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.
This is a great idea, and I think that considering the current state of the economy, it would appeal to a wide consumer base. Would this device be a stand alone product/technology device? Or a software application?
ReplyDeleteThis is a very good idea. In many lower income households they may not know how to budget well. Your idea would help them keep track of their money and know there spending it in a good place. Great idea.
ReplyDeleteGreat idea, you picked the perfect time and place to implement this due to the state of the economy and New York State.
ReplyDeleteEnjoyed reading your blog about the whole budget plan. I think as you said the family can be a really important unit for the economic recovery in the U.S. The only thing that I concern about is that there might be fixed expense and all kinds of variable expense within a family. It will be really important to set up a status range of various budget conditions on the device.
ReplyDelete