So You Want to be a Business Owner
Post-Project Reflection
The So You Want to be a Business Owner project required for us to find a way to revitalize Downtown Sacramento by creating a business that would attract more people to this area. Working for Valeria Werder and the Sacramento Downtown Partnership, we created a business plan that included information on the industry of our chosen business and a marketing plan, among other things. For our group's business, we decided to create The Muse, a caffe/art studio. Our business plan required for us to analyze marketing strategies, demographics and psychographics, finances, and most importantly, taught us the importance of research and hard work when starting a business.
During this project, we learned a variety of things. Before even deciding what type of business we wished to start, we learned about the economy types and important economic concepts such as supply and demand and cost of production. This information helped us understand how the market works, which is essential for anyone wanting to start a business. Then, we analyzed businesses in the Downtown Sacramento area to get a feel of what business thrive in that area, and what market gaps are in that area as well. Lastly, we learned about what a business plan is composed of, and how to write one. The workshops and research on these topics allowed for us to complete our final business plan.
This project allowed for me to have a better understanding of how supply and demand impacts a business. Previous to this project, I had heard of supply but never understood why it was important. I learned that supply pertains to producers, while demand pertains to consumers. Furthermore, I learned that supply and demand are based on each other, as supply of a product depends on the demand of it. Most importantly, I learned that having an understanding of supply and demand allows for a business to reach maximum profitability by minimizing the surplus or shortage of a product.
Because our business was focused on both art and coffee, we were required to obtain industry information on both, which I found most difficult. While information on the coffee industry was easy to find and widely reported on, the art industry wasn't. Most websites claimed that the art industry and it's trends couldn't be summed up because anyone can claim to be an artist and sell their work. After reading essentially the same thing on various websites and failing to find concrete numbers and statistics, I stopped looking. Because of this, our initial business plan focused heavily on the coffee industry. After receiving the first draft back, I focused heavily on finding art statistics and was able to find them and balance out the information on art and coffee.
I believe that the learning outcome I grew most in is collaboration. In previous projects, I didn't collaborate as much in terms of evenly distributing work. I took a larger load because I was worried that things wouldn't be done correctly. For this project, I learned to trust in my partners and allowed for a more even distribution of work. In addition to this, I was able to learn how to better receive and provide feedback. I feel that now I have a better understanding of how to organize myself in a group to be a more successful collaborator.
I don't feel that I need help with anything. I believe that the project was set up well, as every workshop was helpful and provided me with the knowledge necessary to complete the next task.
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