What have you learned about yourself as an entrepreneur?

I have learned that it takes a special type personality in order to handle to stress of the risks involved with entrepreneur activity. The principles and theories that I have learned in my business school classes have equipped me with the knowledge of what is needed to run a business, but I believe the most important aspect of becoming an entrepreneur is experience. I think I have learned all that I can from classes, but still need to experience the entrepreneur situation. I think one of the most important parts of this class is learning about failure. There is a lot that you can learn from the mistakes that you make and that just because your businesses fail it may not be related to your performance.
-Sarah

I have seen that entrepreneurship is a huge learning process. You come in with a set plan however, things change or do not go as expected. Once you have idea, the process of bringing life and keeping life in your business starts. Through taking this class I know the process of starting a business better; in a clearer sense. However, I believe much of being an entrepreneur is rolling with the punches, adapting and learning, this seems to be pretty constant.
- Joyce

How do personal finance issues have an impact on a business venture idea?

Financing plays a major role in a venture. The initial idea of a venture is important however, the financing behind the venture are the legs of the venture, without legs it cant stand. The financing of the venture determines whether the idea will actually become a real business and how long it will last as a business.

-Joyce

I also believe that financing plays a major role in your business venture. I thought of it as if a millionaire and someone without alot of money both were starting the same venture. A millionaire would be able to take more calculated risks, then someone without alot of money. It would also be the same as someone with a bad credit score. I dont believe it matters with the idea, as to much how the business will turn out in the future.

-Sarah

Based on your venture hunt and screening your venture ideas, which idea is most likely to succees in today's global market,and your own community? Why

A coffee kiosk would be feasible in our current economy because it has low cost and high sales. The market research indicates that independent coffee shops are increasing their margins over the dominate industry leaders. A coffee kiosk is relatively simple to operate, but requires a lot of time. The over headed is cheap compared to other full service businesses and if the kiosk is located near a college campus or any highly populated areas then your sales would be more constant.

- Sarah

If you could dream and have those dreams come true, what products or services would appear in the marketplace?

I believe that there are currently plenty of products in the marketplace focused on technology, but I would dream of a device that would incorporate all media into one portable device. I believe in the age of advanced technological movements there are all different types of technology that is not compatible and it makes it difficult to organize information. I have a blackberry, iPod, and Lenovo computer and I have a hard time organizing data and don’t have the ability to sync all my information to these items. I believe a universal device that can be used in multiple functions is on the brink of invention, but not mainstream in the market. Apple Corporation has made the largest attempt to convert devices together with other brands; however cell phones are the most popular piece of equipment, but least compatible.

-Sarah


I think that I would create a product or service that would help people or the environment on a vast level. So maybe like a fuel efficient solar engine that in cheap and easy to mass produce where you could attach it to existing vehicles. This would be better than current hybrid vehicles because it could recharge while driving and would not cost alot of money.They although could quite possibly kill the oil industry billions of vehicles would now have a environmentally friendly stable way of transportation.
- Joyce

Past Failure

A failure that had a significant impact on me happened when I was in high school. The teacher assigned four people into a group and we had to do a project on a country with a presentation at the end. My team members and I discussed what parts to divide up and work on and we would meet the day before it was due just to put it together. I worked on my part and finished everything and felt confidently about the work I had done. The day before the project was due I found out that another person in the group wrote down who was doing what part and she wrote it down incorrectly. She had assigned my part to someone else and the other three girls had followed the sheet and not what was said. This left me with one afternoon to complete a week’s worth of work. It turns out that I got the project completed, but not to my standards. We received a “C”, but the most significant lesson learned was not to trust people without full communication. I have always worked very efficiently getting my work completed and never leave it to someone else. Group work is difficult because it takes more work, however if everyone does their share then more can be accomplished.

-Sarah

What is the difference between creativity and innovation? Discuss how you might need both as an entrepreneur.

Everyone can be creative; however, creative ideas do not necessarily translate into something that other people will understanding or even like the product. Innovation appears to take the next step in the entrepreneurship process. Where innovation seems to require a little more depth. Innovation consist of creativity and plus the addition of feasibility and the consideration of appeal as well.

