Review on SweetHearts
Well it was a good experience over all yes, there was a down to it, but is normal in all business.
Our Operations were as follow:
Chaunte and Jennifer: shopping for supplies, posters distribution on campus and assembly and delivery.
Patricia: Made the Poster.
Me: Shopping for supplies, picture of the package, purchase of the supplies and PP presentation.
It was a good experience at fist because it gives you a downscale of what operations could be like.
yes I lost a friend, but ironically it also happens in the business relationships, and what I took from this was to develop tougher skin and to keep doing what is right.
Thanks for the advice Judy :)
Tuesday, January 21, 2014
IX
SweetHearts
putting a price on the package was difficult because we had to come up with the idea of what the package would look like, then purchase the supplies and from there dived the cost per package. The only idea we had was to purchase our supplies from the dollar general store, which the product looked so low quality, this gave us another problem. So we had to turned in the supplies and shop at michaels and party city. So glad we did this. Yes it took more time to put in and we travel more than 10 miles to get our supplies but we had to in order to make a good product. So many things were tie to one another before making step one which was how much of a loan to take. lol. so all we had to go by is an estimate. I was nervous on how many orders we were going to have, because we only had 10 packages. I guess we will know until 4 or 6 pm.
putting a price on the package was difficult because we had to come up with the idea of what the package would look like, then purchase the supplies and from there dived the cost per package. The only idea we had was to purchase our supplies from the dollar general store, which the product looked so low quality, this gave us another problem. So we had to turned in the supplies and shop at michaels and party city. So glad we did this. Yes it took more time to put in and we travel more than 10 miles to get our supplies but we had to in order to make a good product. So many things were tie to one another before making step one which was how much of a loan to take. lol. so all we had to go by is an estimate. I was nervous on how many orders we were going to have, because we only had 10 packages. I guess we will know until 4 or 6 pm.
Day VIII
"The function of education is to teach one to think intensively and to think critically. Intelligence plus character that is the goal of true education" Dr. King Jr.
I keep hearing the same in every business class "ethics" its in every book. Professors even ask what would we do in certain case scenarios. Just like ethics, leadership and management you hear them all in the chapters. These three have a very power impact on the business when its done right. Ethics always ask what is right? This is where the owner actually gives scruples to the business. It is up to her or his character to define the type of ethics she or he carries, and as the owner the leader shows good morals than the rest of the team members will follow same action. "in theory"
But the opposite can occur easily meaning bad morals can easily influence bad behavior and quickly deviate from the direction of the business.
I keep hearing the same in every business class "ethics" its in every book. Professors even ask what would we do in certain case scenarios. Just like ethics, leadership and management you hear them all in the chapters. These three have a very power impact on the business when its done right. Ethics always ask what is right? This is where the owner actually gives scruples to the business. It is up to her or his character to define the type of ethics she or he carries, and as the owner the leader shows good morals than the rest of the team members will follow same action. "in theory"
But the opposite can occur easily meaning bad morals can easily influence bad behavior and quickly deviate from the direction of the business.
DAY VII
SINGING SWEETHEARTS ARE NO MORE!
The EE project originally started as "singing sweethearts" we were offering a singing telegram with a small gift (flower, bear, card and candies) but due to our conflict of schedules it was difficult to meet for the rehearsal, with all the stress we had to drop it. :-( but it was for the best. no cense in stressing when its just not due able.
Cash Flows and Taxes, one of the subjects that stresses me out, I have taken accounting but still it is very difficult for me to understand the ins and outs of this subject, but taxes I know I have to leave that to the professionals. lol. But cash flows, balance sheets, income statement I have to understand, this book teaches it a bit different from accounting :( they use other terms to start with. but I guess am going to keep studying until I have a good understanding. How can I operate the business if I don't understand the blood of the business.
The EE project originally started as "singing sweethearts" we were offering a singing telegram with a small gift (flower, bear, card and candies) but due to our conflict of schedules it was difficult to meet for the rehearsal, with all the stress we had to drop it. :-( but it was for the best. no cense in stressing when its just not due able.
