One of the best/worst experiences I have had was when I was trying to start a business of my own with an old friend of mine.
It was my original idea, and I did most of the writing and research for the business plan and the connection to the investor we got was through my friend. We ended up getting $20,000 with the idea if we could make something happen with this relatively small amount of money this investor may be interested in funding the rest of the portion needed to start our entire business.
My advice is to put the money into a bank account that requires TWO SIGNATURES (of both names on the account) in order to move any money. One day I got a call regarding my account and how it is "out of funds." I went to the bank and the lady told me my "friend" had transferred the money into his own account.
Sure enough, he split.
Don't let this happen to you- be smart and protect yourself. Don't rely on a friendship or trust- rely on good business sense.
Monday, April 28, 2008
Monday, April 14, 2008
Veishea
Can someone answer why it is they have Veishea so early in the year? Why not wait until the week before dead week? It was REALLY cold and I think most people stayed inside this time- thats what I did.
Also, I don't understand why they over-inflate prices so much when there are fast-food restaurants nearby charging normal prices for food. I asked the price on a piece of pizza (happy joes) and he said $2.75 and the pieces weren't very big- or very good. That is almost the same price as THREE double cheeseburgers from McDonalds, or three burritos from Taco Bell. The audience there isn't really captive so I think its ridiculous and greedy to charge so much. Why not capitalize on their greed- can you imagine how much money one stand could make by having half the price of the others? The gas stations on lincoln way are all so close to each other, but the casey's will drop their price just a few cents below the others. The result is an overcrowded lot of people waiting to fill their tanks at the cheaper price even though it only will save them less than a dollar overall. ($.03 x 15 gallons= 45 cents)
If one of the foodstands sold their corndogs for 1.00 less it would save students a little money and they would be lining up to save that dollar which would greatly increase sales for the particular stand. Thats a savings of more than twice the amount people save when the gas price is 3 cents less per gallon.
Also, I don't understand why they over-inflate prices so much when there are fast-food restaurants nearby charging normal prices for food. I asked the price on a piece of pizza (happy joes) and he said $2.75 and the pieces weren't very big- or very good. That is almost the same price as THREE double cheeseburgers from McDonalds, or three burritos from Taco Bell. The audience there isn't really captive so I think its ridiculous and greedy to charge so much. Why not capitalize on their greed- can you imagine how much money one stand could make by having half the price of the others? The gas stations on lincoln way are all so close to each other, but the casey's will drop their price just a few cents below the others. The result is an overcrowded lot of people waiting to fill their tanks at the cheaper price even though it only will save them less than a dollar overall. ($.03 x 15 gallons= 45 cents)
If one of the foodstands sold their corndogs for 1.00 less it would save students a little money and they would be lining up to save that dollar which would greatly increase sales for the particular stand. Thats a savings of more than twice the amount people save when the gas price is 3 cents less per gallon.
Monday, March 24, 2008
Snowing AGAIN?
Wow, coming back from the Bahamas to more snow!? Also, around 8 AM today the newscaster said there would only be around 1 inch of slush/snow. There was already one inch when I stepped outside at that time, and its still snowing. Maybe this will be drawn out into April but I hope this is nothing more than March going out like a lion.
Back From Break
Hope everyone enjoyed Spring break! I know I did. My wife and I flew to Ft. Lauderdale and spent 2 nights there, then went on a 2-night cruise to the Bahamas. After, we drove to Orlando and spent a few days milling around Universal Orlando and Disney before returning on Saturday morning.
I was surprised how nice the people were in Florida, and equally at how rude the people were in the Bahamas. Has anyone else experienced this?
I was surprised how nice the people were in Florida, and equally at how rude the people were in the Bahamas. Has anyone else experienced this?
Wednesday, February 20, 2008
Considering working retail?
I wanted to share my experience working as a Manager at Family Video, a company many students are probably familiar with due to its low priced movie rentals, free kids movies, 2 for 1 section and stale gumball machine.
Many times I passed by the store and noticed their sign stating they are hiring. In fact, anytime you ask them they will tell you they are "always hiring" because they are "always looking for good people." So I decided if I could not find a better job I would apply there and get a job working as a manager.
They do a great job of making sound like a good place to work. They offer benefits (including dental,) tease with offering a salary over $30,000/yr, promise chances of movement up the company ladder and not to mention free movie rentals. They even say things like "would you like to become a district manager in less than one year?" That all sounds great and exciting but what is the catch? Why are they really always hiring?
