Week 12: The Last Lecture

Being an entrepreneur is not a small task. It is not something to be taken lightly, and it is not something that you can just jump straight into. If you fall into that track, then you will fall straight onto your face down the road. It will not go well for you. Being an entrepreneur takes a lot of hard work and more importantly, it takes a lot of long planning. As far as direction goes, I think that I would definitely recommend to find a book or two or three on how to start out being an entrepreneur. That will be a great guide for you in your path to becoming one. There are a few different types of entrepreneurs too. You can start up your own company or business, which is the most typical way, but there are also buying into a franchise or buying an existing company. Those are two other ways that I have learned, and each of those have their upsides and their downsides. Franchises can be great because you won’t have to start up anything. It will already be there and will be ready for you to jump right in, but it will still require you to start up the business. They will give you all the required materials that you need to un the business, and give you the supplies to be able to do it. But know that you will still need to hire people, and also be there to run the day to day things. Franchises are great if you don’t mind giving up a little bit of your profits to the company. They usually require a flat percent on the revenue that is brought in for your store. Also, some other companies will put in a restriction where you can only own a few stores. That will limit you. The other option would be to buy an existing company. This is goo because it is already set up, with employees and a presence in the community or online. But the downside is because you don’t know why the company is being sold in the first place. That can be a little bit of a risk because maybe the company was going under and the president or owner or CEO didn’t want to try and save it, so they are just trying to sell it off quickly before anything bad could really happen. Overall, my suggestion would be to be sure to do your homework before becoming an entrepreneur.   

Comments

Post a Comment

Popular posts from this blog

Week 6

Week 6 was mainly about being able to know when to and when not to take risks. Risks can be all good or all bad, depending on what way you look at it. Risk taking is important because if you do not ever take risks, then you will not ever be able to survive in the real world. Surviving in the real world needs to have risks accosted with it because if you do not take them, then you will never have the chance to grow or to learn. Growing and learning are key characteristics of becoming a successful entrepreneur. If they are scared to take any risks at all, then they will not be able to see the big picture and therefore will not be able to have the most about of money made, or change made, or whatever their goal is as an entrepreneur. Risk taking is vital to success. We learned that when we are willing to risk things, tat we are also therefore willing to risk the amount of space needed to grow. These risks could be money, they could be time, they could be employees hired, they could be a n...
Read more

Week 9

Week 9 we talked about how well we need to prepare for the future. We talked about successful businessman and successful businesswomen who know how to have success. They are able to have the amount of success needed to provide for not only themselves but also the rest of their family for the rest of their life. We also finalized and made sure that we had the amount of money needed to be able to donate to kiva which is the place that you can donate money to help out investors and entrepreneurs from around the world in third world countries. We chose to help people in Paraguay with food. It will help those who might not be able to afford their own food. I know that that would be so hard if you couldn't afford food. Food is a necessity of life, and without food you cannot survive, let alone be an entrepreneur. I also learned a lot of motivational tools that can help me to be successful in my own life. This is important because when I am successful, then I am able to create opportuniti...
Read more