Entrepreneur Journal – Entry 3 (B283)

In this week’s readings there was a great article by Richard Branson on “How to Avoid Common Start-Up Mistakes”. It was packed with great information about mistakes that I might have made had I not had this class:

Step 1: Stay on Target

·        Don't let the other possibilities or hazy dreams distract you from achieving your goal.

Step 2: Be Realistic About Costs

·        Don't shortchange your start-up when estimating the funds you will require -- you'll just diminish your chances of success.

Step 3: Hire the People You Need, Not the People You Like

·        As tempting as it may be to staff your new business with friends and relatives, this is likely to be a serious mistake.

Step 4: Know When to Say Goodbye

·        A great entrepreneur knows when the time has come to leave the CEO role. It's seldom easy, but it has to be done: few entrepreneurs make great managers.

As for my $100 Challenge business I’ve completely sold out of two batches of product so far. I have orders for more and am planning on starting the third batch today. I’ve also had requests for St. Patrick’s Day and Easter banners. I’ve been researching various ideas but have not yet designed them just the way I like. I think it’s because I haven’t found paper that fits what I’m looking for. I’m planning on continuing this business when the semester is over and I have more time to commit to it. I made my first two investments the other day. I purchased a Silhouette Cameo which is an incredible machine that cuts scrapbook paper, vinyl, chip board and fabric into any shape you load on your computer. There have been several machines similar in the past, but none of them were able to cut from digital images. The machine retails at $399, but I was lucky enough to get it at a good deal for $212. I also found a package of paper that I just loved! It’s made of bright primary colors with a Robot Theme. I’m planning on making it into birthday packages for little boys’ birthday parties. I wish I could start on it now, but I have too much homework. Maybe when the semester is over.