Saturday, March 9, 2019
There are many different ways to start the Funding of the Company. It is very important to have a good business plan and also important to have good, hard working and trust worthy business partners. It is very important to be committed to the plan and go through the hard ships. To start the company I will try to patents first and I will try to discuss with my family and friends about it. The first test to test the idea in real world and make sure it worth the effort. For the start up, I will try to do it full time with the saving may be around $10,000 - 20,000 to put in. There should be small goals every day, month, quarter and yearly. I will try to get my partners based on their experience and their passion in the company. The first step will be building a team and making a corporation or Limited Liability Team in which it will be clearly written about the member and the percentages of their share in the company. The first step will be try to convince my family, friends to give me some loan for the startup for the company around $80,000 to $100,000. Our company will also try to get some percentage as an advance payment from the clients and also sign contract with them about the services being provided and the payment details with them. When the company gets on a bigger level, we can approach the investors, banks and other money loan lending institutes.
Friday, March 8, 2019
Startup.com was a great documentary that captured a great amount of information with the big boom with the start of internet and how new opportunities opened up for everyone and ready to jump it. The story started when the two friends have an idea of opening a company called govWorks.com which will help the consumers to pay their parking tickets, renew their licenses and even do other things while being at home. It sounded very great but the biggest failure was they couldn't deliver what they promised and had big huge problems with their upper administration. The company grew exponentially and became harder for the Co-CEO to handle it. Kaleil Tuzman was the in charge of the finances in the company and the Tom Herman was the in charge of the Technology in the company. The third founder Kenneth got $700,000 for his share in the company which was very less than the worth of his share in his company and the value of the company was much more than that. Kaleil worked pretty good in generating the funds for the company and also making them a popular name in the news headlines. The revenue they generated was more than 60 million dollars but because of having next to low experience and needed good programmers to make the website functional and usable. It was little awkward seeing Tom getting kicked out of the office and It was interesting that the Kaleil's computer got breached and now he is serving time for fraud and data breach.
Sunday, March 3, 2019
It was a great opportunity to hear the experience with his business, the mistakes and good choices he made. The plan of the success is never straight, and it is always the process of learning and making changing if they are needed in it. Shadrach White did make many different companies and many ups and downs. He had an eye opener with his first company in which he failed miserably and had a dept of seventy five thousand dollars. He had a great idea of selling original NBA jersey of NBA teams. The part the company struggle was the lack of knowledge of financial side of the business. Because of that the company went out of business. This gave him the time to get more knowledge and work on the mistakes he made earlier in this project. The second company was a success, but he had issues going on with the other partners in which he had to leave the company. The company became worth over 20 million dollars and he also became a millionaire. The lesson he learned from this was to always put it down on the paper before starting any company which the shareholders and how many percentages of each shareholder are owns in the company. It is important lesson for any new company to record everything and have everything written completely. The third company he is working right now is a company is cloud computer base company which work with company and help them do everything cloud base instead of the hardware. This company has became a big success with this new platform. This is 100% owned by him and is now worth over 10 million dollars.
Friday, February 22, 2019
This week's guest speaker was Matt Tolentino, he was a very interesting personality and had a great amount and variety of experience in many different categories. He talked about his whole experience of running a business and the ups and down that it comes with working with people. He is the founder of the company named Intelligent Platform & Architecture IPA which worked with the Fire fighter and developed a product by just going up to the Tacoma fire department about what issues or problems they have. His product increased the safety of the fire fighters when they go in the field and also gives them homework about the building or the area they are going in about any chemical spills or any other dangerous products. It also gives the floor plan of the building they are going in and it could be a life death in these situation by knowing the floor and also about the exits of the building. Sometimes, developing of a product could be just seeing the problems and finding the solutions of them. It is very important to make product that has a positive change in everyday lives and could help us whole. It almost one year to fully develop this product from scratch to a real world working technology. It was easy for him to get funding for these kind of projects and the company who paid him got the owns the product but he is still keeps the patent and license of this product. He is an Assistant Professor at University of Washington Tacoma and he teaches electrical engineering.
Wednesday, February 20, 2019
Erik Hanberg was our guest Speaker. This was the second time that I got the chance to attend his seminar previously in the class last year. Erik has a great experience working the the publishing and marketing world. He has written a series of books that the coolest part about that was one time that he just wrote the first part of the book to see the demand of the his readers if there is demand for his book and see it would be smart to invest in the time and money with his book. He said it got really easier with the help with the technology and Amazon. From the traditional book to the electronic selling books, the book authors can be there own business marketers and entrepreneurs. There are set back if there is shortage of funds for the advertising and marketing of the products. He also has worked and managed in different fields from podcasts and also Grand Cinema. He also has companies include Horatio, Side x Side and Suite 133 which is a company that do share business. He also told about his own experience in running business and spending the least amount of money. How different types of difficulties have to face while running a business. He has focused on the Tacoma area which is makes it easier to work on one place at a time. It is very important to be aware of the audience of how to approach the audience and try to stay on top of the audience about their attributes and change if any are needed over time.
Tuesday, February 12, 2019
To start a business, it is very important to come up with a unique idea that makes them different from others and successful if they follow through with it. Coming up with the right idea is very important and it will be document that needs a lot of research and need to change depends on the demand will change. It is very easy to hack and steal information from the hacking and other techniques. Putting it down on the paper and making it a legal document and getting the rights for it is very important and on time. It is important to put all the important details in the document and do some research about it. It is very important to keep this idea safe and protected from others. The first is to make a trademark of the idea and do it in a company. It will make the trade mark will only be used by you and can’t be used by others. Copyright could also be used to keep it safe which means that I own that kind of software and is the owner of the property. Using Confidentiality agreement for the members of the company or even employees and action can be taken against them if they leaked or the information is leaked. It is also important to sign a contract with the client so that the rules and regulations of the service being provided to the them in the simple words so there should not any problems or any other issues with it. It is very important to protect the intellectual property because it will keep the idea safe.
Thursday, January 31, 2019
Being an Entrepreneur is to be objective of creating something novel and useful based on their own ideas and must be different and useful ideas can be related. These ideas could be developing better communications, and other technological advances in the market and building new companies. The main goal is to build a long-term value for the company to attract investment and have opportunities. Concentrate on long-term value and wealth of the company. The entrepreneur to have freedom to make own decision and be own boss. They are motivated by controlling their work and pursuing their dreams with it. Sometimes freedom has set backs like less structural environment need to have more self-discipline to accomplish tasks. Passion and Courage are needed, and the Entrepreneurs need to live and breath their business as need to have full faith in it and the power to push the company in the right direction. The Good Business Plan needs to help the analyze the business to see if it makes sense and how it will be gaining investments and funding for it. It is important to keep the business plan short and direct so it is easier for the Investors to understand and communicate it like your story. The company description it’s the vision and its goals. Market Size- What are the potential audiences that the company will reach. Technology Description- The new technological idea which is being used to for the company. Competition- It is very important to be aware of them and where does the product fit in the market. Sales/Revenue generation explanation of how to generate revenue and make it profitable to run the company. Management- It is important to keep everything balanced and everyone on the same page.