Erik talks about having to make risks and sacrifices when starting a business. When I started my business at the age of 12, I spent many hours making product and going out selling door to door. Sometimes I was successful, other times I wasn't. I also spent every Saturday all summer a couple summers in a row selling at a local craft sale but rarely made a profit because of what I was paying for the table to sell there. Sometimes it isn't easy but if you keep at it, it should get better!
He also talked about not being afraid to ask for help. I don't usually have the problem of asking for help, but I tend to ask for help too much when I should try to figure it out myself first. In those situations you should problem solve before asking others for help. This also applies to starting a business. If you ask for help over every little thing, a) you will not learn as much and b) people may get frustrated with you for asking for help so often.
Things I Learned this Week:
- this week I learned that when you are starting up a business you need to be careful and do all your research. Know what you are getting yourself into. Is it a successful/popular industry? Is the area a good area in regard to cost of upkeep and other expenses. Are you in an area where people will want to pay for your product or service?
- If you do into a family business make sure you are all on the same page and you create an equitable ownership plan so that generations down the line will know your goals and your values.
$100 Challenge Update:
This week I started and worked on my final presentation about my business. I took my knowledge from my Intro to Excel class I am doing to create a pie chart showing my expenses versus my income and how much profit I get.
Also I babysat Wednesday for 3 hours and made $40 and I babysat Thursday for 4 hours and got $60.
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