Lesson 12

This week I made a presentation about my $100 Challenge.  I was able to report on my success, how much profit I made, and what I would do differently in the future.  I narrated the slides and saved it as a video on YouTube.

I also watched some great videos about the importance of failure and learning from our experiences instead of being hindered or discouraged by them.  I did a little research on Beethoven as an example of someone who never let his trials and challenges stop him or slow him down.  Even with the loss of his hearing, he continued to be an incredible musician and composer.

I learned about an entrepreneur named Tom Nall.  He also learned from every experience and uses what he learned in his business today.  He viewed his previous jobs as his “internship” for where he is now.  He expressed the importance of being yourself and being different.  He integrates core values into his business and tries to make the world a better place through his company.

B283 Update

This week I was able to learn a lot about family businesses!  This was very interesting and informative for me since I have often thought about the possibility of opening a family business.  I learned about the important of developing equity plans and succession plans right from the beginning to avoid any confusion, tension, or other problems in the future.

I really enjoyed my $100 business challenge and I’ve been thinking about my final presentation for it.  It worked out perfectly for Juliet’s family as well as for my class with the timing and everything!  I probably would have continued watching Juliet even after the challenge if they needed me, but having her dad be at home with her now is also a good thing for them.  I’ll miss having her over as often, but she’ll still come over on occasion when they need a babysitter!

I also learned about an entrepreneur named Erick Slabaugh.   He seems like a great person!  Even at a young age, he was willing to give up a fun social life to help his family’s business.  He even invested in the business, buying out a partner’s equity for himself.  He worked long hours every day and even weekends without the nice paychecks that his friends were receiving.  But his hard work paid off – he was able to see great success with the company and he became the CEO.  He also learns from his mistakes and asks lots of questions.  He emphasized the importance of having a mentor and he wished he asked more questions when he was younger.  His insight encourages me to ask lots of questions and not try to know everything.

Entrepreneur Journal

My $100 business challenge is wrapping up now.  Juliet’s dad is doing better and is out of the hospital, but he is withdrawing from school for the semester and will be taking care of her while his wife is at work.  It’s been so much fun taking care of Juliet and watching her grow!  And the experience I gained in caring for two kids is invaluable and will undoubtedly help me for when I have another baby.

This week I was able to learn about franchising and learn about some of the benefits as well as disadvantages of opening one.  I studied a case study about some friends who wanted to start a business and their business deal with an ice cream franchise.  It helped me to see the potential problems as well as strengths that come with working with franchises. 

I also learned about an entrepreneur named Nicole Donnelly who sells baby leg warmers.  I love how Nicole Donnelly relates her snowboarding experience to her business.  She was able to make a great transition from being a snowboarding bum to a successful business leader.  I love her sense of giving back in a bigger way and her willingness to donate and help as many as she can through her business and products.  Her giving attitude is an inspiration to me and helps me to want to give back as much as possible.  I know from person experience that there is a great sense of satisfaction and fulfillment that comes from giving and serving others.  Sometimes I get tired of doing everyone’s dishes every day for them, but if I maintain the right perspective and see my contribution as a way to give back to the world, I can be happier to do them all the time.  While a lot of my giving and service is done just at home, I also want to look for ways to give back to the community and the world.  I’ve had a recent experience of donating services and items for a charity auction for my friend’s mom in the hospital.  Doing so made me feel noble and that I was contributing to a good cause.

B283 Update

My $100 business challenge is still going well.  Juliet’s dad had to go to the hospital due to some health issues, so she only came twice this week.  I feel like I don’t want to charge them this week either since they’ll be facing some medical expenses along with overall stress!  I have already made $100, so I feel fine about not charging!

This week I wrote up a report on my interview with an entrepreneur, learned about Roxanne Quimby (the founder of Burt’s Bees), as well as other entrepreneurs, Catherine Rohr and Corey Bell. 

Catherine Rohr was able to transform her view of those incarcerated in prison.  From seeing them as wild animals to individuals with great potential, she was able to establish a program to help these people to learn and discover their own “business plans.”  One of her main objectives is to help them transition back into society and to become leaders.  She was able to learn the importance of second chances and giving others the opportunity to create new lives for themselves.  The program gives these people new hope and encouragement as others express belief and confidence in them.

