Week 5

One of the main things that I learned from this week’s lessons was the important of being different and standing out.  So often we feel that we need to fit in and be just like everyone else.  But the opposite is true, even in business.  In order to be recognized, the  or service needs to stand out above and beyond the competitors and make consumers notice you and your business.  This is so important in the $100 challenge we are currently working on.

I find the point of standing out in this challenge to be difficult for me.  I chose to do something that is fairly common, especially in this area.  Photography is a growing trend in our community, and there is a lot of competition.  However, I have chosen a few strategies that I hope will help me stand out above some of the others.  First, is the price point.  I chose to go a little lower than what most are asking for in the area, mainly because of lack of experience.  I also chose to offer a more custom package deal than most, with the flexibility of saving money by printing pictures and cards by the printer the customer chooses.  For this week, I have set the date of the photo shoots I will be doing, and have started getting the word out by word of mouth.  I have a few customers lined up already, and plan to expand my marketing strategies using social media this upcoming week. 

Week 4

This week beginning the leg work of the $100 challenge.  Up to this point, a lot of research and brainstorming has been put into the process.  Now is the time to put that knowledge and work into action and beginning working on this project.  I am completely excited and nervous to start this process.  I am excited because of the direction I chose to go.  I have decided to start a little photography business, which is something I have dreamed of doing for years.  It will be fun to put that dream into a little reality and get a taste of what this is like.  I am nervous as to the success of this project.  I was so grateful with one of the assignments for the week that focused on optimism.   Such a great reminder of the importance of having a good attitude throughout life and trials that may come.  Though I hope any road bumps along the way of this challenge are minimal, I know that with a better attitude the outcome with be better. 

For this next week, I have chosen to focus my direction with the challenge in two areas.  I plan to create and get a blog up and running for the project, as well as pick a date (or two) for the mini-shoots I plan to offer and start getting the word out.  I have decided to do the shoots soon so I have plenty of time to do the editing and get the pictures and digital cards back to the customers in a timely manner. 

Week 3

After completing the readings and assignments for the week, I now have a better understanding of the importance of a business plan.  This document, if put together correctly, will make or break a potential investment deal.  It is vital to do the research and homework and provide in detail the plans for the potential business.  Completing the case study and discussion boards this week were invaluable.  It was amazing to start out with one opinion at the beginning of the week, but after reading and discussing with other students, I was able to get a clearer understanding from a different perspective and changed my mind. 

I found the article on “How to Avoid Common Startup Mistakes” very useful and practical.  The point that really caught my attention was the reminder to stay on target.  So often, people have these fantastic ideas that are the next big thing.  Unfortunately, they often lose interest or sight of their goals too soon and find themselves off target with their adventure.  It is important to stay focused, yet be flexible for any hiccups along the way.  As Richard Branson said, “A successful entrepreneur will constantly adjust course without losing sight of the final destination.”

Week 2

This week we read and learned about different business models, as well as brainstorming some ideas for our project and future business.  The readings and videos this week were interesting and full of good and simple advice.  One thing that caught my attention was the “rule of three” when starting a business.  It will always take three times as long and cost three times as much.  Something to definitely remember in the future to be able to plan for.  Also, another point learned this week was “creative abrasion” and why it is good.  When creating or brainstorming for a new idea, it is important to have intellectual diversity on the team.  I find this similar to the BYUI Learning Model of teaching each other.  When there is diversity, the idea is thought from various angles (as when students teach each other), therefore allowing for a more innovative and creative approach.  There will come times when that will create friction or “abrasion” in the team, but that can again help solve problems and come up with the best solution.

To sum up, the following said by President Hinckley, while it could apply to many aspects in life can also apply well when starting up a business, “Now, be faithful, be true, go forward, be ambitious. Don't short-circuit yourself. Don't stop now. Keep growing. Keep going. Educate your minds and your spirits and never lose sight of the fact that you are a child of God with a divine destiny and capability of doing great and good and wonderful things. Don't sell yourselves short. Don't cheapen yourselves. You know who you are. Each of you knows that you are a child of God and that your Heavenly Father expects something great and noble and good of you.”