GEM

This week we had some readings to check out. The reading about GEM is to describe how we, as entrepreneurs are able to get a business idea started. Gather Enhance and Market. First thing we need to do is find a specific idea and gather as much information we can about the idea. Next we enhance he idea and cultivate it into something greater. The reading descirbes this phase as the part where you turn lemons, water and sugar into lemonade, or taking your idea and changing it into something great. Then it is time to market that idea and find a way to captialize on the enhanced idea you have created. This stage is the part I most look forward to in starting up businesses of my own. I feel I need the most help in this are so much trial and error will be necessary.

Overall, this week I have been in the gathering stage. I have been researching what I need to prepare to start in both my $100.00 challenge and my Big Idea.

Ideas

This week we were given an assignment to come up with 40 different ideas for business ventures. This was a challenge for me. I felt like some of my ideas were resorting to things I did as a child, like make and sell crafts, that sort of thing. As I brainstormed I tried to recall my skills and what I have learned from other businesses. WE were given an article to read that had some great tips, one was to combine two businesses, unrelated, and make them work together. This was my favorite thing to think about and although I didn't come up with much I found the ideas and brainstorming to be refreshing. I started getting excited about the things I could do.

I've learned that entrepreneurs are those that make things happen and don't care so much about what others think of them. After all, if I have the idea and I would want to invest in one of my businesses there must be someone else who thinks its a good idea too. I've learned the best way to do a business here in Idaho is probably online. We have a limited audience and being able to break outside of Rexburg will do much more business. I will need to be active  in advertising though, so people can find my site. I can do self-promotion through social media and networking. Etsy, is a handmade sellers website I think I might utilize for this. It has limited costs and is a way to connect with other handmade sellers, as you can "circle" a group of business owners and get linked to their site. 

This week I also spoke with my uncle, an entrepreneur. He gave me great advice about what makes a business thrive and he strongly believes continued passion and sharing that passion with others is a strong way to make a business keep running. Through his advice and the studying done this week, I have been sharing my ideas with others and getting a feel for what people are excited about.

To start...

This journal will be a record of my ideas, my successes, and my failures. I plan to write here so I may one day look back on it as a tool. I hope to be open and honest about my experiences in business and entrepreneurship.  

So far I have been exposed to some great blogs with very inspiring ideas and theories. I find myself getting lost in the idea that to become successful with marketing you need to get people talking about your business, product, or cause. Eventually I would like to work for a non-profit organization and put my time toward making other's lives better. Non-profits that I have seen be successful are those which get plenty of word-of-mouth advertisement. Things I can do to create this in my $100.00 challenge, that I have been brainstorming about, is to explain the point of the project and that the $100.00 profit will be going to charity. I think this can be a powerful tool to help drive business and interest. I also feel that in order to gain an investor this needs to be a main part of the business model/pitch.

What I most look forward to with this course it probably the challenge of finding someone to invest in my idea. I am not one to ask for money so this will really put me out of my comfort zone. Although it is only an investment of $20.00, it will be interesting to see how I can convince someone else to believe in my idea. I also think it will be very rewarding to turn that $20.00 into at least $120.00 or more and be able to give it to someone else and help fund their business. 

In reading my book, Delivering Happiness, I found all three subjects of profits, passion, and purpose to be equally important in attaining success and happiness in business and life.  My favorite part is when he talks about finding the right team members who really enjoy their jobs and make the office atmosphere better. This inspires me to be more positive and happy at my own job, which I believe I called "soul-sucking" recently. 

We will see how this goes. I will write weekly updates and compare it to my own work experiences I am having currently.