Welcome Back!

If you are reading this installment of my blog and find it curious that there is a 3+ week gap between entries, you may think to yourself, “this guy can’t keep up with his work.”  That’s understandable, but the truth is, we are coming off an almost 3 week break from classes, and this is the first full week back to school.  I’m greatly excited that we’re back, since my VE AND Business Management classes will be writing business plans. 

In order to prepare my classes for this huge undertaking, I have already shown them four videos about how to raise one’s standards, how to back them up with consistent, manageable rituals, and how to achieve excellence (found here, here, here, and here).  These videos should help students begin a strategic thought process for creating a solid business plan.  Below is a breakdown of the work we will complete this week.

Monday: B/R: 2 minutes: Drop your h/w in exit bin and log onto the computer.  If your computer loads quickly enough, open a web browser and turn your monitor off. 

From here, I will share success stories about former colleagues and business connections I had in New Jersey who were extremely successful in their own business ventures, and what they all had in common (do what you love).  I will explain the saying, “if you do what you love for a living, you’ll never work a day in your life,” and how I don’t fully agree with it.  Running a business is difficult work.  Maintaining profitability and managing competition is not easy, however if you work in an industry that you are passionate about, you will be intrinsically motivated to succeed, and it will feel less like work.

After this discussion, we will go to our Google+ page and click link for my blog entry from last Sunday.  In this entry, I outline weekly tasks and provide links to other information for creating a website.

***Disclaimer*** This project requires attention to detail and the workload may be so great that you do not finish each day’s assignment during class.  We are working on a strict timeline, so you will be required to complete any unfinished work for homework.  The fact that you are planning a business in an industry you enjoy should make any homework at least somewhat pleasant.

This week’s outline looks like this:

Monday/Tuesday

Read about starting a business here (Monday) and here (Tuesday)

Take notes on each article/blog in the same way you took notes on our videos last week.  What did you find interesting?  Jot down at least 3 “nuggets of wisdom,” either with direct quotes or your conclusions about what you read from each article.  If your conclusions about the article are that you disagree with the author, explain why you disagree.  This will help you make the right decision about writing your own business plan.

List at least 2 business ideas you would consider for your business.  Suggestions include:

·      Coffee shop

·      Photography business

·      Restaurant – extremely difficult for this assignment

·      Landscaping business

·      Sporting goods store

·      Training facility

Then find at least 1 direct competitor in Clarksville or the surrounding area.  We will begin to pick apart what makes them successful and how we can make our business better.

Wednesday

Begin class by writing a blog entry about our research from Monday/Tuesday.  Your blog entry will describe the project and serve as a breakdown of all your work so far.  This will help you gather your thoughts about the business and have a target as a direct competitor.  Your entry should include:

·      What industry/business/aspect of life are you passionate about?

·      What are the 3 nuggets of wisdom/conclusions drawn about each article read?

·      Which 2 businesses did you consider for your plan?

·      Who is the direct competitor you targeted?  Is this competitor successful?

Once finished, you will write down strengths and weaknesses of this direct competitor.  Be specific in your analysis.  List at least 5 specific strengths and 3 specific weaknesses of that competitor.  This will help you build a vision of your own business.

Thursday

Today the focus is on creating a vision for our business.  Answer each of these questions as thoroughly as possible.

What will your business look like? 

Where is your business located? 

What do your customers want from your business?  How can you satisfy them as much as possible? 

How does your business differ from your competitor? 

Is your product/service cheap or expensive?  Why? 

How do you plan to get customers in the door and keep them coming back?

Friday

Do some research about the 5 Ps of marketing.  Refer to this article (which describes 7 Ps) along with the rubric I’ve shared on my Public_Faculty folder, which details 5 Ps.  Use your answers to yesterday’s questions about your specific vision for your business and the explanation of the 5 Ps to break down:

1.     Product (or service)

2.     Price

3.     Place

4.     Promotion

5.     People

In today’s blog entry, you will type a description of each of these aspects of your business.  Once complete, you will have a rough draft for the first piece of your business plan!