The Professor asked us to respond to two of your classmates, giving them ideas about their business and asking good questions, if warranted. Please make each response at least 3-4 sentences.

1

If I was to embark on a small business, I would want to build a tech startup that focuses on child safety. This would be something meant for working parents that could help them locate their children and essentially follow them from school to the bus, then the bus to home, all virtually. I have a background in technology, and product management, so this is obviously a positive for this startup. I am also a driven person who is not afraid to fail. Between my background in tech, the traits I have built as a person, and the fact that I have a vested interest in the safety of children I do think I would be a good fit for the owner of this company.

One of the skills I lack is the ability to make decisions without having the data to back it up. I would be concerned that I would not be willing to see beyond the logical and picture the reality that could exist. I do think it would be helpful to have a partner who is strong here or hire on a COO with those operational decision making skills to help drive that within this company. Start-up money would also be an obstacle that I would need to overcome. Finally, I do have a family and risking their stability would be a difficult decision it ever came to that. Although I know you can have a day job and work on a start-up at the same time, I do think this would be quite draining for me.

If I were to pursue this start-up I would need to work on my decision making skills when there is not data and facts to back them up, or I would need to find someone to partner with who has strengths in this area. Obviously supporting my families financial stability cannot just stop, so I would need the dedication and buy in from my wife to make this happen. It would not only impact my time and effort, but hers as well. I would need to dedicate myself 100 percent to this.

2

Paragraph 1: You are embarking on a project to start a hypothetical small business. What kind of a business are you thinking of starting? Now consider your own strengths. Using what you have learned about entrepreneurship in chapter 5, how will your own strengths, skills, experience and personality help you to be a good business owner of that business?

• I really want to put together a business where we educate the younger generation on how to manage their finances and also provide an easy to understand plan that they can follow to become financially independent. I was thinking something along the lines of a product that we can market and sell on distribution platforms such as amazon, Walmart, and many others that help expose this product to the masses.

• My strength, skills, and experience include thousands of hours of learning and understanding financial independence. My strengths include knowing how to market and get a product to the masses through great communication skills and knowing how to build rapport with the third party who can distribute our product. Further, I have strengths in building solid relationships and knowing how to take calculated risks with high upside potential for growth. Some skills I have are being proficient in technology and computer systems. My experience as a financial advisor gives me an opportunity to share valuable information that many people pay thousands of dollars to receive. Lastly, I have a personality that allows me to get along with anyone I meet and I have the ability to adapt to their comments and concerns and know how to overcome objections.

Paragraph 2: What might you be lacking in skills, knowledge, or talents to start the business you envision? Would it help you to have a partner in the business with those traits, or would you rather hire someone to perform certain tasks that you can't perform? What other obstacles might be a problem in starting your own business (e.g. no start-up money, fear of failure, etc.)?

• If I were to pick a skill I lack then I would say that this is having the ability to stick to one project, as I have so many ideas and start so many projects and I need to learn to stick to one and focus all my time on that single idea. I would likely hire someone who is resourceful who can take over smaller ideas which would presumably add value to the business I want to create.

Paragraph 3: What can you do for yourself to start your own business? What degree do you need or what skills do you need to learn? What steps can you take to overcome the obstacles you mentioned in paragraph 2?

• I could start to formulate a solid plan to start this business and add off of ideas I have. I don't think a degree is needed to start a financial literacy product that is simple yet effective in terms of teaching the younger generation how money works and to set them up for success. Because retirement is not an age, but rather a number (how much money you have to sustain the desired lifestyle you want to live in retirement). I can overcome those obstacles by finding like-minded people who also share a passion for helping others.