This week my biggest takeaway was from my "interview with an entrepreneur" project. I learned a great deal from my interviewee that would have taken me months to find out on my own. Some of my key take-aways was the importance of knowing your customer. When you know your customer you can cater your business to meet their needs and hit that target every time. Guess work is ineffective and costly.
This weeks lesson topic was production, operation, and location. I took more from production and operations than I did from location so I will share what I have gained from those. In your own company it's important to have some formal processes to streamline your business. This is the whole idea of franchises (which we will get into next week, I know I'm excited too). Without order to how the business is run it can be chaotic, confusing, slow, and costly. This will require some time upfront to formally create those processes, but the work will pay back big time! This is especially true when you have employees who will then have some way of learning how to do a particular task step by step, and then be able to do that every time.
$100 Challenge Update
It seems my last project "the solar cell phone charger" has already flatlined. I haven't seen much activity in a few days, and this week in total I've earned only a few dollars. I've felt a greater sense of urgency to finish the "survival crossbow" as I feel this will bring in more traffic at the onset, and throughout it's lifetime. I've been working hard to get it done, and expect to have it finished next week. This has to be a good one as the semester is coming to a close within a few weeks. I hope to hit my target of $100, but if not I have learned a lot during this project, and had great fun as well. I will make sure to take extra steps to ensure the success of this final project including marketing through social media like pinterest, facebook, and Youtube. Doing this just might be the push I need before the semester ends.
No comments:
Post a Comment