Blog 8 - Setting Up Your Venture

Throughout this semester I have learned a great deal about myself as an entrepreneur. Thinking outside of the box and seeing products and services from different perspectives has helped a lot in becoming more creative. Before coming into this class I felt like everything you could possibly think of in terms of products had already been thought of and created. I have learned that, while it may seem that way, the products and services that are out in the market can always be improved and new things are constantly appearing. However, now when I see something or hear of a product or service that is not quite working like it should, I think of ways that it can be improved. I have also learned that being an entrepreneur is more than just having a good idea. It is about being aware and knowledgeable to the whole business process, from marketing to research. Experience is important to all entrepreneurs and I know that if I ever start my own business that success is not going to come at the first try.

I think the most noticeable part that I have learned about myself as an entrepreneur is looking at things through a different lens, as I mentioned above. I am constantly thinking of how problems can be fixed, how things can be made easier, and how existing products and services can be improved.

~ Adrianne Siler

Blog 7 - Planning and Financing Your Venture

Personal finance issues have a large impact on a business venture. First of all, many entrepreneurs use personal funds to help get their venture idea started. So being aware of costs and how much you actually have to spend becomes important. Not only that, but knowing what to spend it on to make the most of the funds you have is important as well. Also, when you go to other people to get help with the funds for your venture, such as a loan or investment, the people giving you the money want to know that you are responsible and that their loan or investment will be used in a helpful way and that it will pay off.

Another issue that I think has an impact on a business venture is that the entrepreneur is able to budget and manage their money appropriately. Being able to understand their finances, as well as knowing how the money is being spent and what it is being spent on is important in being financially stable, and keeps them from getting in over their heads. Although accountants are available and can be used to help, knowledge of finances and financial documents, such as the balance sheet, income statement, and statement of cash flows, is powerful in helping entrepreneurs know how their business is doing financially.

~ Adrianne Siler

Blog 6 - Screening Your Venture Ideas

Based on my venture hunt and screening process thus far, I think my digital shopping list would be most likely to succeed in the global market and in my own community. While there are some shopping lists gadgets in the market, they are not fully digital and in the end a paper list has to be printed off. In my digital shopping list idea, grocery shopping and errand reminders would be in the palm of your hand. Everything seems to be digital today and I think it would make shopping much easier and less of a hassle, especially when there are many items that need to be purchased. A built in calculator and calorie counter will help budget money and determine the calorie count of foods being purchased. Also, recipes could be downloaded from computers so planning meals would become much more simple. While it would mainly focus on grocery shopping, a built in calendar would be helpful in remembering birthdays and holidays in which gifts need to be bought.

Everywhere you look people are glued to their cell phones and other electronic devices and this will be no different. I think that it would succeed because it is a system with multiple built-in components that people wish they had while buying food and planning meals. Forgetting or losing a paper shopping list would no longer be a frustration.

~ Adrianne Siler

Blog 5 - Searching for Venture Ideas and Opportunity Recognition

Searching for venture ideas can sometimes be difficult, especially when you are considering making a large personal investment of your own time and money. There are many sources that can make suggestions to you and help get the ball rolling on new ideas. Often times people pick ventures that interest them personally. This can be good and bad. It can be a plus when the entrepreneur is both interested and knowledgable about the veture. It can be a negative when the entrepreneur is intersted but not knowledgable. This can create a huge problem. An ideal situation is when the person is both interested and knowledgable on the subject.

Opportunity recognition is also key. A good way to recognize a good opportunity is to identify a need or a lack in a certain are. Once you have identified this, you can come up with a way to fill this void. An entrepreneurial eye is key and can be developed over time.

~Justin Brown~

Blog 4 - Creativity and Innovation

Creativity and innovation are both very important to an entrepreneur. Although people tend to use the terms interchangeable, they are not the same thing. Creativity involves the creation of ideas that results in the improved effectiveness of a system. When being creative we express our desire to break through the norms that have been set in place. It is a process of risk taking, motivation, and the ability to defend the creative ideas that one comes up with to others. Creativity requires that ones imagines things differently from how they presently are.

