Why This Is A Necessity

Many whom are presented with this idea for improving their financial circumstances might say to themselves, whats the point ? Why do I need this, aren't there other ways I can manage my money without your product ?
 In response to them I say your right, there are multiple ways which you can try and manage your money without the use of this particular idea. Yet, the fact of the matter is, that majority of Americans have way too much things going on in their lives to physically sit down and tally and account for every possible charge they have by them-self. Few, if any Americans can say that they are capable of doing this, because even though we may account for a great majority of charges that we may incur, there is more than likely going to be the charges we overlook. My invention would be most efficient, in that it would account for all the charges that we overlook, even the seemingly trivial ones, which we neglect to take care of and incur interest and late fees for. This is the very specific problem which I am aiming to reach at through the use of my entrepreneurial idea.

Granted, my product wouldn't completely erase all the monetary issues that the average family faces in their everyday life, it would be a big start. Speaking from my own experiences, my own parents had many monetary issues mainly because they would mismanage money often. And so kids, whom can relate to my experiences, may also be able to relate to growing up not being taught the proper way to manage money. With the introduction of this tool into the mainstream market, then three monumental changes would occur. The first being the current generation of adults getting a firmer grasp on their monetary situations and improving on areas which they most need to improve on, in order to sure up their financial circumstances. The second being that the current generation of kids and youth, which are to be the adults of tomorrow, will have a easy, simple way to learn how to save money, know where to cutback,save energy costs, and to live in such a way that will prepare them for a more economically safe future as an adult in the world they will be apart of. The last field being affected, would be the economy in general, which would experience a greater amount of prosperity for better credit ratings, more loans going out, etc.

This topic relates back to Professor Rubin's lecture of input and output devices in many ways.With the new input and output devices, including RFID devices , there will be a chance to keep a track of where each and every individual product you put out is. This will help in terms of manufacturing on a large scale and running your business more smoothly and effectively.

A Little Insight As To How It Works

In the last blog post, I introduced to all of you my entrepreneurial idea. This was the idea for an advice in the household of an average American which would help them keep track of their money and help them budget better. What I can possibly envision happening, is that through the help of this device then people would be able to save energy in their houses and cut costs in areas where it would be feasible. The setup of the device would be much like that of a digital thermostat in your household.

This device would be attached to the wall just as a digital thermostat would be and would be touchscreen as well. However, instead of having numbers which told you the temperature, there would be a rundown of all the costs which you would have entered into the device. Also, there would be a way of linking, connecting the device up so that there would be a way to officially track whom you owed money and which way you could save money by conserving energy or doing an array of different things to make life financially easier for you. It would be a financial planner for your every day life, in a way combining the skills of an accountant, while being tech friendly and for your every day use. Further details are to be explained in future blogs.

In closing this post relates back to Professor Rubin's lesson in class this week in several ways. If I truly wish to make my dream a reality then digital video and advertising through it is a necessity. In today's world kids often learn the contents of a book through watching the YouTube video on it rather than read the novel. With the popularity of YouTube in the past 7 years or so, almost any somewhat productive business has some type of link to digital media whether it be positive or negative. So, the best thing to do would be to take it upon myself and make sure that I gain positive feedback. I could even make a page or two, showing the various upsides to my product and show the necessity of many average Americans to have it, in an effort to improve some of their financial standings. Through the use of digital media, my entrepreneurial idea could expand in ways, which I couldn't even imagine, but without it, my idea could severely be hindered and possibly even die.

"The Budget Plan for The Average Family"

If one was to take a look at the demographics of today's society, most of us would see that the majority of America consists of either a middle or lower class family. Based on this, its safe to assume that many of the families are either struggling to make ends meet or can not make ends meet at all without the support of borrowing money or resorting to other means of trying to take care of family needs. The point which im trying to make is this, although there are many average American household trying to make cutbacks and save in whichever way possible, there are a GREATER majority that either do not have the time to do this, or the means of doing it.

The idea which I would like to bring to the table is an entrepreneurial idea which wouldn't necessarily solve the budget problem that many middle class and lower class Americans have but would work in that direction. My idea would be to place a device in the household which would in essence track your budget by keeping track of your earnings, how much your expenses are, including your daily expenses and where you need to and want to be. It would at first work manually, but then with each family implementing different monetary figures, each household's financial security would be different. This is just the base layout of what my entrepreneurial idea is though, as the weeks go by, I will keep you updated and fill you in on the details and the finer points of my entrepreneurial idea.

This topic directly relates to relates back to Professor's Rubin lecture in regards to spreadsheets in several ways. Each and every business, no matter how incredibly small or large they are need to keep records as to how they are doing and areas they need to improve and which areas they need to continue to do well in.Often is the case that successful tracking of a company's metrics is just as important as the success of the product. If you dont have the correct figures then you will have no clue as to how to improve your revenue, where to cutback, but most importantly, if your entrepreneurial idea is even worth it.