Corey Bell was able to move forward through challenges, keeping in mind his vision and goals for his life.  He didn’t want to give up, get a job and work for someone else, and wonder “what if.”  That is a great way to keep things in perspective, especially when things get tough.  He doesn’t let anything stop or slow him down – he doesn’t believe in the word “can’t”.  He believes that anything is possible if we really set our mind to it and want it enough.  I also appreciated his viewpoint on giving back to the world – it is a great motivation to do everything you can to the best of your ability so you can contribute and give back to the community and world.

B283 Update

Taking care of Juliet is still going well!  We’ve got things down to a routine now and I really enjoy watching her.  I’ve made $60 so far – I’ve almost reached my $100 goal!  (Although, I’ll probably make at least $120 since Megan pays me $30/week).  Oh, I checked up on the person I selected on Kiva and he already got his loan!  I’ll have to select someone else to help now.

This week I was able to write a book report on the E-Myth.  It was a fun book that discussed several potential pitfalls, obstacles, challenges, as well as opportunities that entrepreneurs face during the different phases of their businesses.

I also learned about a couple of entrepreneurs, Matt Stewart and Henry Stein.  Matt Stewart didn’t let challenges or obstacles slow him down.  When faced with challenges, he kept moving forward and took them as opportunities to learn and grow.  He made changes and improvements to his company as a result of difficult circumstances, such as a death of an employee.  He maintains a strong value system in his life as well as his company.

Henry Stein also was able to learn lessons from his life and use them in his businesses.  He was able to learn the importance of being a part of something bigger than himself while in the Marines and he carries that attitude with him in his companies.  Furthermore, he wanted to have great people to work with him as well – people who wanted to make a difference and be a part of something bigger than themselves too.  Having these type of people are more likely to challenge themselves and make improvements than those who are just content to have a job to provide for their families.

Progress Update

My $100 business challenge is going well!  Juliet is a joy to take care of.  Originally I was going to charge my friend $25 a week to take care of Juliet, but she pays me $30!  I really like being able to help my friend by offering low-cost child care – Juliet is so easy to take care of and I know that my friend doesn’t have much money.  She is a part-time teacher while her husband finishes school, so their income is somewhat limited.  I feel like I am making a positive influence in their lives by helping them to save more money and work while knowing their child is in loving care while they are away.  Sometimes I wonder if I should even charge them at all, but I need to make at least $100 for the assignment!

Also during this week, I was able to learn about different leadership styles and what style I tend to use.  I am a delegating, democratic type of leader.  This doesn’t surprise me at all!  I always want the input of others when making decisions – I never want to feel like I’m imposing my own decisions on everyone else.  Dictating others has never been my style, but I could probably use some more decisiveness and persuasiveness in my leadership style.

I also learned a little about an entrepreneur named Russ Rosenzweig.  In a video, he shared some important insights about targeting a specific market.  He and his new company struggled at first because they were trying to market to the world rather than a target market.  Once they narrowed in on a focused market, they were able to achieve success.  This is an important thing to note, because I can see how tempting it could be to market to everyone and anyone possible!  But without a lack of focus, we lack the ability to market effectively.  I also loved his thoughts on material wealth and acquiring possessions.  As he experienced wealth, he realized he accumulated more and continually wanted more and more.  But his experience in India opened his perspective and he realized that there is so much more than accumulating material wealth and possessions – life should have meaning and purpose.  Rather than focusing on external sources of happiness or success, such as acquiring material wealth and possessions, we should focus on our internal source of happiness and success.  As we do so, we can help improve the world and make it a better place.

