Lesson 10: Entrepreneur Journal

This week, I learned great principle from the case study and it's something I would want to keep in my journal for future reference.

  1. There are so many different stories out there of entrepreneurs and all of the decisions they had to make. Now that you have read the entire case, what should Roxanne and Burt do, and why?
With the options available, I strong feel that Roxanne and Burt should look at the opportunities found in North Carolina compared to Maine. Maine had many things that were excessive and will hinder the growth of the business and Roxanne expressed that the business is just like a baby and as a mother want to give a good care, am not sure one will be able to do so with the high transport cost which will shoot up your expenditure since one can’t do away with transportation and in dealing with employees, you have to also consider the high payroll taxes not forgetting the lack of expertise and all this negativity lies in Maine unlike North Carolina, she can have good qualified work force and better distribution channels for her products. 

  1. "I've never taken on debt because I don't ever want to feel like I can't walk away from it this afternoon." As the case states, Quimby was debt-averse. When she finally applied for a credit card, what does the case say she needed to do? What is your policy on debt? Are you debt averse?
Even after creating a business and making millions, Quimby still needed to have her sister cosign with her on a credit card because she had never done so and did not have any established credit in her name.  My personal policy on debt, will only consider the purpose of a house, an education, or other large purchase such as a vehicle.  I will do all I can to always save for myself and have an emergency fund for my business to rely on than to go into debt and even if I do, this debt must always be paid off as quickly as possible so I do not have to live with being a slave, just as Presidents Monson said, “I urge you to live within your means. One cannot spend more than one earns and remain solvent. I promise you that you will then be happier than you would be if you were constantly worrying about how to make the next payment on nonessential debt.” I’m not a fun of even having a credit card, where I will incur a debt and pay over a period of time. 

I also learned how best one needs to stay away from debt if possible and learned from my other colleagues some ways they have tried to be debt free especially savings.  

$100 Challenge
I made $10 this week and this makes my total of $55.
Break Down
Income: 60
Expenditure : $5
Balance : $55

I have few trips to next week and I know I will meet my target before the close of the semester.

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