Entrepreneurship Journal

Opportunity Journal 4 - Building Financial Statement – Income Statement 

1. What do you really enjoy doing/your passion?  When preparing projected financial statements, you need to identify your revenues. For your visionary business,

• What are the revenue sources?
• What are your revenue drivers?
• Show your revenue structure in a worksheet form.
• Can you use technologies/IT to drive your revenues? Explain your rationale.

Answer:

We following shared economy structure. That is why our main revenue would be based on purely commission based. Each handyman will do their job as per given instruction and we will charge per hour base. Then we will take our cut and pass remaining money to handyman.

        Basic valuation for our company would be

 Charges per hour * no. hours required to get job done * customer expectancy rate

 Since charges per hour is fixed and there is nothing we can do about “hours required to get job done”, that is why revenue drivers for our company would be customer expectancy rate. And we can increase it by doing more targeted and efficient marketing.

Technologies used for targeted marketing can be crucial for our company. SEO and data mining is technologies which we can use to improve our sale. If anyone search on google for handyman services our website would be the first to show up there. And in the same way we can use data mining technic also.  

1. What do your friends & family envision you doing?

What strengths & weaknesses do they observe?

How do their insights help lead you to a business idea that is right for you?

According to my friends, I have quality to be ethical hacker. I can be a security consultant for any company. Furthermore, my strength is I have vast knowledge of multiple fields i.e. I have expertise in many fields. Which could be crucial for me to be an entrepreneur. Also I would like to take initiatives which is another quality to be an entrepreneur. But, sometimes I lose patience, which is my weakness. I easily frustrate on small things. Which is most important quality which an entrepreneur should not have.

1. Which of your personal attributes will most help you succeed as an entrepreneur?

I am very social person. I have great networking skills. I can easily get along with peoples. I can understand person very well. I can track down where the exact pain person is feeling. Also another thing is I have general awareness about all the recent trends going on in the IT sector. That is why if there are any changes in market requirement, I can easily embrace that change.

1. Which attributes do you think you need to further develop?

I have to have more patience. If things are not working according to the way it was planned, then I should not be frustrated. Another thing I need to develop is to have “Emotional quotient”. Which is emotional attachment with employee. Everyone have different working methodology. As an employer, I have to understand that and use it as an advantage for my start up.