Assignment:
Engagement/ Participation: Respond to two of your classmates.
Distinguished - Contributes to classroom conversations with at least the minimum number of replies, all of which were thoughtful, relevant, and contributed meaningfully to the conversation. Fully engages in the conversation with appropriate topic-based responses.
Proficient - Contributes to classroom conversations with the minimum number of replies that are somewhat thoughtful, relevant, and contributed meaningfully to the conversation. Attempts to fully engage in the conversation with appropriate topic-based responses.
Discussion:
Reed: Peer 1
One specific mistake that I believe would have the greatest impact on a newly formed company is confusing a good idea for a good business. "What turns a great idea into a great business is execution and a fundamental stage of execution is market research" (Taulli, 2014). The reason that I selected this one is that I believe that many entrepreneurs come up with ideas, which they believe are good, but do not take the time to research data about the local market and the consumer needs. If this step is not evaluated then the business may fail because the product or service does not meet the needs of the customer. They must further evaluate the local market to determine competition. ""Entrepreneurs develop new products that do not sell because they are not targeted at a specific audience's needs".
As an owner of a company, to avoid this mistake, I would have a marketing strategy to ensure that the product or services were profitable within the market by consumers. Once this has been established I would begin marketing strategies that consist of a mix of different ways of marketing that include website design, broadcasting advertising, design and printing, trade shows, and other types of events to reach the target market for the product or service that I was selling.
Resource:
Wyong: Peer 2
I chose the article by Matt Finneran, Cofounder, Sparkcentral. The article speaks about how to determine if a potential employee would be a hard worker or the right fit for the company. Choosing the right set of employees for a company determines the work environment as a whole. It is a common mistake among most employers within big and small companies. It is difficult to determine if a new hire is the right fit just by reviewing the resume or application. Testing, interviews, reference and background checks do not give a clear signal of the type of person that is being hired.
Most employers are not willing to put the time to engage in casual conversation with a potential candidate. Casual conversation sometimes can reveal a lot more about a person than the traditional method of a personnel search. Hard workers, in my view are persons that are eager to learn and maybe not as confident in their abilities, while still possessing the necessary qualification to fill a particular position. Most employers are seeking the skills and overlook the desire in the person. To avoid the entire process I would work through an agency, screening candidates by working them for a short trial period until the position is filled
Discussion:
S. Thomas: Peer 1
Cost and Demand:
The product is jewelry and the service is creating a specific piece of jewelry that has customer input in the design and selection of products used. The cost factor would be determined by the type of product the customers wants. This could range from carat gold, sterling silver, and platinum or rose gold. Another cost factor would be determined by the size of the piece, whether original stones or gems are involved in making the piece. The next factor would be how many hours are involved in making the piece. Packaging and production overhead would also be considered.
When I first started making jewelry I was following the fashion trends. I invested five hundred dollars into the jewelry and products I was making. I did not keep up with the cost of each item I just made jewelry I knew that was trending, and bought fabric and supplies I needed to continue the business. I had no idea what to charge so I priced my jewelry and other products a few dollars lower than retail cost. I thought that would encourage more sales, and it did. My products were a big success. Any money made went back into the business. I was buying products all the time, not paying attention to how much I was spending. Soon I was spending more of my money than I could afford. That is when I decided to create a spreadsheet to try and track the products I was purchasing and keep an inventory of what I was buying. I still had no idea about pricing and soon figured that I would never make a profit if I continued to price my products against what retail was charging because I was not in the same market as the retailers and I did not have all the necessary licenses to operate as a tax exempt business when making product purchases.
As I became more knowledgeable about what I needed to do for my business I narrowed the product selection and made it a more specialized product. By having input in the design from the customer it makes it a more personalized product. My main marketing strategy is word of mouth. If my customers like what I create for them then their referral is what generates more business. This week three of my pieces will be worn in a local fashion show. This is the type of exposure that will be great for growing my business. This summer a friend and I will display jewelry in craft shows for additional exposure. Before then I hope to have a viable business plan for my jewelry business. According to Scarborough, 2013, "a business owner must know the cost of materials, labor, and overhead associated with the product or service they provide." Now I realize how important all this factors are in managing a small business.
Reference:
M. Joseph :Peer 2
The specific services that I am going to event planning and styling. Many people believe that there should be a set price for event planning and styling. There shouldn't be a set price because no two events are the same. Some people want full scope planning while others only want partial planning. As far as event planning goes, let's talk about planning weddings. Some brides only want to pay for the time when they can physically see you. They don't take into account the hours that planners spend researching the perfect vendors to connect them with. They have no idea about the countless hours of brainstorming unique ideas for their events. In terms of event styling I will talk about the ever so popular candy buffet. These are in very high demand in this market. The thing that people don't understand about styling a candy table is that it takes time. They don't want to pay for time, just the candy. I style everything at home before an event so that I can make sure that it is perfect for my clients. They have no idea how many hours I spend moving things around one hundred times to make it perfect. They don't understand that the glassware must be washed and wrapped before being transported to their event. They don't understand that most custom elements on the table are made by hand. I am referring to candy apples, cake pops, dipped Oreos, etc...Clients will pay for the product but they get price shock when you tell them that there is a labor charge. With these tables being in such high demand though, people pay whatever as long as I don't disclose the labor charge. For example, my labor charge is an hourly wage for my time. My invoices are line by line and I don't hide anything form my clients. I am always questioned about the labor charge. I can say that a dozen candy apples are $400 and I won't get asked a thing. If I say that the apples are $350 and there is a $50 labor fee I will get asked a million questions. The apples don't make themselves. They are handmade and I don't man from a grocery store kit.
Two Separate discussion post to be completed separately:
Two Separate discussion post to be completed separately and due on the same document, if you are willing to do the assignment you must also be willing to do the peer responses that will be posted later within the week.
Startup Mistakes:
In a study conducted by Entrepreneur Weekly, Bradley University and University of Tennessee, the failure rate for startup companies was 44% by the end of the third year in business. Meaning, almost one in two startups failed after three years. There are a variety of reasons for this low success rate among entrepreneurs - from poor market research, to accelerated growth, to lack of cash flow planning, to many others. Review the article "Biggest Startup Mistakes and How to Avoid Them," and discuss the following:
1. Select the mistake described in the article that you think would have the greatest impact on a newly formed company.
2. Why do you think this mistake is so common with entrepreneurs?
3. If you were the owner of a company, what you would you do to avoid that particular mistake?
Respond to at least two of your classmates' posts.
Carefully review the Discussion Forum Grading Rubric for the criteria that will be used to evaluate this Discussion Thread.
Cost and Deman:
Think of a product or service. Discuss the role of cost and demand factors that should be considered when pricing that product or service. Respond to two of your classmates.
Carefully review the Discussion Forum Grading Rubric for the criteria that will be used to evaluate this Discussion Thread.