B283 – Week 7

Stew Leonard Article:
This article emphasizes the importance of keeping the customer happy. Stew interacted poorly with a customer and insinuated she was wrong but his wife advised him to learn from his own mistake and treat his customers better or he would lose customers and his business would fail. He took this to heart and developed two company rules: 1. The customer is always right and 2. If the customer isn’t right, re-read rule number 1. I think this principle can apply in many service-based companies! Pleasing those you work with is essential in growing a business.

Defining the Jet Blue Experience:
The top thing I learned from this video was how Jet Blue managed to find ways to put their money where customers would notice. They didn’t try to do it all and they certainly didn’t do what everyone else was doing. They cut costs in areas such as food, and observed challenges in the flying experience and paid a little extra to help things go smoothly. Rather than spending MORE they spent SMARTER, only allocating their funds to areas that would be profitable or would increase customer satisfaction.

BLOG: 10 Advantages and 10 Disadvantages of Young Entrepreneurs:
I chose to read a blog about young entrepreneurs. The author highlighted a few points that stood out to me that I will recap here. He mentioned that if you’re young and interested in entrepreneurship you have fewer liabilities and financial responsibilities like a home and expensive car. You’re able to spend your time more freely since you have fewer obligations. The downsides include lack of experience and “klout”. Being young, there can also be conflicts between your company and finishing school. Prioritizing and evaluating your life plan and where to allocate your resources can be overwhelming at times. Overall, just utilize your best judgement and don’t be afraid to fall back on friends and family when necessary. Follow your dreams fearlessly, but don’t lose sight of reality.

$100 Challenge:
This week I’m starting to realize two really difficult aspects of the challenge. First, I’m struggling to get to know people and make them aware of my business. Second, if I were to have customers, my schedule is very very busy and I will need to sacrifice a lot to accommodate their schedules and offer them flexible service. I am working to overcome these challenges by setting a rigorous school routine that will open up flexible options and windows of time I can offer my babysitting/mothers-assistant service. I plan to make a flier to post in my complex and hope that helps with generating new customers and spreading the word. Starting a company from scratch is difficult and I feel my resources really limit me, so I am trying to find ways to overcome that as well (limited time, no transportation, just moved here, etc.). Overall I am learning so much! Lots of challenges and sometimes I feel overwhelmed and discouraged, but I am determined to at least try my best!

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