My last lecture

Here is my advice to all you would be entrepreneurs. This is  what I learned after taking this entrepreneur class:

1. Go into business with a mindset to serve. If your goal is to serve others with your new stat-up, then you find greater fulfillment and success.

2.Be a lifelong learner. Constantly learn new skills and develop new talents .This will give you advantages and opportunities others may not have. Entrepreneurs need to have generalized skill, not specialized skill in today's business  world. The more skills you have gained, the more versatile you will be as an entrepreneur and you will be able to  see and take advantage of opportunities that others may not see.

3.Choose good companions along the way. No one can run a business by himself. The more support you have in your venture, the better your ability to get through the rough  patches. However, choose your companions among those with high integrity and moral principle.

4.Start small. Don't bite off more than you can chew. almost every venture has started with a small venture first. don't be afraid to start small and let your business grow at a pace you can keep up with.

5.Get experience and knowledge in business before launching one of your own.Don't be afraid to start at the bottom and work your way up. As you work in a sector, you may see opportunities that you can take advantage of because of your position.

6. Be on the lookout for patterns and connections to build ideas. As you work in different sectors of the business or nonprofit world,  look for ways you can connect patterns in trends, emerging markets, and  consumer or societal need. Then seize the opportunity to build an enterprise on that need.

7. Have a mentor to help you get started, to listen, and to help analyze idea for viability. Everyone needs  someone they can go to ask questions and who is willing to help build your business. Choose someone who has done the hard work  of building a business and see what insights he can give you.

8. Look for unmet needs in society. Use the talents and resources you have to bless society with either your ideas or the earnings from your venture. If we always keep the mindset of service, we will  be able to make our life mean something, and make the world a better place because we took action.

9.Keep relationships as a priority, they are the only thing that will stay with you through eternity and support you along the way. Life is empty without relationships.

10.Follow your dreams and talents. Find out what your God-given talents are. In other words, get to know yourself.This may require  taking time to ponder and pray about your life's goals and  dreams. Find what you are better at than anyone else and capitalize on your strengths.

11.Keep the Lord as a partner along the journey. Seek inspiration and have the courage to follow it.

12.Remove the phrase, “I can’t”  from your vocabulary; never give up.

13.Find your calling in life and follow it.

14.Build business for the sake of helping build a better world and to serve the human family.

Following these principles will  not only help you become a successful entrepreneur,  but  it will also build a better you.

Looking for patterns: the key to entrepreneurial ideas

      Do you remember when you were in first grade and you had to match patterns from colored blocks? Then, as you learned addition, subtraction and multiplication, you realized they all had patterns? How about spelling patterns, the water cycle, life cycles of butterflies, and the cycle of seasons.? They all had patterns too. Well, generating ideas for new ventures also relies on seeing patterns in the business market, in people's habits, and in emerging technologies.Would be entrepreneurs would be wise to  study patterns all around them in order to create connections within markets and business. The more people you know, the more connections you can make with societal needs;thus a new product, service, or application for technology can be discovered. Sometimes, the ideas are born after working in a company for a number of years. Other times, the ideas arise out of a personal need. What matters is that patterns have been spotted and connections have been made.
     Once the entrepreneur has discovered an unmet need in the market, he can talk to people in his network to see how feasible it would be. This would be the place to receive  support and encouragement,or caution, for the idea. The entrepreneur then moves ahead with laying the foundation  for the business plan. After successful implementation of the plan, the entrepreneur will continue to tweak his product or according to market forces.  As the company grows and expands its customer base, the search for patterns begins again.

What is the purpose of business?

