$100.00 challenge

So far the services we are offering in the community park is yielding fruitful result. The kids are doing their best in collecting every bin after community game or activity. Challenges: Though we had an encounter with some of the community leaders as some of them were not informed of our services, and that the project was suspended for two weeks. So far, every issue has been resolved and are in full operation. The money we were hoping to generate were not forth coming as expected, but we are working hard to resolve that challenge and hopping we will be on the part of profitability.

 

Today my journal entry will focus on what starts the cycle of mediocrity in our work places and what can be done to solve such situation when it occurs which happens to a number of businesses. HMM talks about two factors that bring about mediocrity and they are low employee job satisfaction and high employee turnover which can cause sales and profits to plummet. This in turn brings poor service attitudes and leads to low customer satisfaction. Investing in training as a business is a sure way that skills and tools they need to perform their jobs well are provided and that they are able to use those skills and tools provided satisfactorily. A degree of latitude gives them the power and responsibility to make quick decisions and to recover decisively from mistakes. My $100 project is progressing steadily and everything is on cause.

ELEVATOR PITCH

When one is trying to raise money for his/her business or wants to perfect his/her business, the strategy is elevator pitch, As I studied the elevator pitch instructions given to us by our instructor, my mine came back to what I have already learned some years back “Me in 30 seconds”. A solid elevator pitch is an essential tool for achieving our goals in entrepreneurship. I thought of it as an executive summary that provides a quick overview of my business and its details. My "Pitch" focused on my "Big Idea" with the company name C-COMM. It covered a brief idea summary of my company, business concept, model and customers. When one identify a problem that is worth solving or the product/service we have identify does not solve a problem, then there is no market for the product.

Elder James E. Faust talked about opening the windows of heaven which gave me an insight as to the need of paying an honest tithing. As he was a boy he learned a great lesson of faith and sacrifice. What made him learned these lessons, is all about paying tithe. His father paid his honest tithe with the best stand of hay when their cattle’s had nothing to feed on. This is an indication of great faith and sacrifice. How many of us can exhibit this kind of faith?

Elder Wirthlin also encouraged us to stay out of debt and to pay honest tithe, continue to save, spend less than what we earn, honor our financial obligation etc. we need to be faithful in doing all these things thought by the elder. My $100 project is ongoing. I have been able to secure funding from my own savings for the project and hope by his grace the project will succeed.

Entrepreneur Journal

What has been my interest this week is the “This Simple Little GEM Can Help Your Business Grow and Grow by Stephen W. Gibson” it is a gem of ideas that may prove to be just as valuable to those of us who are into business and those who wants to start their businesses. What does it say? It talks about three simple business functions—Gathering, Enhancing and Marketing (GEM) and every business successes he has enjoyed from that day to this was determined to a great extent by his ability to manage these three elementary, but very vital, processes. As entrepreneurs in business we must gather every resource that is vital to our business, enhance those resources, to add value to the resources gathered and made sure they are marketed. He says we are “to break down the different activities and skills needed to improve each of the three functions”. On my $100 project, it progressing steadily as ideas and areas of business has been identified and business plan put in place will help me accomplish the business.

Defining the Dozen Questions also gave some business tips as to what to do when starting a business, things such as, What is your business idea, How does it meet a need?, What model suits you best? Etc helps us all when we are in the start-up.

 

Lessons Learned

Understanding Capsim for the first time can be tough but with determination and steadfastness it can be a whole lot of fun. It was tough in the beginning but going through the rounds it has opened my eyes to certain decisions, and I feel it’s fun. I made some decisions in performance and size and made sure that the decision I made is closer to high tech. Able falls within the round lines. Any advantage gained is cumulative and will carry over to the following year.

After one or two adjustments on R&D initiative I then proceeded to the Proformas to see how it has impacted on the exercise.  If good decision are made it will get you closer to the ideal position. It prepares the participant to make critical business decisions. The simulation teaches us what can happen to your business when proper decisions are not made. Capsim helps us to interpret key financial information and also deepen our understanding of financial ratios. Though difficult when starting I  will still want to continue. I believe what I have learned during the rounds 1^st and 2^nd will have an effect on the way I make decisions on my small business that I am operating.