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