Lesson 2

This week was another great week for learning about entrepreneurship. There are several very important things I learned this week. First was the need to really do your research and plan ahead. This week we studied the Boston Duck tours case. The founder of Boston Duck Tours had a lot of hoops to jump thorough getting his business up and going. He had to get over 30 licenses. He had to find over $1 million dollars in funding and he lost a majority of his funding due to how long the process took. He had some very difficult times but was able to persist through them because he knew the rewards that were awaiting. Another valuable lesson that will hopefully stick with me is, always live by the rule of 3 when it comes to business. Plan on things taking 3 times longer than expected and costing 3 times more than expected.

We also focused on idea creation and the creative process that allows for creative thinking. One of the things that I really got from this is the need to crate diversity of thinking in any creative team. My wife and I were actually talking about this this morning. She is a literal thinker she is very goal and fact oriented, she says things as they are and a lot of times sees things much differently than I do. Because of this we do have some creative disagreements but we are able to find better solutions than we can on our own. Through the process of disagreement and debate better ideas are generated.

This week I have thought a lot about business ideas. My $100 project idea isn't something super innovative and it isn't something that fills a major need but it is something that gets me excited and motivated. So it think I have settled on the idea of Home decor made from barn wood and tree branches. Passion and motivation are a big part of any startup and if you don't have the motivation you are not going to be successful. That is all for this week but I still have a lot of learning left to do.