01/16/14 - Chapter14

Today we went over value and the fair market value. Value is subjective and not objective. It's an opinion based on the facts/knowledge of one person or maybe a small group. In order to better value something a person would need to compare it to other like businesses and such. This could be done by the basics of the business or their net earnings for that fiscal year or for a different period of time. Fair market value would be the price of a property valued by the market and how it compares to other businesses like it in the area.

Today is the last day if the entrepreneur project and I learned quite a bit from it. I learned how to better work in a group with an inactive member and how to pull a business together in a short amount of time and deliver properly. I liked being my own boss along with three others, it wasn't as if someone was breathing down my neck like a boss might. Maybe now with this knowledge I will start my own business, only problem is to find out what it would be. All 14 packages sold to 6 people made their day. Some recipients were so excited and raved on about how cute our project was.

01/15/14 - Chapter 12 and 13

Today we talked about the supply chain and types of leaders. Supply chain management is when a supervisor watches over sourcing, procuring, production, and logistics. They follow this line from raw material state till the final product meets the consumer. There are different types of leaders to run businesses. Two major ones are coercive and authoritative. Coercive is more of a pressuring commander or drill Sargent. Authoritative sets goals and leads like a friend.

I think this information is important because it's always nice to know traits of leadership styles and makes me wonder what kind of leader I am. In order to be able to run a business on my own I would need to know what kind of leader I am and how to improve on it from there.

The entrepreneur project will be over tomorrow and we have everything bought and ready to be put together Friday morning.  I had to go to pRty city to get a few extra things and Erika had to get so,e things at Walmart to finish up fully. The emailed deadline ended at 3pm today, we got a total or four email orders. It feels good to be almost over. I might miss it.

01/14/14 - Chapter 10 and 11

We talked quite a bit about how an entrepreneur finances their business. They can be financed by grants, loans, and exchange for equity. The entrepreneur doesn't have to pay back any grants or gifts, but of course needs to pay back loans. They can also get money from an angel, who is a wealthy individual that will invest in a business. Entrepreneurs can float on that investment money until they need to pay back the money.

I think this information is important and will be useful in the future with my accounting and business management double major. With this information I will know how to obtain money to start and grow a business for myself.

Since we decided to cut the singing part of our project out it is quite a bit less stressful. It would have been nice, but we didn't have enough time to all be able to get together to get a true lay great sound. We are planning on sending the email out tomorrow. Today we finished writing up and editing how our email will be seen and Erika took a picture for it. We will send out the email tomorrow.

01/13/14 - Chapter 8 and 9

Today I learned more about balance sheets, income statements, and when to talk to the bank about a loan. Since I am an accounting major I know quite a bit of information about income statements and balance sheets, but I learned a few more things today. For example I learned that net worth is the same as owner's equity. I thought those were two different things.

Learning about when to talk to a bank about a loan was very helpful. It makes sense to pay bills by the due date and not too far before, because you can still earn interest of the money in the bank. Also I will always remember to plan in advance about taking loans out at the bank and let them know of future loans and about how much they will be.

Today we decided to not sing anymore. It changes our project quite a bit, but I think it will be worth it. When Erika, chaunte, and I met and discussed our project and tried to practice the singing part, we realized it was a bit too much. We needed to edited ourselves in order to have a projected flawless layout.

01/10/14 - chapter 7

We talked mostly about the payback period and how to calculate the economics of one unit of a product. The payback period is the estimated amount of time it will take to earn more money than the start up costs. When an entrepreneur has multiple products they need to know how much each unit costs. For each product they sell they need to find a separate EOU.

I think this information is important. If I went into business by myself I would need to know how long it would be till I cover my start up costs or if it is possible.

The project is going well one group member isn't showing much interest in the project. I think it's because we all compromised instead of going just her way. Otherwise we are making progress and getting plans together to do out singing sweethearts project.

01/09/14 - chapter 5 and 6

Today we talked mostly about marketing and how to make a sale. Marketing contains the four p's: product, price, place, and promotion. With the four p's an entrepreneur will have a successful brand if they are all used to benefit the customer in order for them to associate with you and your business. Other ways to stay successful with marketing a business is effective pricing and a reinforced integrated market. An entrepreneur can make a sale if he/she talks more about the benefits of a product rather than all the features it may contain. When listening to complaints an entrepreneur needs to take that information to fix the product or service.

His information was very important to me, especially with the part about making a sale. I used to work for a larger hardware and more retail company and I learned quickly that I needed to help customers choose between two items that were practically the same. The customer didn't want a reading of the information on the packaging, they wanted my opinion on which one I would buy. I've also had to listen to quite a few complaints on said company and I would fix it or find someone who could.

The project is coming along I'm excited about how it will turn out. Who doesn't want a singing valentine? Only problem is how to keep this going until valentines day and learning the songs.

01/08/14 - chapter 3 and 4

Today we mainly went over how to research and find sources. Primary research is a direct conduct with a subject or subjects, while secondary research is done by looking up other people's research. This would include articles, surveys done by telephone and written out, focus groups, and observations. In order to be a well rounded entrepreneur they must know the customer, listen to the customer, know who the customer is, and what the customer likes and dislikes.

I think this information is important because in order to have a business and maintain it an entrepreneur needs to know who their customer base is and what the need to their business in that specific area. If I end up creating an accounting firm I would need to know how many firms are around and what they specialize in. Otherwise I could.build in an area with quite a few accounting firms and have no as great business like I could have if I researched.

Today we discussed about baking cookies or giving the people candy as well as the song we will sing. We are getting out ideas together and trying to compromise over them. A bit of tension today, let's see how this pans out in the end with the end product.