Week one Journal

4/25/24

Entrepreneur Journal

-Week one-




      Lessons Learned 

 This week I was inspired by the course material to look a little deeper into my surroundings and ask myself the "why" and "how" of certain business models. I focused on seeing the"hero's journey" in my own life and trying to recognize ways in which others were making money. A key development happened when I went to visit a local country dancing club here in Rexburg. I was surprised to see that the "club" was really a cheap-looking barn in a very regular-looking neighborhood. I was amazed when I saw that the people running the place were college-aged kids. They had a folding table set up by the entrance where they sat and had everyone electronically transfer 5 dollars to them for entry into the club. The place was packed and I was amazed at how three or four college-aged adults could earn this much money with that little effort. I immediately began thinking about how I could open my own club and possibly make just as much if not more money than my competitors.

 Lessons not yet learned 

Over the past week through idle thought, I have developed a few challenges in starting this new business. First and foremost, I need to find a location. Preferably an affordable barn in Rexburg close to the college where I can rent for relatively cheap. I looked on Zillow but unfortunately, such things are not listed. I think I will have to question the locals to find potential options. Another thing I will need is a DJ with knowledge of country music and sound equipment. I myself do not know which songs to play. We should be able to scrape by with a simple laptop and a few large speakers. I can also find employees by poaching employees from the other location. 

 

                                        Conclusion

Next week I will focus on finding solutions to these problems. Also, I will be visiting the country dancing club again this Saturday. I will take advantage of this time to question the employees and hopefully the owner to enquire more details. I will write an update next week. 

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