The first semester is coming to an end and I have several big projects coming due. The first one is the completed business plan for my Starting a Business class. This is the culmination of all the other projects: The Opportunity Paper, the Revenue and Expense Forecasts, the Proforma Financial Statements, and the Marketing Plan. My partner is updating the financials then I have the honor of writing the laser-sharp 2-page executive summary. I'm really too verbose, so it will be difficult.
I am both excited and sad for this class to come to an end. Excited because I will walk away with a business plan that is 95% better than most business plans presented to banks and other sources of financing and I can move forward with my business dreams. Sad because the goal for taking the MSE program as a whole was to get this plan together and I am afraid I will be disappointed (or wondering what the point is) with all the classes after this and will get antsy. As I am oft to do.
After this plan is submitted, then I get to prepare for two big presentations. One is the sales pitch of this business plan to REAL VENTURE CAPITALISTS. This makes me very nervous. And I have high hopes of a fancy video presentation or a beautifully designed PowerPoint template. I fear I have tapped out many of my vendor connections already with this semester's projects, so I think I am just going to have to do the best I can with what I have.
The second presentation is for Organizational Behavior. My study group picked 4 concepts that we will illustrate in a part live and part recorded presentation where I am the emcee / host. It was sort of my idea, and I volunteered, but now I'm regretting it just a little. Mainly because I'm afraid of giving too much too soon. Later in the year when I'm in a higher level class, am I going to wish I'd held onto this idea for later? Oh well... I'm going for the glory!
Showing posts with label SMU. Show all posts
Showing posts with label SMU. Show all posts
Monday, April 18, 2011
Friday, March 18, 2011
{Entrepreneurs are "Different"}
The above title is the actual title of a chapter in my textbook, "The Entrepreneur's Master Planning Guide." I added the quotes, of course, to emphasize that we really are "special" in that "needs quotation marks around it" kind of way. I will list below the profile characteristics of a successful entrepreneur, as determined by the authors of the book.
1. Good Health. Generally, successful entrepreneurs are physically resilient. We deny ourselves the luxury of illness and will ourselves to be well. I have noticed this and experienced it myself. I do get sick, but very rarely is it in the midst of a super crazy time of my business growth. There are no "ifs, ands, or buts" about it...we have to be there. It's all us. We must lead, create, cope...we can't be in bed.
2. A Basic Need to Control and Direct. 'Nuff said.
3. Self-Confidence. When we are in control, we believe anything is possible. When there are problems, we tackle them immediately and directly. I have often said that I thrive in short time frame weddings and at crisis management. I suppose it comes from a place of self confidence.
4. Never-Ending Sense of Urgency. When I read this the first time, I am pretty sure I nodded and said "yes" out loud to no one in particular. I have always had a feeling of "do it now." Inactivity makes us impatient, tense and uneasy. "They have an achievement orientation and a constant, uninterrupted pattern of behavior towards that achievement."
5. Comprehensive Awareness. Essentially, this means we see the whole picture yet are also keenly aware of all the small cogs working to achieve the overall goal. We are always aware of all alternatives and possibilities.
6. Realistic. Entrepreneurs are known for being risk takers, but that is not true. We only partake in calculated risks for which we are predominately confident in their success. We will measure and evaluate. We often deal with people in the way we deal with functions and things and assumes others do, too. This leads to item #9 below.
7. Superior Conceptual Ability. "Entrepreneurs possess that peculiar raw intellectual ability to identify relationships among functions and things quickly in the midst of complex and confused situations." This means we know what's going on and are usually several steps ahead in the repair of that issue.
8. Low Need for Status. Some of you, whoever you are, may disagree with this. You think that we are running the show because we want all the glory. While that is true for some, this is what I think it means. It means we don't need a corner office and a fancy car. We will sacrifice those perks so that more can be poured into the business and our status will be directly related to the success of the company as a result. We also don't need to be the "be all, end all" on every topic. We are not opposed to asking for guidance and help in an area we know less about (like accounting, *ahem*).
9. Objective Approach to Interpersonal Relationships. Entrepreneurs are generally more interested in people's accomplishments and contributions than their feelings. Everything is business. I have a little sidebar story to tell as it relates to this topic. When I started at AIDS Network in Madison back in 2005, they hired me because of my technical event planning skills. What I didn't know was how much "cheerleading" I would need to be doing in the position and thus got myself into a few issues where the volunteers didn't appreciate the way I approached tasks and duties. I had to learn to be more emotive in my communications and take time to recognize those volunteers who were giving so much and working so hard out of the kindness of their hearts. It rubbed off on me, I think.
10. Sufficient Emotional Stability. Essentially, we're level-headed and can handle the extreme amounts of stress placed on us daily (usually by ourselves). We are challenged rather than discouraged by setbacks or failure. This is not to say we don't have strong emotional feelings and reactions, but just that we are better able to control them. I am a woman, so I would say that it is still incredibly difficult for me to not get emotionally involved in my business dealings. I have been fortunate that there are not many negative memories in my past, but those that are definitely still sting.
