My Own Last Lecture:
At the end of the semester, some of the advice I would give myself is that I don't necessarily have to be an innovator or an entrepreneur to start my own business. Those skills can be learned, and as long as I have a passion for what I am doing, and determination to figure out how to learn the things I do not know, and the persistence and patience required to start up a business, I can achieve success. There are proven formulas I have learned about for having a successful startup, but there is so much more to learn about business, finance, and marketing. It is important to keep learning all I can learn my entire life. I have learned that I am a bit risk-adverse, and I need to be more open to taking risks, as long as I have done my homework thoroughly.
Some of the keys to developing successful business relationships are to have honesty and integrity in the way I do business; from how I interact with customers, to how I treat employees. How you treat people matters. If you treat them well, they will become loyal employees, customers, and friends. It is also important to surround myself with "A" players. I want to work with people who share the same values and ethics, and with people who share my passion and vision for my business.
It's important if you want to have a successful business to find a way to really stand out from the crowd, whether that is in your product, your advertising, or your customer service. Standing out in the crowd of competitors is key. And once you achieve a measure of success, you need to be looking for the next strategy to stay ahead of the competition. You cannot become complacent with your business or the competition will pass you by.
It is also important to have a meaningful purpose to your life and your business vision, so that you can use your business to fulfill your dreams. There is more to life than making money. Find a way to find meaning and happiness will follow. Find a way to give back to your community as part of your business plan.
Lastly, I would just say to myself to find my purpose in life, then pursue the things that will lead me to fulfill that purpose. Ask God what He wants me to do, where He wants me to be, and whom He wants me to serve. When I include God in my plans, they will turn out far better than if I made the plans on my own. Have faith and trust that God will lead to where I am supposed to be, where I can help others, and where I can make a difference.
Monday, July 18, 2016
Wednesday, July 13, 2016
Lesson 13 Entrepreneurial Journal
Lessons Learned:
The article I learned the most from in the reading this week was the Harvard Business Review article "Strategies For Learning From Failure". After reading about the varying categories of failure (preventable, unavoidable, & intelligent), it broadened my thinking about degrees of failure and that the majority of failures are not bad. Something can be learned from failures, and in fact, for new innovation to take place, failure needs to be part of the planned learning process. It surprised me that there is really only one category where failure could and should have been avoided. The statistic quoted that only 2-5% of all failures are truly blameworthy but 70-90% of failures are treated as blameworthy, speaks volumes about the need to change our thinking on failure and blame. I also learned about why it's important to provide employees with a safe environment for reporting and learning from failures, and that by providing the right environment, much more learning will take place. I like IDEO's slogan -- Fail often in order to succeed sooner. I liked the philosophy to try to find small failures before they turn into big failures. Preventative measures are always better than cleaning up messes. I loved the video clip of Michael Jordan talking about how many shots he missed, how many games he lost, and how many times he missed the game-winning shot. Yet, nobody remembers that -- all they remember is that he is remarkable. I like that he attributes his success to many failures. I also gained a better understanding of finding the right balance of working in your business and working on your business. Every business owner needs to spend time thinking and planning strategies for the future growth and success of the company, or it will just remain the same old company, and you may get bored spending all of your time IN your business.
$100 Challenge:
While working on my Powerpoint presentation, I was able to take a look back over some of the things I have learned through the startup challenge. I could see that I definitely need to pay attention to marketing my business and posting on social media regularly to remind customers of my business. I learned that I need to have a backup plan for when business is slow. My backup plan will be to do work for a transcription agency that has a steady flow of work. I was really excited this week when I had a return customer bring me some more work. I won't be completing the work until finals are done, so it won't count for my challenge, but it was still exciting to have some more work. I have more confidence that I can run a small business successfully. My financials are the same as last week: Revenue $153.00; Expenses $10.00; Net Profit $143.00.
