What are the best three things you learned so far in this class? Elaborate with some level of detail.
Students response ( use name )
One of the biggest things I learned in the course was the amount of details that can be forgotten or lost when looking at something as big as a business. It is almost critical that when doing anything within the research and development of the business plan, to have help in either a peer review when you are done or even help with the research itself. Brainstorming ideas with other people, even if they have no intention of being a part of the business, can be key in remembering things you forgot, adding detail to something you may think is clear but is not to others, and even getting a new perspective.
Second I think that with my MBA I was able to gain an appreciation for, and slight knowledge of all the aspects of a business. This by no means makes me an expert in any one particular area. Self assesment is vital in development of a business. For example I am not an accountant, and do not have the required skills to do a detailed analysis of an income statement or balance sheet. This means I may have to hire a CPA before I even start the business to help me with financials. That is just an area where outside expertise would be more valuable than me just “doing my best”.
Lastly it cannot be understated how important it is to have a passion for what you are doing. Through the process I have learned, as stated above, being a CPA is not in my future anytime soon. I am not passionate about it. Yet, what I am passionate about is my potential business, so I will do what is necessary to make that continue to happen. If you are not 100% invested in the idea, whether it be financially, emotionally, or physically, then it may not reach full potential and succeed.
Thanks for everyone in the class that gave me good ideas and advice the last few weeks. Good luck to everyone in future endeavors.