Rising Stars Update

Taking care of Juliet is still going well!  She only needs part-time care, which is great for me since I still have homework and housework to do.  I think that if I went further with my daycare idea, I’d probably want to try to have older kids.  While I love babies and I love taking care of Juliet, little babies require a lot of attention and care.  Older kids (2 and older) are better able to play and entertain themselves and don’t require as much hands-on care.  Plus, it’s easier to play with group activities and interact with everyone when they’re a little older.  But babies do take lots of naps, so that is a baby bonus.  If I wanted to expand, I could hire someone to help me (like my husband) and that way someone could focus on baby care and the other person could take care of the older kids.

I made a 5-year financial forecast for a different class using my daycare idea.  I think that it could be extremely successful with minimal expenses!  My husband could easily quit his job to help me and we’d be doubling our income if we had 16 kids enrolled!  I looked into licensing requirements and 16 is the most we could take care of together.  But we could always hire a helper if we wanted to take care of even more!  There are different types of home daycare licenses – a home care provider, such as myself, or a family child care provider, which would be my husband and I.  There are pros and cons to each type as they do have their differences.  But I think it would be most advantageous to register a family daycare!

Elevator Pitches!

This week I was able to try my hand at elevator pitches!  I recorded more than I can count (mostly due to Jasper’s ‘help’).  But writing and delivering elevator pitches helped me to clearly identify who my target market is, what makes my services different from my competition, and how I plan on being successful. 

Furthermore, I have recruited a sweet baby to join my daycare 3-4 days a week!  I’m friends with her mom, so I didn’t want to charge her my planned price, but I will still bring in some revenues anyway.  Jasper loves this baby – she tries to take care of her, covers her with blankies, feeds her bottles, gives her pacifiers, shows her toys, and talks to her.  It’s so fun to watch them interact.  They are almost exactly a year apart, so Jasper is gaining some valuable “big sister” experience!

I  also learned about Phil Romano, an incredible artist and entrepreneur.  I absolutely love his creativity, enthusiasm, and passion (and Macaroni Grill!) – he incorporates these things into so many parts of his life.  He shows a focus on serving and helping others while success is simply a result of doing so.  I love that he doesn’t stick with just one thing for a long time – he moves forward and creates something new.  I can definitely relate to that mentality – I find myself feeling bored or claustrophobic when I am doing the same thing for too long.  I need to always be experiencing different things or trying something new.  I feel like life has so much to offer, but we must be willing to accept the different opportunities we have rather than remaining content within one opportunity.  Sometimes I feel limited in my opportunities or what I can pursue since I am married and have a baby to take care of, but Romano helped me feel more able to do what I want to do – life a life full of new experiences and following my passions in life – even with a family. 

Business Funding!

This week I was able to fund my business for the $100.00 Challenge!  I decided to fund my business using personal capital.  I chose this because I have the sufficient funds to invest and I won’t need to pay anyone back or owe any interest.  I considered asking some family members to contribute $5/each with a promise to pay them back $8/each, but I figured that if I have my own $20 to use, I might as well and not have to worry about owing anyone!  So I have my $20 bill available to buy the supplies I need for my daycare business!  I will be using the $20 to buy snacks (Goldfish, fruit snacks, juice – $10), Clorox wipes to keep things sanitary ($5), and hand wipes to keep little hands clean ($5).

I arranged an interview with an entrepreneur as well as learned about a couple of entrepreneurs.  The entrepreneurs I learned about are Desh Deshpande and Ken Zolot.  Both of these entrepreneurs have wonderful lessons to share. They both had to overcome their own, personal challenges.   I was very impressed with Dr. Deshpande’s ability to become a successful entrepreneur after immigrating to the USA with only $8!  It shows that hard work, creativity, and the right attitude can overcome even the most difficult challenges or barriers.  I loved what Dr. Deshpande said about optimism – his positive outlook inspires me to be more optimistic in my own life.  My husband watched these videos with me, and he feels quite certain that luck was a part of Dr. Deshpande’s success.  He thinks that there are a lot of people who don’t have many resources who still work hard and use their creativity, but don’t experience success.  Perhaps Dr. Deshpande’s optimistic attitude attracted good luck?  Ken Zolot shared his experiences about how curiosity can feel like an asset as well as a hindrance at the same time.  But using one’s curiosity and creativity in meaningful ways can create wonderful innovation and success.  Zolot was able to show me that it’s ok to not conform to institutions – we need to be comfortable with ourselves and who we are.

