Lesson 12: Buyouts and Family Businesses

My $100 challenge report: Cycream return to the business! after a whole week with our products in hold we were able to deliver Cycream pending orders , Mango and butter pecan were the trend this week , I learned that clients who paid for quality expects the best for their products received because if you paid $20 for half gallon  Cycream you have highs expectations on it. I'm sure that this is a very profitable business and it could be sold without problems as a franchise. Cycream click here

This week I learned that opportunities do not last forever, I found a great massage business but in just 2 days it was sold. Sometimes it could be risky because you just have a few days to think about it but if you stay informed about business that you are interested you could have some advantage than others.

One of the things that has been difficult for me is to analyze a family business because of sentimental and business factors that come into play in the business, at a certain point it can be identified as an inheritance but in the wrong hands the business can go awry and result In an irreparable fault that puts the business at risk;One of the best solutions is to choose who can take over the business in a concrete way leaving aside the sentimentality and focusing on the welfare of the business because ultimately who does not want to be involved in the business should be kept to aside and let their earnings simply come to them.
Another of the things I learned is that a market study is very important when it comes to choosing a business because numbers can be inflated by the seller but once you analyze the behavior of the market you can see for yourself if a business is successful Or complete fraud.

Lesson 11: Franchising

My progress on the $100.00 challenge.This week product deliveries were delayed due to the overwork of my company. The good news is that customers are still willing to get their Cycream for next week.It could be said that the goal was met in the sales department aspect but our logistic team are a little behind.

It is definitely a week of much learning I learned How to start a franchise and the procedure that is needed to be able to do it one. One thing that most caught my attention was the advantages of having a recognized franchise because it is practically money in the bank, the marketing has been done since long time ago in such a way that when you put franchise your clients recognize your business almost instantly in such a way that success is almost assured, I say "almost assured" because you still have to make your business plan and dedicate yourself to 100% until the franchise is working correctly.

 

On the other hand I learned a lot about Steve Jobs, he was a character without doubt with a great knowledge that left us a legacy of teachings based on his example. I really liked the speech that he gave in Stanford student’s graduation. The best advice for me was when he said that we must live every day in such way as if it were was the last day of our life, if we doing so we can be more grateful and humble but with strong determination to makes everyone's life better.

This week I learned from our Acton hero activity Nicole Donnelly, that we should have our eyes open when business opportunities arise and that supporting the community with the benefits gained from our business is a way of giving back.

Lesson 10: Production, Operation, and Location

  My report for my Cycream Company: I have found good customers who have told me that the snow is delicious and they have even given me some tips to improve it, the best of all is that they are customers who have buy the product again. I have learned that in some point the Cycream orders have been surpassed and we have to improve our production in order to satisfy our customers demands . This week we made 4 different kind of Cycream flavors, strawberry (with chunks of strawberries), mango and pistachio and coconut. 



I always had the belief that money is a necessary evil but I have learned that it is not as bad as it seems because it is only a way of exchanging goods or services to make life easier for us. The bad thing is that people often lose themselves trying to earn more money leaving our Heavenly Father with no place in our hearts. The best quote that I found in Elder Perry reading is this one : “But before ye seek for riches, seek ye for the kingdom of God.“And after ye have obtained a hope in Christ ye shall obtain riches, if ye seek them; and ye will seek them for the intent to do good—to clothe the naked, and to feed the- hungry, and to liberate the captive, and administer relief to the sick and the afflicted” (Jacob:2:18-19)


I loved the videos this week is awesome as people have too much skill to start a business from scratch."Being committed to do it" is the best advice I learned this week from the readings (Catherine Rohr)I ,can see that all entrepreneurs have it in common, being committed is more than do it but learn in each step how to improve it. Also this week I learned that a the importance of business process to accomplish a specific organizational goal and the steps to make a Business process Improvement. 

Lesson 9: Finding Great People

Is amazing the response of people to Cycream, many people are willing to buy the product because of the high quality of its ingredients and the excellent references of our customers we have made some improvements in the product thanks to the comments of our customers.also Until today we continue with the projected in our business plan we are having the sale of two products per week.

This week has been a lot of learning in terms of hiring and early firing. One of the things that drew my attention to the reading of Jetblue is that David is very humble with his clients in a personal way and this humility is transmitted to his employees in such a way that they are willing to clean a complete plane and unload the luggage of the passengers. The market survey was impressive all the information he collected throughout his career within the Aviation made him see all the gaps that existed in the business of plane passengers.  

I learned a lot about how to hire the staff, first of all, we have to be very clear on the position that our candidates are going to occupy in our company, and then choose between the job application candidates who have the qualities that we are looking for.and the importance of the interview before any employee is hired so that we have to listen 80% of the time as to their answers to our questions that why significant questions will be the key to being able to choose the best candidate.

One of the best tips I learned this week from Matt Steward is that we should stay focused on the mission of the company. If you only work for money, it is very unlikely that the company will emerge from Good to Great.