Guest Speaker: Robert Coons

Our guest speaker for this week was Mr. Robert Coons. Mr. Coons is an entrepreneur and CEO of SCOUT: Military Discounts Application. Same as our previous guest speaker, Mr. Coons provided us different reasons and advantages on why you should be an entrepreneur. He graduated with sports management degree. He created an application that helps to find locations with a military discount. For him as an entrepreneur, the product comes first before the money. You should establish the product before asking for funding. In that way, you have something to discuss with the investors. If you don't have a product, it is easier is for the investors to decline. In their mind, if you are taking a risk, why would they? Also, even you have a general idea of what you want to create, try to narrow it down and create the different steps on how you want to tackle it. Always listen to your customers' reviews about your product.

Another aspect that I really liked was his explanation about when you are talking to investors, always have a detail on what you are providing so that doesn't change the focus of what you are building. Sometimes it is better to let go an investor in other to save your business. Some investors will invest in your company with a mind that they will buy the company from you in the long term. Also, he had an estimate of how long it will take for him to make a great profit from this product.

In all, I learned something new about conducting business and to be aware of those greedy investors. Also, to always believe what you have in mind and what you want to accomplish.

Guest Speaker: Erik Hanberg

Mr. Hanberg is a local author and entrepreneur. He was very intriguing and interesting. He explained how pushed him to be an entrepreneur. He provided different ideas on how to start a business. Also showed us different stages of businesses on a graph. At the bottom of the graph, it shows people that go on to their daily life working for someone else. The middle of the graph shows small businesses owned and top earners such as actors, stockbrokers, musicians, and media. He also explained what you need to do to be an entrepreneur. First, you need to recognize your fear and overcome it. Also, you need to be able to take a risk. An entrepreneur needs to see an opportunity and jump on it without certain outcomes. He also explained that if you need to be an entrepreneur, you need to practice and the best practice is to deliver to the customer.

He stated that when you start working for yourself, you will not like to work for someone else because of the freedom, the excitement, and the surprises. He started by working at a movie theater, and while work there he published a chapter of his book online and asked for people for feedback if they would be interested to read a book related to that chapter. Then started writing the book. He is an author of dozens of books and some are science fiction. As of right now, he is working for a non-profit organization. While showing the slides, there was a graph that shows that the book started providing an income in the long term. That is why is he decided to work on side project by not just focusing those only.

His presentation really gives me the courage and confidence to take some risk in creating my own business. Also, by doing something I like. I can't wait to see the next guest speakers.

Business Plans

I had different ideas about fields that I am interested in, and I would like to come up with business plans about those

File Security Encryption
This business plan is to help users protect their files in cases they lost their files.
The users will install the application on their phones and register online or through the phone. After registration the users will get a code sent to their email just in case they lose their phones. if they lose the phone, they could use that code and on our web page to encrypt their files until they get their phone back. Another option, that the users have to use the phone application or our page to save or access their files in our database and just in case to they wanted to change the phone.
While creating the phone application, we are going to make user-friendly so that any age group is going to be able to use it.

WeightAppOn
This plan will help people track their weight.
Nowadays, the people will do anything to lose weight. Our business will provide recipes and training required to lose the weight needed. It will have a phone, web-based and fit bit application that will help you track what you have eaten and what exercise you need to do to lose weight. Even though this plan is pretty common, it is needed.
This plan has larges audiences, and it provides a different platform for the customers.

VintageON
This plan is to create an application that sells vintage items (clothes, shoes, games). We will create an application that provides vintage items to the customer. We have a lot of people that look for vintage items. This business is in demand right now because many old items or fashion is coming back.

So far, these are the business plans that I have in mind.

What I want to get out of this class

I’m taking this class to learn how to create successful idea. At first, hen I signed up for the class, I thought that I would just learn about Business in general. However, during the first two classes. Andrew Fry made it really interesting by talking about how he created his own business after graduating from his bachelor degree.

We live in world where business is very important factor, and knowing what you need to do to accomplish a successful business is more important. Not having to wait on someone at the end of the month to pay you is exhilarating. In the near future, I would like to have my own company, and knowing how to achieve that is a must to have successful company. I hope that this class will help me acquire the knowledge needed to achieve this plan such as creating a excellent business plan for the company, knowing what kind of company  I want to create. Another important factor is need of your product. Finding investments by choosing who you want to go business, and what percentage that the company do they get. Knowing what kind of personal is needed to lunch the company, and how much they are going to be paid. What I need to maintain the company, and if I want to expend the company what steps I need to follow. Also if the company is not making enough profit, know when to close it.

Furthermore, I’m more interested in the learning on how create a Business in this class. I can’t wait to see what I’ll learn from this class.