Personal Finance Issues

Personal finance issues can have a huge impact on a business venture. With either positive or negative issues, your business can benefit or fail. Financial issues are a huge reason for alot of failing business because there isn't enough to keep the business running. Setting up a plan for proper spending and saving will help create a successful venture.

Setting Up Your Venture

After taking MGT240 I have learned quite a bit about being an entrepreneur. I have realized that being creative and patient are two important characteristics in this field. I have never really thought about beoming an entrepreneur but after learning about it, there are areas that I believe I can expand on.

Setting Up Your Venture

I have never found it difficult to view myself as an entrepreneur. I have learned that the most difficult part of the entrepreneurial process for me is deciding on a venture. I find it difficult to be creative and reasonable at the same time. The most reasonable venture ideas are usually the least creative. I would like to work on bridging this gap.

Planning and Financing Your Venture

Personal fiance issues have a great impact on business venture ideas. An entrepreneur's personal finances can dictate what ideas are feasible. Especially in the current economy, banks are sometimes unwilling to invest in entrepreneurial ventures, this means that one must finance there own venture. An individual with limited financial resources may have to postpone starting a venture or find creative ways to gather funds to meet start-up costs.

Personal finance issues can also foreshadow or explain financial issues within a venture. If an entrepreneur has difficulty managing his personal finances it is likely that he will also experience difficulty with his business's finances. In this situation, even a good venture idea can fail when it is not financially sound.

The apple falls gently from the tree

Apple inc just released their second quarter fiscal earnings. Although retail sales are down of their computers, they were saved from any unrest by the sales of their Iphone and ipod products. The ipod product is even up by %3 of sales, compared to last year. THis goes to prove that even in a recession if one has a strong brand power one can succeed.

THe brand is also counting down to its billionth iphone application dowload. There is also rumor that a new model of the iphone will be released soon. Apple spokespeople are hesitant to answer the rumor, but do say that they are working on the 3rd version of the iphones operating system.

http://www.businessweek.com/technology/content/apr2009/tc20090422_557162.htm?chan=rss_topStories_ssi_5

Over the Rainbow

In todays economy many people wish that products and services are run/produced differently than how they are. Unfortunately its hard to establish a unique way to do so without failing. If I could have all my dreams come true in the marketplace, I would wish for trednyclothing stores to be more popular/common is this area, restaurants that are just chains from up north to migrate down south. Its hard to say exactly what I would dream about because during this time its hard to want everything perfect.

Creativity vs. Innovation

The difference between creativity and innovation is that innovation is how you go about doing something where creativity is the mental and social processes of new ideas and concepts. Being an entrepreneur you would need both of these because its important to know how you want to go about creating your products/company and also the creativity you use to appeal to your customers. Lacking spark in your product could cost you the business.