Week 14--My Last Lecture

Thinking back over this semester of learning how to become an entrepreneur, I have learned that there is a lot more to becoming an entrepreneur than just one day deciding to start a business to start selling something.  Being an entrepreneur takes heart, determination, honesty, loyalty, trust, hard work, passion, leadership, gratitude and balance.  When you start down the road of entrepreneurship, make sure you have a direction. Know what your goals are. Know what you want to accomplish.  But with this course that you want to take, be open and willing to change directions if what you are doing is not working out the way you planned. 

I think the three biggest lessons I took away from this is as follows.  

• Balance.  As a mother, right now my biggest focus and responsibilities are my family.  I learned from many that if your true to yourself, your goals, and your values, you can balance your family with starting a business. It will be tough in the beginning while the company is starting up, but if you can get through that part, balancing your family and work is doable. I really liked what Randy Haykin said, “I do believe that I am a better worker and leader if I feel balance in the rest of my life. . . Balancing work and family has been a real challenge, but I thin the most rewarding part.” (Linda A. Hill, Jennifer M. Suesse, “Randy Haykin: The Making of an Entrepreneur”, Harvard Business School, August 1998) Remember that when you are at home, be extremely present.
• Challenges.  Challenges are a part of life. They are also a part of starting a business.  Overcoming challenges, if done in a positive way will build our potential. “The only limitations you have are those you set on yourselves. . . In life’s most crucial and telling tasks, my plea is to stick with it, to persevere, to hang in and hang on, and to reap your reward.” (Jeffrey R. Holland, “However Long and Hard the Road”, BYU Speeches, January 1983) Life’s setbacks and challenges are there to help us grow to see what we are made of.  Is what we are working for worth it?
• Integrity.  Being true to yourself, the company, and to your customers goes further than any other aspect of business.  I recall a story about a man, who just out of college took a very competitive marketing job.  The other men he worked with were very competitive because they wanted to get the job done and meet the deadlines.  It wasn’t this man’s nature to do whatever it took to get ahead. He was worried he was going to lose his job because he didn’t do things like these other men. But because he wanted to be true to who he was, he took a different approach, one that in the end allowed him to get his projects done before the other marketers.  He was full of integrity.

I am still not sure I want to be an entrepreneur but taking this class has opened my eyes to the possibilities that I just might be able to one day start my own business. It has taught me that I can be a mother and a business woman. I just need to make sure I set strong values and balance my career with my family. 

Week 13--A Journey of Gratitude

There are many who we can be grateful for and to.  As I have gone through this week’s lesson, I have thought about this semester and what people did for me so that I could succeed at being a good student. I don’t think I have thanked these people for their actions in my behalf. My family has been the biggest supporter in my schooling. They have stepped up in cleaning, cooking, running kids to activities, all so I could spend a little more time doing homework.  I don’t think I have thanked them enough.

From the support I have received so far from my family, I know they will continue to support me as I graduate and start working in my chosen career.  But for this to happen, I need to be grateful all along the way.

In Recognizing and Shaping Opportunities, it gives three lessons to learn if you are wanting to become an entrepreneur. It suggests that first you need personal, educational, and professional experience and networks. Second, recognize that having an idea is just the first step; you then need to shape it into a viable business opportunity. And third, narrow your focus to find a market entry point that can be tested, refined, and then used as a platform for developing the business to its full potential. (Lynda M. Applegate and Carole Carlson, “Recognizing and Shaping Opportunities”, Harvard Business Publishing, September 2014)

As I follow these steps outlined here, if I choose to become an entrepreneur won’t necessarily be easy, but I will be on the right path. Learning from others is one of the best ways to be successful.

Week 12--Becoming a Change-Maker

There were many great things I learned in this week’s lesson.  I liked how everything was geared towards helping others.  Showing that you can be successful by showing compassion and helping others when they are down on their luck. 

In the article, “Microlending: Toward A Poverty-Free World”, I liked the example of how one man, Muhammad Yunus, tried to change the way bankers and many other people see the poor. He recognized that “because of barriers created by our societies, individual people never get the full opportunity to bring out their potential.”  (Muhammad Yunus, “Microlending: Toward a Poverty-Free World”, BYU Studies Quarterly, 1999) One way he tried to change the way people think.  He saw that banks wouldn’t lend money to the poor so he decided to loan them money.  The people worked hard and every penny was paid back.  The mind-set of the bankers never changed, no matter how many loans Yunus made and were paid back.  He said he finally gave up on trying to change the minds of the bankers and just kept doing what he was doing. His persistence has led to the Grameen Bank lending money to 2.3 million poor borrowers in 39,000 villages of Bangladesh.  (Muhammad Yunus, “Microlending: Toward a Poverty-Free World”, BYU Studies Quarterly, 1999) Yunus’ dedication and love for the people really was changing their lives.  One little gesture of faith that their potential would be unleashed, and they would pay back the loans allowed Yunus to help these people.

