1) With my business, I plan on keeping it for years to come and retiring, eventually passing it down to the right management.
2) I plan on choosing this exit strategy because this business in agriculture is something I am passionate in and believe that I can make an impact on the community if the business is managed well. It would be something that I enjoy, allowing me to work with it full time and keep it for years if successful.
3) This exit strategy is definitely something that I considered when developing a thought process about my opportunity. When creating a business that involves farming, it is something that you might not see a big profit in for the first few years, but after a while can be successful if managed well. It is also something that is a big investment, and for those that are passionate about the industry, it is something that they keep with for years rather than moving in and out of the industry. Choosing to stay with the business has also affected my future decision to possibly grow this business to the surrounding communities. Being able to retire knowing that you made an impact on the community and grew your business to benefit the surrounding area would be a huge accomplishment.
Friday, November 22, 2019
Reading Reflection No. 3
1) For this reading reflection, I chose Mindset: The New Psychology of Success. The main idea in the book is to develop a "growth mindset" rather than a "fixed mindset". In other words, people who have a fixed mindset only believe that their talents are fixed and are simply what they are, no better or no worse. Those who develop a growth mindset realize potential talent and know that these traits can be developed on.
2) In my opinion, this book connected with what I have learned in ENT 3003 because it stressed the importance of being able to develop yourself into a better person, which has been stressed in this course as well. Everyone has the chance to develop skills within themselves and can be successful as long as they have the right mindset and dedicate themselves to focusing on their growth. This class is centered around the growth of the individual and how we can be successful, which goes hand in hand with the book.
3) If I had to design an exercise for this class based on the book, I would make one that allows students to pinpoint certain characteristics of themselves that they believe are important to be an entrepreneur and that they can work on to be a better person. These skills can be anything that would allow them to be a successful business owner and gives the student the opportunity to recognize a skill that they could develop.
4) My biggest surprise in this book would be realizing that I have sort of had a "fixed mindset" about some of my abilities. I have always believed that there are skills that I have that are just there and cannot be helped or hurt, but after reading this book, I realized that with the right mindset, I can develop anything that I want to as long as I want it bad enough.
2) In my opinion, this book connected with what I have learned in ENT 3003 because it stressed the importance of being able to develop yourself into a better person, which has been stressed in this course as well. Everyone has the chance to develop skills within themselves and can be successful as long as they have the right mindset and dedicate themselves to focusing on their growth. This class is centered around the growth of the individual and how we can be successful, which goes hand in hand with the book.
3) If I had to design an exercise for this class based on the book, I would make one that allows students to pinpoint certain characteristics of themselves that they believe are important to be an entrepreneur and that they can work on to be a better person. These skills can be anything that would allow them to be a successful business owner and gives the student the opportunity to recognize a skill that they could develop.
4) My biggest surprise in this book would be realizing that I have sort of had a "fixed mindset" about some of my abilities. I have always believed that there are skills that I have that are just there and cannot be helped or hurt, but after reading this book, I realized that with the right mindset, I can develop anything that I want to as long as I want it bad enough.
Celebrating Failure
1) I would say that one time during this semester would be during some homework assignments for one of my finance classes. There are specific homework assignments that we have to do that are of more difficulty where the professor pushes us to do everything on our own. The very first one that we had was a huge challenge for me and it took me a while to try to figure it out. I would say that this would be one of my bigger failures throughout this semester for the fact that it took me a few tries to get this finance assignment down. I tried over and over again to understand the concepts of the assignment and failed time and time again.
2) From this assignment, I learned not to give up and to keep trying. Although it took me multiple times to get the assignment down, I did not stop trying and learned from my mistakes. Trial and error was a big part of the assignment and eventually it got me to where I needed to be. The professor was willing to help out, but also pushed us and did not give us too much information so that we could try and figure it out on our own. This eventually helped in the long run because it helped us develop our problem solving skills and allowed us to do our own research.
3) Personally, I think failure is necessary. If someone does not know the feeling of failure and what it means, then success will not be as fulfilling. Failure allows people to learn from their mistakes and correct any flaws that they have. For me, I use failure as an opportunity to better myself. I look at what I did wrong and see what I can do to correct it so that I do not make the same mistake in the future. I view failure as a positive thing for the most part. This class has definitely helped with me perspective on failure as well. I am more willing to take on risk due to the fact that some of the lessons in this class teach us that failure is necessary in order to be successful because it teaches you what not to do.
2) From this assignment, I learned not to give up and to keep trying. Although it took me multiple times to get the assignment down, I did not stop trying and learned from my mistakes. Trial and error was a big part of the assignment and eventually it got me to where I needed to be. The professor was willing to help out, but also pushed us and did not give us too much information so that we could try and figure it out on our own. This eventually helped in the long run because it helped us develop our problem solving skills and allowed us to do our own research.
