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~