Cash Flows and Taxes, one of the subjects that stresses me out, I have taken accounting but still it is very difficult for me to understand the ins and outs of this subject, but taxes I know I have to leave that to the professionals. lol. But cash flows, balance sheets, income statement I have to understand, this book teaches it a bit different from accounting :( they use other terms to start with. but I guess am going to keep studying until I have a good understanding. How can I operate the business if I don't understand the blood of the business.
Wednesday, January 15, 2014
DAY VI
KNOWING YOUR FINANCE STATEMENTS
Yes we can not all be accountants but if you can even read or have basic knowledge of what consist on you Income Statement, Balance Sheet or Cash Flow Statement, otherwise you are in big trouble. At the same time not knowing your basic finances is one of the reason of why 80% of business fail.
knowing what your business is worth is another item owners should know like the palm of their hands specially when dealing with for investors or applying for a loan.
Dealing with day to day basis knowing your cash flow means to know the picture or snap shoot of your business finances. How much cash you have on hand what is coming in and out. Money is the blood of the business. Cant operate a business without money. To have a good cash flow means having money in the bank, having enough money to pay your bills and cover the checks you have written out.
Understanding your companies finances will help you when it comes to filling your taxes!
Yes we can not all be accountants but if you can even read or have basic knowledge of what consist on you Income Statement, Balance Sheet or Cash Flow Statement, otherwise you are in big trouble. At the same time not knowing your basic finances is one of the reason of why 80% of business fail.
knowing what your business is worth is another item owners should know like the palm of their hands specially when dealing with for investors or applying for a loan.
Dealing with day to day basis knowing your cash flow means to know the picture or snap shoot of your business finances. How much cash you have on hand what is coming in and out. Money is the blood of the business. Cant operate a business without money. To have a good cash flow means having money in the bank, having enough money to pay your bills and cover the checks you have written out.
Understanding your companies finances will help you when it comes to filling your taxes!
DAY V
So far it has been an interesting class, I didn't know how doing the research was very important, and most of us overlook. Having an idea for a business does not cut it, even if its a great idea.
My idea for a business is Real Estate Agency, what open my eyes to this was knowing the customers profile, the trends and even knowing the type of generation of the sellers and buyers. Doing research, studying the market gives a clear picture of the customer.
For any business calculating your EOU economics of one unit is a must, once you know this information you are able to negotiate price on the stop, whether your dealing with a supplier, whole seller or costumer. Knowing your numbers is very important as a business owner you need to know your profit margins when there is a price change.
Our project we have calculated our EOU and our total cost is $2.18 on our product, and we are selling it for $5 therefore we making a total profit of $2.82, what is remain to see are the sells!!!!!
Thursday, January 9, 2014
DAY IV
ENTREPRENUERSHIP
One of the concepts that I have learn today was about REPUTATION, and how it means everything. I agree with this but I also have to add IMAGE is everything, like the image of the business, the presentation of the business. The basics on a business aspect on paper would be, to have the right name of the business, and mission statement. Aesthetically would be the facility, on conducting the business, and of course the owner is responsible for the reputation of the business. This can include: ETHICS on conducting/managing the business.
Today I had a weird moment, because I have been having trouble on managing projects or groups. Well being a leader is all new to me, and I keep loosing my identity in how to manage projects. What I mean is in how to delegate jobs with in the organization or group. Well today before class was over I had written a an email and I delegated the jobs to my group, and so far....it was ok.. because no one had the initiative to delegate jobs or guide the EE project. I guess I will see how it goes later one. Wish me luck!
One of the concepts that I have learn today was about REPUTATION, and how it means everything. I agree with this but I also have to add IMAGE is everything, like the image of the business, the presentation of the business. The basics on a business aspect on paper would be, to have the right name of the business, and mission statement. Aesthetically would be the facility, on conducting the business, and of course the owner is responsible for the reputation of the business. This can include: ETHICS on conducting/managing the business.
