Success and the Future

My family currently owns and operates a family business in which myself, my father, and two of my uncles are involved as well as several other employees. As I read about different things in family business that are important to its success, I compared it to the personal experience I  have had in this area and they are a few key take-a-ways for me. The first is defining clear roles within the business. This week emphasized the importance of being clear and defining the roles that each person would play. This has been a struggle for us sometimes in our business especially when it came to defining my role. First hand I can tell you that it gets a little bit frustrating. The second thing that stood out to me was the joy that can come from running a family business. It can be stressful because as well all well know, money and family can be a touchy subject, but when handled correctly it can bring much satisfaction and joy. It provided opportunity for a father to see his children be successful and to learn and grow together. I know that my dad has a dream in which out family business becomes profitable enough to support generation after generation as the company is passed down. As that begins to happen, clear communication is essential to the whole process.

My 100 dollar challenge is becoming successful now. I sold a set and potentially a second set of tires that I purchased if the transaction goes through. I also have online sales of other parts as I mentioned before. I have not finished updating the accounting but I think I may have reached the 100 dollar goal already due to my good margins. There is so much potential for growth. Each time I speak with the supplier I learn of other parts that they take and dump or give away or sell a wholesale bulk rates to other companies. There is potential to organize an agreement with them to sell those parts in their shop but I am not sure why they haven't done it yet. I am interested to continue to speak with them about the issue.

Problems and Progress

This week has been ups and downs all the way along. I learned that franchising is not for me. I am not really interested in a hybrid entrepreneurial/still have your own boss type of venture. I really enjoy the thrill and the adventure of creating an idea and a dream and creating it from the ground up. I like to create the problem and solve it rather than just manage it. I also was reminded, through my own personal ventures, that it is important to obtain financing for your business long before you need it. I am currently in a jam for one of my companies as I have business and need the funding to follow it through. I know it will work out as I work hard and pray harder but for now its a little frustrating. My 100 dollar challenge is going well. I started selling more of the same jeep part that I sold before but still have not sold my tires. I am working on a solution to get a better turn over rate. Maybe I need a new audience/market. I am going to approach the dealership and see if they will allow me to sell them outside their dealership in a little display. Its a bit of a long shot but it could work. I am working hard to make my 100 dollars and I think I'm on track but it will be close. I am also trying to define my dream. What is really important to me? Who do I want to become and how can my business ideas help me to sustain that?

My first Dollar

I made my first dollar! I know it took several weeks but I finally sold my product! Hopefully it will pick up and I will be able to make my 100 dollar goal by the end of the semester. I actually did not sell my tires that I purchased yet but it was a jeep part that acquired through the same source. At any rate I am pretty excited. This week on my entrepreneurial journey, I leaned a few key things that I feel are important to remember. The Acton Hero that we studied, Catherine Rohr, was inspiring to me. She talked about how business transformed her view of people and of life and the transformation she made from specifically seen people in jail as animals to seeing them as the great people they have potential to become. She now uses her talents to help others make transformations in their lives. It was a huge reminder that the most important thing in this life is not successful business, its people and the relationships that we develop. Elder L. Tom Perry also touched on the values side of business and the spiritual side in one of our readings. He talked about how we should first seek to build the kingdom of God before we seek riches. Then the Lord blesses us with success if we should desire it to do good and build the kingdom. The Lord wants us to be successful but He also knows our true purpose and measures of success in this life.

The Struggle is Real #Entrepreneurship

This week for reading and learning, I learned tons about the importance and the how to of hiring and firing employees. I learned from the good to great reading the most companies hire with a backwards mentality. Most companies try to say where they are going and then find people to get on the bus that want to go that direction. In reality, successful companies put the right people with the right people on the bus and then decide what direction would be best to go. I also want to remember that its important to take as long as it takes to hire the right person and when someone needs to be let go, to let the go as soon as they can be replaced so it doesn't cause mores issues within the company.
My 100 dollar challenge business is not going as planned at all. I have not sold a single thing yet and I am starting to get anxious about it. However I am considering new crowds to advertise to, changing my prices, or just being a little bit more patent and seeing if it can work out. Either way I am confident that I will be able to work it out because I'm dedicated to being successful. I know that in one reading we read about how it was important to find a balance between being obsessed with an idea and being dedicated. I'm working on discovering that line in my own business.