Innovation, on the other hand, bring the new ideas that we come up with in the creative process closer to actual entrepreneurship. "It is the process by which the entrepreneur either creates new wealth producing resources or endows existing resources with enhanced potential for creating wealth" (Kuratko, 2007). Opportunities are converted into marketable solutions during the innovation process that entrepreneurs participate in. Vision to create a good idea combined with the perseverance and dedication that it takes to stay with the idea through the implementation stages is what innovation is all about. Invention, extension, duplication, and synthesis are all types of innovation.

Both are very important to entrepreneurs because they allow for new ideas to be thought up and brainstormed in creativity, and through innovation the ideas that have marketing potential are thought through extensively and researched then further developed and implemented. Although creativity does not automatically result in new and usable items, innovation can translate an idea into a marketable solution. Innovation starts with a good idea, which often comes out of creativity. Both are very important to entrepreneurs.

~Adrianne Siler

Blog 3 - Learning From Failure

A time that I have experienced failure was when I did not make the volleyball team in 7th grade. I did not have any knowledge of the game other than when we played it in PE but I still thought I had a chance of playing. When I first found out that I had not made the team I was upset because it was something that I wanted to be involved in. It also made me realize, however, that I should focus on sports that I really enjoyed. I also played soccer and I was able to use my volleyball experience to recognize my strengths in that sport. It helped me focus on positives in my abilities and not dwell on my weaknesses. I think that this failure has affected who I am today because it has taught me to always continue to better myself in areas that I know I can succeed, but also to work on areas that need improvements.

This particular failure will help in my ability to overcome the hurdles of being an entrepreneur because it taught me to not give up. Failure does not mean to completely end the process, but to look at the process from a different angle and make needed adjustments. Entrepreneurs are not always going to succeed, but the failures that they face are learning experiences. I believe that my particular failure was a great learning experience for me.

~ Adrianne Siler

Week Two - Entrepreneurs have a tolerance for ambiguity, are calculated risk takers, and have a high regard for integrity and reliability.

The very nature of an entrepreneur would suggest that he or she has a high tolerance for ambiguity and may even like it. This is suggested due the the various ambiguous aspects of entrepreneurship such as not having set hours, not having any set way to conduct your business, and not being 100% certain of the future direction of the company. One of the things entrepreneurs enjoy most about having their own business is the ability to set their own hours (even tho most of the time they end up working more hours, they are still set by the business owner). This along with the ability to decide how the business of the company is conducted are amongst the top motivators for steeping out on one's own.

Being a calculated risk taker not only encompasses the mindset of an entrepreneur, but it essentially encompasses the mindset of the average person. Everyday we take calculated risks. Many times during our day we take calculated risks without recognizing them as this. We sometimes calculate the risk of skipping class and missing important information, or the risk of exceeding the posted speed limit and receiving a speeding ticket. An entrepreneur takes risk calculation in a much more deliberate and methodical manner. An entrepreneur must ask him or herself what the probability of success is, how deep is he or she willing to get into a venture, what amount of money they would like to devote to the venture, and what the possibility of failure could mean for the business and it's owner. These risk must be carefully calculated and assessed in order for the entrepreneur to make an intelligent decision.

Entrepreneurs must have a high regard for integrity and reliability both on their end and on the end of their suppliers and other inputs. With these two key pieces the business will eventually sink. In a new venture a reputation must be established. This should be one of both reliability and integrity. This will set the business up to begin to build a loyal following and a good name amongst consumers. Also these things are important in a supplier. Without a good supplier a business cannot function.

Justin T. Brown

Week One - New Ventures

I think that the predominance of new ventures in the economy is in part a reflection of the mindset of Americans. As a culture Americans are risk takers, opportunity seekers, and like to be in control of their own success. Being an entrepreneur and starting new ventures is linked to all of these traits. New ventures in the economy are important in maintaining and increasing economic stability and growth. As our textbook states, over the past 10 years 600,000 new businesses were started up each year in the United States alone. For ever 300 adults in the U.S., one firm is created. I think this number is important because entrepreneurs are what drive our economy. The more entrepreneurs there are creating and expanding markets, more opportunities will be present to increase economic success. The new ventures also create jobs and opportunities to others, which as we all know is a huge problem in today's economy, and therefore would help sustain our communities.

In regards to new ventures, if I were to create one for the new economy I would create one that focuses on alternative energy sources and the education to the public about these sources. It would provide ways in which to run your home or business using the least amount of energy as possible. Not only is this a growing market, but the demand for these products will more than likely be increasing for many years to come.

~ Adrianne Siler