blog topic eight

What have you learned about yourself as an entrepreneur?

I think what I've really learned about entrepreneurship is that it takes a big variety of skills to be one, and that the only way I'll ever really know that I can be successful at entrepreneurship is to get out in the world and try it. It's unfortunate that so many of us are going out into the world in the economic climate that we're in now, but I think this generation has what it takes to keep America competitive. I think this generation is more open to new ideas that the current generation in power, and I think that's really going to serve me and all of us.

That aside, I feel that my skills for entrepreneurship can be developed much further, and that really, they will develop naturally as I work with more people in new situations.

blog topic seven

[how do personal finance issues have an impact on a business venture idea?]

i think the main finance issues on a business venture ideas is that even if you think you have a great idea, you have to be able to convince other people that you idea is worth it.  if your target consumers aren't willing to pay what you need, this will ultimately affect your personal finances.  when budgeting what you need to make, you obviously are taking in to account how much you not only need to run your business, but what you need to make as a salary in order to live your life.  if you do not make enough money to pay your home electric bills, buy groceries, etc.  then this definitely is impacting your personal finances.  

another way personal finances may impact your business venture idea is if you plan on starting your business via a loan, but your are in debt or have bad credit, this may affect the type of loan or amount of money you are able to get to start your venture.

blog topic six

[based on your venture hunt and screening your venture ideas, which idea is most likely to succeed in today's global market, and your own community?  why?]

in our venture hunt, tory and i decided on a rooftop garden on top of the library.  of all of our ideas, we felt this would be the most successful.  not only would they have students and individual consumers, but they could also sell to local businesses, including the caf and different vendors inside of the euc food court.  this could also be  a place that involves students where they could take turn growing fruits and vegetables and making their own profits.  these ideas will be more fleshed out in our paper.  in today's global market, the idea of supporting local businesses is much more successful.  we all want to help each other on a more personal basis during this time rather than contributing to big corporations such as walmart who are draining the money out of all the other businesses.

blog topic five

If you could dream and have those dreams come true, what products or services would appear in the marketplace?

Honestly, what would excite me the most would be to see a more environmentally-conscience marketplace. Its hard for me to get excited about little techno-gadgetry, like phones, pdas, mp3 players, and the like (which change frequently and are obsolete within a few weeks of their release), but what I could get excited about is hydrogen-powered vehicles, or cars with very low or no emissions. The industry for green technology is potentially HUGE, and I dream that we will be able to drive around in cars, guilt-free one day. Funny, how our dreams of flying cars have faded, and now society dreams more of fuel-efficiency.

But in addition to cars, many things need to change. Rather than more products being produced, old products would be made obsolete and replaced with new, greener improvements. I think there is a an obviously huge potential for new green products, including new, more efficient homes, more efficient batteries, and new appliances that use less energy.

blog topic four

What is the difference between creativity and innovation? Discuss how you might need both as an entrepreneur.


Creativity and innovation are alike on many levels, but their end results are very different. Creativity is more of a mental process which involves thinking up new ideas that may or may not be created into a finished product later on. These ideas may be brand new or based off of previous concepts. Innovation is actually applying those ideas into a new way of doing something, such as introducing new methods or devices. Both of these traits are vital to entrepreneurship.
Entrepreneurs are always at risk to be taken over by another company. This company may take the entrepreneur's original concept and make it into something better which would squash the chances of the entrepreneur's design ever being successful in the market. Therefor the entrepreneur needs to be constantly inspired and thinking up of new ideas for his venture or ways to improve an existing concept.
Innovation is what sets one entrepreneur apart from the other. Both may have great ideas but whether or not those ideas can be transformed into something useful will make or break the success. If an entrepreneur can successfully enter brand new product which changes the way people do things, that is innovation at work with creativity.

blog topic three

Highlight a failure from your past - How might your past failures help you as an entrepreneur?

During my first couple years in college, the biggest adjustment I had to make was time management. During high school, time basically managed itself. Go to school from 8:30 - 3:30, get home about 4. Do my homework, or go to my piano lessons if it was Thursday. Eat dinner. Do any more homework or practice some more piano.

In college, suddenly classes were sprawled out throughout the day. I had mandatory concerts to either be in, rehearse for, or attend. I had seminars I needed to go to, committees to keep up with (I lived at the residential college at the time), and plenty of other things to do, to. Suddenly I had to fit everything in, including time for eating and studying, and my schedule changed frequently. Over that first year and a half or so of college, I made promises to friends and my girlfriend that I ended up not being able to keep, all simply because I was not keeping a calendar, a very simple task that hadn't really been a part of my life before.

I started keeping a detailed calendar, filling in all the required events I had to attend as soon as I got the syllabus. It changed my life. I was able to feel 'grown-up' by saying, "let me check my calendar"...and I actually had one. I was able to keep appointments and decrease my stress level by a LOT. I was able to feel kind of like a businessman. It was a great feeling.

I've worked for hire with individuals wanting to work on video and music projects, and have been able to immediately let them know what days I can meet and follow up with them. I think these skills as an entrepreneur are absolutely vital. I don't think there's anyway your entrepreneurial venture can succeed without keeping your calendar up to date and organized. It was such a simple thing, and it really made the difference between failure and success.

blog topic two

[What is Social Entrepreneurship?]

Social Entrepreneurship is a sub-group of Entrepreneurship.

A social entrepreneur still has the characteristics of an entrepreneur, such as innovative and driven, but often has different motives.

I see a social entrepreneur as someone who is not necessarily in creating new markets, but interested in helping to reform existing markets.  This may be an innovative idea to help some sort of disadvantaged population.

An example which I thought of would be the (RED) campaign which helps to raise money for mothers+children who have contracted AIDS in Africa.  Their strategy for marketing in so many places (cellphones, clothing, coffee) was developed by an entrepreneur, but with the motive of helping a disadvantaged community (AIDS).

The idea of social entrepreneurship is really interesting to me.

blog topic one

[Describe the predominance of new ventures in the economy.  If you could create a venture for the new economy what would you create?]

New ventures in the economy are continually being taken.

Approximately 600,000 new businesses are established in the US each year.

Also, the number of businesses that exist grow by 2% each year.

The majority of businesses are small firms which employ less than 20 people.

This does not surprise me.  Many people are interested in taking entrepreneurial adventures and starting their own small businesses.  Also, people seem to be more aware at the fact that large businesses are taking over, and are encouraging more local, small businesses.

*statistics from Thomson/South-Western