Week 13 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? The biggest surprise I got from reading chapter 14 was the story of Brad Daniel and how he expanded his florist business into five stores in South Florida. What made my mouth drop was the fact that sold it for $130 MILLION. That is just so much money and the kick was that the rollup ended up filing for bankruptcy and selling Daniel his business back. 

2) Identify at least one part of the reading that was confusing to you. I was confused by the Due Diligence question of funding request and if its appropriate for sucess. I think its a very open ended question and I would need clarification on how to go about this questions' analysis.

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

• price/earnings ratio drawbacks: to what extent can they bring more risk than reward? What would be a better alternative?

• In terms of the due diligence outline, how much does each one vary in questions? It is a standardized outline or do they vary across different people's businesses and ventures?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How? I don't agree when the author says that every entrepreneur should be able to calculate the value of his or her business because there will always be emotional and personal biases that come into play. Furthermore, there are other biases when it comes to determining the value of a competitor's operation. 

Celebrating Failure

At the beginning of the semester, a band I really liked announced that they would be playing in Gainesville. Being a huge, I bought the tickets immediately and called my friend from my hometown(who is also a fan) to come visit and see them with me. Little did I know I had a test the day of and the day after. Because we had prepared so early, my friend had taken off of work and bought his ticket so I was reluctant to tell him not to come. I ended up getting a D on one test and failing the other. I learned that before making plans I need to make sure I have an open schedule around that time and also that I must prioritize school over everything, my friends best interest. Failure is something that heals with time and no matter how bad it may seem in the moment, it does get better. There is almost always a way to make up for what you've done wrong you just need to be willing. This class has really made me get out of my comfort zone so I am definitely more likely to take a risk now than 4 months ago. A lot of these assignments have made me realize how I used to psych myself out, thinking something isn't going to go well before it has even happened, but I've realized that it's all in my head for the most part.

My Exit Strategy

1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children? I would like to stay with my business for as long as I can and if my children want to carry on the company then they are more than welcome.

2) Why have you selected this particular exit strategy? I chose this strategy because clothing design is truly a passion of mine and I would like it to be my occupation for as long as possible. I also don't want to force my decisions on my kids so I would let them decide if they want to continue the business

3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources? I suppose it has influenced my growth intentions because if I wasn't doing something I was really passionate about I wouldn't have the substantial goals that I want to accomplish.