Journal 4
| 1.Why do entrepreneurs get in trouble with the law? Entrepreneurs must focus on what has already been innovated when trying to approach a solution to a problem for the consumers. Some ideas can be taken and implemented from another entrepreneur which is like trademarking. All approvals must take place, or they will be unable to release the product to the world to be sold and make a profit out of. Ethical behavior as well for entrepreneur is also very important because a trustworthy entrepreneur is a successful one. It allows many more opportunities, investments, and supportive customers. |
| 2. What does psychology have to do with marketing? Psychology is good at changing behavior the same as marketing when trying to market products and ideas to others by knowing human behavior. Psychology evaluates the human behavior and decision making of humans. With Marketing they frame what will be gained for the individual by knowing how to understand the audience with a better impact on presentation. When knowing this behavior for marketing the audience will have to see what they will get in return that can impact their life but also be beneficial in profit. 3. What types of marketing sway my decisions? Marketing sways my decision when I hear great reviews or see the true benefit for me to make my life easier. I Believe that influencer marketing sways my decision the most because it shows a review of a product to see if I would be interested before buying. I like to look at marketing as an expense some expenses are things that don’t benefit my daily use so with this form of marketing it allows me to know if the innovative company is legit and not false advertisement. It Is also a way to get my attention because I use my social media, Tik Tok, YouTube to see others thoughts before I purchase what is being marketed as well. |
| 4. How can I pitch ideas better? I can pitch my idea better by focusing on my audience and reasoning for the pitch before I worry too much on the investors. I need to be able to iterate how I am solving a problem that is needed by others and different from what is already invented. The best way to be able to pitch idea is having a mock example that sold to a crowd that was interested. The elevator pitch is a great way to pitch ideas in a quick meaningful, impactful way that is well prepared within 30-90 seconds. This is a way to be able to not have a long drawn-out explanation but catch the interests of others that can be involved whether that’s a partner, investor or etc. 5. What are my strengths and weaknesses in pitching? My strength in pitching is knowing how to get across my purpose in a fast way which is the elevator pitch. I can explain the goal the objective and the intended audience. My weakness is being able to go into full detail when questions are asked to get more detail into a product. I feel like I tend to let my nerves give the best of me when I am seeking for agreement on my ideas because I want to please and afraid of failure. My other weakness is knowing what to leave out of the PowerPoint when presenting my pitch and what needs to be included. |
Journal 3
| 1.Why do ethics matter in entrepreneurship? Ethics matters in entrepreneurship because it is a reputation that is carried a long way and opens doors for new opportunities with other companies. It is a way to build a confident trustworthy business that customers trust and believe in. Entrepreneurship is a responsibility on decision making and thinking about not just themselves but others such as employees, community, or other businesses. Business starts up and embrace ethics in mission statements and reflects honest standards. |
| 2. How does my own personal budget related to an entrepreneurship budget? How are they different? My own personal budget relates because I know what my mortgage, light, water, and cable bill cost are and make that my main priority. Once my living expenses are paid and accounted for, I also consider car insurance, and other minor bills that have due dates. I must calculate the expected income for the month in order to be able to have extra money for clothes, food, gas, and all other fun expenses I plan so that I don’t spend more than what I earn. They are different because I’m not paying employees for working shifts in my business or paying vendors/investors a portion of my money based on contracts and agreements. An entrepreneurship budget is based on cash flow and financial statements in order to track revenue to grow. 3. Why do businesses need a budget or financial forecast? Businesses need a budget, so they can plan and make sure their plan is feasible. This is one of the most important things to have in a business because without tracking profit and changes of incomes the budget can be in the negative and cause stress on the owner or even employees if they are not paid. The cash flow statement is a great example because it keeps track of the in and out revenue of a business. |
| 4. What is your definition of social entrepreneurship? Give an example of an enterprise you read about from the Schwab Foundation website (Module page ” Social Entrepreneurship vs. Business Entrepreneurship-2). My definition for social entrepreneurship is a way to involve society and the community without thinking of income for the greater good improvement. An example of an enterprise from Schwab Foundation website is Roya Baghai, a founder video for change. She created the idea to have youth create 1 minute video on 21 century skills with their voice to address social issues. It allows youth to engage and feel heard but speaking up for others a to others which attract attention to humanities challenges in the world today. It is nationwide and all around the world youth can speak from their insight and be engaged with their community to bring awareness. 5. What are the most significant legal issues entrepreneurs face? The most significant legal issues entrepreneurs face is legal form. The legal form is the business and is attached to every moving part that makes the business successful or unsuccessful due to budget planning to tax planning for growth of the business. There are several legal forms that have different coverages for specific purposes. Sole proprietorship the company survival is only on owner. Partnership disadvantage is a risk if a death which will dissolve the form and if sued individually it affects the whole business. The c corporation handles most of the liability, but the ownership can be deferred. The S corporation or llc the owner pays less taxes, but its profit must still pay taxes even if not distributed and enough cash must be generated. |
