Week 10: reading reflection

Some weeks I crave the consistency of Kuratko, but this week I wish we had an external reading. I hate answering the weekly reflection questions with the same "No surprises, no confusion, no questions, nothing to contest." It should be good to understand text and find it straightforward, but it makes for very poor, boring blog posts. Any talk radio listeners out there? The appropriate analogy is that I enjoy listening to live (talk) radio but "best of" shows leave me lukewarm when I've heard the material before.
I don't want to leave you lukewarm. I want you to walk away from my blog feeling like you've learned something new in an engaging way. When I can't argue much with a weekly reading, I lose my schtick.

Let's give it a try. This week we looked at Chapter 11: Financial Preparation for Entrepreneurial Ventures, and if your mind isn't mentally building a business, you probably tuned out for 90% of the reading. Don't worry. I've got you. Accounting isn't for everyone, and the reading is strongly reminiscent of basic and managerial accounting. I tapped into my retained knowledge and did a lot of nodding in agreement this week, though it was less nodding in agreement, more nodding to my internal dialogue of "do we remember this? yes? okay, good."

Key financial statements are an important thing--show them to yourself now and then to keep the material fresh, regardless of your business destination!

Budgets and forecasting are daunting, and honestly I was glad for the recap in those arenas. It was a section I had to read twice (okay, maybe three times), but it was all familiar and logical. And I guess that's what I can say about the entire chapter: it was familiar, factual, logical and reasonable. The topics were the kinds of things that are helpful to go over repeatedly because when you aren't working with break-even analysis and pro forma sheets everyday, you forget all the fine details. Well, all the basic mechanics, if I'm being frank. I'm not confused, just absorbing slowly.

Until next week...

Elevator pitch no. 3

Do you remember, as a kid, taunting and teasing "first is the worst, second is the best, third is the one (fill in the blank)" about EVERYTHING? Well, I'm here to present my evidence that first is, in fact, the best, second is all right and third shows signs of burn out. I would love your feedback on all three of my pitches so...

Here are pitch one and pitch two!

 

Last round I received more critique than I had in the first round, and I agree that getting some of my body in the screen and allowing myself the freedom to be expressive is a plus. But I still want more feedback thus pitch no. 3. Is it better to keep it short or extend it out? Would the pitch work better if I were dressed in a button up, looking natural, rocking mom mode? I personally think it's important to be genuine, but I understand the world of work is different from the world I'm presently living in. To have a real shot at financing, would true business dress be required?

I think the concept of an elevator pitch, standing in an elevator with someone and spitting out your best, dictates a video with more body, which is why my first pitch is my favorite. That and the fact that I felt unrestrained in terms of the angle and my body language. The only reason I toned it down and pulled back was to come across more professional, and I don't know that's the right route for me or my business.

What do you think? I'm anxiously awaiting your comments. If you're a shy drive-by, clickity click below on the survey.  

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My secret sauce

Ingredients:

•  3 cups persistence
•  1 cup (self) motivation
•  1 cup determination
•  4 heaping Tbsp curiosity
•  1 Tbsp support system
•  3 tsp intellect
•  A dash impulse

Directions:
1) From Brittany with love - Brittany says I'm one of the sweetest and kindest people she's ever met! Honestly, I'm so flattered. Brittany and I used to be mortal enemies, but our relationship has grown over the years. I think we've uncovered many similarities, and it's brought us closer. I will also take her statement that I'm always there when you need me and claim I'm reliable. Admittedly, there are exceptions to my reliability because I prioritize my family and friends first, but overall, I do my best to accommodate everyone--I always have.
2) I had to include Beth in this assignment; she's seen parts of me that my other close friends/family haven't, and I think that gives her a unique perspective. Beth fell a little short describing how exactly I'm unique, but I'm going to get her to expound upon things. I want to know more about what Beth thinks, what she sees. 

3) Everyone should ask their mother this question. Mine started to cry. - Who knows us better than our mothers? I surprised my mother with this, and her response didn't fail to entertain me. It's one of those sweet mommy-daughter moments, which is strange for us. I was shocked she said I was generous, but I do agree. I think because I look at myself with a perfectionist lens, and I know my mother and I are very much alike, I expected her to give me working points.
4) Compliments of Thom - Thom's response made me blush. He really tapped into who I am, though not necessarily how I see myself. His vision of me is much more pure. And incredibly flattering. Now I want to dress up like a woodland faerie and save some animals.
5) An underwhelming finale - One of the people I expected to know me best was the most tongue-tied. To be fair, I gave none of my interviewees advance notice of what I was doing--Beth being the exception as she got a voicemail and responded via text. I wanted honest answers; I didn't want anyone to manufacture an answer that would sound good but didn't truly apply to me. I'll have to work on my impact with this one. 
 
