepreneurship. He said we were of the prime age to get started. Then he proceeded to show us his office along with some of his ideas, some of which are already active. I thought it was a cool idea to think of improving Sioux City through entrepreneurship. After that we took the test. I thought the test went well and included stuff we talked about or were quizzed on already. Afterwards we went over the video worksheets. I wasn't aware of microlending before the assignment so that was interesting. The last thing we did was write our opinion on a "Shark Tank" presentation and our prediction on whether a deal was made. That was for extra credit.

Entrepreneurship - Day 4

Class today was much shorter than our other classes. During that time, we covered more of the marketing aspect in business, including the 4 P's of marketing: Product, Price, Place, and Promotion. We also worked on our entrepreneurial experience again. We talked a little bit about our first test as well. The assignment we received tonight was a little different than usual in that we had to watch videos and answer question on them. We had a smaller class today since we covered the material yesterday, and we were supposed to focus on the test and the extra assignments given to us.