Sam Walton (founder of wal-mart) Notes

which company would you choose?

between the two companies; the grill charm company and the bobble head company I would choose the grill charm company without a doubt. I not only liked the idea of the grill charm company more but I also liked the entreprenuer more as well. The entrepreneur of the bobble head company was only offering equity for the new un-tested company he was wanting to start, not his main online company that is already greating lots of profit. The entreprenuer wanted the sharks to give him 75'000 dollars for something that had no real proof that it would be succesful and also wouldnt share any of his other company with them for insurance on their money. The man was greedy and also wasnt very professional, when asked by the sharks what his profits were, he couldnt give them a hard answer, only price ranges. First impressions are very important and who you are going into business with is very important as well which is mainly why I would not go into business with the bobble head company entreprenuer. I would have made a deal with the grill charm company because I really liked the idea as well as the entreprenuer. She was very determined and passionate about her idea and didn't ask overvalue her company. You could tell that she wanted to expand and was willing to give up some to gain in terms of her idea growing as a company. Giving what the sharks offered, I would have probably offered about 75'000 dollars for 30% of her company or tried to get in on a deal with one of the sharks because I really believe that the product is a good product and would want to get in on it.

Blue Ocean Strategy

Six key statements:

1. reconstruct market boundries

2. focus on the big picture, not the numbers

3. reach beyond existing demand

4. get the strategic sequence right

5. overcome key organizational hurdles

6. build execution into strategy

Two companies that I would consider to be Blue Ocean companies are

Seth Godin on Sliced Bread

Seth Godin starts of by talking about sliced bread and how it took 15 years to catch on due to bad advertising. The way people use to advertise was known as "the T.V industrail complex". The way this idea worked was that you buy some ads which gets more distribution which sells more products which gets more money. This cycle continues to go in a circle, but in fact was cancelled because it was proven to not be effective. Advertisers usually target the mass majority of average people; the people in the middle of the curve, when in fact they should try and target the curve of people (the fringe) who are obessed with their product or service because they will listen and hopefully tell their freinds thus the word will spread. Another major point Seth Godin made was that Design is free when you get to scale and the people who come up with remarkable things are people who find a way to make design work for them. Also, being safe is risky and being very good is bad because both of these are boring and people don't notice boring things therefore they won't notice you or your business.

Pitching Element Bars

Element Bars is a company that makes personalized energy bars. The entrepreneur - Jonathans -intial offer to the sharks was 150 k for 15% equity. Even after the first Shark is out the entreprenuer doesnt give up and still answers his doubts and questions then he follows with telling the sharks about his features and benefits. Daymond (one of the sharks) makes the comment "the first person to name a price losses" which means basically that you shouldnt put up a number first because you need to see what others are willing to pay for first. Johnathan put up to big of a number for the amount of equity he was asking for, but when Daymond was about to decline he let them know that he was willing to neogatiate which in turn lead to Daymond offering 150 k for 75% equity of his company and Kevin H offering 150 k for 100% equity and a 4 % royalty to Jonathan. Jonathan considered the offer but wasn't willing to give up that much equity and countered to Daymonds offer with 20% equity; Daymond refused and was out. Jonathan was left with one shark (Kevin H) whose offer was still up, Johnathan told him that he was not willing to make the deal because he wasnt able to give up all that equity he told him that he wasnt willing to go over 50%. Kevin H countered with the same offer but for only 35%, Johanthan countered again saying that he was only willing to give up 25%. Kevin H gave him his final offer meeting halfway at 30% equity, Johanthan then accepted the deal.

Some Key Negotiation Skills Johanthan used:

1. Doesn't give up - explain counter offer

2. features/ benefits

3. first person to name a price losses

4. Force others to make offer

5. meet in the middle

Shark Tank Vs.

SHARK TANK VS. MR. TOD'S PIES:

Mr.Tod's Pies was a small business company in the fast food industry that sold a number of different pies. Tod came into the Shark Tank asking for $460'000 for 10% of his company from the Sharks, in the end 3 of the sharks were out but the remaining 2 offered him $230'000 each for 25% each of the company. Tod was faced with a major decision, give up half of his company for $460'000, or walk away from the deal. Tod decided to accept the deal which was a great decision on his part.Tod had over valued his company and his intial offer was unrealistic, but in the end he came to realization and did what he had to do for his company.

SHARK TANK VS. IONIC EAR

After Mr. Tod's Pies had came in next came a Business entreprenuer with the idea of an "ionic ear". His idea was basically a bluetooth technology piece that would be surgically implanted into peoples ears. The Sharks laughed and reduculed his idea, and honestly told him that it was not a good and realisitic idea for the present time. The entrepreneur should have been more realistic and probably should have took feedback from more people before going in front of the sharks because if he would have he would have possibly reconsidered the value of his idea.

SHARK TANK VS. WII SPOT

The next idea was a stand that would go into medical rooms for patients that included a number of different portable screens that would allow the patient to read email, search for information, etc. Basically the idea was a convient portable computer screen for patients. The entrepreneur wanted 1.2 million for only 10% of his company which was way over valuing his company. Saying that he wanted 1.2 million for only 10% means that he valued his company at 12 million dollars which was crazy. Also, his idea had many faults, such as email which every patient already had access to via cell phone, and even laptops which many patients tend to bring and use. Overall his idea just wasnt that good and one major thing I learned was to seek feedback from experienced business people before really putting excessive amounts of money into your business. This man had sacrificed everything (his kids college funds, his houses, etc.) and put everything into his idea which is not right. You need to be realisitic about things and get feed back from experienced people who know what they are talking about and also to never put your family at risk.

What I Learned About Google.

What I learned from Google?
After watching these videos on google I have learned a numurous about of things. One concept that I really liked and enjoyed learning about was about how google was as a company. Google isn't like the traditional company. Google does many things that most companies would not do and thus helps them seperate themself from the competition even more. One well known rule to companies is to stick with a logo and never change it in order to establish their brand while google realizes that they have established their brand and change their logo everyday. Also, they offer many benefits to their employees such as good quality food, laundry machines, and also freedom. The freedom google offers to it's employees is my favourite benefit that they give. Google allows it's employees to work on what they beleive is good for their company, they have a rule in which 20% of their time can be completely devoted to whatever products or projects they wish to do. Allowing freedom to employees hugely contributes to googles success as a company by not only making it convient for people to work for google, but by making people want to work for google.