During RBE I learned key financial concepts when starting up a business. Primarily as Chief Financial Officer it was my responsibility to obtain sufficient funding to operate our business in the following semester. Our company was requesting a $1,800 start up loan. I experienced the process of compiling financial information and statements regarding the spring semester’s total operational costs. During our presentation, the funding board was concerned about how their money would be used and repaid, and with good reason. It was our job to explain how their money would be spent next semester, on our poster inventory, cost of good sold and operational expenses. We assured them that their investment would be repaid in full and supported this through our successful proof of concept, in which we accomplished a $347.41 net income within the four weeks. Between these results and our expected sales projects for next semester I was able to provide them enough reassurance to receive the full $1,800 loan request. Financial reporting is useful not only to monitoring our business transactions but also important for future investment opportunities. Overall I found the RBE experience an immeasurable tool in preparing for my future career in accounting. -Grace Gonzalez
When we first started our corrugated poster business we originally wanted our posters completely outsourced through Kelly Box. Our product was to be a large yard sign in the shape of a Bulldog with “Go Dawgs” printed on both sides, useful for Butler parents and Alumni. However, we quickly found out we did not have the money or time to offer this product during our four week proof of concept. From this conflict I experienced the importance of change within a business. I learned that just because this product cannot be carried out at the current time, does not disregard the idea; it could be a future opporutnity. We ended up changing our product idea which turned out to be a success during our proof of concept. This proved change does not always mean a negative impact on a business. Our company was able to adapt our products while still functioning within our target market. Even though we had to change our product, there were positive results and many opportunities with our smaller hand-held posters, our new product idea. Change will happen but the ability to adjust in a timely manner allowed our business to capitalize on the opportunity, creating many advantages. This was significant in our product developmental stage. -Stephanie Jokl
Every business in the Real Business Experience program had some source of conflict and issue deriving a successful business from their original ideas. In Who Moved My Cheese, we are taught to look for contingency plans and be ready for what is currently working to falter in the future. As a poster company working to develop a variety of quality products under a $400 budget, we experienced a lot of change in our business. Originally, we were planning to have Butler Bulldog logos screen printed directly onto the corrugated poster. However, the budget did not allow for this, so we had to search for alternatives. We found that we could purchase labels from Campus Impression and adhere them to smaller-sized posters that mostly became our hand-held signs. With this idea, we were also able to afford a second product- our Brad Stevens hand-held signs. With this “change” experience, I learned two things: all businesses have to deal with budgetary issues and it is always necessary to have contingency plans because of that and that these contingency plans can have positive outcomes that are more beneficial. By these positive outcomes, I’m referencing that the Brad Stevens product added a lot to our business because we were able to sell another product, get them autographed, and add a philanthropic aspect to our business since we donated some of the proceeds to Gleaner’s Food Bank. Thus, the Who Moved My Cheese aspect to RBE was very important because it showed us how important it is to adapt to changing circumstances. -Michael Gorin
During RBE I learned that is important to roll with the punches. This was shown to be important in the reading Who Moved my Cheese. With our corrugated posters the biggest time that it seemed like our “cheese” got moved was when we had our handheld signs struggle. We quickly realized however that to make money off of these products we would have to move to where our “cheese” was which was a lower price. This was an important lesson to learn because when starting up a business there will be issues like this where people have to change their plan of attack. If this class taught me anything it taught me that change is inevitable, much akin to the story of Who Moved my Cheese. The cheese in our case (and most others I would assume) was not cheese, but a market that we had to find. We had to find a way to reach them and even if they were happy at that price for a while I am sure that if we stuck around long enough that would change again and we would have to go off and find our cheese once again. This is something that is a part of business and a part of life that should not be forced, but embraced when it happens. That is the biggest thing that RBE has shown me and it will be something that I will keep with me in my future endeavors and my personal life until my final breath. -Adam Knight
Out of all activities we did in Real Business Experience, Proof of Concept was definitely the hardest and the most exciting assignment. It was not just any regular assignments in other class; it is a composite assessment of everything: writing, reading, presenting, and most important of all – doing. We actually tested our idea by creating Mount It Company and running the business. We borrowed a loan at the beginning of the Proof of Concept, and made some profit at the end of the period. Also, we read Kawasaki’s book – The Reality Check, and applied what we learned into action. Conveniently enough, all the aspects worked out with one another in a perfect circle. First, I realized three things about myself: I am confident, young, and diligent. Because I felt the immaturity of my knowledge, I used my hard-working attitude to search for more information, more knowledge, and this is where Kawasaki stepped in. He provided me with many advices, three of which I consider very valuable even for the future: get your idea out first then fix it later, don’t be afraid to change, and plan ahead. By utilizing these tools at the right time, I have helped my team and other members advance in our Mount It business idea and the RBE class in general. Finally, by successfully overcoming trials from the business project, I have grasped a better understanding of my own personal values and principles. The self-assessment, researched information, and actions are three supporting parts of a stable triangle called Real Business Experience; and one can’t be missed from the others. – Rocky Huynh