Journal 2
| 1. What is design thinking? Design thinking is solving problems for a particular group of people that can help make things easier for them. It focuses on what is needed to help those that struggle day to day with daily task by creating ideas around the problem that can be used. This method is looking outside of what you see and observing and creating prototypes of ideas that can manipulate and emphasize with the group in the study. Design thinking is a combination of art and technology that provides five steps to creating a solution which are understand, ideate, selection, prototyping and validate. 2. How has design thinking influenced a product I use? Design thinking influences are around us daily that we have not taken time to notice. Some are obvious and some are thought to be an essential need but were once created by the design thinkers. One Product that I use is the new blow dryer comb brush. It is a blow dryer that is shaped that a brush and easier and faster to use for all genders and ages with hair. Before this there was the blow dryer shaped odd and uncomfortable and caused heat damage. This new blow dryer actually only needs to be ran through the hair once per layer and helps avoid having to use the flat iron. |
| 3. What are the connections between opportunities and planning? The connections between opportunities and planning is understanding what is needed not just in one particular group but across the spectrum and emphasizing on the need/sale. It is important to analyze the market and make sure the product is sellable. The planning comes with this because it is a way to create creativity and observation. This has to be organized and essential with becoming part of the audience and interacting which helps with the planning on who will benefit which is selection and ideate to be able to provide a successful product. 4. What opportunities have I missed? I have missed many opportunities within my lifetime but the older I get I realized the spectrum of my imagination is not where it used to be. The simplest ideas I had as a child are now being used by a particular group of people. There were no motorized wheelchairs and now they sell them for elderly to make getting around easier. There was no key finder and now everyone can buy one online and find their keys. Other opportunities are when I’m in a waiting room at the nursing home speaking with them to see what they see is needed and they don’t have and solving a problem without brainstorming ideas. |
| 5. Can a successful venture be unethical? Yes, I believe the unethical route can lead to also being unsuccessful in the long run when there are a lot of complaints and review of the venture. The bigger the business the harder it is to know whether the venture is truly unethical or are the particular clients/users just unhappy with what they get. For those that don’t look deeper into the product and are unhappy may have felt lied to and this is unethical business practice but is also legal. |
week 1 journal
1. Am I an entrepreneur?
From the modules material I have learned that anyone one from different walks of life can be an entrepreneur. An entrepreneur is someone who has a “thinking of how to solve a problem” stated by Nancy Grden. I am an entrepreneur due to my goals driven to graduate with a leadership degree it has opened up my experience with several different aspects of majors from law to the mindset of businesses and employment. I do not have to be a perfectionist but just have an idea how to make something easier for the clientele which would be my main focus. An idea made to reality is the start of being an entrepreneur. which is why my interest and hobbies can be a way to start.
2. What is success?
Success usually can be defined as reaching a goal and accomplishing what is needed. Success can be viewed several different ways depending on where a person has started and what progress has been taken to get to the main goal. Success in being an entrepreneur which has four phases business model creation, startup/funding plan. funding, and execute. Each step is a form of success by reaching each phase to get to the final destination. The largest key to success is making a plan on how to get here and where to begin.
3. Am I a self-starter? How well do I follow through on my ideas?
I am a self-starter because I have motivation to complete required task that are no monitored by a manager, professor, or there. I take pride in being able to write out my ideas and sort them out to be successful in the long run. I have started taking online classes since 2018 all of which do not require meetings or daily check ins. The fact that I have to prioritize my life around school and know where to start to be successful in a course shows my mind space. Many people cannot complete online courses due to no structure of sitting in a class and being told due dates and expectations.
4. How does ODU view entrepreneurship?
ODU is a great school when it comes to entrepreneurships because they don’t just teach classes like the one, I’m currently taking or start majors precisely on the subject. ODU is a school that wants their students to be well rounded in many aspects by providing outside resources and opportunities for students to be invested. I noticed how they have actual business sponsors that provide funding and events that help provide resources while in college so when a student graduates their will already be things lined up for success. I also noticed the ODU view on entrepreneurships is that if you volunteer and be a part of events show high efforts and can be beneficial for the student.
5. What is my role in this ecosystem?
My role in this ecosystem is to be a diverse leader in many aspects of life to my children, employees, business, clients and so much more. My role is to identify a problem and find a solution that can be beneficial to the world. In the world of entrepreneur leadership, I will need to learn how to study the direction the world is going whether that is with technology, mental stability, or even the effects of change in behavior of others. I would like to be able to create and observe growth throughout the ecosystem in a business mind state.