    What is the real purpose of business? In my lessons this week, the answer to this question  was somewhat unexpected. The purpose of business is to bless the world  and  to enable individuals to develop their God-given gifts and talents. Business owners have a responsibility to build the world, and to rescue those who need rescuing. For example, Muhammad Yunus  started a business loaning money to poor people in Bangladesh and found they were more than trustworthy in paying back the loans.those who received these loans  became productive citizens who were able to sustain themselves. Mr. Gay of Huntsman and Gay private equity firm is another example of  how sharing his resources as a businessman helped  the poor. He told a story of a young man who had built a school in Ghana.The government destroyed in  a war. He did not have the capital necessary to rebuild it. Mr. Gay  offered to rebuild the school for him. When businesses focus on serving the community they are in or aiding the world community, they will find more success and will be fulfilling the real purpose for which business was intended. that purpose is to, in the words of Charles Handy, " make a profit so business can do something more or better." That " something more" is the real justification for business.

Why are virtue and  integrity so vital  to an economy?
They are vital because without virtue and integrity  no one will trust you and thus no one will do business with you. This will create a populace that is more and more dependent on government to supply their basic needs.


According to  Charles Handy the real justification  of business is to  make a profit so you can do something more or better. That "something" is the real justification of business.

What are two solutions proposed by Handy that you agree with? Why?
the first proposal I agree with is sharing after tax profits with the workforce that produced the  profit. this would be good incentive to the workers to continue doing good work and will give them a sense of success and of working for a higher goal.

The second solution  I  agree with is to remake the laws to favor the workforce, not the corporations. This means that the employees will  be counted as assets again, not as costs, and will give the employees more say in company policy. This will bring dignity back to the workers and give them a sense of pride in their work.

Pursuit of Happiness

    This week I read the article titled Life Liberty and  the Pursuit of Happiness: a Cautionary Tale, published by Action Foundation for Entrepreneurial Excellence. This article discusses the elements of true happiness, fulfillment and satisfaction and  argues that  contrary to popular belief, money, wealth and power will not bring happiness. Rather, it is when you find and use your gifts to do something you enjoy, that also benefits others, that true happiness can be found.One of the conclusions of this article is that  a real hero's journey requires understanding  your past, understanding the world as it is and  then connecting to a transcendent power.  This journey will require you to lose preoccupation with yourself in the following ways:2)develop loving relationships, 3)have gratitude, 4) Connect to the transcendent.
  After reading this article,  I realized I need to work on developing  loving relationships.This is my weakness right now. If I want true happiness as an entrepreneur and in life, I need to forgive past injustices and start over. If I hold on to the painful past, I will not move forward, and  I won't have the support I need to take risks and begin to use my God-given talents to bless others in more meaningful ways. Once I have developed those relationships, I will be able to take the next step on my hero's journey..

Thinking Big

   This week  I learned the advantages of thinking big and making time to be creative. I listened to the owner of Taylor's Boats, who taught  listeners to never underestimate yourself. In sharing his experience, he  shared his experience his first year of being invited to a big dinner for companies who made it to the top 100 boat retailers out of 7,000. He expected to be close to the 100th company. It turned out his company was number 11 that year. In his second year, he also expected to be in the lower tier of companies.   To his surprise , that year he was number 6  in North America. He concludes his presentation saying " don't let anyone  tell you you can't do it."

     The second thing  I learned  was to take time for creativity.  Marissa Mayer, a Google executive,  told viewers that  their company sets aside 20%  of employee time in creative pursuits. Nearly half of all new  projects launched  came from the creative moments set aside every week for employees. She concludes that if you give employees  license to be creative, it can bring a huge amount of innovation.
   
     When I build my company, I want to encourage creativity in my workforce. However, to get started,  I need to dream big and not let anyone tell me I can't.

