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B283 Journal Week 11

July 13, 2013

For my $100 project I have been thinking about the presentation due next week.  I have never done a power point presentation, but I have children that can help me if I get stuck.  If I had more time I would have investigated the customer base more thoroughly  before launching into the hidden security pockets.  There may still be a market for my style of pocket.  I just have to find it.

This week’s lesson had good information.  The Startup Nation website gave several things to think about in having a family business.  It says to keep the right balance by setting boundaries of when you will and will not talk about business.  Be sure and communicate in a clear way with family members.  I would say put all agreements in writing and read the agreement out loud to make sure it is what all parties meant.   The website goes on to say divide the responsibilities, always seek to be fair, treat your business like a business, seek advice from those outside the family, and develop a plan for transferring the business from one generation to another.  Lastly, insist on family members getting outside experience before coming to the family business.  I feel this is all good advice.  The Startup Nation has been a helpful guide through this class.

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