Week 6 Journal

This week I learned a lot from studying different case studies.  One of the things I learned is to choose good business partners.  It’s clear to me that if your partners don’t have the same goals and mindset, then struggles can often arise.  Also, if your partners aren’t investing enough time and energy, possibly because they have multiple “other” business responsibilities pulling them in different directions, it would be hard for them to devout as much energy towards your own project.  Another thing I learned was choose wisely for the location of a new business.  For an example, near my home in Arizona there are plans to build a very large outdoor theme park.  This park would be in competition with others like Magic Mountain or Disney.  The main theme would be extreme sports and activities.  I’ve read many articles about different inclusive theme areas that would suit our climate and surrounding area.  Southern Arizona would be ideal for something like this.  Our state is one of the fastest growing in the US and we have a very dry climate, although it’s hot and that can be accounted in the plans.  A theme park of this magnitude and type wouldn’t be viable in an area such as the pacific northwest due to the amount of inclement weather during a large portion of the year.  I also learned it’s important to understand the needs of your audience or customers.  Because I love a certain type of food, doesn’t mean a majority of the local demographics do.  In order for a business to be successful, you must find a local need and fulfill it better than the competition. 

               I watched a video this week entitled “Food from the Hood”.  It was about a group of high school students who developed an idea to make money for college.  They began a garden and processed the ingredients into a salad dressing.  Using a business class instructor, they created a business plan with marketing, packaging and distribution plans specific to their region.  They put the plan into action and it became successful.  In their model, they went to local grocers, farmers markets and convenience stores and introduced their dressing to management.  They sold the product on being a fair value, created locally and it was delicious.  When the grocery store shoppers saw the student’s dedication and drive, it helped their decision on purchasing the product.  The “Food from the Hood” label became successful from sampling and word of mouth advertising.  Through proper management, with help from good mentors – the youth have a viable alternative for college tuition payments.
               I also had the opportunity to watch a short video call “mompreneurs”.  I don’t think this is new concept.  Most moms I’ve known, my mom and wife included, are always looking for solutions to issues.  When a recipe doesn’t seem to work right, my wife is always willing to substitute ingredients to try and make it better.  My mother was the same way – she would always repurpose items to stretch the family budget.  I think Moms are ingenious and have the ability to sale things on a different level than men.  I’ve learned to trust when “moms” discuss ideas in ward councils or other arena’s, knowing they have different and possibly better solutions than a lot of the other auxiliary leadership.  I learned from simple idea’s – like the example given in the video of shoes not fitting the baby correctly, come great methods of invention.  I learned that these moms can build business plans, create strategy and sale just as effectively as other professionals they compete with.