The Blue Paper Exam

In my Entrepreneurship we are learning and will be applying the essential elements of an entrepreneurial venture. The purpose of this  course is to provide us with the necessary business skills to exercise our passion. In this unit learned about the framing principles that structure a business plan. The purpose of this project is to help our studying habits and prepare for college. I didn't feel prepared for the test. I enjoyed using my noted while taking the test.

AMD, Blue Book. (2016)

We learned about the framing principles that structure a business plan which included: entrepreneurship, accounting, marketing/sales, legal structures, vision/mission, exit strategies, investment, and management. We discussed each of these framing principles. We first learned about vision and mission. A mission is a written declaration of a business or organization's core purpose and focus. A properly crafted mission statement serves a filter separating what is important and what is not, clearly states which market is being served, and is the north star of an organization because, it clearly communicated the intended direction of the entire business. A vision statement indicates what the company wants to become and sets a defined direction for the company. I enjoyed learning about these most, because a vision/mission are the first framing principles being established when launching/creating a business. Marketing and sales is another very important framing principle we discussed. Marketing is the process through which services or goods move from concepts to the customer. Sales is the activity of selling products or services. The knowledge I acquired about these framing principles will be extremely useful when tasked with creating a business plan. I researched one company, which was Microsoft. 

Microsoft is an American multinational technology company, that sells, develops, manufactures, licenses and supports computer software. I love Bill Gates from an philanthropic and entrepreneurial prospective. He is an inspiration from a business stand point. He is an American success story. A start-up's odd of success are very low, statistics show that approximately 80% of startups fail, which is why I respect Microsoft so much. The element of business I am most excited to tackle is creating my vision statement. The vision statement is the companies' North Star and road map. It indicates both what the company wants to become and guides your business' transformational initiatives because it sets a define direction for the company's growth. I am most anxious to tackle the marketing and sales element of my business. If people don't know my product, I won't have any customers and that is a very critical aspect to the success of a business.

Taking the blue paper exam isn't something new to me. I have taken it before in my previous classes. I a score of 97 on the exam. I was anxious about taking the test simply because I felt that I wasn't prepared for it. I didn't feel comfortable with the material which made me a bit anxious about taking the exam. The purpose of taking the blue paper exam was to hone in on your studying habits. The only issue I have yet to discover my studying method. I wasn't able to complete the test in a timely fashion. I was awarded an extra 30 minutes to complete it. Overall, my exam taking experience was enjoyable.