Another aspect that I liked this week was from the video of Brother Gay. A few things he said:

• “Beyond making ends meet whether you have little or much of this world’s good, will never be a fundamental determining factor of personal peace and happiness but rather it is your attitude towards wealth that will be critical.”
• “Begin to make service your constant practice. Provide basic needs and rescue others.”
• “The only way we can legitimately prosper in business is if we strive to make our hearts and actions one with these divine instructions and humble enough to know His will and meek enough to follow.”

His talk was all about how we need to lift others along the way. The Savoir lifted those around Him and as disciples that follow Christ, we should do the same. It doesn’t matter how much we have, we can always serve and help others in need.

What’s a Business For?

1. Based on what you read in the first two pages (pages 3 and 4), why are virtue and integrity so vital to an economy?   As trust erodes, people will not want to “play the game” and will take their money and put it elsewhere. As they do, the creation of wealth for our country will be left up to the government.  Trust is fragile and trust in businesses and the people leading them is cracking. (Charles Handy, “What’s a Business For?”, Harvard Business Review, December 2002)
2. According to Charles Handy, what is the “real justification” for the existence of businesses?  The real justification for the existence of businesses is “The purpose of a business, in other words, is not to make a profit, full stop. It is to make a profit so that the business can do something more or better.  That “something” becomes the real justification for the business. Owners know this. Investors needn’t care.” (Charles Handy, “What’s a Business For?”, Harvard Business Review, December 2002) Businesses are there to do something more than just make a profit. That profit should be to help others who are in need.
3. What are two solutions proposed by Handy that you agree with? Why?

1.      Changing the language and the measures of a business needs to be addressed so that employees of a company are treated better and not as property of the company.

2.      Regard the corporation as a community whose members have legal rights. 

I think that these two solutions would benefit companies greatly. If the employees knew they were more than just the ones getting the work done, if they felt like they had more in the game of the company, I think they would work better and want to do better to build the company. They wouldn’t feel like they were working to build the CEO’s salary. 

Week 11--Measuring the Cost

This week’s lesson was very insightful.  What are you willing to give up to be successful in your business?  How do you balance your family, work, and church?  What is most important, money, family, power? These are some of the questions I thought about as I studied this week.  I really liked what Randy Komisar said about balancing your life and career. He said that it is essential to stay ethical and never put yourself in a position where you can’t say no.  (Randy Komisar, video “Balancing Your Life and Your Career Successfully”)  There will be trade-offs so that you can have balance, so knowing what those trade-offs will be and being okay with them will help you be successful.  Having balance in your life will bring true happiness.

I also liked that in the article, “Life, Liberty and the Pursuit of Happiness”, it talks about losing yourself in a Hero’s journey.  To live this journey, you must 1) overcome challenges, 2) lose yourself in a relationship, 3) lose yourself in thanks and generosity, and 4) lose yourself through a connection with God.  Of these four steps, the one I want to work more on now is developing a greater sense of gratitude. One of the ideas in the article is to keep a journal of the positive reflections from the day. Think about and notice the small things that made you happy that day. I think that as I do this, I will soon realize that I have much to be grateful for. Another part of learning to be grateful, which I think goes hand in hand with a journal of reflection, is suppressing Negative Chatter.  I know that negative chatter is so destructive, yet, I have struggles keeping it out of my mind. I am harder on me than I am on anyone else. “It turns out that having a positive attitude does make a difference and can become a self-fulfilling prophecy.” (“Life, Liberty and the Pursuit of Happiness”, Acton Foundation, 2008) Positive thoughts go a long way in producing happiness.

Attitude On Money (Stephen W. Gibson, "Attitude on Money", Jan. 2017)

1.       What is your attitude toward money?

You can’t support your family, help others, or build the kingdom of God without money.  We have been taught to be self-reliant and part of that reliance is planning for the future. Saving money for the future is ideal and a good way to use your money.  Money is neither good or evil, its what you do with the money that makes it that way.

2.       How can your view of money affect the way you live?

My view of money can affect the way I live very positively.  As I use my money to support my family, help others, get an education, I am using my money positively.  I feel that as I seek for opportunities to gain money, I need to remember not to neglect my family.  Family is more important than being rich.

3.       What rules are recommended for prospering?

There are six rules to follow if you want to prosper.

• Rule 1: Seek the Lord and Have hope in Him
• Rule 2: Keep the commandments, that includes the temporal ones, tithing and fast offerings.
• Rule 3: Think about money and plan how you can become self-reliant.
• Rule 4: Take advantage of chances for learning so you will not be ignorant of these matters.  Education, as President Hinckley has taught us, is the Key to Opportunity
• Rule 5: Learn the laws upon which the blessings of wealth are predicated.
• Rule 6: Do not send away the naked, the hungry, the thirsty, or the sick or those who are held captive.

I think that if we follow these six rules, we will use our money for good. We may not be the wealthiest person, but we will be happy.  Money can’t buy happiness, but if money is used correctly, we can be happy.

