Randall Marley Blog

1) I plan to grow the business as much as possible in the first 3-5 years and if I get a good enough offer I would sell the business. I don't see myself staying with this business for several decades. 2) My business strategy can be copied fairly easily and if successful I see many competitors popping up and lowering my market share. I would sell my business and not deal with potential over saturation and go on and try another venture with the money I have made from selling the business. 3) My exit strategy has not had a large impact on my decisions regarding opportunities and resources. I think the key to having a successful business coaching business is to staff very experienced and knowledgeable coaches. That is not impacted by whether or not I sell the business 5 or 20 years into the future.

1) Early on in the semester I had failed to submit my assignments correctly, I had accidently left my blogger profile to private and the 3 assignments due that week I had submitted did not score me any points. 9 points is almost a letter grade in this class and It was frustrating to be so behind early on in the semester. It was discouraging, and I almost dropped the class, but I decided to push on through. 2) I learned to correctly submit my assignments, while more importantly I also learned how to push on through the semester and get out of this hole I put myself in early on in the semester. 3) Failure is discouraging at first, it makes you want to give up, and it is hard to overcome. However, those reasons are what makes success worth it, you have to overcome your failures in order to succeed. I have always handled failure fairly well mainly because I have been able to learn from it. I see failure as an excellent way to learn what not to do. I have not changed my perspective on f...

Opportunity:  Roughly 70-80% of business fail within a year, for any number of reasons. One of the reasons businesses fail is because owners have lack business experience. This creates an opportunity for business coaching. In other words, people with successful experience can help people that are new to the field. I believe the opportunity exists because small business with very few employees will likely come across areas in which they have no expertise in and instead of hiring a full-time employee to handle it, they can hire a coach to help them for a short period of time. This market is not limited by geographically or demographically because there are businesses be created all over the country. I also believe that creates the window of opportunity to be very wide. Innovation: The service I am offering is business coaching, this will help struggling businesses or first time business owners with little to no experience connect with more knowledgeable and experienced pro...

Existing Market Step 1: I think marketing my service would be the next or finding a way to increase services I offer. Step 2: When I Interviewed the three customers who are already part of my existing market and asked the what they belived is next one of the said to start marketing while the second interviewee said to look for potential investors or partners. The other interviewee did not reply with an idea. Step 3: Based on the feedback I received I should primarily be focused on finding ways to grow my business whether it be through finding investors or marketing it to my existing market. New Market Step 1: I am currently marketing primarily to B2B who are struggling with their business or have no experience running a business. I could target a more experienced businesses and larger more successful ones. Step 2: I could instead of offering business coaching start offering consulting services. Step 3: I found two people who fit this market segment, one person works for a la...

1. Local Expertise a. Valuable -  You want your coach to know about the local area of your business. b. Rare - Experienced local business coaches are harder to find. c. Inimitable - Hard to copy because local experts are hard to find. d. Non-substitutable - There is no substitute for local expertise. 2. Number of Coaches a. Valuable - You want to have more options to be able to find a right fit. b. Rare - Not many business coaching offer multiple options for coaches. c. Inimitable - Can be copied by other people. d. Non-substitutable - can be substituted. 3. Coaches with years of experience a. Valuable - You want your coaches to have years of experience. b. Rare - Experienced coaches are rare. c. Inimitable - hard to copy immediately. d. Non-substitutable - There is no substitute for experience. 4. Low Cost a. Valuable - having a low cost business makes it easier to make money and expand b. Rare - there are not many low cost buisnesses. c. Inimit...

1) What was the general theme or argument of the book? The general theme in  Thinking, Fast and Slow is that there are two ways we make decisions which he calls systems. System 1 is fast with little thought, while System 2 is slow and more methodical. He also explained that are decisions are influenced by certain heuristics and biases. 2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003? The certain biases such as framing and loss aversion can easily change decisions I make and understand how certain things are framed can help me make better informed decisions down the in this class. 3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve? I would crate a survey that would use some of the concepts such as framing, anchoring, and loss aversion to ask questions to see how many of the students are impacted by these biases. 4) What was your biggest surprise or 'aha' mom...

The first person I called is John and he is an old friend of my dads who helped him with his business in Louisiana. He is a domain expert because he has a similar business. My dad knew him and gave me his number. I asked a lot about what experience he had coaching peoples business and any key take always he got from doing it. Networking with this person gave me a resource I could use for information as he connected me with more people in the industry. The second person I contacted Michael is an expert on the market in Louisiana . I was able to contact him because of the first person I contacted John gave me his number and told me he could help me as he is more up to date with current business coaching opportunities. I asked him questions like what on a day to day basis is his job like and also any information I need to know to start a business coaching business. Including this person in my networking will give me another source of information gathering a I can turn too. The last ...