People Make the Difference

   This week we learned that we need to have ethical people in our business organization and that it is the people that make the difference between good and great companies. Frank Levinson, founder of Finisar,  said that the personalities of team members are "vital to success." He explained that unethical people cause "stress, tension, and ultimately division" within a company.  Jim Collins,in his book, Good to Great  listed characteristics of great leaders. This list included  hiring the right people, and being humble, but passionate. These traits are essential to have in a leader in order to make a company great.
     Since every great company needs a great leader, Jim Ritchie, in his Launching Leaders presentation, discussed some example of great leaders. All of these leaders have common character traits. The most prominent character trait  is the resolve and courage to stand firm on principles. Some of the examples he mentioned were Nelson Mandela, Joan of Arc, Mother Theresa, Margaret Thatcher, and many others. These leaders all had the ability and resilience to bring others to higher ground.  They were willing to sacrifice for  a greater cause.  Ritchie concludes that  great leaders
 "cause things to happen."
   When I start my business, I will want to hire ethical people who have the potential to grow into great leaders and who can make a difference in the world. I want to be the type of leader who makes a difference and causes good things to happen.
 

Perseverance

The most important thing I learned this week was that now matter what happens, I need to persevere. This is really difficult but it is essential if I am to achieve any worthy goal. Jeffrey R. Holland said it well in his address to BYU students in January 1983. He said, " It is simply a truism that nothing very valuable can come  without significant  sacrifice and effort and patience on our part." This means that in order to achieve anything of lasting value  in this life, we must make choices that will enable us to continue onward, regardless of how long it takes. Holland says later in his devotional address  that

"the baking of life's best cakes takes time." This means that we need to be patient  in the process  of achieving our goals. we have to be wiling to wait for our dreams to come to fruition. It may take more practice, more experience or just more diligence until our vision is realized.  Nicola Tesla put forth this diligence and effort,even when he failed to receive recognition. Reverend Robert Sirico's thoughts, titled  The Persistent Innovator,  concludes that Tesla's was a  "resounding model of perseverance in the face of obstacles. He pursued his dreams, his ideas, even when doing so was hard, draining, and even demeaning." Sirico  continues, " We need brilliant men and women like Tesla: we need people with a broad vision of what can be and what really is of lasting value, people with strength to surmount obstacles and maintain a  definition of success that is deeper and more authentic than what we find in today's... tabloids." I want to have that  kind of perseverance.I want to be that kind of entrepreneur. 

Successful habits for anyone

This week we studied The Seven Habits of Highly Successful People. Several years ago, my husband introduced me to these principles. I enjoyed revisiting several principles  I had forgotten or didn't catch  the first time  I was introduced to these habits.
    I found it very interesting that  the basic foundation for one's success was how one views the world,  or in other words, one's paradigm. One point the article made was,"no matter how  much a person works on their attitude, they won't change if they don't change their perceptions."
   I find this is true in every aspect of my life.  For example, When my spouse and I have a disagreement, if  I perceive him as an enemy, I will not be open to solving problems with him. I will always distrust him. However, if I view him as a friend who happens to have a disagreement with me about something,  I can talk things out and we can get the issue resolved.
   It follows that one's paradigm would also affect the way one interacts with a coworker, a manager, a boss or a business partner. If one's paradigm isn't based on truth, success will be difficult to achieve because one's paradigm  will not only determine how one interacts in  relationships, but will also affect personal habits that determine success. The article  states, " what we are communicates far more eloquently than anything we say or do...."and " if we want to make changes in our lives, we can do so by focusing on our paradigms.Paradigms are inseparable from our character."
   So, I  guess I need to focus on my paradigms. They are the key to habits that will  lead me to success in every aspect of my life. If only change was that easy!

 

