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Cbad 120 Reflection

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The speakers at the CBAD 120 retreat brought energy and a wealth of knowledge of starting your own business. Adam Rice and Meghan Tarmey brought information regarding how effective teamwork reflects directly to the success of a business and their personal experiences regarding it. Also, the information they provided can be directly linked to topics learned in CBAD 120 and the students in the class can use some of the information to improve upon the business plans they have been working on throughout the year. Overall the information provided if put into action in one’s own life is extremely valuable. Adam Rice’s presentation was primarily focused on the relationships with clients, the culture of the business, and work ethic to reach one’s …show more content…

She wants to move to a more marketing based business that is something that I have been moving towards in my business plan. She was able to create a client base and then she is moving towards using her client base to become more marketing based. I intend to use this to change my vision statement. Also, Meghan started her business without borrowing any money from anyone. She was able to make decision and not have to answer to her shareholders or pay off debt. My business plan has me spending too much money paying back debt and too much time will be spent answering to investors. The ability to be free from the obligations of the debt allows owners to spend more money on the business. I believe if we scale back our business we can accomplish the lack of debt but have more room to grow and without too many investors we can have more equity and allow us to own more value. Adam Rice’s focused vision statement is something I think can help with our final business plan. Adam said that that he hopes to have 100 gyms by 2022, he will franchise gyms. The business plan we currently have has a weak vision statement and after listening to Adam, I think I can create a sound vision statement. Also, Adam talks about how the consumers must know you, like you, and trust you. Our business plan is focused on building a customer base at first and at some point finding a way for our customer base to make us more money in other areas, such as marketing. We will use Adams mindset of the customer is always right to enforce that in our company, we will possibly change our mission statement to include that service is paramount. The speakers provided many points that will allow my group's business plan to become more streamlined and

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