Business Plans!

This week I learned about creating a business plan and made one for my daycare business idea as well as for my yoga studio idea.  Putting things down on paper in a concise way helped me to gain a better vision of how I want my business to operate and what it could become.  It helped me to think of potential obstacles and challenges and what I could do to address them effectively.

I also was able to learn about the importance of taking things slowly, focusing on one thing at a time, and not trying to do too much all at once.  We had a case study this week about Heather Evans, an MBA student who was launching a clothing business while finishing her education.  It was insightful to see what the other class members thought of the case, but overall, I think we decided she was trying to grow her business too fast and she was doing too much at once and wasn’t able to dedicate her focus to one thing at a time.

Lastly, I learned about a businessman named Paul Robshaw.  I had never heard of Paul Robshaw before, but learning a little about him and his life helped me to see that character, values, and faith are things that can never be taken away from us.  Some consider Robshaw as having lost everything, but he maintained that he still had his core values, his faith in God, his honesty, and integrity.  This reminded me of Job of the Old Testament – despite trials and difficulties, he remained strong and hopeful.  Robshaw is a great, modern example of that principle.  He also learned the importance of hard work at a young age.  It sounds like he had to work for everything he had most of his life.  He also displayed a positive attitude about the fact that his dad didn’t leave him anything in his will other than “the will to work.”  I think there is a great sense of satisfaction that comes with working for everything you have rather than relying other others for help and support.  I know I feel great when I am self-sustaining and can care for myself and not rely on others.

Business Ideas!

This week I got to brainstorm some business ideas.  I made a list of 40 possible business ideas and these are the top 5 that I could easily start immediately:

1.       Daycare/Babysitting – I could run a small daycare from my home for $5/hr. per child (with a limit of 4 children total).  Childcare is always in demand and I have plenty of toys and a great location and house for kids.  

2.        Sandwiches at Work – I could prepare yummy sandwiches to sell at businesses during lunchtime for $4-5/each.  They can even preorder so I know what kind to make or how many.  This can save people time and money since they won't need to prepare a lunch to take to work or go out somewhere to get lunch.  

3.        Sushi Workshops – I can hold a couple classes each month on how to make and eat sushi.  For $5/person, it’s a fun, hands-on activity and we can all eat sushi afterwards! 

4.       Piano Lessons – I have been playing the piano for 19 years now and I have some teaching experience.  I could start teaching kids how to play the piano and read music for $10/lesson. 

5.       Homemade Pasta – I can make different types of pasta noodles to sell using my pasta maker.  My main concern would be freshness – homemade pasta is best when used within 3-4 days after making it, so it might be a made-to-order thing.  I would sell it for $3-5/packet.  Startup costs are minimal – only flour, eggs, and salt are needed!

Furthermore, I got to learn about Tom Monaghan, the man who started Domino’s.  It was fun to learn a little about how Domino’s was started.  Tom Monaghan is an excellent example of how to use your success and money for good.  He is not absorbed in financial gain, even when he could have been with his success.  He is a man of faith, acknowledging the importance of God and following His will.  Even though he grew up poor, he is happy without money.  He discussed how he was following a calling in his life by starting an institute in Michigan and increasing higher education.  The video said that “he wants to go to heaven and bring as many people with him by using his money to build the kingdom.”  Monaghan inspires me to be less focused on material wealth and focus more on helping others and looking for ways to improve the world.  Life doesn’t need to be about making a profit and building up wealth.  Life should be about greater things – things greater than ourselves.

Entrepreneur Resources

This week I was able to learn about some of the different resources I have available to me as an entrepreneur.  I was able to visit several entrepreneur blogs containing helpful advice, insight, and information. 

A couple of them in particularly stood out to me.  The first one is Wisebread.com.  I love the WiseBread.com blog!  It focuses on saving money through person finance and frugal living.  As a young mother, I want to do all I can to save money so we can buy a house soon, as well as pay for our regular bills and expenses.  I think that being able to save money and live frugally applies personally as well as in a business.  When starting your own business, you want to cut back on as many costs as possible, as well as cut out any unnecessary costs.  Having this mindset can help increase revenue and success.  Additionally, we feel better out ourselves and our lives when we use our resources wisely.