Review: 
My own perception of what others think of me has always been that I'm a stuck up bitch. I'm intelligent, assertive and communicative. If I have a problem, or can make a contribution, I address it openly and honestly. As people get to know me, they realize I tend to think of a collective "we" rather than the individual "I," and there's a shift in perspective that opens the pathway to a deeper connection. My interviewees do see that I'm communicative, and they also describe me as caring, generous and personable. I think I'm much harsher than those closest to me; I see beyond what they see, and they're at an advantage (versus people meeting me for the first time) because they've known me as long, and as intimately, as they have. My interviewees are all "correct," though (as if their opinions could be wrong). I suppose if I were to add some components to my ingredients, it would have to be kind, connected to nature/the universe and thoughtful. 

Week 9: reading reflection

Hey, Kuratko. Whatchu doing in Chapter 10? From the first time I set my sights on you, it was like running into an old friend. Again in Chapter 10 it's not so much about surprising new facts but about re-learning. Week to week I wonder if we're going to hit a chapter that bridges the gap between past knowledge and what I've missed while I've been gone.

I enjoyed ticking the boxes of common elements in the marketing skills of great entrepreneurs. If anything, I'm lacking the clear vision of what I want to achieve next, but I do have broad concepts I'm pursuing going forward. The bit about living in fear of being preempted in the market is true, but I would like to see the author tie that back into stress and stress relief for entrepreneurs. I suppose the stress is essential, the pressure pushes us forward, but it would be freeing to live free of it.

Does the author feel primary information is more important/relevant than secondary information? Sometimes, in the interest of time, I imagine entrepreneurs operate on secondary information. Certainly at the beginning of a concept we use secondary information to form the framework of the idea. I'm also curious what the author would have to say about mixing up questions for information getting quests (i.e. simple questions then hard questions back to simple questions).

I can understand why scaled questions, which are just as simple as yes/no questions for interviewees to answer, are emphasized, but I would rather push beyond a simple yes/no for specific answers than have a scaled answer. The conformity doesn't cover individual details, though I understand the text is speaking more to paper questionnaires than personal interview.

I'm printing out the web design tips to keep on hand. Has anyone else noticed the helpful charts?! It's like Pokémon, gotta catch 'em all (and file them somewhere for reference).

This chapter prompted thoughts of telemarketers. I have a newfound appreciation for the training telemarketers must have. Think about it. If you've ever stayed on the phone with one, they subtly figure out they're speaking with the decision maker and mine for whether they'll have an angle to sell you their product. Clever, clever.

Idea napkin no. 2

Take two here at Adventures in Entrepreneurship on the 1, 2, 3 Play idea napkin, and I'm drawing a big blank on where to improve and refine my vision.

Let's break it down. If you'd like to read my first go at it, click here. It's like a Choose Your Adventure book! You're welcome. For those of you who want to keep it simple, here are the highlights:

• I'm a mother of two boys under the age of five (three and one, for inquiring minds).
• I have grappled with what to do with my children, particularly during rainy weekends and hot summer days.
• 1, 2, 3 Play is a concept spawned from the problem of no enriching activities for young children, ESPECIALLY indoor activities. 
• My concept focuses on children who fall into the baby, toddler or Pre-K age groups.
• Parents are willing to pay for 1, 2, 3 Play because it provides a safe, age-specific play zone accessible year-round and regardless of weather conditions. 
• I have connections within the community, experience in real estate, negotiating and early child development and the personal connection of being a mother.
• The business idea is another child to me. I understand the client because I am the client, but I have the knowledge and know-how to remove some bias and look at the idea rationally. The statistics support the feasibility and potential profitability. My relationship to the product/service as well as the community gels beautifully with creating and sustaining the business.

Air conditioning. There is tremendous advantage to a temperature-controlled play area; it removes concerns about overheating, sun stroke, sun burn, dehydration or, on the other end of the spectrum, catching a cold. Have you ever put sunscreen on a young child? I remember my first time. I sunscreened my son's face and didn't know to avoid his forehead--as soon as he sweat, it was in his eyes, and he was screaming. Not fun. Children aren't fond of the taste of sunscreen either. 

