2099 – GE ELECT 2 – THE ENTREPRENEURIAL MIND

MIDTERM EXAMINATION

October 8 – 15, 2021

TEST I – ESSAY (Rubric for Reflection Paper)

1. Discuss 8 Key Rules of starting a business of your dreams on a shoestring budget of Zach Cutler
and correlate to your business dream. (50 points)

2. “Bootstrapping keeps you lean and focused, teaches you how to allocate resources creatively
and prevents you from being wasteful or taking anything for granted. These skills and traits that make
great entrepreneurs.” Do you agree? Justify your answer. (25 points)

3. Share your learnings if by chance you were able to work with people who are founders in their
own right. (25 points)

GOOD LUCK!
 Discuss 8 Key Rules of starting a business of your dreams on a shoestring budget of Zach Cutler

and correlate to your business dream.

The eight key rules of starting a business of your dreams on a shoestring budget of Zach Cutler

and correlate to your business dream in my perspective is very helpful. If I were to start my dream

business, I will choose agriculture which is a dragon fruit farm. The first key rule, do incorporate a

company, but keep it simple. In most jurisdictions, a limited liability corporation (LLC) may be created

online for less than $100 without the need for legal advice. This will keep financial and legal obligations

out of your personal assets while avoiding the high initial cost and continuing time and costs associated

with forming a C-corporation. I want to start with something simple which is the beginning of my

business alone or sole proprietorship. The second key rule, create a business plan online, but don’t wait

for funding. Too many entrepreneurs still believe that business plans are for investors, and that

investors are necessary to start a company. Both are incorrect. You don't need investors, but you do

need a simple strategy to create meaningful milestones. It takes much too much time and effort to find

them, and it takes away control and ownership. I believe that creating a business plan can be attainable

without the budget first. It can be predicted or forecast in order to save time rather than waiting for the

investment. It is a way to set goal and create a temporary track for the business. The third key rule, work

out of your spare room, and keep your own records. Don't think that you need to rent an office space or

hire an accountant to keep track of your spending and assets in order to start a business. There are

numerous simple accounting software available, such as QuickBooks, that can operate on your existing

tiny desktop or laptop computer. As a business owner one should have the basic knowledge in using a

computer program in order to work independently especially during the starting or setting up stage. The

fourth key rule, find do-it-yourself facilities for hardware prototypes. You don't need to fly to China or

employ an expensive prototype specialist to create a mockup of your new design. Look for free

assistance at a nearby university or go to one of the new maker spaces, like TechShop, where you may
rent time and equipment to complete the project yourself. It might be enjoyable to construct the

prototype. My dream business requires only few equipment so the budget is lesser because dragon

fruits does not require huge efforts to grow. It just needs time. The fifth key rule, create and register

intellectual property online. There is great competitive advantage in registering intellectual property

early in a new business, but you no longer need to outsource these activities to pricey professionals.

When my business will start its operation I will make sure to create security to my ideas and plans. The

sixth key rule, use virtual assistants online to supplement your efforts. By employing online remote

contract services and low-cost freelancers, you may save the expenditures of payroll, office equipment,

and employee benefits. They give the specific knowledge you may require, with the flexibility to scale up

or down as you learn more about what needs to be done. My father is a farm owner so I have a mentor

for my business and can add sufficient ideas from online perspective. The seventh key rule, use low-cost

subscription software and cloud computing. You can acquire all the application storage and processing

capacity you need from Google or Amazon without hiring an IT team or incurring large upfront

expenditures for computer systems and apps. All fees are month-to-month, with scaling options to fit

your company's growth. I don’t think that I would be needing this for my business but if ever I were to

use it I’ll find useful and make sure it’s in the budget. The last key rule, take advantage of social media

and free websites for marketing. With sophisticated platforms like Shopify, many businesses now design

and maintain their own websites. Blogs, Twitter, Facebook, and other social media platforms make site

promotion simple. Don't hire outside specialists for search engine optimization, public relations, or other

services until your company is profitable. The internet offers free websites for me to gather enough

knowledge and expert skills and I’ll make sure to make the most out of it. I know this will help me keep

my business in the long run as I have the foundation to do so.

 “Bootstrapping keeps you lean and focused, teaches you how to allocate resources creatively

and prevents you from being wasteful or taking anything for granted. These skills and traits that make

great entrepreneurs.”

I agree with the statement. To begin with a foundation of becoming an entrepreneur starts with

the entrepreneur itself. Anyone can start a business but not everyone is an entrepreneur in mind, skills

and heart. An entrepreneur should have an eager mind for creativity and functions well a change is

constant in the business industry. Bootstrapping allows a person to think outside the box and not waste

the resources on whatever limit it possesses. Starting small is not but as long as it makes you feel that

you can handle a business rather than starting big and not knowing how to deal with the inconvenience

and responsibilities. The great entrepreneurs never started easy every success requires effort. Every

goal requires action.

Share your learnings if by chance you were able to work with people who are founders in their own

right.

My father is a great example for this. He was in military since I was born. He always wanted to

become a farm owner and start a business. For twenty years that he was serving the military I know that

his passion is still in his mind which is farming. When he retired, he immediately bought some land

started a vegetable farm and dragon fruit farm he hired some of our relatives as workers. Everything

went great even if there are some problems. Until now my father is still focused in his busines and I

always help him. I know that he already found his right and he will continue to develop as an

entrepreneur.