One reason is understandable; they are always hiring because they are always growing. Family Video is an extremely successful company. They recently hit their 500 store mark and they are growing fast, aiming at 1000 stores for their future. Netflix and redbox haven't even seem to make a great impact on their sales! But the other and more prominent reason is they only have a 30% "survival rate" of the candidates they hire to become their store managers. People simply aren't staying with their company. Is this because it is such a grueling and high-speed program that only the elite can hold out? No. Although they do a an exceedingly good job at training their candidates to run a store, its partly because most candidates realize the negative elements of the job and the lifestyle it demands of them do not balance properly with the positives of the position.
What are the negatives? Remember that $30,000/yr starting salary proudly advertised on their sign outside their store? Well, they don't give that much to you until you actually have your own store (and usually not even then.) During the 3-6 month training period (which is much much longer for some people) they pay $10/hr and require you to work 44 hours/week. After the training period once you get a store of your own, in order to reach that $30,000/yr you are depending on a 1% monthly commission check from the store you are assigned to and since most stores in a town the same size as Ames make around $40,000-$48,000/month, that bonus check is usually a little over $400. That is still short of that $30,000/yr dollar amount that was bragged to me over their sign because the base salary you are pulling in still 10/hr for 40 hours and 4 hours of 15/hr every week. Did I forget to mention there are NO BREAKS (and no chairs to sit in) given throughout the day and depending on the scheduling it is not unusual to work anywhere from 9-12hr+ days! Try holding your pee for 12 hours!
Furthermore, who has ever heard of anything different than a 40-hour work-week? Not only did they train it is a good manager who stays 4-5 hours more per week but they also have a normal 44 hour work-week! 4-5 hours longer puts you around a 50-hour week. Thats alot of time spent in the store doing alot of things they require you to do for alot of money you aren't getting.
I could go on and on, but I will end this here. I am not a disgruntled employee, I left my job on good terms with Family Video. However, I was not the only one who felt this way about the company. Roughly 90% of all other managers I spoke to felt the same way and many also admitted they were constantly on the lookout for different jobs. The most important thing to learn from my experience is to make sure you ask a current employee (who holds a similar position you are applying for) some things they like and dislike about their job. Also, think twice before getting involved in retail- especially management.
Many times I passed by the store and noticed their sign stating they are hiring. In fact, anytime you ask them they will tell you they are "always hiring" because they are "always looking for good people." So I decided if I could not find a better job I would apply there and get a job working as a manager.
They do a great job of making sound like a good place to work. They offer benefits (including dental,) tease with offering a salary over $30,000/yr, promise chances of movement up the company ladder and not to mention free movie rentals. They even say things like "would you like to become a district manager in less than one year?" That all sounds great and exciting but what is the catch? Why are they really always hiring?
One reason is understandable; they are always hiring because they are always growing. Family Video is an extremely successful company. They recently hit their 500 store mark and they are growing fast, aiming at 1000 stores for their future. Netflix and redbox haven't even seem to make a great impact on their sales! But the other and more prominent reason is they only have a 30% "survival rate" of the candidates they hire to become their store managers. People simply aren't staying with their company. Is this because it is such a grueling and high-speed program that only the elite can hold out? No. Although they do a an exceedingly good job at training their candidates to run a store, its partly because most candidates realize the negative elements of the job and the lifestyle it demands of them do not balance properly with the positives of the position.
What are the negatives? Remember that $30,000/yr starting salary proudly advertised on their sign outside their store? Well, they don't give that much to you until you actually have your own store (and usually not even then.) During the 3-6 month training period (which is much much longer for some people) they pay $10/hr and require you to work 44 hours/week. After the training period once you get a store of your own, in order to reach that $30,000/yr you are depending on a 1% monthly commission check from the store you are assigned to and since most stores in a town the same size as Ames make around $40,000-$48,000/month, that bonus check is usually a little over $400. That is still short of that $30,000/yr dollar amount that was bragged to me over their sign because the base salary you are pulling in still 10/hr for 40 hours and 4 hours of 15/hr every week. Did I forget to mention there are NO BREAKS (and no chairs to sit in) given throughout the day and depending on the scheduling it is not unusual to work anywhere from 9-12hr+ days! Try holding your pee for 12 hours!
Furthermore, who has ever heard of anything different than a 40-hour work-week? Not only did they train it is a good manager who stays 4-5 hours more per week but they also have a normal 44 hour work-week! 4-5 hours longer puts you around a 50-hour week. Thats alot of time spent in the store doing alot of things they require you to do for alot of money you aren't getting.
I could go on and on, but I will end this here. I am not a disgruntled employee, I left my job on good terms with Family Video. However, I was not the only one who felt this way about the company. Roughly 90% of all other managers I spoke to felt the same way and many also admitted they were constantly on the lookout for different jobs. The most important thing to learn from my experience is to make sure you ask a current employee (who holds a similar position you are applying for) some things they like and dislike about their job. Also, think twice before getting involved in retail- especially management.
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