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Post by kristendodd1 on May 7, 2014 15:06:14 GMT -6
This is great for people who are looking to start their own business. I think it is very important for someone who is looking to start their own business to really realize how much money and time and effort it takes to starting up your own business. These guys really knew what they were talking and I found the video to be very interesting and informative.
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Post by robertnicholson on May 8, 2014 10:45:08 GMT -6
if you underestimate the COGS, you will notice that your numbers don't match up later in the real world. You probably forgot to add some small increment. Now your profit and expenses are not matching up to what you had down prior on paper. Time to start going back and looking at your numbers.
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Post by paigecrawford on May 8, 2014 11:41:41 GMT -6
This video brings reality to the idea of entrepreneurship. In the video they said were very optimistic about the price in the beginning but had to charge more than they thought. I noticed that they said they were built on quality so they did not want to give that up. Thats why it is important to know who your company is and why you exist. After watching this video I am interested in finding out more about their company.
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Post by briandavis1 on May 8, 2014 12:03:00 GMT -6
Understanding the cost of your business is key. When starting a firm and you have costs ou might need to double the cost and the money you planned on borrowing.
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Post by bleblanc on May 9, 2014 6:44:30 GMT -6
A few years ago I started a business with my friends and this was our biggest problem. They wanted to sell things super cheep so that we would at least make money. They considered the cost of raw materials used to make the products, but they didn't factor in the time or labor that we spent making the items. Eventually, I left the business because the model we were operating under was so flawed. I was one against 2, and they wouldn't allow me to raise the prices. This led to more sales, but we weren't seeing the profits from these sales or the return on the time and effort we spent making everything.
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Post by kierras91 on May 9, 2014 18:29:47 GMT -6
I liked this video- they gave some rather good advice on price and profit. When they decided to use e-commerce to sell their product at first they estimated what they could sell it for at a far too low price. They still wanted to sell it for less than what the competitor was selling it for it was just too low to gain anything from. Knowing that there are multiple variables that go into a business and making a profit is a good thing to know so that your business can be successful in every way possible for them.
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Post by jprend on May 11, 2014 20:30:16 GMT -6
I did like this video, it was very uplifting. It is a good video to take with you into the workplace. Never underestimate the cost of goods, is a great statement that he found out from his professor. They are always higher than you can predict when starting a business. I like how he wants to promote a great quality pair of glasses and they are very unique glasses.
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Post by jodiemalley on May 12, 2014 14:48:57 GMT -6
Every business strives to be profitable. It can be hard to determine what to set a selling price at. Because consumers do not want to pay to much, companies want to hit that mark of what people are willing to pay, but not going to low to cut out profits. Being profitable is a determinate of a successful business.
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Post by spencer ragas on May 12, 2014 15:05:10 GMT -6
I think he is very right about underestimating the price of your goods. In every business it is important to budget more than you expect to cost because there are always unexpected costs that you don't realize are there until you get started. Besides that, you need money for the marketing of the product in order to keep it viable
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Post by shennellw on May 13, 2014 10:22:29 GMT -6
Great example. This video allows companies to realize how much it actually takes to run a profitable business. Sometimes things won't always go the way you planned. But if you have a strong product consumers will come if its what they need. Awesome video.
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Post by jgilhaus on May 13, 2014 14:22:30 GMT -6
I liked this video. It reinforces that starting a business has so many more variables that go into it than most people realize! Sometimes being the lowest-priced seller is not always a good thing, though. Quality sells!
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Post by patiencedaigle on May 13, 2014 14:53:55 GMT -6
Knowing the factors that going into pricing and profit is very vital in running a business. In the video they realized they were selling their product too low to make a true profit. Being able to notice this is important so the business can still flourish.
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Post by wdeben on May 13, 2014 16:16:01 GMT -6
Cost can eat up a lot off ones funds. Especially with inflation. But I liked this video because it showed how students can translate what they learn in the class room to the real world.
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