The other one is the Young Entrepreneur blog on Entrepreneur.com.  I felt like I related more to this one since it was focused on young entrepreneurs.  It discusses a variety of things ranging from social media marketing, New Year’s Resolutions from young entrepreneurs, to why the “Millenials” are great people to hire.  It shares advice for aspiring entrepreneurs and helps them to identify and develop traits that will help them to be more successful.  It contains resources on goal setting, tips on being a better entrepreneur, overcoming struggles, and ways to build good credit for a new startup.  As a student, I feel like this blog can be an excellent resource for me as I begin my own business.  I feel like it’s targeted for beginners like me.

I am excited about this semester and starting my own business for the $100.00 challenge!  I know I will learn a lot of valuable lessons and gain experience.  This journal will help me to track my progress and allow me to review the experiences and remember the things I will learn.

Entrepreneurial Journal: Last Lecture

            I think the most important thing to do as a new entrepreneur is to set goals.  Don’t only think of goals you’d like to achieve, but write them down and plan the steps that are required to get there.  With specific goals written down, you will be much more likely to attain them.  Setting goals will help you to focus on what you want to accomplish.  Knowing what you want to accomplish will also help you to do so faster.  It is amazing how quickly your goals can become a reality when you stay focused and align your actions with what you want to accomplish.

            Another important thing to do is to believe in yourself.  Believe in your ability to be successful and to accomplish great things.  I think that people are often unsure of their abilities and are afraid to even attempt their big ideas or goals.  But that fear is what holds us back from being successful.  Dream big and make those dreams a reality. 

Be grateful for the people in your life and the experiences you encounter.  As we show gratitude to the things we have, we will be more content and satisfied with our lives.  This contentment can make it easier when we face challenges and difficulties. 

Learn from mistakes and don’t be afraid to try again.  Enjoy the journey to success rather than focusing solely on the destination.  Be generous and willing to help others.  Karma will take care of you as you care for others.

Always be honest with yourself and with others.  Never compromise your integrity, even if it means less success on the surface.  But if you are ever dishonest, your success will never be as satisfying as it would have otherwise.  Surround yourself with honest people that you trust and value.  Be willing to trust others and they will trust you in return.  This trust will lead to loyalty and you can build a wonderful network that you can rely on for a lifetime.

Be sure to do something that you enjoy – why spend your time and efforts on something that you don’t like or believe in?  Most importantly, maintain a healthy perspective of your work.  Being an entrepreneur requires a lot of time, effort, investment, and dedication.  But there have to be limits – especially if you have a family.  Don’t let your loved ones disappear into the background as you absorb yourself in your work.  Always make time for them and know when it’s time to “clock out” and be home.  Keep your life balanced.  A successful entrepreneurial venture isn’t worth much unless you have a supportive family that you take the time to spend time with.

Week 12: Entrepreneurial Journal

Lessons Learned:
This week was focused on gratitude.  Having and expressing an attitude of gratitude helps us to maintain a positive outlook and to recognize all the blessings we receive.  President Monson’s talk, An Attitude of Gratitude, reminded me of so many things I am thankful for.  From the big things to the small things, we are blessed with so much.  One of the points that President Monson discussed was that of focusing on the positive and eliminating the negative in our lives.  He said “We can lift ourselves, and others as well, when we refuse to remain in the realm of negative thought and cultivate within our hearts an attitude of gratitude.”  I have seen this to be so true in my own life.  A positive attitude is contagious, just as a negative one is.  We can spread happiness as we show gratitude for the things we have rather than mope about the things we don’t have.
Furthermore, President Monson discussed the importance of having gratitude for our friends.  He said “let us have gratitude for our friends. Our most cherished friend is our partner in marriage. This old world would be so much better off today if kindness and deference were daily a reflection of our gratitude for wife, for husband.”  I think that showing gratitude for those we love is so important.  I think that more than expressing gratitude by word, we must express gratitude by action.