1. Good Health. Generally, successful entrepreneurs are physically resilient. We deny ourselves the luxury of illness and will ourselves to be well. I have noticed this and experienced it myself. I do get sick, but very rarely is it in the midst of a super crazy time of my business growth. There are no "ifs, ands, or buts" about it...we have to be there. It's all us. We must lead, create, cope...we can't be in bed.
2. A Basic Need to Control and Direct. 'Nuff said.
3. Self-Confidence. When we are in control, we believe anything is possible. When there are problems, we tackle them immediately and directly. I have often said that I thrive in short time frame weddings and at crisis management. I suppose it comes from a place of self confidence.
4. Never-Ending Sense of Urgency. When I read this the first time, I am pretty sure I nodded and said "yes" out loud to no one in particular. I have always had a feeling of "do it now." Inactivity makes us impatient, tense and uneasy. "They have an achievement orientation and a constant, uninterrupted pattern of behavior towards that achievement."
5. Comprehensive Awareness. Essentially, this means we see the whole picture yet are also keenly aware of all the small cogs working to achieve the overall goal. We are always aware of all alternatives and possibilities.
6. Realistic. Entrepreneurs are known for being risk takers, but that is not true. We only partake in calculated risks for which we are predominately confident in their success. We will measure and evaluate. We often deal with people in the way we deal with functions and things and assumes others do, too. This leads to item #9 below.
7. Superior Conceptual Ability. "Entrepreneurs possess that peculiar raw intellectual ability to identify relationships among functions and things quickly in the midst of complex and confused situations." This means we know what's going on and are usually several steps ahead in the repair of that issue.
8. Low Need for Status. Some of you, whoever you are, may disagree with this. You think that we are running the show because we want all the glory. While that is true for some, this is what I think it means. It means we don't need a corner office and a fancy car. We will sacrifice those perks so that more can be poured into the business and our status will be directly related to the success of the company as a result. We also don't need to be the "be all, end all" on every topic. We are not opposed to asking for guidance and help in an area we know less about (like accounting, *ahem*).
9. Objective Approach to Interpersonal Relationships. Entrepreneurs are generally more interested in people's accomplishments and contributions than their feelings. Everything is business. I have a little sidebar story to tell as it relates to this topic. When I started at AIDS Network in Madison back in 2005, they hired me because of my technical event planning skills. What I didn't know was how much "cheerleading" I would need to be doing in the position and thus got myself into a few issues where the volunteers didn't appreciate the way I approached tasks and duties. I had to learn to be more emotive in my communications and take time to recognize those volunteers who were giving so much and working so hard out of the kindness of their hearts. It rubbed off on me, I think.
10. Sufficient Emotional Stability. Essentially, we're level-headed and can handle the extreme amounts of stress placed on us daily (usually by ourselves). We are challenged rather than discouraged by setbacks or failure. This is not to say we don't have strong emotional feelings and reactions, but just that we are better able to control them. I am a woman, so I would say that it is still incredibly difficult for me to not get emotionally involved in my business dealings. I have been fortunate that there are not many negative memories in my past, but those that are definitely still sting.
{The Competitive Marketplace}
I thought it might be useful to occasionally post tidbits of information that I come across in my textbooks that relate to my market and my industry. It'll be a good way for me to remember!
Regarding the competitive marketplace, the event consulting industry has "low entry and low exit barriers." According to The Entrepreneur's Master Planning Guide:
The condition produces an industry in which there are many new competitors. The weak firms among them retire from the competition quickly. The total number of competitors is likely to remain about constant. Retiring weak competitors are quickly replaced by new ones. Since the new ones are jostling for recognition and a market share, rivalry is likely to be intense. Profit margins will be low even for the oldest and strongest competitors.
I have seen this trend in both Wisconsin and in Texas. The list of wedding planners in any given year is ever changing. I know for a fact that our profit margins are always lower than we'd like simply because very few of us can compete and still require higher consulting fees. Since this profession requires low overhead (none, practically, if you work from home and already have a computer), it's easy to start and easy to get out of (once you've completed all your contracts, I hope!).
Regarding the competitive marketplace, the event consulting industry has "low entry and low exit barriers." According to The Entrepreneur's Master Planning Guide:
The condition produces an industry in which there are many new competitors. The weak firms among them retire from the competition quickly. The total number of competitors is likely to remain about constant. Retiring weak competitors are quickly replaced by new ones. Since the new ones are jostling for recognition and a market share, rivalry is likely to be intense. Profit margins will be low even for the oldest and strongest competitors.
I have seen this trend in both Wisconsin and in Texas. The list of wedding planners in any given year is ever changing. I know for a fact that our profit margins are always lower than we'd like simply because very few of us can compete and still require higher consulting fees. Since this profession requires low overhead (none, practically, if you work from home and already have a computer), it's easy to start and easy to get out of (once you've completed all your contracts, I hope!).