Week10--Dream Big Dreams

We were sent here to earth to strive to become. What are we striving to become? The answer to this question is different for every person.  For me, striving is reaching for something, working hard to attain the goal you have set for yourself.  It also means to keep going, keep progressing, even when you feel you are not moving or progressing.  So, what am I striving to become? Over the last few months I have been striving to be a student that succeeds, a better mother and wife that makes time for her family, a more loyal worker at my job that stops the gossip and is positive, and a better disciple of Christ.  

Some days I feel very overwhelmed and feel that I can’t accomplish everything, and my striving to become comes to a halt.  I often feel I have “two wolves” battling inside me and depending on the day, determines which wolf wins.  From the old Cherokee parable Jim Ritchie shared, “What you feed grows and what you starve dies.” (Jim Ritchie, “Your Emotional Fingerprint Video”) Taylor Richards said, "Do not over underestimate yourself.  You can do it.  You can accomplish the goals and the dreams that you set for yourself.  And if you involve the Lord you can do the impossible." (Taylor Richards, Think Big video) I need to learn not to be so hard on myself. To learn from my mistakes, have confidence, set goals and achieve them.  I also want to remember that if I involve the Lord, I can do anything.

Another thing I learned this week and want to remember is when it comes to choosing who we work with, choose people well, people who will no matter what have your back.  In my reading of A Hero’s Journey, it says, “Much of our long-term happiness comes from strong relationships, but such relationships require a deliberate investment of time and thought.” (Robert Sirico, Jeff Sandefer, “A Field Guide for the Hero’s Journey”, Acton Institute, 2012) Be smart in who you pick to work with you. People that build you up and support you, are kind, love what they do, and will have your back.  If you want to work with someone like this, you also need to be that kind of person.

Week 9--Disciple Leadership

How do we become great leaders?  How do we gain people's trust to let us lead them?  This week I learned that one of the important aspects of leadership is delegation.  I don't own a business, but I do run a household.  Delegating is hard for me. I want to make sure that if something needs to be done that it gets done correctly.  I give my children chores, but struggle with letting them do them fully on their own. Delegation in my calling is another place I have a hard time letting go.  I just figure I will do it all myself.  Through the readings this week, I learned that I need to let go of some of my control and let others learn through doing. 

"Tempting as this may be, it is impossible to build an effective organization without delegating important tasks to talented and capable people.  It's the only way to make a grand vision a reality." ("A Message to Garcia", Acton Foundation, 2008)  If I am going to start up my own company, I can't so everything alone. I will need to delegate so I had better learn now how to delegate to talented and capable people.

When I was interviewing my friend this week about a business she started up with her parents, she mentioned to me that one of the reasons she thinks her parent's restaurant isn't prospering is because they don't delegate.  They don't trust the employees to carry on if they aren't there, so they never leave.  This has been so draining on her parents. From this example, I see that not delegating can cause huge stresses that don't need to be present.

I want to learn how to lead with the small "L" leadership, by example, vision, and love. I think I can start learning this leadership in my home, which will extend to my business, by being a good example to my children, teaching them how to contribute to the family by doing chores and loving them and teaching them to love and support each other. (Kim B. Clark, "Leadership with a Small "L", Brigham Young University--Idaho Commencement, December 2007)

Week 8--Overcoming Challenges

What a powerful lesson this week.  What was the last thing you struggled with and what was your reaction to this struggle? Did you give up because it was too difficult? Did you persevere, allowing yourself to grow?  This lesson on overcoming challenges made me look deep inside myself.  How many times have I taken the easy way out of things? How many times have I given up because I was too embarrassed, too lazy, or too scared?  When was the last time I did finish something I set out to do?  Lately I have been wondering if finishing school is what I really want to do.  As I look at the classes I must take to finish my degree, it frightens me. I set a goal for myself over twenty-five years ago to get an education. My self-doubt kicks into high gear and I start to second guess myself.  Am I smart enough to accomplish this goal? Do I have what it takes to be dedicated to finishing?

“Excellence does not come easily or quickly—an excellent education does not. . . It is simply a truism that nothing very valuable can come without significant sacrifice and effort and patience on our part.

“You will face some delays and disappointments at this formative time in your life and feel that no one else in the history of mankind has ever had your problems or faced those difficulties.  And when some of those challenges come you will have the temptation common to us all to say, “This task is too hard.  The burden is too heavy.  The path is too long.” And so you decide to quit, simply to give up.

“But in life’s most crucial and telling tasks, my plea is to stick with it, to persevere, to hang in and hang on, and to reap your reward.

“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.” (Jeffrey R. Holland, “However Long and Hard the Road”, Brigham Young University Speeches, 1982-83)

This quote from Elder Holland put things into perspective for me. Yes, I am older. Yes, education is hard. But excellence doesn’t come easy. I have to work for those things I want. Do I really want to accomplish the goal I set twenty-five years ago? Yes! I need to remember that I will struggle, but God will be there to help me if I let Him.  I need to persevere through the tough classes and reap my reward of accomplishing my goal along with building my confidence that I can do hard things.