Today I had a weird moment, because I have been having trouble on managing projects or groups. Well being a leader is all new to me, and I keep loosing my identity in how to manage projects. What I mean is in how to delegate jobs with in the organization or group. Well today before class was over I had written a an email and I delegated the jobs to my group, and so far....it was ok.. because no one had the initiative to delegate jobs or guide the EE project. I guess I will see how it goes later one. Wish me luck!
Wednesday, January 8, 2014
DAY III
Creating Business from opportunities
Today, am understanding more and more about entrepreneurship and the basics. Like product and service, product is tangible and service is intangible. Another concept was knowing about manufacturing, wholesale, retail and service. Basically these are the different type of businesses. another term was COSS and COGS, COSS means Cost Of Service Sold and COGS is Cost Of Goods Sold. Another thing that I realize and I strongly feel is that Core Values of the company can be stated on the mission or vision statement. It's funny how all this process reminded me of BC United. In a way establishing BC United seems like a business a non-profit one at least. LOL.
As am doing my research am looking through secondary research that might guide me or give e an idea if its a good idea establishing such business. I used iowarealtor.com even though its not a national association they do give credible info regarding real estate. I did find other websites that also might guide me through out my business plan. This class makes me realize how it is important to do the research about the product or service I entail to establish. You know! Even though you don't need a degree to became and entrepreneur but having and education makes a whole lot of difference. I remember when my mom had asked (when I was a realtor at that time) To start our own company, its not that I dint have the courage, its that I just felt that you need to be knowledgeable about business. And now that am back to the university I can say that it was the right step to take. I love how my classes correlate to one another. But accounting its not my passion! but I can tolerate it.
Any who, going back to my business plan BP my market would be a ready and able real estate buyer/seller. I am wondering if the Real Estate agency has life cycle and if it does what would it look like? hmm another thing to think about.
Today, am understanding more and more about entrepreneurship and the basics. Like product and service, product is tangible and service is intangible. Another concept was knowing about manufacturing, wholesale, retail and service. Basically these are the different type of businesses. another term was COSS and COGS, COSS means Cost Of Service Sold and COGS is Cost Of Goods Sold. Another thing that I realize and I strongly feel is that Core Values of the company can be stated on the mission or vision statement. It's funny how all this process reminded me of BC United. In a way establishing BC United seems like a business a non-profit one at least. LOL.
As am doing my research am looking through secondary research that might guide me or give e an idea if its a good idea establishing such business. I used iowarealtor.com even though its not a national association they do give credible info regarding real estate. I did find other websites that also might guide me through out my business plan. This class makes me realize how it is important to do the research about the product or service I entail to establish. You know! Even though you don't need a degree to became and entrepreneur but having and education makes a whole lot of difference. I remember when my mom had asked (when I was a realtor at that time) To start our own company, its not that I dint have the courage, its that I just felt that you need to be knowledgeable about business. And now that am back to the university I can say that it was the right step to take. I love how my classes correlate to one another. But accounting its not my passion! but I can tolerate it.
Any who, going back to my business plan BP my market would be a ready and able real estate buyer/seller. I am wondering if the Real Estate agency has life cycle and if it does what would it look like? hmm another thing to think about.
Tuesday, January 7, 2014
DAY II
BUSINESS PLAN
I been thinking about my business plan, and I am definitely going for a real estate (RE) agency
I have not thought of the name :-( ooh my! But I decided to do it on a RE primary for my mother,
secondary for me, this will give me a feel on how to write a business plan and guide me as I establish my own connections and earn my (so badly wanted) BA, so when ever I am ready to make my own business, I would have an idea in how to. Who knows maybe the RE will be the umbrella firm. LOL. to my export company. So anyways, what I have learn from the Business Plan: Road Map to Success is one, you definitely need the knowledge on how to write one. Two the easy part is Mission and Vision Statement where it gets tricky for me are the financial projections. Maybe is because I hate the uncertainties??? I think I need to know how to calculate risk. That's what I don't like about business the "Risk Variable" I know it doesn't make sense but that's how it is. I don't know how to make projections on the RE Agency when everything is based on commission, and the ability of the independent contractor RE Associate. Any thoughts on that??
