Success and Failures

Every entrepreneur should be a person who doesn’t allow negativity get the best of him, the entrepreneur should tune out negativity to make room for positivity. He should take responsibility for his or her own actions and work on changing what can be changed, and keep in mind that life isn’t always easy or fair and should not resist change.

If you are fired from your company you helped build like Steve Jobs never lose hope move on to establish your own. Mistakes and failures will come our way, but we should keep on trying till we succeed. We are to resolve the pain points we go through and the things that have been holding us back from becoming a successful entrepreneur and it will surprised us by the way we were able to overcome such challenges.

This week has been the best week for our $100 project in terms of much work and enrollment in our after school program.

Family Business

My journal is centered today on family business. Family businesses are increasingly being viewed as distinctive and economically significant business entities and for that matter It is important to construct an equitable business ownership plan for a family business because the business ownership plan specifies how the entrepreneur will transfer the business to the next generation. family businesses play a significant role in every countries economy and approximately 90% of the businesses in the United States are family owned and controlled. It also contribute significantly to the gross domestic product (GDP) and half of total wages paid of almost every country. The ownership plan may include financial arrangements and the determination of where all other assets will go and family membership in the business.

Commitment is one advantage of family business; Family members involved in running the business often are more committed to its success, because they all have a stake in seeing the business prosper. They invest most of the time to get the business off the ground, so they’re usually motivated to do what it takes to help the business survive and grow. Families normally places importance on each member's personal needs despite their business commitments.

Franchising

This week has been a week where my understandings of franchising were deepened. To quote “franchise is merely a legal document that defines a commercial relationship between the owner of a trademark, service mark, trade name or advertising symbol and an individual or group that wants to use that identification in business” Franchising depends on the trademark you have. Business franchising is the type of franchise which often provides a full range of services including site selection, training, product supply, marketing plans, and even assistance in obtaining financing.

Vanguard Cleaning Systems franchisees serve more than 10,000 commercial cleaning accounts and offers a master franchise program for experienced business people and a unit franchise program for beginning entrepreneurs. What have made their franchising successful are their janitorial franchise and a master franchise. The two opportunities are the reason the company has become so successful. Interested people can choose between hands on, owner and operator type of work or a more business minded master franchise opportunity. My $100 business is progressing steadily and and proud to be part of the team.

What really stood out to me after reading and watching the week 9  articles and the videos is adherence to principles or being obedient to the instructions given by our leaders whether in business or in the gospel of Jesus Christ. To qoute from Joseph B. Wirthlin’s Journey to Higher Ground, he says “on December 26, 2004, a powerful earthquake struck off the coast of Indonesia, creating a deadly tsunami that killed more than 200,000 people. It was a terrible tragedy. In one day, millions of lives were forever changed. But there was one group of people who, although their village was destroyed, did not suffer a single casualty”. Due to the leader’s persistence and the adherence of their people to the instructions given they were saved.

In the article “What To Do When Customers Only Care About Price” I also noticed that if we adhere to principles we will improve on our performances. In the article, it says and I quote “I am, however, suggesting that if you adhere to these principles, that you’ll improve your ability to deliver results for your customers at an improved profit margin”. And the steps were given one after the other.

Adherence to principles is important to each and every one of us if we are to improve on our performances. Elder Joseph B. Wirthlin said “as people heed the words of the prophets, the Lord blesses them. When they disregard His word, however, distress and suffering often follow” As entrepreneurs we must conform to the principles governing entrepreneurship and made sure the right things are done as we do that prosperity await us.

On our $100.00 project we gave ourselves one week break due to fatigue on the part of all of us and took the advantage of reflecting on so far what we have done and where we have gotten to.