This week’s reading began by touching on an important subject, budgeting. As entrepreneurs this is something that is essential for not only the success of the business, but for relationship with investors as well. Throughout the reading it has been interesting to see Stevens take on this. He has spent large sums of money to get the attention of investors. Once he was backed by the investors, the spending did not decrease. Naturally, there was more money spent. So much so that he went over budget, as he detailed in the chapter. Regardless of his sometimes outlandish stories and schematics, he made a great point. It is imperative for all parties, in this case specifically regarding money, to communicate. Entrepreneurs should make sure that they stick as close to the budget as possible and that they do not strain their relationship with investors.
Chapter thirteen highlighted a great sentiment of developing strategic partnerships. There is strength in numbers, and this sentiment is a prime example of thinking smarter not harder. Steven mentioned his partnership with Build-A Bear and how it helped take his T-Rex business to the next level. For my first venture that I plan to focus on there are several possible partnerships I can take advantage of. Thankfully I have contacts within my network that offer products that I planned to incorporate into my business. The partnership would for sure be mutually beneficial. As stated in the reading, “… a win-win business situation where two companies form a strategic partnership that avoids duplication of effort, saves time, enhances marketing potential, and makes money for all concerned” (Schussler & Karlins, 2010).
As entrepreneurs know, presentation is key. Throughout chapter fourteen, Steven highlighted key areas that one should focus on to make a positive impression with investors and customers. You never know what the deciding factor will be in sealing a deal. Therefore, it is important to make sure we as entrepreneurs as well as the product/service being sold are always presented at their best.
Whether a deal is unsuccessful because of our appearance, or lack of preparation we should never give up. As entrepreneurs, our passion in our vision for our product/ service should always fuel us. Rejection can lead to a stronger product, or even the birth of a new concept. As I am in the process of perusing my first entrepreneurial venture, I won’t deny the fact that at times I do wonder if it will be the success I envision. However, I’ve learned from past experiences that I should not let rejection, or the fear of it stop me. I intend to give my venture(s) my all and to remain persistent throughout the journey until it is the success, I know it can be!
Reference:
Schussler, S., & Karlins, M. (2010). It’s a jungle in there: inspiring lessons, hard-won insights, and other acts of entrepreneurial daring. New York: Sterling.
Art is Life's Paintbrush 