Week 6: Time for Mastery and for family

   This week my instructor invited us to spend time with our families .What a blessing it was to do so. I had time to actually talk to my spouse in the evening for more than 15 minutes of quick chit chat before going to bed.  I was able to go to my daughter's  choir concert without worrying about homework that was due. I spent more time talking to my adult children who still live at home. The best part was being able to spend time sitting outside and relaxing when  I got home from work instead of immediately going to the computer to complete assignments. It was rejuvenating. I can see now the benefit of daily relaxation. It is what Stephen R. Covey describes as " sharpening the saw." I want to incorporate  this into my daily life and I can see how this is essential  fore entrepreneurs to do if they want to keep their priorities. Family must be an integral part of an entrepreneur's lifestyle if he is to truly have joy and success.Family is what life is all about. Living in families is an essential  part of the gospel of Jesus Christ. They will always be there for you if  you put your best efforts into building that relationship with them.
       thing that was emphasized this week was self-mastery.  I realized that I need to build my skill levels in many areas if I want to succeed. I also realized some small ventures I could start in my home to develop mastery and experience. It was reassuring to read  that entrepreneurs don't need to know everything before they start a company and that sometimes an  partner who knows more about different skills can be  a big asset to help with things you may be weak in. In other words, don't be afraid to try something just because you don't know enough about it yet. Look for opportunities to learn and find people who can help you.This is what  the majority of today's entrepreneurs do.
       

Week 5: A Hero's Journey: Will I be a hero?

This week I listened to a webinar titled " A Hero's Journey." The premise of this video is that we have a mission on earth to fulfill. That mission can be fulfilled if we have enough faith and courage to find our " entrepreneurial calling." The speaker emphasized that when we choose to have a hero's journey, we are choosing to"live every minute as though you have a mission." What a powerful message!  Live each minute as though  I have a mission. This encompasses all of one's activities, thoughts, ideas, and actions. If we live as though we are on our mission right now think of how different our lives would be. Each day I would wake up with  a purpose, with a plan, with a road-map of where I will go and what I will do that day to get me closer to fulfilling the mission  I was sent here to fulfill.  Wow. It is a mind-stretching concept, but it is empowering.
    One thing that this hero may not like about the journey though, is that what really maters is how I have changed in the process. Most of us are a little afraid of change, afraid of the unknown. I am. Part of me wants to be a better person, someone who will change the world and make a difference. the other part of me is frightened and scared because of past failures, and negativity from others who have led me to believe I am worthless and a nobody. The little girl inside me is afraid to take a step for fear of being reprimanded for falling. However, that little light inside is trying to remind me that I have gifts and talents, that  I am of worth, and that I can find a calling to match those gifts. I need only rely on my God. He wants me to have joy. Finding that special gift and calling  I was given,and then using it, will bring me the joy  I crave and desire.  Will I take the step of faith necessary to follow that call? Will I embark on this hero's journey? This is my challenge.

Deconstructing My Fears

     This week, my assignment was to do an analysis of  the fears I have about being an entrepreneur. I realized  the overall theme I have is of losing control of the project or of someone else taking credit for my ideas.  I want to ensure the ability to be self-reliant so we won;'t become beggars on the street. This is a biggie for me. My  life hasn't been an easy one. A lot of things have happened which I have not had control over which has left me feeling insecure. This is why  I want to be safe and assured  that all will be well, that everything will work out as planned, and that I will live a life of joy once my dreams are realized. 

      We all know this isn't going to be the case. Life isn't that way. Everyone and every business has its ups and downs.  That is why we have mentors, and a support system  to help us when things aren't going the way we planned. If  I do my part,showing discipline and determination to succeed, and have the support of  fellow travelers who have journeyed this path before me, I will be able to either avoid pitfalls or at least have someone there to help me through the tough times, continuing to believe in me and my dreams. without that support system, I would truly fail. 

      So, do I give up on my dream just because  of my fear of failure? Never! I already did that once. that is why I am going into entrepreneurship in the first place. Because of fear, I did not pursue the career  I really wanted,the one thing that would have filled my bucket every day. Now,  I want to be truly happy and fulfill that childhood dream, that elusive joy I craved, the sustenance I have  hungered for all my life. If I don't follow my dream this time around,  I will die inside.  I will live a life that is less fulfilling and will not be an unseen difference.   I will have essentially failed my mission in life.

   So, negative thoughts.. I bid you be gone! I will  entertain you no longer.  I will succeed, Or I  will die trying!  As Churchill once said, " Never give up!"

