Budgeting and Debt

This week we talked bout various important elements in starting a business. The following topics and points are ones that stood out to me.

Overcoming Debt.

1.     I am not sure about any of you, but I know this, that God exists and that he is more deserving of me, my time, my energy, and anything that I accomplish. He puts effort into assisting/guiding/putting godly influence in my life, that I may achieve my goals. To support that, I return 10% of my income to Him by way of tithing to my clergy. This act of faith is more than just giving up some of my income, but showing an increased of faith that I know I will be provided for with my expenses and anything else that I have to pay for.

2.     Spending less, learning to save.  This simple notion will help anyone get out of their troubles and be able to accomplish future financial goals that could be achieved.

3.     Teach Children. I feel that this is one important thing to remember. We could be examples to many people around us. Children have the most malleable minds. But it is important to remember that the important lessons that we can teach are better taught when we are the example to what we want them to achieve.

$100.00 Challenge

     As we looked at the challenge this week we focused on getting it started. There was an important raise in $20.00 in capital. I funded the business by bootstrapping. This is when the entrepreneur raises funds for the company on their own. $20 is not that much of an expense for the business. I am planning on spending the capital on supplies. I find that this will be the base of the company. I do want to be able to utilize revenues and sales to be able to send to more vendors, finding customers, and buying more supplies.

Challenges, Dreams, and Reality

The $100 Challenge
The Status: Currently, I am working on drafting the business plan for the Challenge. The idea that I have finally come up with is a Media Mailer for Artists. I feel that this business is not going to take too much initial investment, but it probably will take more time establishing it.

The Needs: I need to find a way to be able to do a lot of research in a short period of time. Most of the research is going to consist of finding business entities, music industry entities, and various outlets/vendors that would want or would not mind unsolicited media mailed to them. The other part of the business, the shipping/mailing aspect of the business will be easily accomplished with a simple label printing machine, or shipping labels printed from a printer.

The Failures: I need a name for the business. I have one in mind, but I would not mind soliciting others with the name.

ActionHero.org
The idea of ActionHero.org or Action Foundation of Entrepreneurial Excellence is a non-profit organization that has established a website/network to allow aspiring entrepreneurs to share ideas, experiences, and information that would assist and prepare the next generation of entrepreneurs in achieving their goals.

This week, we were able to look into the life of Paul Robshaw. As he worked with his father, he learned the importance of working hard. Many factors in life like money, people, and achievements do not mean anything. It is about core values and integrity. Another point that he makes is that it is important to overcome boundaries, it is important to utilize creativity to achieve dreams. For dreams are just realities that have boundaries. You can read more about Paul Robshaw and other Action Heroes by clicking here.

A Baby's First Steps

Have you ever wondered what happens when someone starts a business? Or how an entrepreneur starts their venture, creative process, idea, invention, etc and etc? I am too! I cannot tell you what will help you succeed, nor do I expect to tell you what to do with your money, but this blog is meant to express the ideas and feelings that I get as I try to venture and work on my own business. Just like a baby, I have got some steps that I need to take so that I can get up and running.

Rich Dad, Poor Dad
By Robert T. Kiyosaki
ISBN 978-1-61268-001-9

I understand money, not that well, but I have a general understanding of it. I have taken business courses for 3 years, but the way Robert Kiyosaki teaches about money, the flow of money, and the ideas of assets and liabilities is "out of the norm" but really smart.

As a child, Robert wanted money to fit in with the rest of the students in his school. So, he and his friend Mike talks to Mike's father who is a wealthy individual. He teaches Robert and Mike important lessons to remember for the rest of their lives. The idea to either work for money, or make money work for you is what Mike's father, "Rich Dad" wanted to teach the kids. Robert's own father, "Poor Dad", wanted Robert to get a proper education, get a good paying job, and as Robert defines it, work in the Rat Race.

$100 Challenge
So as we understand how we can make money work for us, we looked at a website www.kiva.org. This website showcases various entrepreneurs around the world. This week, I visited the website and looked at various borrowers. I found one, named Merlinda. She runs a shop and needed a loan to purchase supplies. Although I was successful in supply money to her loan, I found someone else. Her name is Emily, and she is in the same situation as Merlinda. The whole purpose of choosing Emily was to support a country that I am close to, the Philippines. I am of Filipino heritage, but I have not visited the country. So this is a way for me to give back to my "home land".