The ups and downs from the management journey

 We are a couple weeks into the management class, I was fueled with fear for what this class will be like. Will it be terrible? Will it be great? Time will only tell; but so far I have learned things that will make me become a fortune 500 CEO. I have learned all about finance. How companies like Amazon didn't turn a profit for years. I also learned good marketing strategies and what a company needs to have to maintain health. Coming into the class, I expected to further my business Stumfort, however I am focusing on another company so I can give them my expertise and understand what to look for first before focusing on my company. I am looking forward to sitting down with the people from TM Design/Build LLC firm and point out their weak spots so that they can become a stronger business all together. The most challenging aspect of the class will be taking what I have learned from this class and putting it towards my company Stumfort and remembering it's not the end of the world if we don't make a profit our first year. This will be tough because it could be hard to maintain positivity when we're not making a profit. This class will be great for my future in the Business world by teaching me all about the technical side of business and the structuring. This class will keep my business hopes alive.

Top 5 Tips for Young Entrepreneurs (Stomfort)

1. Start Small - You should always start small when first beginning a business. Try to find one solid idea and only add bigger and bolder ideas once the business is bigger. Too many ideas at once can be very overwhelming and lead to not getting much done.

2. Research Everything - This is key. A rising entrepreneur should know about the competing goods or services in the market, the input costs of manufacturing, and the needs of the target market.

3. Set Regular Objectives- You need to set objectives in order to keep on track. This will establish a momentum for your business to continually grow and never become stagnant.

4. Choose An Idea That You Are Passionate About - Why would you want to create a good or service that you are interested in? If a person opened a Laundromat when they are more interested in baking cakes, they will not be as successful because they are just not as invested in what they are doing. You need to love what you’re doing, because if you don’t love your good, chances are that no one else really will.

5.) Never Give Up - There are going to be bumps along the way. What if your manufacturer charges more than you can afford in order to make your product? What if you have to slap a patent on your good to prevent others from stealing your idea? You have to believe that it will all be worth it in the end and just keep pushing forward.

Top 5 Mistakes to Avoid When Starting a Business

Top 5 Mistakes to Avoid When Starting a Business

1. Do not pick an idea you aren't passionate about.

When starting a business, be sure to pick an idea or area that you are passionate about. If you choose something that you are passionate about, rather than focussing too much on the bottom line, the results will follow. When working on your business, you don’t want it to seem like work, and it should always be something that you want to be doing.

2. Do not be afraid to pivot or fail

Especially in the beginning do not become too attached to your idea or product. A large portion of the time, your idea could fail. Take what you learn from this failure, and use it to pivot, or completely drop the idea and try to come up with a new one.  

3. Do not spend too much money when you start a business.

Always start small. Don’t invest too much money into your new business idea first and try to locally expand and promote your idea without a large amount of investment.

4. Don't be overrun by the numbers

Always listen to your customers wants, within reason. Especially if you’re starting small, you need to value every customer and focus on them more than the bottom line. If you treat your customer right, the profits will come.

5. Do not underestimate the amount of time it will take to do things.

Starting a business takes a lot of effort and time and you will not be able to create a business within a day, keep this in mind and do not stop the work until the end. Always overestimate the amount of time it will take to do things.

5 Tips for Starting a Business

Coming to the end of the process, we at EZ-Box realize much more than we did at the beginning of the process. To help out future entrepreneurs, here are 5 tips to starting your own business.

1) Create a business that will improve people's lives
Your business with have to be something that grabs people's attention. So make sure that people will actually want to buy your product or service, not a fad that's designed to break down or only appeal to a very small crowd.

2) Pick a catchy name
People need to remember your name. If people can't remember your name, then the business won't spread or will be completely forgotten, doomed to be confined to your garage or the corner of a decrepit strip mall. Pick a name that resonates with what your business is supplying so avoid names that might sound catchy and fun, but don't actually have anything to do with your business. Klunch might sound nice, but if your business is making pillows, the name doesn't fit.

3) Know your competition
It doesn't have to be a business that sells the same product as you. As long as there is a substitute for your product or service, there is competition. Once you know your competition, it's up to you to figure out ways to make your business better than the alternative. If people would rather choose something else than your product, then figure out a way to make your product more appealing.

4) Get feedback
No business is flawless. You make think that you have all your bases covered but chances are you don't and there are many flaws with your plan. It's hard to see these flaws from the perspective of the person who created the business, so pitch your idea to your friends, or better yet, a stranger and get their feedback.

5) Know your investors
Chances are that you don't have a couple hundred thousand or million dollars just lying around. Neither do I. So you're going to need to find someone who does. Find someone who could potentially be interested in your product, and once you do find out their likes and dislikes. Find out how you need to pitch to them. If your investor is all straight business then telling him a joke might not work, but giving him hard information about your business might. Vice versa, try lightening the mood if you think that your investor might like it. Do your research about them beforehand.

Top 5 Tips for Young Entrepreneurs

1. Research

• It is important to research the competition in your field, such as any pre-existing names or products.

2. Survey

• Be sure to reach out to potential customers to see if there is any interest. 

3. Change

• Be open to making changes to the product or company if something goes wrong.

4. Advertise 

• Use social media to your advantage. Get your idea out!!

5. Confidence 

• Have confidence in your company and in yourself. If you believe in your products others will too!

5 Must Know Tips For Young Entrepreneurs

1) Make sure you don't fall in love with your idea. Just because you love it, doesn't mean consumers will.
2) Don't get discouraged if you are offered criticism. Instead, apply in to your business. Everyone has a different point of view, you need to respect that and incorporate it into your company.
3) If you want something go get it. Don't wait for opportunities to come to you. You need to take the initiative and go make your own opportunities.
4) Know about your competition. You need something that makes you special and draws the customers from your competitors pockets into yours.
5) When presenting, be passionate. You can sell your idea if you can make others believe in it the way you do just like the guy in this picture