Log of what of Amelie Yerenburg has learned at Techie Youth

Mon. Aug. 8, 2022

What is a profit model?

A profit model is a company's plan that aims to make the business profitable and viable. A profit model will help lay out how sales will be generated, and all the expenses that the business will have to have. If a business doesn't have a profit model it will blindly operate, which could ultimately lead to to it being unsuccessful. There are four types of profit models: production, rental/leasing, advertising, and commission model. There are also three components to a profit model: production and operating, sales and marketing, and delivery of goods and services component.

Fri. Aug. 5, 2022

Is entrepreneurship what you want?

Entrepreneurship is hard to get into if you don't have the right skills for it. To be an entrepreneur you have to be a leader. This is because in order to run your business you are leading your company in the direction you want it to go. The biggest part of if you can fit the leader characteristic is in a persons speech. While some people are naturally born leaders, others have to become one. The way a person speaks is very important because it shows if you come off strong. It very important to work on problems with your speech that you suffer from, when talking to someone and stuttering or mumbling too much, saying more than needed comes off as not strong. To be heard you have to speak when necessary and when it the right time.

Thu. Aug. 4, 2022

What is an entrepreneur and how to be a successful one

An entrepreneur is a somebody who organizes, manages, and assumes the risks of a business or enterprises. Entrepreneurs come in all types of industries and can have widely different backgrounds. Today at techie youth i learned how to successfully begin your path to entrepreneurship by starting your first business. The first step is to find a partner. You want to find about 2-3 people with whom you would like to start, these should be people you trust and know. When finding a good partner its best it is someone who has experience especially if you don't have experience yourself. Next you will need an executive summary- a shortened business plan. This will help you build the blue print to your company and should consist of: what your business does, who is gonna buy your product, where your customers are coming from, and who you are, your company, and your team. Lastly you should also have names for your employees, there should be a CEO, CFO, CTO, etc. This is so your company is considered professional.