Moving Forward- Principles and Struggles

This week has been full of money advice and interesting experiences. I learned so many things about money and its importance from the weekly readings and videos we had. A few key principles included learning to save and to budget. Every reading I think talked about how learning to save can be one of the greatest and most important things we can do as a provider for a family and as an entrepreneur. The management of money can be difficult but is essential for a successful family and a successful business. We read about how tithing and honoring financial obligations is important for success and many other little tips. One thing I found interesting from a video I watched this week was one man’s outlook on venture capitalist funding. He said that it is rare and you are lucky to get it if you can but he also said that it can warp you into spending more money on things than you should. He said to take the funds but if at all possible keep the boot strap mentality of only spending where it is needed to make the business grow and succeed. This is similar to good budgeting and saving principles that were discussed through the week. Some key take-aways to remember; learning to save money is essential, spend where you must, build accurate budgets and forecasts, hard work and optimism can get you through any low that you might be experiencing. Successful people do not quit when hard times come, they work harder and get through it. Every business will hit a hard spot but those that push through it are the ones that make a difference.

My $100 Challenge is already off to an interesting start. I tried to develop the product I wanted to sell and I have not been able to even get a working prototype. As a result I have solicited some outside help as well as formulated a backup business plan in a different area of business. As research continues and I try to make a sellable product, it will be import for me to keep my costs low as not to exceed me startup cost limit. If all else fails, I will switch to my second idea in which I will be obtaining used tires and selling them on the used retail market. Both are great ideas and I think both have great potential for success but I’m excited to see what I can make happen this next week.