WK06 Blog Reflection Post

 10/21/2021

Entrepreneur's Journal
Entry #6 (Week 3 BUS 110)
Elizabeth Simons-Adams

What did you learn from the W06 Study: So You Want to be an Entrepreneur readings and videos?
What are you looking forward to learning and experiencing?

1- Always be a light to the world; have relentless integrity and honesty.

In the 13 years of Product Management experience I've gained at 4 different companies, it is so incredibly important to have honesty and integrity in your business dealings. The times where I felt forced to do something due to possibly losing my job is etched in my brain and I promised myself that I would not do that to myself or work for a company that required dishonest dealings in the future. I have succeeded so far and have grown well past my goals set.

2- Acquire in-depth knowledge of the competitive structure of an industry and have a network of contacts within that industry.

As a product manager, I am the CEO of my product lines and have to understand the industry and know it inside out. It would be so amazing if I did this for myself instead of making a corporation money based off my knowledge base. Understanding your competition is what will get you ahead.

Competitive Analysis - I keep a presentation of all competition moves updated on a quarterly basis. I also utilize my Industrial Design team to dig in and look for new ideas that could possibly sabotage new ideas we are working on to make sure we are staying up to trend in the process.

3- Have the skills to run the daily operations of a company that growing quickly.

The skills of running a daily operation is incredibly important as the workforce is your lifeblood and it needs to be run flawlessly.

4- The ability to raise money.

Last but not least is the biggest reason I'm taking this course as it has been a huge fear of mine up to this point - the ability to raise money. I can take a product once ideated and developed and launch it worldwide, but give me a product idea outside of a corporation and I'm stumped. I have no idea how to ask or raise money, who to contact and how to close the deal.

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