Also as I develop this business plan (BP) one thing that hangs around my head is that if am starting the business I must make it as realistic and see ways to save money. As I read the chapter it says that first year you see red numbers on the profits. So if I reduce my expenses so that the burden will not be so heavy. I wonder if there is any city grants for women making their own business? sounds like Research!
So what is my competitive advantage? what can the RE Agency offer that others don't? Well I thought of bundling common service use during the home purchasing transaction such as Mortgage, and closing company but most rare is offering a simple fee of $990 when its usually a 6% of the sale of the estate. TA DAA!!! lol.
I been thinking about my business plan, and I am definitely going for a real estate (RE) agency
I have not thought of the name :-( ooh my! But I decided to do it on a RE primary for my mother,
secondary for me, this will give me a feel on how to write a business plan and guide me as I establish my own connections and earn my (so badly wanted) BA, so when ever I am ready to make my own business, I would have an idea in how to. Who knows maybe the RE will be the umbrella firm. LOL. to my export company. So anyways, what I have learn from the Business Plan: Road Map to Success is one, you definitely need the knowledge on how to write one. Two the easy part is Mission and Vision Statement where it gets tricky for me are the financial projections. Maybe is because I hate the uncertainties??? I think I need to know how to calculate risk. That's what I don't like about business the "Risk Variable" I know it doesn't make sense but that's how it is. I don't know how to make projections on the RE Agency when everything is based on commission, and the ability of the independent contractor RE Associate. Any thoughts on that??
Also as I develop this business plan (BP) one thing that hangs around my head is that if am starting the business I must make it as realistic and see ways to save money. As I read the chapter it says that first year you see red numbers on the profits. So if I reduce my expenses so that the burden will not be so heavy. I wonder if there is any city grants for women making their own business? sounds like Research!
So what is my competitive advantage? what can the RE Agency offer that others don't? Well I thought of bundling common service use during the home purchasing transaction such as Mortgage, and closing company but most rare is offering a simple fee of $990 when its usually a 6% of the sale of the estate. TA DAA!!! lol.
DAY I
Entrepreneurs Recognize Opportunity.
Why did I take this path? what made me walk through the academics of "Entrepreneurship"
Simple for one I want to become a business women with my own business. Wow that
was very simple. I have been thinking of a product to start my own business and even
better I have seen how it works. At least some clue in how it works,
but we will get to that later on.
Newton's third Law states, that for every reaction there is an equal opposite reaction.
Well I have to apply this to business terms and it goes something like this, For every
consumer problem there exist a product or service (solution). To every problem there exist a possible solution, which is never easy to have or even recognize, but I believe it can be more adventures when there is a passion.Very difficult to achieve the solution part anyways. We all can see
there is a problem but what product or service would make life easier ?or safer?
As I read the chapter I see how Econ, Mktg, Mngmt, and Acct and even Leadership all come together. I am so glad I have taken those classes, it makes sense now, lol. I think that SWOT Analysis
really clears things for me when I reflect on my business plan. Basically looking at the pros and cons. a must do on every approach to life.
Why did I take this path? what made me walk through the academics of "Entrepreneurship"
Simple for one I want to become a business women with my own business. Wow that
was very simple. I have been thinking of a product to start my own business and even
better I have seen how it works. At least some clue in how it works,
but we will get to that later on.
Newton's third Law states, that for every reaction there is an equal opposite reaction.
Well I have to apply this to business terms and it goes something like this, For every
consumer problem there exist a product or service (solution). To every problem there exist a possible solution, which is never easy to have or even recognize, but I believe it can be more adventures when there is a passion.Very difficult to achieve the solution part anyways. We all can see
there is a problem but what product or service would make life easier ?or safer?
As I read the chapter I see how Econ, Mktg, Mngmt, and Acct and even Leadership all come together. I am so glad I have taken those classes, it makes sense now, lol. I think that SWOT Analysis
really clears things for me when I reflect on my business plan. Basically looking at the pros and cons. a must do on every approach to life.
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