Final Class reflection #6-7

Sales Mbaga Kayondo

1/20/15

                        Store front and Financial reflection

During the final stretch of the Storefront project, we had many discrepancies in our profit and loss statement and even with Mr. Gladstone’s later corrections, there were still underlining errors.

First issue: We had not accounted for the recalculated costs such as insurance, and cost of utilities in the profit and loss statement.

*This simply meant that we had to update the profit and loss statement with revisions from parts four and five.

Second issue: Construction cost, which is fifty thousand dollars, was not accounted for in our operating costs, which greatly over valued our projected annual profit for the first and second year.

This major issue was made minor through Dan’s effort to correct the mistakes as soon as we found them. He did the initial corrections (43%) and I finalized the rest (57%).

With the presentation coming up and the profit and loss statement nearly complete, I had a moment of brilliance, when I was able to split the construction payment over two years, which allowed for an easier first year, in terms of income generated.

The process that interested me the most was the creation of a six-year financial projection. (Should have been three to four years but I was having fun!) My mathematical expertise allowed me to project our increased profit, cost, and income for years one through six by assuming a ten percent increase in our customer base for the second year. Then a five percent increase (third year), five percent increase (fourth year), five percent (fifth year), two percent (sixth year) in the subsequent years. After the presentation, the panel made it clear that our biggest issue is how we are going to steal customers from our competitors in the surrounding area.

           

Class reflection #5:

The difference between a good idea and a marketable product:


During this $200 dollar project, we have had many ideas that were bad. Unrealistic would be a nicer word. and it would be an understatement. They were unrealistic because they were based off of the mindset, "I hope people will want to buy this."
In my previous group, they wanted to sell Christmas cards. In my current group, we have been selling athletic socks. These ideas were not bad because of the ideas themselves, to be honest I could have created a better product. My idea involved food, not really original! However, calling Christmas words was fatally flawed. My evidence, there is barely a market for holiday cards in stores such as cvs. People simply do not need or want them . Moreover, even if we could sell as many as we want, we would still have a time limit until the last day before winter vacation. After that, it could be impossible to sell cards for a holiday that has passed.
In regards to the sale of athletic socks, I absolutely loved the idea. Our biggest issue was not the idea. The issue was price. At $15 per pair, they were not an item that could be marketed to the student body as a whole. Yes, we sold some. And yes, most of the pairs were sold to people we know.
The distributor/ manufacturer was charging $10  to produce one pair of socks, which does limit the ability to make a profit and sell...so we're still trying to sell.
Recounting these two failed ideas turned on a switch immediately. There is a difference between a good idea and sellable product. The difference is in the cost, appealability, price. If the cost to make is low, I can make a profit; however, appealability is also a huge indicator of whether an idea is sellable. It must have one of the two criteria, a want or need. If it has both qualities, then the product is a great idea and sellable product.

Book post #5:

As I have began to read chapter 2, my continues to repeat this phrase, "People listen to those that they trust." This began to open the question of who do people trust?
From what I have learned, I learned people trust authenticity and consistency. So I put down the book, went on my phone, and began watching a video by Brendon Burchard on YouTube and it turned into a 3 hour marathon.


Skills I learned:
Look people in the eye.


Presence: Know what level of presence am I at.


Psychology: Prime your mind for who you want to be.


Productivity: What is my mission in life?

Book post #4:

How to add an Insane amount of Value to product: Sales Mbaga Kayondo




1. Consistency:


2. Scheduling:


3. Researcher:


4. Business:

• Create connections by reaching out to people. Create a contact sheet.
• Research computer apps and business tools(document formatting)
• Take initiative and begin studying field anatomy kinesiology as well as economics.
• 
  

5. Personality:

• Consistency is key. Have to always be a 150%.
• Positivity
• Need to define my reaction to certain situations.
• Authenticity

6. Refined physique:


7. Character:

Class reflection #3

Through this week, I have learned how to further use various tools to write documents and the criteria that is needed to write a business proposal.
The sad thing about this week has been that I really have no idea on how to use excel. After coming to that realization I understood that I really do not even know how to use the prezi, PowerPoint, and video software. The lack of knowledge has produced a sense of urgency to master these tools.


In excel: I lack the ability to create equations and produce graphs from the info I put in.


In PowerPoint: I still lack knowledge on how to create cooler slides and effective transitions.


In prezi: I simply forgot why it's useful at all. Prezi seems like a version of PowerPoint.
              (Ill go look it up!)


Video: I need to know how to edit and piece together clips. I need to also learn how to add music to my videos.




In order to master these tools. I am going to take the "learn as you go approach and do a 3-6 month research study on myself while applying these tools to present my research when I am done. I am essentially thinking of myself as a product and use the six month period to improve certain aspects and apply concepts to my personality and character, my physique and presence, my as well as mentality and motivation.


*I am a business so to add value, I must understand my strengths, weaknesses, history, opportunities, and threats (rather external or internal). By doing, I will add an insane amount of value to Mbaga Sales Kayondo. Its going to be a fun experiment.

Book post #2: Changing minds

Towards the conclusion of chapter two, in the book Changing Minds by Howard Gardner, the author describes the possible addition of a ninth intelligence, which he dubbed the existential intelligence. The Existential intelligence is the curiosity for why? Why do we exist? Why do I make the decisions that I do? Is morality as simple as good or bad? Why am I attracted to her? Why do I feel this way? What makes me happy?
Mr. Gardner, the author, simplified it as "the human capacity to pose and ponder the biggest questions."
I took it a step further and added, "as well as the ability and desire to seek out the answers to your questions."
This definition is the reason why entrepreneurship is so appealing and that is because of what entrepreneurship represents. The concept starts with a simple idea. For it to become a reality, one needs to take action. During the process, frustration and failure are constant reminder of how difficult your journey is and will continue to be. For those who continue to fight through the struggle, they not only see a vision materialize, they look in the mirror and see the warrior they have become. They can smile an take pride in the product they cultivated over the years: themselves.

Class reflection #2: My team is Amazing!!

During these past few days, I would not say I have been irritated. That is not quite the word I would use for my current set of emotions. I am a combination of discouraged and surprised. Whatever emotion is birthed from the two is the state I am in while I'm working with my partners. I have come to the realization that the amount of effort I put in and the extent to which I want to invest in an idea to produce a product will not always be evident in others. I am surprised to note that though my partners can seem unreliable and obnoxious, they will get the job done. Even more so, they are competitive by nature, which drives them to produce great ideas and utilize their connections to make the idea a reality. The partners I have are goofy and sometimes make vulgar jokes; yet, the are as motivated as I am. They are perceived as immature; yet the truth is, they like to balance work and play. The only observable detriment is that sometimes time becomes the enemy with such a mindset. My role is not to keep on task. My task is to make sure they have a segment to complete because regardless of what I say or do, they will get their part done. with that being said, as long as I hold myself accountable, the project will get done in a timely manner.