B-183 Journal

Journal Entry – Week 14 Capstone Lecture: My Advice to You I think the main point I have learned and would want to pass on to anyone hoping to become an entrepreneur is to know yourself. You need to know your personality, your strengths and weaknesses, your interests as well as what does not interest you. You need to have a solid work ethic and a positive attitude to keep you going when times get tough, and a healthy dose of self-esteem and self-confidence to overcome any doubts that might arise as to whether you are cut out for the work you have before you. While some people accidentally fall into a business opportunity, others have to plan and prepare for years to make their dream happen. It is still imperative that they know who they are and what they are capable of. It would be foolish to start a business and then, with others relying on you for their income and welfare, decide it is too much work and you would rather be out playing golf. Going back to the beginning, rememb

Journal Entry – Week 13 Recognizing the Right Opportunity for You “Recognizing and Shaping Opportunities” by Lynda M. Applegate Opportunity Recognition: 1-       Sensing or perceiving an unmet market need or new technology 2-       Discovering the fit between market needs and your capabilities and resources 3-       Creating a product, service, or solution for a specific market Advice from Evan Williams: 1-       Be narrow: “Focus on the smallest possible problem you could solve that would potentially be useful.” 2-       Be agile: “Even after extensive market research and the development of a detailed business plan, some of the assumptions underlying the initial business model may be wrong, requiring the entrepreneur to revise important elements after launch.” Intuitive (gut) Thinking = creative, associative, and fast. It is good for finding patterns and recognizing ideas. Analytical Thinking = controlled, rational, and relatively slow. It is useful for solv