3) Personally, I think failure is necessary. If someone does not know the feeling of failure and what it means, then success will not be as fulfilling. Failure allows people to learn from their mistakes and correct any flaws that they have. For me, I use failure as an opportunity to better myself. I look at what I did wrong and see what I can do to correct it so that I do not make the same mistake in the future. I view failure as a positive thing for the most part. This class has definitely helped with me perspective on failure as well. I am more willing to take on risk due to the fact that some of the lessons in this class teach us that failure is necessary in order to be successful because it teaches you what not to do.
Friday, November 8, 2019
Elevator Pitch No. 3
1. https://youtu.be/XCePyJuNB_Q
2. From my last elevator pitch, some of the feedback I received was to allow the pitch to flow a little smoother by practicing a little more rather than reading off of a script and to also include some sources if I am using statistics. I thought that this was great feedback because it would not only come off as a more genuine pitch, but it would be more credible as well.
3. I believe that this pitch is definitely better than my last one. I was more comfortable in front of the camera for sure. However, I did struggle with memorizing my pitch so I did end up needing to use some notes throughout my pitch to help out. This is one part about my pitch that I could have done better. I feel as if I spoke more confidently in this pitch than the last one.
2. From my last elevator pitch, some of the feedback I received was to allow the pitch to flow a little smoother by practicing a little more rather than reading off of a script and to also include some sources if I am using statistics. I thought that this was great feedback because it would not only come off as a more genuine pitch, but it would be more credible as well.
3. I believe that this pitch is definitely better than my last one. I was more comfortable in front of the camera for sure. However, I did struggle with memorizing my pitch so I did end up needing to use some notes throughout my pitch to help out. This is one part about my pitch that I could have done better. I feel as if I spoke more confidently in this pitch than the last one.
Reading Reflection No. 2
For my reading, I chose How to Fail at Almost Everything and Still Win Big by Scott Adams
1. The general theme in this book is to be selfish. I know this sounds crazy, but to go a little further on that, Scott Adams goes over how in order to be successful and help out friends and family, you have to focus on yourself first. If you are struggling personally but still trying to help out everyone else, it is just a burden to them. Focusing on yourself and your energy ensures that you are happy with the way things are going, regardless of the results, and this continued energy will pay off in the long run because you will never get discouraged. He basically breaks down this book into a bunch of different lessons he learned, including setting up systems for yourself rather than goals and focus on your energy.
2. This book connected with me and what I have been learning in ENT 3003 because it goes along with the fact that we focusing on ourselves in order to be successful. Exercises like the elevator pitch, growing our social capital, and the idea napkin all focus on what we can do on our part to be successful and focuses on our strengths.
3. If I had to design an exercise for this class based on this book, it would be to analyze how comfortable you were with risk and to find what kind of risk you are willing to undertake. In this book, Adams speaks on the fact that everyone has something that they are good at, when analyzing risks, a person would be much more willing to undertake risks when pursuing a career that they have beneficial skills in rather than not. By doing this and looking at the different opportunities that arise from your set of skills, you will be much more comfortable taking risks.
4. I would say the part of the book that differed most from my expectations was people should set up systems for themselves rather than goals. I feel as if most entrepreneurship stories include someone who had specific goals in mind, but Adams describes how you can become very successful by creating a system that you should follow rather than going after concrete goals. Goals are very specific. By setting up a system to follow everyday, it will eventually pay out in the long run due to consistency.
1. The general theme in this book is to be selfish. I know this sounds crazy, but to go a little further on that, Scott Adams goes over how in order to be successful and help out friends and family, you have to focus on yourself first. If you are struggling personally but still trying to help out everyone else, it is just a burden to them. Focusing on yourself and your energy ensures that you are happy with the way things are going, regardless of the results, and this continued energy will pay off in the long run because you will never get discouraged. He basically breaks down this book into a bunch of different lessons he learned, including setting up systems for yourself rather than goals and focus on your energy.
2. This book connected with me and what I have been learning in ENT 3003 because it goes along with the fact that we focusing on ourselves in order to be successful. Exercises like the elevator pitch, growing our social capital, and the idea napkin all focus on what we can do on our part to be successful and focuses on our strengths.
3. If I had to design an exercise for this class based on this book, it would be to analyze how comfortable you were with risk and to find what kind of risk you are willing to undertake. In this book, Adams speaks on the fact that everyone has something that they are good at, when analyzing risks, a person would be much more willing to undertake risks when pursuing a career that they have beneficial skills in rather than not. By doing this and looking at the different opportunities that arise from your set of skills, you will be much more comfortable taking risks.
4. I would say the part of the book that differed most from my expectations was people should set up systems for themselves rather than goals. I feel as if most entrepreneurship stories include someone who had specific goals in mind, but Adams describes how you can become very successful by creating a system that you should follow rather than going after concrete goals. Goals are very specific. By setting up a system to follow everyday, it will eventually pay out in the long run due to consistency.
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