You may be able to guess I didn't have a lot of feedback on my first idea napkin. While I love the praise, I'd like some criticism lest my ego inflate. I tried to draw some conclusions based on the praise. My biggest takeaway is that mom status gives me street cred. It's funny, this came up in my interview with Enchanted Spirits owner Kathy, who said she faced the question of why did she have the right to start her business. I wonder if that's a question we all face or specific to certain fields. I tend to think it's the former. Signing off in ponderance.

The twenty percent evolved; Or, There's something about Kathy

Wasn't I just talking about how I have poor planning? Maybe I'm imagining it, but I think my half-way reflection touched on personal bouts with follow-through. I can't decide what it is, do I have ADD or ADHD? Is it depression? Am I just absent? Whatever the case, I find myself frequently waking up and chasing a metaphorical train to my future, and last week, the train happened to be the 80/20 rule. I wanted to reach out to someone with a unique business, a unique vision. It took some time for the light bulb to go off--my mind kept circling around the same predictable ideas--but I realized Enchanted Spirits was it.

Inspirational. Authentic. Collaborative. 

Imagine a place hidden to those who can't see it. I know, that sounds silly, but think Harry Potter and the train to Hogwarts (there I go with trains again...) Platform 9 and 3/4. Enchanted Spirits is a shop you don't find until you're ready; honestly calling it a shop does it a disservice. The owner of Enchanted Spirits, Kathy, mentions her vision of Enchanted Spirits becoming an experience, but the truth is that it already is. When I walk in, I can breathe. Really breathe. Everything that's going on outside evaporates, and I can focus on, well, nothing. I don't have thoughts while I'm at Enchanted Spirits, I have feelings. I feel like walking into one room or another then I feel like picking something up; there's no inner dialogue interrupting me. I feel, and I do.

So who was behind this mystical place of safety, warmth, mystery? I would have to wait to find out as my initial interview attempt was postponed--this is where follow-through comes into play. I almost passed on an interview that put a real person to the lofty image of entrepreneurs that we've been studying. Kathy is intelligent, well-spoken, ballsy, persistent, a lit fire with no signs of stopping. My words can't do her justice, and neither can my slapdash interview, but I know we can all find value in what I did capture.

Forgive my shaky camera hand and the fact that this recording is essentially the middle of a conversation that started before the camera was rolling and ended several minutes after I hit stop. Without further ado:

      

Week 8: reading reflection

Okay, I'm not sure if it's because I've never thought about sources of capital, or if I had misconceptions about capital, but there were quite a few things that were new to me this week. Right off the bat, the types of capital, it never would have occurred to me that family and friends were sources of capital, but it's so obvious. Would donors on Kickstarter and other crowdfunding sites be considered friends/family? They don't fit the criteria of Angels, even though the title sounds like it would fit. 
 
Let's back up a little bit. I have seriously thought about leaving urban life and becoming a farmer. Side note: for anyone who has had similar thoughts I recommend reading The Dirty Life by Kristin Kimball. So in this fantasy where I start farming, it's usually subsistence farming, but, on occasion, I think about becoming a nonprofit business that provides food and other products to a whole community. I've been putting aside money already (owner's money), and though I wouldn't ask friends or family for money, I know it is common for farmers to have community help, primarily from other farmers. At that point, I would skip the next few steps and get government help through the USDA. 

Because of the nature of my entrepreneurial (sort of) adventure, the route I would take is different from other entrepreneurs. For example, an IPO made sense for Facebook but wouldn't be status quo for a farm. Going to a commercial bank is plausible for a farm endeavor but not advisable because of the nature of farming and the potential of payback issues. 

The prospect of inviting a venture capitalist on board is frightening despite the myth dispelling. I enjoy watching Shark Tank from time to time, but having to pitch an idea to the sharks...even if I was successful, success would mean sharing my business with someone else. Again, farming is not the kind of idea that would appeal to a venture capitalist anyway; it's the wrong forum completely. For someone with a revolutionary product who needed connection for production and distribution, Shark Tank would be brilliant, and I do appreciate the portrayal of the pitch process. The reading's major category screening criteria fit with the show's model, what the sharks look at and who is ultimately chosen to receive capital. 

On the whole, this week's reading gave me a lot to think about. For anyone who stumbled to the blog from outside the ENT3003 family, we're looking at Kuratko, Chapter 8: Sources of Capital for Entrepreneurial Ventures. There are some ideas here that I want to apply to my fantasy plan, helpful things to look at in composing and evaluating my business plan. In the future, I would like to see clarification about crowdfunding as it pertains to sources of capital. Is crowdfunding a new category? A subset of an existing category? Give me answers!