Showing posts with label Week 13. Show all posts
Showing posts with label Week 13. Show all posts

Sunday, April 10, 2016

Week 13 Reading Reflection

1) The biggest surprise for me while reading this chapter was the extra earnings figure because you can use that to estimate the value of items that we cannot physically grasp.
2) One part of the reading that was confusing to me was reading about the pricing formula because there are so many steps. It is interesting how you take the average annual net earnings and then subtract that number by earning power and salary.
3) If I were able to ask the author two questions they would be:

  • What is the method the author would use to analyze a business?
  • Are there more aspects to the due diligence questions that we aren't covering because we live in America?
4) I did not disagree with the author in this chapter because everything I read about was mathematical and not very analytical.  

Tuesday, April 5, 2016

Celebrating Failure

         In this entrepreneurship class, we had to give out free money to random people on the street. My friends in this class didn't want to do this assignment because they felt uncomfortable giving free money to people. I was super uncomfortable, but I decided to just do it. On a Sunday night, I stood outside of a Publix supermarket in Orlando, and offered a dollar to anyone who walked out of the store. Every single person said no to me, and walked away looking at me like I was a complete freak. It was probably one of the most degrading moments of my life. Every person who I offered money to and refused to accept it was a failure. I learned that people will say no and it will make you feel uncomfortable, but there is no way to know if they will say yes unless you put yourself out there. Failure is embarrassing and insulting, but I have learned to deal with it by accepting it. If I am failing it is because I can improve on something. I could have used different tactics to give people the money. One can always improve on one's self, and that is what failure is all about. Not about failing, but about what you can change to succeed. This class has changed my perspective on failure by making me realize it's okay. I didn't fail the assignment because I didn't give away the money like most classes would have done. Instead, I wrote about how I could have improved, and what I would have done differently. I am much more likely to take risks now. In fact, there was an officer position open in one of my clubs, and usually I would not be the one to run for that kind of thing, but I am running, and I don't care if I loose. It's the experience that counts, succeeding is just an added bonus. 

My Exit Strategy

        I plan on staying with my business until I retire because my product will be in high demand for years to come. In many University buildings, there are not enough outlets for their students, and it is cheaper to buy my product instead of building new buildings with more outlets in them. I think that my business has the potential to be very lucrative; therefore, I plan on running this business till I retire.My exit strategy has influenced other decisions for my product in the way that I have made sure I can continue to expand my business to be the most successful it can be without going bankrupt.