REFLECTION ON CHAPTER 3

I have learned a ton of interesting and valuable information in Chapter 3! I learned the eight entrepreneurial trends. The eight entrepreneurial trends include, internet business, home based, strategic alliance, social responsible non-profit business, corporate ventures, services, outsourcing and focus on technology. They all differ from each other in how they are made, how they are run, where they are run, and many other ways; but together they make up the business world and they all have their own effect on the society they are in. I learned the difference between a franchisee and a franchisor. The franchisee is the buyer of the franchise, while the franchisor is the seller of a franchise. They have many similarities and difference which I learned thanks to the vin diagram. I also learned about trade magazines, trade shows and specialty magazines which are all huge parts of the business world! They are magazines based on the business world that let you know what is going on and can keep you updated. I learned that demographics are personal characteristics that describe a community. The main point I really learned is this chapter is all about the “franchise”. I never knew any of this information before taking this class. A franchise is a legal agreement to begin a new business in the name of a recognized company. It’s a quick way to start your own business without all of the other obstacles you have to deal with, when starting a business from scratch. The only down fall is that you aren’t your own boss because your just taking ownership of a store but you still have a higher power to answer too. Over all, this was one of my favorite lessons yet and I thoroughly enjoyed learning more about the business world!  

FRANCHISE VIDEO feedback

We watched a franchise video in class. It was a video to show us how to get started on buying a franchise. It showed us how many companies are sold in the U.S. as franchises. A franchise lets people own/run business without risk of a typical start up. It showed us some of the steps in purchasing a franchise. For example, step one of buying a franchise is getting a copy of the FDD. The FDD is an acronym for, Franchise Disclosure Document. The normal start-up cost is $200,000. A Franchise fee is usually varies from $10,000 to $50,000. Lenders rely on the Small Business Administration for franchise information. Item 20 helps you learn more about store openings, closings, franchisees numbers, and gives you an idea of the success you should expect from your franchise. It was a great informal video!

Link: http://www.bloomberg.com/video/74720473/

ENTREPRENEURIAL TRENDS

I think the Strategic Alliance is the most successful Entrepreneurial Trend. I say this because you work together with another successful company, to make more profit. You also attract your clientele and theirs. So you can possibly increase your sales by getting some of their buyers to buy your products. This is why I think the Strategic Alliance is the most successful entrepreneurial trend.

RELFLECTION OF CHAP. 2

I learned a ton of things in Chapter 2. I learned the rewards and risks of taking on a business and becoming an entrepreneur. I learned the difference between capital and investment. I learned that competition is everywhere, even in the business world. As an entrepreneur, you have more freedom than your employees. You can choose to work from home or from a work place. As an entrepreneur you make an economic contribution to the community. I learned the skills you need to organize a business. I learned the 12 characteristics you need to be a successful entrepreneurs. I learned a lot in chapter 2 and look forward to getting more business knowledge.

12 CHARACTERISTICS OF AN ENTREPRENEUR

I chose Risk-taking to be the most important characteristic that every entrepreneur must have. I chose this to be the best characteristic out of the 12 for many reasons. If you are scared to take risk and don’t believe it’s going to be worth it, you can never be a successful entrepreneur! Taking risks is the first step in being an entrepreneur. If you can’t comfortably take the risks of investing in your business then you can’t be a successful entrepreneur. You have to be willing to take risks that you think and truly believe is going to benefit your business, without knowing the outcome. It’s as simple as that.

Why be an entrepreneur? Post your collage on your blog. in paragraph form, explain in detail the reasoning behind the words chosen. It must relate to REWARDS, RISK, and CHARACTERISTICS.

My collage portrays some of the many risks and rewards of being an entrepreneur and taking on a business venture. Taking on a business venture is one of the most risky tasks you can take on and challenge yourself with, because your business can easily fail leaving you with debt. You never know if the population is going to take a liking to your business or if it will just flop. Although it’s a huge risk starting up a business there are also many rewards too, and in my opinion the rewards outweigh the risks. I have portrayed many rewards on my collage. I chose to put the #1 Cash Rewards Program because If your business becomes successful than so will your bank account.  In my opinion, by doing something you enjoy, doing it on your schedule, being your own boss, and making bank at the same time, it would ultimately be the #1 Cash Rewards Program.  I included the SUMMER: (now available at home) because by taking on your own business, that means you are going to be your own boss.  This means that you can choose when you want to go into work, or if you want to work from home, meaning that you could enjoy your summer at your house. I included RICHER on my collage because essentially by owning a successful business you will become richer in pocket, mind and body. I included EXPERIENCE on my board because as you go on and build your business you’re going to build experience (from mistakes and competition) and knowledge, which will help you in life and in the business world. I included the designed house, because you can build your dream house from scratch by being your own boss. You will have the money and the resources to build your own house; you will also have the times on your hands to design your house because you’re not on a schedule. I included the family cooking in the kitchen, because by running a business you may not get to spend time with your family as much as you wish. I included the nice car because you can have just about any car you want if your business is a success! If your business flops then you will not be buying this nice car but probably riding the Marta… but good try though! I included the picture of the lady doing labor in the corner because by owning your own business you won’t be doing labor; you will be hiring people to do that for you. I included the credit card to represent debt. If your business is a success then you won’t need credit cards but if it isn’t then you will be in debt and probably be dependent on credit cards. I included the beach ball to represent vacation which your family could take when they wanted, because you’re not on a certain schedule. I included FED UP because you might get fed up with the hardships of owning a business and quit doing it.

There are many rewards to taking on an Entrepreneurship and being an Entrepreneur. One of the most obvious rewards is that you can be your own boss. By being your own boss it ultimately means that you almost free to do what you want. You can set up your own schedule. If you’re not a morning person then you can go into work at night, or vice versa. You can also know where your job stands and know if your business is in trouble, opposed to waking up one morning and getting fired. Other than being your own boss, you’re going to be doing something that you enjoy and not something you dread doing. You are also making bank if your business is a success! You can also be creative and everything you do is up to you, your in control of YOUR business. That’s the best reward to me.