Five Business Ideas

1. Make a business based on mobile apps - this idea came to mind because mobile apps are the BIG market right now.
2. Start my own computer tech shop, fixing computers and doing upgrades.
3. Online lotto tickets and scratch tickets. They sell like crazy in stores.. so why not online?
4. Online store that rents out and sells textbooks, fees depending on quarter/semester lengths and also sell ebooks of textbooks.
5. Make a computer that functions primarily off voice command, sort of futuristic, like in movies where they talk to their computers.

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Erik Hanberg - Guest Speaker

Erik Hanberg gave our class a guest lecture from the perspective of an entrepreneur. He shared with us a quote that said "Everyone has ideas, but most people won't get around to doing it". This quote is the basic idea that, most people have some great ideas that they aren't committed in enough to follow through with. Erik stressed the need for courage. Taking risks is a large part of being an entrepreneur and if you're afraid to take risks then you are in the wrong business. Risk failure.. emotionally, not financially. At the Horatio Theater (he started the theater himself) he ended up losing thousands of dollars in equity. If I lost thousands of dollars in my first business, I'm sure I would have learned quite a bit from the experience but I would definitely lose all confidence and try to play it safe. Erik had written his own book, made a website for it, put some money in for Google ads and had some success with it. The lecture that Erik gave was a very good feel at how people can make a living off of being an entrepreneur and their own boss. It definitely gave me a perspective on opportunities that were not there prior.

Entrepreneurship

I really enjoyed this reading, because it was short and to the point. Reggie Aggarwal and Mark Esposito start off the article by explaining to the reader the benefits of becoming an entrepreneur, but sullenly follows it up with the frustration and sorrow that it brings. The authors explain that many entrepreneurs have failed one point or another, and that made me think about our guest speakers and how some of them may come in devastated with how their business is running. Technology entrepreneurs have three primary objectives which are:

1. To be on the cutting edge
2. Build long-term value
3. and have freedom.

Becoming an entrepreneur is definitely a risky choice for a career, but having the freedom to be your own boss.. and to employ your own workers. That is a good way to live. The authors say that if big personal cash payouts is your motivating factor, then you're going into the wrong career.

Class Expectations

I currently have no solid plans for what I want to do after I graduate college. I feel like this course will give me an opportunity to gain skill-sets that can be used in the real world. The class expectations that I have for this course includes a better understanding of how to start a business and all the work it takes to start and build it up. I expect to create business plans and learn ways to start my own business. This class will help me think more about the logistics of running a business, and how to manage finances properly. I expect to get helpful advice and tips from professionals during guest lectures, and to get the reality and hardships of running a business. I expect to get a slap in the face with the realities of running and owning a business.