Week 11: Entrepreneurial Journal

Lessons Learned:

This week we focused on how the world is changing, but President Monson’s talk reminded me that eternal truths never change.  One thing that stood out to me in his talk, “Constant Truths for Changing Times,” is the importance of shaping our young children in a positive way!  I loved the analogy of the mind being a cupboard and we stock the shelves.  President Monson quoted Dr. Glenn J. Doman saying, “What is placed in the child’s [mind] during the first eight years of life is probably there to stay. … If you put misinformation into his [mind] during [this period], it is extremely difficult to erase it.”  He also pointed out that “the most receptive age in human life is that of two or three years.”  This made me reflect on what I should be doing as I raise my 1 year old daughter.  This information has encouraged me to be more mindful of the movies we watch and the music we listen to.  I remember movies that I only saw once as a 2 year old, so I know that we must be careful of what we allow our families to be exposed to. 

We can strengthen and inspire those around us, from the people we live with to strangers we meet on the street.  We also read an article about Microlending by Muhammad Yunus who started the Grameen Bank.  He said “don’t give up dreaming.  Be a dreamer.  And keep on trying to make the dream come true.  Dream about the world you would like to have.  If we all dream about a better world, I can guarantee you that we will create a better world.”  This is such a positive attitude, and I know that if we do this, we can improve the world and society in which we live.

Week 10: Entrepreneur Journal

This week I learned about balancing my life among all the different things I may be involved with.  Balance is essential for true happiness.  The Acton Guide on Life, Liberty, and the Pursuit of Happiness shared some shared some simple, yet critical, truths concerning happiness.  One of the most widely believed myths is that future changes will make you happier.  People believe that they will be happy if they have more money, a bigger house, lose more weight, drive a nicer car, get another promotion, etc., but the reality is that if you are not happy now, you probably won’t be happy in the future.  The guide showed research evidence and graphs that show this fact.  It helps me to remember that happiness is an attitude – a state of mind.  We are the ones who decide our level of happiness, not our achievements, possessions, etc.  We must learn to be happy in the present and with the lives we have and stop chasing after future happiness.

We must prioritize the things that are most important to us in our lives because, eventually, we will need to decide between one thing and another (and sometimes more).  If we decide now what is most important to us, those decisions won’t be as difficult when we are faced with them.  If I decide that being there for my family is the most important thing to me, then I will do everything I can to do that – even if it means making sacrifices or turning down opportunities at work or school.

Week 9: Entrepreneurial Journal

Lessons Learned

This week’s mentor session helped me to see that my idea of starting a home daycare business is much more probable that I originally thought.  Yes, there will be challenges, but there are simple, effective solutions to address those challenges. 

Challenge 1:
The first challenge would be the time commitment involved with starting a business.  I would love to start a business from home, but I also want to be able to spend the time and attention needed by my daughter and husband.  I already find it difficult to get things done, such as working, homework, housework, food preparation, etc. while caring for my family – I’m not sure if I can fit more things into my schedule right now! 

Solution:
My concern of time commitment can be alleviated through family support and delegation.  If my husband is willing to take on some of the responsibilities at home, I would have some time available to focus on my business.  I think balance and delegation are the solutions.

Challenge 2:
We are trying to save up money so we can buy a house, so I would prefer limiting any investments or expenditures right now.  I know that starting a business does require some investment and I could see returns after some time.

Solution:
We can set aside a specific amount each month that is solely for my business.  That way we can keep saving for a house while still providing some financial resources for setting up my home daycare.  Another option would be to get a little loan from my mom and pay her back over time with my revenues.  A good thing about having a daycare service is that there are very little investment requirements!

Challenge 3:
I don’t want to be tied down to my business – I like having the flexibility of traveling and visiting family when I want to.  I know with some businesses, this would not be a concern.  But for my idea of starting a home daycare business, I would need to be there and available to take care of the children on a consistent basis.

