Buying a Business Unit- Refection Journal- Week 7 of Small Business Creation

E-Myth Part 1 –

The first thing I learned is that every one of us has a Technician, Manager and Entrepreneur in us. And all of them are fighting to see who gets to be in control.

Second - to be a good business owner we should be all three equally and that will take time.

Third - a business should grow naturally, or it is doomed to fail.

I will have to take these principles and get out of my comfort zone and learn how to do things outside of my business to be able to help my business thrive. To help myself thrive, I need to be a well-rounded person. I will also need to know when it is time to hire other people and train them in their roles.

Selecting a Business to Buy –

My favorite thing I learned about buying a business is doing a Decision Matrix. I love that I set the criteria and then compare three or more business or ideas on the same spreadsheet. Then I can easily choose which one I think would be best for my goals.

Case Study - Concrete Specialist Inc. –

I learned how to do a projected income statement report with this case study. I was very unsure what I was doing but I think I got the basics down. I was also pretty sure I didn’t do it completely right.

Case Study - Francisco's Italian Grill –

With this case study I learned a lot more because the videos and some of the other features of this class were finally working.  I learned a lot more about how case flow and projected income statement reports are supposed to work correctly.

Team Presentation –

I have always hated team presentations because ever since my early school years I have always the only who had to do all the work because other people in the group refused to do so. I have always made it a point to make sure the teacher knows this as well.

This Team Presentation was a bit different as in three of us showed up, communicated and divided up the work up pretty evenly and got it done. The other three people who were supposed to be in our group never showed up or communicated. We made it a point to tell out professor this as well.

I learned a lot about buying a business from my two teammates and I am grateful for that because I have been struggling very hard in this class not really knowing what to do or if I have been doing anything right.