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My Progress Week #13
what is working?
what is not working?
how do you feel the project is coming?
The above headings remain the same as the previous week as I have sold all my product, however I am still learning a lot about myself and growing as an entrepreneur
what are you learning about running a business?
As we are in the final weeks of the course and are finishing up on our ventures a friend of mine is starting up his own venture and I am happy to say that I have been giving him some solid advice that I have learned throughout the course. Right now the main focus for him is to gain inventory and establish a customer base, currently I am assisting him with addressing the correct demographic for his business
what are you learning about yourself?
This past week I have learned alot about myself, I have been put into a mentorship role and feel that with some more experience I can highly contribute to the success of a company. I feel that a role such as this is much more suited to my personality rather than being an entrepreneur all on my own
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My progress week#12
what is working?
As of last week I have sold all my product so everything has gone well and according to plan throughout the project I feel though that I have done alot of reflecting on what I was successful in doing and now have the knowledge to help myself grow as an entrepreneur
what is not working?
Week #12 has been a nice time to relax and reflect on what I did well and what I can improve on
how do you feel the project is coming?
Just as previous weeks I feel the project came along well and I feel that was due to setting achievable goals and sticking to my plan all the way to the end
what are you learning about running a business?
I have learned that running a business is not only a commitment to yourself but others as well once someone becomes your customer you owe them a service and if you want them to return you better have quality service that is better than the competition
what are you learning about yourself?
This past week a friend of mine came to me with a business idea that he wanted my opinion on as a friend, and because of what I have learned over these past couple months I was able to give him abundant useful advice and he even asked me to help mentor him along the way; so in short I am grateful for the knowledge i’ve learnt in this course and have learned I may be better at being a mentor rather than a hands on entrepreneur
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My Progress Week #11
what is working?
I have sold all my product and met my predictions exactly with my profit margin give or take a few dollars of what my material actually cost and am very satisfied with how this final week has gone
what is not working?
At this point in the project nothing is not working and everything turned out to run smooth, however if anyone liked my product and wanted to purchase more I would have to turn them down
how do you feel the project is coming?
I feel the project went smoothly with the acception of only a few minor hiccups
what are you learning about running a business?
Ive learned that running a business can be a full time job and should not be taken with a grain of salt, and for a business to be successful running it is indeed more han a full time job
what are you learning about yourself?
Over the course of the past 11 weeks ive learned that I may have what it takes to start up a business and get it on the right track towards success however, ive also learned that this is not 100% for me. I still have hopes to one day be my own boss and be a successful entrepreneur but in a different field I nowknow that a hobby is just that, if i take something I enjoy and turn it into work I may loose the joy that comes from that thing. I am satisified with what I have learned so far and will continue to learn more as I grow in the business world
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my progress week 10
what is working?
selling my product is still going well i am almost sold out of my product now that we are getting in to the final weeks of this course.
what is not working?
I still am having trouble reaching out to new people to sell my product to, for the purposes of this project tho i still am on pace to sell out my inventory to friends and family
how do you feel the project is coming?
I feel the project is coming along perfectly, I said in previous my progress reports that i didn't think I was doing as well as i could have been but I am now realizing that this is a good thing and not necessary a bad thing as the idea of this is to learn from my mistakes.
what are you learning about running a business?
now that I am close to selling out of my product i am learning that you need a plan to always keep your stock up and have product ready to go for the customer as soon as they want it.
what are you learning about yourself?
As ive said in previous reports I don’t think I am in the right business I do not enjoy making product packaging it and selling it I think to be successful I have to seperate what i feel is a hobby from what it work and make money another way
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my progress week #9
what is working?
I have managed to sell a lot of my supply of product
what is not working?
I am having trouble networking and selling to people who I don’t personally know
how do you feel the project is coming?
I feel the project is coming along well however I am not doing as well as I assumed I felt it would be a lot easier to sell my products.
what are you learning about running a business?
I am learning that running a business takes time and care and cannot be just thrown together and become successful over night
what are you learning about yourself?
I am learning that i need to prioritize my self and set goals as trying to run a business requires a full time commitment and is not something to just do as a hobby if you wish to make it successful
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my progress week 8
what is working?
I have been able to produce the spices i will be selling for my assignment easily, and my friends and family that I have spoke to are on board for purchasing the product.
what is not working?
I have been trouble networking clients through my friends and family I have had leads but strangers (friends of friends) are not looking like promising clients.
how do you feel the project is coming?
I feel the project is coming along well I plan on breaking even for sure based on friends and family who have told me they will be a costumer.
what are you learning about running a business?
I am learning that it is not an easy venture and sticking to a plan is key and goal setting is a huge motivation booster
what are you learning about yourself?
I am learning that I can run a business however I may be in the wrong industry right now, what I have done with this project is taken a hobby and turned it into work. This has taken a lot of the fun out of making the spice for my self and opened my self up to criticism I think in the future I will keep work and play separate.
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competition
the industry leaders that i have found for my product based on reviews are 1, Bad byrons butt rub 2, Pride of Szeged rib rub 3, Plow boys BBQ
All three leaders come up easily with a quick google search, however only bad byrons and plow boys have their own websites and only Bad byrons has a way to buy their product directly from them. As far as social media goes I did a quick search of each Bad byrons did not have an account I could find but had a hashtag with 628 posts. pride of Szeged rib rub had no results but had one public post with pride of Szeged steak rub. Plow boys bbq has an account easily accessable with just over 1000 followers, however there are only two posts on the account. As far as strengths and weaknesses go I feel Bad byrons has the best website and the easiest way of actually obtaining the product and reading reviews, as for weaknesses they are not taking advantage of social media as much as they should be. Pride of Szeged Strengths are that they are very well known and show up on a lot of review websites but as far as weaknesses go they have no website of their own and have no way to directly order their product. Plow boys strengths is the style and ease of use of their website and the fact that they are not soley involved in the spice selling market, they mainly are a catering company that also sells their house rubs, however as for weaknesses plowboys does not have a way to buy their product directly from their website you have to follow links and goto another website to actually purchase their rubs which can be confusing an unapealing to potential customers.
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