Week 6--So You Want to Be an Entrepreneur

So I want to be an entrepreneur? Well, that decision is still yet to be made, but I am learning valuable things that would help me if I do decide that being an entrepreneur is for me.

This week I loved that self-mastery was taught. "If you want to be successful or outstanding in any field of endeavor, it is important that you determine while young to be a great boy, (girl) and not wait to be a man (woman) to be a great man (woman); and then have the courage and strength and determination to discipline yourself, apply self-control and self-mastery" (N. Eldon Tanner, "Success Is Gauged by Self-Mastery", General Conference, April 1975)  I was recently told that I start a lot of things but never finish anything. This statement was hard to hear, it stung a little bit. I'm not sure I agree with it 100%, but there probably is some truth to it.  I thought about that comment this week as I read about self-mastery and wondered if maybe one reason I don't finish things is because maybe I am not disciplined, I don't apply myself, and haven't attained self-mastery. What am I passionate about?  What do I want to accomplish in my life? This is something I want to figure out. I am looking forward to spending some time over the next few weeks really thinking about which course I would like to take. A course that I can master because I am excited about it. 

Another thing I learned this week was that anyone can be an entrepreneur. You don't have to have a degree in business, although it does help. In the article, "So You Want to Be an Entrepreneur?"(Acton Foundation for Entrepreneurial Excellence, "So You Want to Be an Entrepreneur", 2008) there are three suggestions given that would be helpful and should be considered if starting up your own business. Those three things are:

1. In-depth knowledge of the competitive structure of an industry and a network of contacts within that industry.
2. The skills to run the daily operations of a small, rapidly growing company.
3. The ability to raise money.

One thing I have been concerned about is how to balance a family with an entrepreneur career. I was grateful to hear that Steve Blank sets strict family schedules to make sure they have time together. He commented on making sure you don't let your start up take over your life. I liked how he would make sure he was home for dinner, spend time with the kids, and then once they were in bed he would work some more. His family is a high priority so he makes it work. I guess that is the key, your highest priority will have the most time spent on it. If your family is your highest priority, you will make time for them. 

Week 5--Mastery: Skills, Character, or Luck

There was so much great information this week. I learned so much.
What does it take to be an entrepreneur? Building a great business isn't about skill alone.  According to the junk dealer, in the article, "From Grizzled Veterans of the Entrepreneurial Wars: Are successful entrepreneurs born or made?" he says, "Character trumps skill. Perseverance is far more important than skill or talent.  You have to have a mindset that never gives up, no matter how tough it gets.  A little talent and a lot of hard work are the foundation for learning any skill, and are far more important in the long run." There is work to be done before the skill can be learned. Skills like listening, communicating, and solving problems, are important, but if you don't have a good character, who will want to do business with you?

Another thing I liked this week is the thought, "Success is usually earned by persevering and not becoming discouraged when we encounter challenges. . . Perseverance is demonstrated by those who keep going when the going gets tough, who don't give up even when others say, " It can't be done." (James E. Faust, "Perseverance", General Conference, April 2005).  This thought is one that stuck a cord with me. Do I give up because things are too hard or because I am not interested in them anymore? Do I let even the thought of something hard keep me away from even trying? These are thoughts that have come to my head this week. I know I have turned away from certain things, just because I thought it was too hard and I didn't feel I could do it. I hope, though, that after reading this article I will see those hard opportunities as ways to grow and not shy away from them in the future.

One last thing I learned this week was from the "A Hero's Journey" video we watched. I am a little older than most students in college. I have had triumphs and regrets, lessons learned and not learned. I liked the questions that were posed to people over 60, those questions being:

1. Have I contributed something meaningful
2. Am I a good person
3. Who did I love and who loved me.

These questions allow for deep reflection. I want to be a good person, who loves others, and helps bring meaning into my life and the life of those around me. So what can I do now to achieve this? I can start by figuring out my special gifts that will help others, be a person of character, and make time for those that I love.  

Week 4--A Life Well Lived--How Will You Measure Your Life?

This week I read an article by Clayton M. Christensen titled, "How Will You Measure Your Life?" All quotes are from Clayton Christensen. Here are a few points I want to remember. Christensen asks his students three questions at the end of each semester to help guide them in their life decisions.

1. How can I be sure that I'll be happy in my career?
2. How can I be sure that my relationships with my spouse and my family become an enduring source of happiness?
3. How can I be sure I'll stay out of jail? (live a life of integrity)

I thought I would share what I learned from each question.
1. "Management is the most noble of professions if it's practiced well.  No other occupation offers as many ways to help others learn and grow, take responsibility and be recognized for achievement, and contribute to the success of a team. . . Doing deals doesn't yield the deep rewards that come from building up people."  I learned that business isn't always about business. You have to understand and love the people you are working with. Build them up. A compliment goes a long way. How can you make their lives better? See the potential they have inside and help bring that potential out in them.
2. Christensen said that many in his graduating class "come to reunions unhappy, divorced, and alienated from their children." He goes on to say that this is so because "They didn't keep the purpose of their lives front and center as they decided how to spend their time, talents, and energy. . .they have given little thought to the purpose of their lives."  I learned that you need to know your purpose in life. If you don't, you will go through life aimlessly, not knowing what you want. Take time to figure out who you are and what you want to achieve in life. I also liked how family is very important and that business didn't get in the way of family.
3. How do you live a life with integrity? "It's easier to hold to your principles 100% of the time than it is to hold to them 98% of the time.  If you give in to "just this once," based on a marginal cost analysis, as some of my former classmates have done, you'll regret where you end up. You've got to define for yourself what you stand for and draw the line in a safe place."  I think having integrity is the single most important attribute one can have. Having integrity means people can trust you. They know you will do what you say you will. Having integrity will keep you out of jail.

I really liked that this week a lot that was talked about was finding what makes you happy, finding purpose in our life, and focusing on family relationships.  Too many people have their priorities mixed up and family is last on the list. My family means so much to me. I wouldn't want my successes in other areas to drown them out. This is something that I want to make sure I remember. 

Week 3 –Honesty and Business Ethics

Integrity. President Gordon B. Hinckley said, “Men and women of integrity understand intrinsically that theirs is the precious right to hold their heads in the sunlight of truth, unashamed before anyone” (Standing for Something, 29).  “You and I live in a world filled with pressure—pressure to accomplish, pressure to get ahead, pressure to conform, pressure to be popular.  And so on.  None of us are perfect.  We all have flaws.  How then, under repeated pressure, may we avoid allowing small cracks in our integrity to form so that we can do what we came her to do? How can we stay true blue—to ourselves, to others, and to our Father and His Son?” (Shari L. Dew, True Blue, Through and Through)

As I have read about integrity this week, I have come to realize integrity doesn’t just involve being honest with others. It is also being honest with yourself.  “True to yourself. . . True to others. . . And true to God” (Shari L. Dew, True Blue, Through and Through). This week I went to work thinking about my integrity and really trying to watch the things I said and did. What do people say about me? Do they consider me to have integrity? Do I do what I say I will do? Do I talk bad about other coworkers? There was one situation this week where I had integrity and was true to myself.  I know I am not perfect in my integrity, and it is something I am working on, but I was in this situation. Having integrity is a constant process and will take time to perfect it.  We are always needing to choose each day whether we want to be true in our integrity or not.  “I know of no easy formula for success.  Persist, persist, PERSIST; work, work, WORK—is what counts in the battle of life” (Teachings of HJG, p. 36).    

I want to work each day on my integrity so that when I am in business, those tough decisions, won’t be so tough.