GPS

Funding plays a big role in business. When you have an idea but it requires a lot of money then one needs a good amount of money to make the idea work. In class we went through the step to get funding. So its good to go over it because I now have an idea how I want to get funding.  Basically self funding will be a good start and as we learned in class most entrepreneurs take that step because they are just starting. So after a little bit of self funding then the next step is borrowing money from family/friends. This step can be easy to do or hard because it depends on your family/friends if they want to invest money to make you successful. So in process of funding family/friends can help. So for sure i'm going to take this step and ask for money because the product I am trying to create has sensors involved  and will cost money. Then comes the next step of Angel investing. After lecture we learned that Angel's are private Accredited investors who seek to make investments in you

Last week we had a new guest speaker named Shadrach White. He told us that when he was in sixth grade his teacher asked him what he wants to be and he said he wants to be rich. So since he was a child he wanted to be rich which eventually he did become but had struggles in life. He started with a job and made about 18,000 dollars a year. Then he got a job at a copier tech on the year of 1993, then made more than what he used to make but wasn't a lot. Then one day he read a book about street basketball and got interested and made a company named Rucker Park Basketball Gear. So to make the company successful he did a lot of stuff such as throw a dunk contest so people around the city can get interested and enjoy the competitions. So he did throw a contest and invited so many people, but because it was his first time hosting an event so he forgot that he is suppose to buy a permit but when the city officers called him to their office he realized that and he asked them how much it cost

Our second guest speaker was Matt Tolentino. This guest speaker was interesting because he's in the process of making a company and thats why we learned a lot about how he goes through the ups and downs of business. We also learned that he teaches at our university and he was a figure skater  in the past too so that was interesting. He then talked about his company and told what their motive was. So the motive of the company was safety and wanted the environment to be safe. Plus their motive also can be helping firefighters in a way because firefighters are real heroes and when a fire goes on they don't know what they are going into so the system created by Matt's company will at least tell what environment people are getting exposed to. So firefighters can also use drones with sensors on them which can help store data and help create maps of the location and tell what exactly is happening. Also with the sensors firefighters might be able to locate if there are some people

So in class we got our first guest speaker which was exciting because we as a class got to learn more from someone who was an entrepreneur. The guest speaker was named Erik Hanberg and he talked about the ups and downs he had in business and also talked about what kind of business he does. So he talked about how he loved reading and writing books so he became a publisher and he also told us what types of books he writes and how he markets them. He also told us a technique where we can test the market by sharing the story that he was marketing a book before he even wrote it. So after that he found out that people are interested and wanted to buy it, he then started to write the book. So this shows he was trying to test out whether his business will work or not which is a great and helpful idea. Not only that he released many books and one of his book even got sold out about thousands of copies which is a huge thing. Eric also talked about how he loves entertainment and thus started the

After going to class last week I learned a lot of things such as people can steal ideas and we need to be secure before it happens. There are people who are trustworthy but there are people who can be clever sometimes so it is always sensible to protect your intellectual property. We learned about different methods in class in which we can protect our intellectual property. One method was creating a trademark. So with a trademark, such as a symbol or some kind of name our company will be unique from other companies. For example the apple company has their own logo which makes them stand out and different. So having a symbol of some sort is necessary in order to make the company standout. Also another way to protect your intellectual property is by copyright. Copyright helps an entrepreneur because then nobody can legally change or copy the work you have. So this right is great because then no stranger can copy the same idea  and this method helps one protect their intellectual property

#T Inst 475  Coming up with new business ideas are really hard and one has to be be really innovative to do that. At first I was struggling to find the right ideas but after a deep thought I figured out 3 good ideas in my opinion. First off, I started thinking about my hobbies. I am a sports fan so I love playing and watching sports such as basketball/football. So my idea is that what if we can rent jerseys. I came up with the idea because there are many people who might find jerseys expensive so renting them at a cheaper price can help them support their favorite team during game days. There also would be a condition that they can only rent for at least 2 days. Don't worry the jersey's will be clean and washed every-time before they are rented. So I was thinking maybe we can make an app where people choose what jerseys they want to rent and we can get them delivered. Plus after two days the customer has to mail back the jersey or we will keeping charging them on their credit