1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
The biggest surprise in this chapter was reading the due diligence section, which highlighted an entrepreneur's role of thoroughly analyzing every facet of an existing business if he or she plans to acquire it. The author provided extensive detail in regards to the major features that are critical to know in a potential candidate for acquisition.
2) Identify at least one part of the reading that was confusing to you.
One part of the reading that was confusing was the pricing formula.
3) If you were able to ask two questions to the author, what would you ask? Why?
What are some companies that currently exist in a particular industry that would be better off if they rolled up? It always interesting to see news of companies merging together, like the merger of Cingular & At&t, or T-Mobile and MetroPcs.
What are the best ways to obtain an objective valuation of your own start-up? Emotional biases play a huge factor in the downfalls of most entrepreneurs' start-ups.
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
No, there wasn't anything to disagree about in this chapter as the information provided was backed by research and studies.
Showing posts with label Week 13. Show all posts
Showing posts with label Week 13. Show all posts
Sunday, April 10, 2016
Celebrating Failure
1) Tell us about a time this past semester that you failed -- whether in this class, or outside of this class. Don't spare any details! It'd be even better if there was something you tried several times this semester, and failed each time.
Something that I failed at this semester would have to be business finance. I thought it was just "another class" that was purely hyped up in terms of difficulty. As it turned out, the class was even more challenging than I had originally anticipated. And although I had aced the quizzes and kept up with the weekly readings we were assigned, I still ended up having to drop the class due to failing the first exam...horribly.
2) Tell us what you learned from it.
I learned two things from that experience: repetition and being organized are two essential keys to success. Its not enough to just read something once or watch a lecture and assume that you "got it." It takes repeated efforts to make sure you understand the subject thoroughly. As the TAs and the professor himself mentioned, practice, practice, practice, and then...practice some more. I disregarded that advice and, consequently, I paid the price by having to withdraw. Being organized is more than nailing the due dates of assignments and not looking back. It's about the steps you take in order to become knowledgeable and prepared. In hindsight, I was in disarray as I tried to cram my studying in for not just business finance, but for my other classes, too. This meant that I wasn't able to put forth my full effort into my assignments as I was forced to pick and choose which assignments were top priority. This, needless to say, lead to undesirable results and further pushed me to drop the course.
3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were four months ago?
Failure is a tough pill to swallow, but it truly does help at causing you to evaluate ways in which you could avoid repeating the same mistakes twice. In addition, it's humbling and requires you to approach a situation in a more open-minded way. For example, Thomas Edison discovered one way in which he could light a bulb. But the history of lightbulbs doesn't end there. In other words, its important to approach situations with an inclusive mindset.
Honestly, I don't handle failure well. I'm my own worst enemy, so I harshly criticize myself when I fail. It forces me to reevaluate my priorities, and also, causes me to think about ways in which I save myself from the embarrassment of failure. By taking this class, I've learned to take more risks and to be more confident.
Something that I failed at this semester would have to be business finance. I thought it was just "another class" that was purely hyped up in terms of difficulty. As it turned out, the class was even more challenging than I had originally anticipated. And although I had aced the quizzes and kept up with the weekly readings we were assigned, I still ended up having to drop the class due to failing the first exam...horribly.
2) Tell us what you learned from it.
I learned two things from that experience: repetition and being organized are two essential keys to success. Its not enough to just read something once or watch a lecture and assume that you "got it." It takes repeated efforts to make sure you understand the subject thoroughly. As the TAs and the professor himself mentioned, practice, practice, practice, and then...practice some more. I disregarded that advice and, consequently, I paid the price by having to withdraw. Being organized is more than nailing the due dates of assignments and not looking back. It's about the steps you take in order to become knowledgeable and prepared. In hindsight, I was in disarray as I tried to cram my studying in for not just business finance, but for my other classes, too. This meant that I wasn't able to put forth my full effort into my assignments as I was forced to pick and choose which assignments were top priority. This, needless to say, lead to undesirable results and further pushed me to drop the course.
3) Reflect, in general, on what you think about failure. Failure is hard, isn't it? It's embarrassing, sure, but it also means that we have to change something about ourselves. Talk about how you handle failure (emotionally, behaviorally). Finally, talk about how this class has changed your perspective on failure -- are you more likely to take a risk now than you were four months ago?
Failure is a tough pill to swallow, but it truly does help at causing you to evaluate ways in which you could avoid repeating the same mistakes twice. In addition, it's humbling and requires you to approach a situation in a more open-minded way. For example, Thomas Edison discovered one way in which he could light a bulb. But the history of lightbulbs doesn't end there. In other words, its important to approach situations with an inclusive mindset.
Honestly, I don't handle failure well. I'm my own worst enemy, so I harshly criticize myself when I fail. It forces me to reevaluate my priorities, and also, causes me to think about ways in which I save myself from the embarrassment of failure. By taking this class, I've learned to take more risks and to be more confident.
Wednesday, April 6, 2016
My Exit Strategy
1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?
I plan on staying with my business for several decades. I can't picture selling my business to another company unless I was entirely sure that they would be able to maintain the core values of my organization. In the time-span of several decades, I could envision myself diversifying my organization into different ventures, like, for example, QuikPay Go, which would allow the consumer the convenience of ordering their favorite meals from home and being able to pick up their customized order at a set time. I would shift my company into data analytics and cloud computing because I believe it would allow my company to predict new trends; furthermore, it would allow my R&D department the opportunity to create new products and services, akin to the vision of Google's parent company, Alphabet Inc.
2) Why have you selected this particular exit strategy?
I selected this particular exit strategy because it allows my company to grow. As I mentioned in an earlier post, no company survives without a constant reinvention of its services or products. By delving into data analytics, my company will be better adept at gauging customers' behaviors, and finding opportunities that other companies may miss. At the same time, my company will be able to function and thrive without my input after I retire.
3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?
Yes, my exit strategy has influenced the ways I identify opportunities. Opportunities don't exist, for the most part, in a vacuum. It involves insight, intuition, and innovation. That being said, it's important to gather the feedback of potential customers before investing into a product or service. Analyzing what the customers suggests plays a key role in determining the feasibility of your idea. However, sometimes the consumer does not know what it wants until you invent it. So, my company will oftentimes create new services or products and see how the consumer reacts to it.
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