Jan 15th.

I learned about the stress of making a business happen. My partner and I made a taxi service and although we didnt make sales we use all we learned in class towards this project. We brainstormed on ideas of how everything would operate.

Then making a logo, creating a name, finding the target we want to reach, marketing our business.

It was a very good experience because we actually had to operate it. Unfortunately we did not make any sales but we didnt lose money. Compititikn was also a factor in the business because of the saturation of the same business.

Overall good experience.

Jan 14th

 I learned about Growing a business and exiting from it. Also what businesses do to license their brands. This is important because you always want to be safe in case something ever happens.

Also learned what a franchise is and how franchises operate with people to want a part of a business. This is a way to make a very good living or to really destroy a business. Knowing this can help someone in the long run.

Jan 13th.

I learned about the production distribution chain that includes Manufacturer, wholesaler, Retailer, and customer. And how all these operate in a business. From manufacturer to consumer.

Also about finding suppliers and where to look for them because thats another piece that's important to find the perfect supplier for all your needs that then you give out to the market.
I actually use this already because I buy items and resell them on eBay and sometimes I even double my earnings on some products.

Jan 12th.

I leaned about how you could go on to build a business. Whether you do it alone or with help from family. Financially one needs to have money to start up and then gain money to make a profit. You can either get money from a credit or debt and or from family.

Its important knowing how much money will ne needed and from that you need to make a profit to have a successful business so it thrives to be able to pay back what you own and still have enough to cover business costs and to make profit.

Jan 11th.

I learned about that financial statements are needed. That includes Income statement, balance sheet, and Cash flow statement. This is important to know because without these statements it almost impossible to run a business successfully.

I will use this later in life since I want to own my own business and its important to know what statement are needed to see where the money is going and how the money is coming in.

Jan 10th.

I learned about the requirements to startup a business. Keeping track of the cost and have more cash coming in than going out. Also on how to describe variable cost for a business.

Also about how operating cost work and seeing and calculating how much profit I will have. And how important it is to set up a financial record for your business.

I will use this later in life because even if it is just a home its important to keep records of a simple budget sort of thing.

Jan 7th.

I learned about what what a business plan is and how to describe it. Also why its needed, it saves time ad money, key to raise capital, serves as an operating guide.

I also learned what the components of a business plan. As in cover page, executive summary, mission, etc.

I will use this knowledge of know what the business plan is for because later in life I know info want to have my own business and know what goes in a business plan.

Jan 6th.

I learned about who an entrepreneur is and that a person who organizes and manages a business for potential rewards. I also learned a small business consists of 0-500 employees and less $5 million in sales in a year.

I also learned why someone would want to be an entrepreneur and that because they'll have control over their time, fulfillment, creation/ownership, control over compensation.

This is good for me to know for in the future because I may want to do my own business later in life and this gave me an insight of what I will expect.

I will use this later in life by if I work for some one who ones their own business I will be able to relate to them easier.

Jan 9th.

I learned about the marketing mix and what it means. It is  to bring the right product to the right place at the right price with the right promotion. This is very important when going out and looking for a target audience.

I also learned how to build a brand and making your brand recognizable to the public.
Needing a name,logo,good reputation, brand personality, connect your brand personality to the public.

I think this is important because making sure  what you what to do and how recognizable people see your brand is what makes a business successful and prosperous.

I will use this later in life because I'll have a sence of what a business wants or is expecting when I work for a company orstart my own business. To know and have a great sense of knowledge is a big advanage in today's economy.

Jan 8th.

I learned how "units of sales" work, from services to retail and how the units work whether it be an hour of service or a piece of an item. I also learned how companies make money on providing you with whatever they provide you with and see how much it cost them to produce and how much they sell it to consumers and see the margin of profit.

I also learned where to go to find sources and associations to help you find information on who to target.

I think this is important because it gives a bit more information on what to expect and a few resources on how to do everything on a business. Making sure you profit margin is worth doing. So it doesn't cost you a lot to make when you sell it to the public so you make good profit.

I  will sure use this later in life because it gives me an idea of how a business works and since I am going into that type of business, it will be very useful in my future because I will know what is going on maybe not detail by detail but in a sense of a whole.

I feel this is very important to one going into business knowing how and where to get research about your company you own or are working at.  Knowing how the market is doing in your area is a big advantage for sure.