Entrepreneurship

Thus far at Bryant, I have made it a habit to pay attention to what my peers contribute during in-class discussions. With regards to this class, this habit is especially important since I am the one junior student amongst seniors who are about to graduate. I have attended a number of sessions conducted by Bryant Ventures and have learned that this group (and what it has to offer) has helped hone my entrepreneurial skillset primarily through the many guest speakers that visit Bryant who have offered me insight in their lectures. During multiple classes of this course, my fellow classmates have touched upon other groups such as Bryant Collegiate Entrepreneur’s Organization (CEO) that also assist student-entrepreneurs in enterprise creation. I previously has no knowledge of any other on-campus organizations that aspiring entrepreneurs such as myself could use. Now, I do plan on being actively involved with not only Bryant Ventures, but also Bryant CEO next semester so that I can learn more about entrepreneurship and therefore contribute further to KrossRoad Global Radio.

With regards to the takeaways I had from outside readings, the foremost was from reading an e-article discussing a lawsuit that could potentially change the regulatory framework of franchising. The legal battle is between labor unions and McDonalds and involves unfair working conditions and alleged wage violations. The National Labor Relations Board is presiding over the matter, and if they rule in favor of the labor unions then McDonalds will be treated as a joint employer with its individual franchisees and this would have a major impact on all corporations that possess individual franchised units. My overall learning from this outside reading was that the franchise business model could be upended and that, like most industries and marketplaces, the fast food industry (and more importantly the approach of franchising) is never static but constantly changing in contemporary times.

The last semester I was enrolled in two entrepreneurial courses (marketing and finance) that taught me how to create a Go-To-Market Plan and carry out valuation techniques for start-up ventures. I used these to improve my understanding and knowledge of KrossRoad Global Radio and during this course I chose it as the firm to execute my project on. This project taught me how to work and communicate effectively within small teams (of 3). Most importantly, I learned from this project the importance of a business plan and the steps required in compiling one. In class, when discussing the business plan, I learned that an appropriate business plan is well under the maximum limit of 30 pages (usually just over 20 pages). Outside class, when observing the guidelines of the business plan on the website, I learned of the various important components involved in creating the business plan i.e., sales and marketing plans/products and roadmaps. While working on my project, I learned of the various streams of revenue that KrossRoad Global Radio has, and this extended into another takeaway of mine that was the learning I had with regards to how a business model is created.

One of the guest speaker lecturers that I found particularly interesting was that of Ms. Alice who is a lawyer for NASA. In her lecture I learned that the investment industry is a regulated industry. During her lecture a key takeaway of mine was with regards to index funds, which (according to Alice and many authorities on investment) are the best way to invest your money because they are inexpensive and tax-free. Since I have a passion for finance, this piece of information led me to experience an “AHA” moment. Learning that Robo-Advisors (which are computerized versions of index funds and money management) exist was something that really resonated with me because it is my ambition in life to found an enterprise which digitizes a concept or series of procedures within the financial realm, much like the Robo-Advisors which I have now begun to follow closely on the web.

Some of my major takeaways and overall learning were a result of reading the text and participating during in-class discussions. During the chapter of social entrepreneurship I learned that firms that undertake social entrepreneurial initiatives are those that do not possess goals/objectives of generating profit, rather they are those firms whose missions are to provide good and services to do good. I also learned that some companies that engage in social entrepreneurship donate certain amount of their products to communities that are in need of them so as to add a philanthropic piece to their business culture. I anticipate using this learning about entrepreneurship by discussing (with the founders of KrossRoad Gloal Radio) the possibility of having the venture engage in social entrepreneurship. For example, KrossRoad Global Radio can enter into a contractual agreement with a non-profit organization that, like us, supports unsigned artists so that its image rating improves and consumers perceive us as an organization that seeks to do good for the community at large.

Overall, I learned many things related to entrepreneurship. I retained my key learnings from previous courses (one must commit labor hours and be passionate etc.) while taking away lessons on entrepreneurship from the text, in class, our guest speakers, the project, outside readings and fellow students.