Cake Boss

Thinking about the discussion boards has caused me to realize two things.

First, family business may definitely entail drama that wouldn’t arise without the family aspect, but it can also be very rewarding. The first thing that pops in my head when I think of a family business is the show “Cake Boss.” My wife enjoys watching this show for the cakes and I enjoy watching the show to see how the business operates. I have grown very hesitant of the idea of a family business or even working with close friends. I do better and I feel relationships go better if business is not involved. This is my opinion, through the studying this week I learned that there are a lot more family businesses than I realized and it’s not like we constantly hear about family drama due to business activities. I think the key points are 1. Open communication 2. Understanding the difference between business and personal life, and 3. Setting clear expectations from the very beginning.

Second, similar to family businesses, there are many more business opportunities out there than I ever realized. I wish this week and the week on franchising were earlier in the semester because they opened my eyes to the vast world of entrepreneurial opportunities. I still really like the idea of building a business from the ground up, but I think just as neat would be to take a struggling business that already exists and turn it around.

 

Kiva Update

We are starting to wind down on our photography business, we have been going since the very beginning of the semester and have seen some neat opportunities and have learned a lot in the process. As I have mentioned previously my wife just started as an Independent Consultant for LuLaRoe Maxi Skirts. This is something she is passionate about and enjoys doing and I am enjoying the business side of things. We talk about how to best advertise, I have created spreadsheets to track information and inventory, I have spent time reading tax law (boring…) so we can prepare and pay taxes appropriately. We still have the photography going, and it has helped in so many ways that I personally have really appreciated this project.