Week 7 Reflection Journal



          This week was very interesting as we presented our recorded Innovation Presentation projects. It was definitely interesting to be able begin learning more about what it takes to get started out in a business. Learning about business models and then having to create a business canvas on a current company will be a valuable tool for the future.

          One thing that stuck out to me came from the article "A Better Way to Think About Your Business Model". Alezander Osterwalder stated, "The business model canvas — as opposed to the traditional, intricate business plan — helps organizations conduct structured, tangible, and strategic conversations around new businesses or existing ones." He then went on to list a few companies that actually utilize this business model. I was inspired to think in terms of what type of company that I want to build at some point and these examples given by Alexander certainly made it a lot easier.

         Whatever you are doing whether you are starting a business or in the midst of working your business. It is always good to be enhancing and improving on your business skills. I think that one of the most important skills when owning your own business is Marketing your company and product. You also need to be able to engage a customer no matter what the topic so that you can sell your product. Another good skill to always be improving on is keeping a balanced income statement so that you can always know the status of your company.

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