Solution:
I can address this concern by arranging a small team to cover for me on days I am unavailable.  My sister would be a great option for this!  I could also ask a few friends if they would be willing to work some days and have a network of backup workers.

As shown above, starting a business does involve risks and challenges.  But these challenges can be addressed and concerns can be resolved through an entrepreneurial  mindset of creativity and determination!

Entrepreneurial Journal: Week 8

Lessons Learned

This week’s reading and video assignments helped me to see the importance of trusting others and being trustworthy.  A Message to Garcia was very eye-opening to me.  It shared excellent principles and guidelines to follow as we are given responsibilities and assignments.  It also pointed out common things that we probably shouldn’t do – things that I am guilty of.  One of the things that stood out to me was the fact that few people will simply carry out a project once assigned – they have to ask questions and receive help in doing so.  I often ask several questions when I am asked to do a special project or assignment, but they are for clarification and to ensure we are on the same page.  This reading indicated the importance of moving forward, presenting progress, and revising if needed.  I guess that is something I could work on – instead of needed all the details and instructions, I should just move forward and report on my progress to make sure I’m doing things right!

I also loved Guy Kawasaki’s thoughts about trustworthiness, especially the quality of always defaulting to yes.  He said that “Defaulting to yes means that when you meet people, you are always thinking, ‘How can I help that person?’ which is very different than when you meet people, you're always thinking, ‘How can that person help me?’”  I think this is a great quality to have and is something I could definitely work on in my own life.  I tend to help people only when needed rather than always asking myself “how can I help this person?”  I am going to strive to develop this quality by mindfully asking myself that question as I interact with others.  I’m sure that I will benefit and live a fuller life as I apply this!

Entrepreneurial Journal – Week 7

Lessons Learned

We all face challenges and trials.  But we get to choose how we face them and what we get out of them.  Rather than let our challenges dictate our reactions, we must analyze and think for how we will act in response to our challenges.  We cannot avoid challenges, but we can learn from them.  I loved what Elder Holland had to share about this topic.  He said, “I am asking you this morning not to give up ‘for ye are laying the foundation of a great work.’  That ‘great work’ is you—your life, your future, the very fulfillment of your dreams.  That “great work” is what, with effort and patience and God’s help, you can become. When days are difficult or problems seem unending, I plead with you to stay in the harness and keep pulling.  You are entitled to “eat the good of the land of Zion in these last days,” but it will require your heart and a willing mind.  It will require that you stay at your post and keep trying.”  What an inspiring, empowering statement!  I know that as we face our challenges with faith, we can overcome them and become better, wiser people as a result. 

Overcoming our challenges requires action and hard work.  We cannot simply wait for the challenge to pass by.  Elder Holland shared a quote of Marilyn Funt who said, "I used to think being somebody meant public recognition of one’s efforts. Wrong.  I now know that the feeling of being somebody comes from hard work and self-growth.  Being in control of my life makes me answer that question with a strong 'Yes!'"  As we work hard and face our challenges, they can help us to learn and grow.

Week 6 - Entrepreneur Journal

Lessons Learned:

What is a business for?

This week’s readings and videos helped me to gain a better perspective on businesses and their purposes – or what should be their purposes.  It seems that today, so many businesses are simply concerned with the bottom line rather than what is best for the long-term success and growth of their company.  If you want to leave a true legacy, look beyond yourself, don’t worry about what investors or shareholders might think, and do what is best for the company as a whole.

We must always maintain integrity and be true to ourselves and others.  Honesty is vital for a company’s success.  While a company may feel like they can get away with some discrepancies or dishonesties, those things will always catch up with them in one way or another.  Virtue and integrity are vital for a company as well as for individuals.  Those qualities build trust.  If others do not trust you or your company, you or your company will suffer.  If we strive to  increase our virtue and integrity, people will trust us and our businesses will blossom.  Rationalization has plagued the society as business leaders fudge numbers and do what looks best at that moment.

I also learned more about the purpose of profits.  Profits should be used to do something more or better – not just to accumulate wealth and status.  We should make profits so they can become something greater!  Learning about this perspective has helped me to see the importance of using our resources to improve the world around us.