Thursday, March 17, 2011
{Teacher's Pet}
Ok. It may come as no surprise to you that I am an over-achieving suck up. Participation is such a huge aspect of our grades at school that I want to make sure the professor notices me. In my Starting a Business class, Mr. Terry said at one point that he wishes he had a "How?" hat to wear at work. When everyone is spouting off their grand ideas, he can say, "Yes, that's all fine and well, but HOW are you going to accomplish it?"
Since I have connections to an embroidery company through my dad, I asked him to go about making me one "How?" hat, in SMU colors of course. In our first class back from spring break last night, I left it for him in a box. He was reluctant to open it at first probably because he was either embarrassed or suspicious (though I reminded him that he did give me pretty good grades, so there's no reason to be wary of an exploding box).
This module of this class is focused on the "fun" stuff, as Mr. Terry calls it...the marketing plan and preparing a pitch to present to investors. I have been looking forward to the marketing plan because I know it is an area I am so intimately familiar with as an owner of my own wedding business for the past 7 years. At one point, he spoke about your stationary and the ways he has made his own stand out: thick card stock, printing on both sides, branded cover pages. During the break, I pulled out my business card: super thick card stock, bright pink on one side, logo on the other, AND rounded corners on two sides (bonus point!). He was impressed and not only asked to keep it, but further analyzed the card pointing out my clever details.
Being in this class, and definitely to the credit of this instructor, has made me feel both humbled and optimistic about my business acumen and ideas. I've found there is plenty for me to learn and hone, but also that I actually do have lots of relevant experience that has benefited me and my classmates. Everything I wrote about in my application essays is true, no fluff.
You're probably wondering...did Mr. Terry like the hat? Well, duh!
Monday, February 7, 2011
{Starting a Business I} Forecasting
My head hurts just looking at the rubric for the next paper due in my Starting a Business I (entrepreneurship) class. This part of the project contains the Revenue and Expense Forecast. It was easy enough for me to figure out what potential revenue flows we might have and what expenses we might have for my business concept, but getting them all down in a spreadsheet is the nightmare. Luckily, I have a partner that digs this stuff and is taking the lead on managing it...I'm just the data collector and industry expert.
A little background, if you look at the MSE page on my blog, you'll see my inspiration. The whole point of going to graduate school was to attain a higher level degree (which is something I've wanted to do for most of my life but never really knew what specialty it would be) but also to develop a detailed business plan that I could take with and run as soon as I graduated (or sooner). Luckily, our first class was Starting a Business I and we jumped right into developing our "opportunities." This has made my experience thus far very rewarding since all the hard work I'm putting in will directly influence my ultimate career goal of one day owning and operating a fabulously unique eco-chic event venue.
I am very excited to research the "competitors" in my market. Thanks to Cameron Fox of iEntertainment, a fellow NACE board member, I got a strong list of similar types of event venues in Dallas / Fort Worth to research. I put "competitors" in quotations because I don't really feel there is a competitor that will be exactly like my idea. Sure, there are beautifully restored historic venues (where you can't touch the furniture or serve red wine) and venues that make some efforts to be eco-friendly (like by using sustainable hard woods such as bamboo), however, I feel that the flexibility and modern styling of my imaginary event space will make it stand out as truly unique. One point I would like to make is that anyone making strong eco-efforts to reduce waste should be applauded and not be viewed as a competitor. Go ahead...copy me! I intend to model my business after other venues spotted around the country striving to do the exact same thing. But, I digress...
Financials. Right. Now that the Super Bowl is over and all our fellow event professionals can breathe again, I'll continue trying to fill in the blanks of how this whole operation will work and how to make money off of it. If you have any ideas, comment away!
A little background, if you look at the MSE page on my blog, you'll see my inspiration. The whole point of going to graduate school was to attain a higher level degree (which is something I've wanted to do for most of my life but never really knew what specialty it would be) but also to develop a detailed business plan that I could take with and run as soon as I graduated (or sooner). Luckily, our first class was Starting a Business I and we jumped right into developing our "opportunities." This has made my experience thus far very rewarding since all the hard work I'm putting in will directly influence my ultimate career goal of one day owning and operating a fabulously unique eco-chic event venue.
I am very excited to research the "competitors" in my market. Thanks to Cameron Fox of iEntertainment, a fellow NACE board member, I got a strong list of similar types of event venues in Dallas / Fort Worth to research. I put "competitors" in quotations because I don't really feel there is a competitor that will be exactly like my idea. Sure, there are beautifully restored historic venues (where you can't touch the furniture or serve red wine) and venues that make some efforts to be eco-friendly (like by using sustainable hard woods such as bamboo), however, I feel that the flexibility and modern styling of my imaginary event space will make it stand out as truly unique. One point I would like to make is that anyone making strong eco-efforts to reduce waste should be applauded and not be viewed as a competitor. Go ahead...copy me! I intend to model my business after other venues spotted around the country striving to do the exact same thing. But, I digress...
Financials. Right. Now that the Super Bowl is over and all our fellow event professionals can breathe again, I'll continue trying to fill in the blanks of how this whole operation will work and how to make money off of it. If you have any ideas, comment away!
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