   

Putting first things first

 Week three of Entrepreneurship  class. I am feeling stressed about all of the work  still in store as the course progresses. I have been trying to put family activities as a priority, since this was mentioned a lot in the readings this week. I was expecting less stress for putting the most important things first. The opposite occurred.  I have felt more stressed this week in all of my classes than all the other weeks.I have tried to plan my time and balance all of my responsibilities but I am feeling something has got to give. I just  don't know what yet.
    Last week  I felt so energized by the hope  I felt in reaching my dreams. I am feeling very deflated now. I am too overwhelmed with work and school mixed with family responsibilities. I suppose  all  entrepreneurs will probably experience this wide range of emotions as they struggle through their journey to success. I suppose, as the readings mentioned, if our eye is single to the glory of God and fulfilling His purposes in serving our fellowmen, everything will work out  in the end and our path will be made clear.
     I learned this week that I need to exercise more faith in God that things will work out according to His timeline. I need to trust His timeline and trust in the  promptings  I have received. I learned  I need to also seek more education in my chosen field. So  that  is also something  I decided to add to my list of things to do regularly, although I wasn't too good at following through on those plans.  I will need to be more consistent with that as well.  I guess I just need a long talk with Heavenly Father to express my feelings,concerns, and hopes, and receive counsel from Him as to my path forward.  I am still struggling to receive  firm confirmation. Hopefully, General Conference will answer some of those questions.

Week two on my journey to financial independence and fulfilling my dreams

      This week, I made a bucket list of 50 things I want to do before  I die.  It was quite revealing. I learned a lot about myself. I realized that the thing I have always wanted to do  in my life is to make people happy through music. For many years now I have had in the back of my mind to write a musical history of the United states and to write a Christmas program with songs and spoken words. Then I want to direct the programs or perform in it. I want to teach the history of music in the U.S. I also want to help others find the music inside of them and let their light, their unique voice, shine.
      In order to make this dream come alive, I will need to be immersed  in music daily and let my creative juices flow. I can only do this if  I work in a music related industry. So, I  have looked for music schools in the area and  I am getting ready to apply to teach at one of them.  However, I am afraid because  I am the only person in the family bringing in sufficient income to meet our basic needs.  If  I quit  my present full time job,  I will probably only work part time for less money per hour.
       I guess this is where the principle of risk comes in. If I follow my heart, it may be a risk. However, if  I take that risk, like Steven Hitz discusses in his book,  I will be taking the first step toward fulfilling my unique mission on earth.  I am scared.  Perhaps the Lord is waiting for me to take that leap of faith. Maybe  if  I do,  my spouse will finally get his dream job as well, and we will be on our way to financial independence and living a joyful life.

Week One : Excruciating!

So, my first quiz is to create a blog for my Entrepreneurship class and then write a minimum of 200 words. This isn't my idea of a quiz, but, ok, whatever makes my instructor happy.   I do not know how to give my blog a URL. I have to go to Blogspot to access this blog. So far, this class has been a little disappointing. I took the readings quiz and was so worried there would be trick questions asking whether something was explicitly stated or just generally referred to that I got a 70, even though I had done all the readings, even printing them out, watched all the videos, and took notes on them. I missed one question on the video because I was looking for similar themes that were in the readings, not what the speaker did for a living( which was one of the questions on the quiz.) Can we at least be consistent here?  I guess what  I have learned from this experience is that  I cannot count on consistency.  I will be  living in a world of uncertainty this semester, just as an entrepreneur does every day. I just have to do my best and hope that my best will be good enough.

Things that have  stood out to me in the readings this week:
1. Schedule a time to write and review my journal entries each.
2.Never give up
3.Dream big and make it meaningful.
4.Choose  your fellow traveler's well, Don't hang around with people who will bring you down.Find people who will help you reach your goals.
5.Actions make all  the difference. Begin now.
6. Think two steps ahead;always act with a goal in mind, and I might add, think of your eternal goals and let Heavenly Father be your partner every step of the way.