Week 8 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

Answer: Well, a big part of this chapter was on bankruptcy and to be honest I've never really thought about bankruptcy at all. I assumed that once you lost all your money in your business that you just lose the business and that was the end of it. Instead, I realized that there was a lot more thought and processes that go into talking about bankruptcy and the whole legal side behind it as well.

2) Identify at least one part of the reading that was confusing to you.

Answer: One part of the reading that was confusing to me was definitely the part on Bankruptcy in the legal challenges for entrepreneurial ventures. This was pretty confusing to me since I've never run a business before so some of the terms were pretty confusing to me. I've never heard of the word "Liquidation" before reading this chapter so that confused me a lot. I had to grab a dictionary and look up a few of these words in this chapter which in turn, ended up confusing me more.

3) If you were able to ask two questions to the author, what would you ask? Why?

Answer: I would ask him if he has ever had to litigate any disputes or ever had any legal services? If so how did they go? I've yet to ever use a lawyer so I would just be wondering how his experiences with lawyers was. Also this question is kind of out there but I was just wondering if he had ever gotten close to being bankrupt himself? and also what he did to get out of that hole!

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

Answer: Honestly there was not anything in this chapter that I disagreed on. A big portion of it was confusing to me but I did not read anything that I didn't agree on. Most of it was pretty straight forward and nothing really caught my attention of being wrong. I really did enjoy reading this chapter regardless.

Half-way Reflection

In these past two months I've learned a copious amount about entrepreneurship. Being tenacious is absolutely a necessary skill to be a successful entrepreneur. Keeping up with the requirements of this course has been hard but I have done it flawlessly. I make sure and keep a calendar on my wall with all the due dates for all the assignments and I make sure to leave enough time to make sure that I'll finish everything on time. There were times where I thought I didn't have enough time to finish an assignment and instead of just letting the assignment pass and losing the 1 point, I would sit down and make sure I got it done in time. As long as you put your mind to something, you can get it done. Some tips to give about being tenacious would be to focus all your time and energy into finishing whatever assignment you have to do. Also in this class there are a lot of times where you will be forced out of your comfort zone and you just have to do it. You can't live your life in fear. You have to blossom like a flower and grow to your full potential. Also another tip to developing the tenacious mindset would have to be that you just have to know that whatever you do in life, no matter what it is, you are going to fail and even have bad days, but you just have to man up and get through them no matter what. If you get through the bad days you will for sure have good days just around the corner!

Being tenacious is a MAJOR key to success.

The Twenty Percent

I decided to interview Subway for my business to check and see who they think their 20 % are!
I asked the general manager of Subway a series of questions and then I waited outside to ask the same questions to 3 of the customers that just got subway for dinner. The questions I asked were: Who do you think Subway's target customers are? What are Subway's customers unmet needs? Where does Subway find their customers? and What are the demographics of Subway's customers?
The general manager answered these questions pretty basically. I expected all of his responses, but the customers varied with their responses. A common theme from these customers was that they kept saying Subway doesn't really go out of their way to get customers and also that they think Subway caters towards poor people. This was definitely an eye opening assignment that I will definitely think a lot about once I am running my own business.