Both creative and innovation are necessary to be an entrepreneur. There is no point in having a great idea without the interest of potential customers
-Joyce

I believe that creativity and innovation are vital in starting a business because that is the essence of entrepreneurship. Creativity deals more with the process of coming up with something different or unique to any topic in the business. Innovation deals with primary a completely different perspective of a new concept or an existing one. Creativity is focused on the unrestricted thinking and innovation has to be practical. The iPod is an example of innovation because Apple wasn’t the first company to invent digital music device, but through innovative means it became to most influential.
-Sarah

What is Social Entrepreneurship

Social Entrepreneurship is a form of entrepreneurship that encompasses traditional characteristics of business to social problem solving. The most important aspect of social entrepreneurship is its opportunity to utilize a perceived problem into their mission. The only determining factor that makes someone a social entrepreneur is the subject of the business.
-Sarah


I definitely agree with the social opportunity being the major part of social entrepreneurship. The type of opportunity available certainly defines all organizations.
- Joyce

What kinds of questions should be examined before deciding to start an entrepreneurial venture?

The types if questions that need to be examined before starting an entrepreneurial venture involves the sections of a feasibility analysis. The entire idea of the business must be examined in to separate parts to see if it is possible. The major questions center on the financials because many view the financial parts of a business the most important. The marketing, industry, operations, legal, and management are other areas to discuss. Many businesses fail because they did not forecast their operations accurately resulting in a shortage in cash flow. Business ventures must examine all their parts in a feasibility analysis and business plan before continuing.

- Sarah

Entrepreneurs have a tolerance for ambiguity, are calculated risk takers, and have a high regard for integrity and reliability. What does this statement mean? Identify someone in popular culture that is an example of your response.

The statement means that entrepreneurs have to be flexible to their surroundings and knowledgeable about their situations. Entrepreneurs are a special breed of business because they do not concentrate themselves into one field or specialty, but all. The statement mentions tolerance for ambiguity, and that means a person who perceives information in a neutral way. This is an important skill to have because it aids in understanding the whole picture. The statement says entrepreneurs are calculated risk takers, but all that really means is they are not gambling on their venture. They research and weigh all the possibilities until they decided on the risk. A person with a high regard for integrity and reliability is ideal for strengthening a good business relationship. I believe that Steve Jobs fulfills the characteristics addressed in the statement.

- Sarah

Describe the predominance of new ventures in the economy? If you could create a venture for the new economy what would you create?

Describe the predominance of new ventures in the economy?
Entreprenuership is definately a growing entity around the world and specficly in America. The numbers speak for themselves, within the past ten years, 600,000 start-ups are being launched per year, within the millinuem US businesses shot up to more than 25 million, a 2% increase every year. One in every 150 adults partake in starting a new business every year and 1 in 12 people are in the process of starting their own firm. These numbers alone more than prove how entreprenuership presses on to have a strong impact with Americans. The benefits of entreprenuership far surpass the assume earnings to its starts and employees, however, entrepreneurship, increases the competition withing existing markets, it creates markets with new products

If you could create a venture for the new economy what would you create?
Due to the many changes and challenges in America's economy I think that the type of venture is critical. I think ventures in the health and low cost entertainment industries would be a something to look into. Special detail in cost differentiation in a market is important.

- Joyce


The predominance of new ventures in this economy can obviously be attributed to the worsening economic situation in the United States. There are millions of workers that have lost their jobs in the recent months and more over the past several years due to globalization and out sourcing. There is a strong relationship between the number of entrepreneurs and the current unemployment rate. Due to many companies laying people off some workers have found themselves having to create work instead of find a job. If I were going to create a new venture I would want to focus in certain industries because of their reputation of stability. Healthcare and security are safe, so I would venture into those fields. There is adequate research that shows the elderly population is growing at unprecedented numbers, so home health or transportation would be a marketable venture.

- Sarah