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.