Wednesday, January 13, 2010

Journal Entry #2

As I said last week, I am going to post my journal entries here so you can follow along with my progress. What am I talking about? Here is a refresher...For my Entrepreneurship class we have been tasked with the challenge of starting a business with $10.oo; Yes, a real business with only $10.00. This project, appropriately named the $10 Business challenge, has a few rules:

1. Business must be new and not a constitution of a previous or existing venture
2. Business must be legal and ethical
3. Business can be for-profit or non-for-profit
4. Additional funding for the business must come from business profits or Fundraising
5. For-profit business must maintain financial records
6. Non-for-profit business must verify social impact and will be primary assessed on extent of social impact

As always, please feel free to give me feed back, suggestions, and your thoughts as I develop my $10.00 business!

Journal Entry #2


I wish there were more hours in the day…

With that said, I have not had as much time to dedicate to this challenge as I would have hoped. To tie my feelings into class material we recently covered, here is an element of creating the business that is causing me some stress.

Need to achieve – Entrepreneurs have a high need to achieve, but having too high of a need to achieve could lead to more stress; unrealistic expectations.

I have a high need to achieve on this assignment because I know if I do well on my idea it is something that I can continue to grow.

As for dealing with this stress, it has been difficult for several reasons. Here are the option we talked about in class and why they do or do not work at this time.


1.
Networking – still too early to network with other, but something I can do in the start-up phase

2.
Getting away from it all – while it would be nice to take a break from school, there is nothing to “get away from” involving my business at this time.

3.
Communicating with employees – what employees?

4.
Finding satisfaction outside the company – I am satisfied with several aspects of my life including my club, academics, and social life.

5.
Delegating – I do not have anyone to delegate tasks to

6.
Exercising Rigorously – this is a MAJOR stress reliever, not particularly from this assignment, but from everyday stresses

7.
Patience – I have to be patient with my progress... After researching other existing websites, I am going to set up an account with a web hosting site and create a layout. The next step is going to be to add content and find a way to have users sign-up using an email address.

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