The article I learned the most from in the reading this week was the Harvard Business Review article "Strategies For Learning From Failure". After reading about the varying categories of failure (preventable, unavoidable, & intelligent), it broadened my thinking about degrees of failure and that the majority of failures are not bad. Something can be learned from failures, and in fact, for new innovation to take place, failure needs to be part of the planned learning process. It surprised me that there is really only one category where failure could and should have been avoided. The statistic quoted that only 2-5% of all failures are truly blameworthy but 70-90% of failures are treated as blameworthy, speaks volumes about the need to change our thinking on failure and blame. I also learned about why it's important to provide employees with a safe environment for reporting and learning from failures, and that by providing the right environment, much more learning will take place. I like IDEO's slogan -- Fail often in order to succeed sooner. I liked the philosophy to try to find small failures before they turn into big failures. Preventative measures are always better than cleaning up messes. I loved the video clip of Michael Jordan talking about how many shots he missed, how many games he lost, and how many times he missed the game-winning shot. Yet, nobody remembers that -- all they remember is that he is remarkable. I like that he attributes his success to many failures. I also gained a better understanding of finding the right balance of working in your business and working on your business. Every business owner needs to spend time thinking and planning strategies for the future growth and success of the company, or it will just remain the same old company, and you may get bored spending all of your time IN your business.
$100 Challenge:
While working on my Powerpoint presentation, I was able to take a look back over some of the things I have learned through the startup challenge. I could see that I definitely need to pay attention to marketing my business and posting on social media regularly to remind customers of my business. I learned that I need to have a backup plan for when business is slow. My backup plan will be to do work for a transcription agency that has a steady flow of work. I was really excited this week when I had a return customer bring me some more work. I won't be completing the work until finals are done, so it won't count for my challenge, but it was still exciting to have some more work. I have more confidence that I can run a small business successfully. My financials are the same as last week: Revenue $153.00; Expenses $10.00; Net Profit $143.00.
Friday, July 8, 2016
Lesson 12 Entrepreneurial Journal
Lessons Learned:
Something I gained from reading the DAG Case Study, about the Harvard MBA students wanting to open a dry cleaning business, is how important doing the research is before venturing into a business deal. They were very prepared, they knew the 4 best strategies to have a successful dry cleaning operation and they were able to weigh all the options with really great data to support their decisions. I learned from the reading about the pros and cons of buying an existing business that it can be very beneficial to buy a business IF the business is already doing well and has a great customer base. If the business has been poorly managed and requires a great deal of change, modernization, or is not in an ideal location, you are better off served opening your own business. I learned that I would need to learn a great deal more about buying a business before even considering going down that road. There are a lot of variables to watch out for when analyzing a business and I am just in the infancy stages of learning what I would need to know. Knowledge is power!
$100 Challenge:
This week I have been unpacking and getting settled into my new apartment. I did have one small typing job from a ward member. I did spend some more time going through virtualassistants.com to checking into transcription work. I'm a little frustrated with that process, but I do know a couple of people who do transcription locally for a company here in Arizona and that may be an easier route than the VA website. I need to look at more ways to market my business. I am happy I have had some typing jobs, but would like to have a little more work than I currently am getting. Financials for my business are: Revenue $153; Expenses $10; Net Profit $143.
Something I gained from reading the DAG Case Study, about the Harvard MBA students wanting to open a dry cleaning business, is how important doing the research is before venturing into a business deal. They were very prepared, they knew the 4 best strategies to have a successful dry cleaning operation and they were able to weigh all the options with really great data to support their decisions. I learned from the reading about the pros and cons of buying an existing business that it can be very beneficial to buy a business IF the business is already doing well and has a great customer base. If the business has been poorly managed and requires a great deal of change, modernization, or is not in an ideal location, you are better off served opening your own business. I learned that I would need to learn a great deal more about buying a business before even considering going down that road. There are a lot of variables to watch out for when analyzing a business and I am just in the infancy stages of learning what I would need to know. Knowledge is power!
$100 Challenge:
This week I have been unpacking and getting settled into my new apartment. I did have one small typing job from a ward member. I did spend some more time going through virtualassistants.com to checking into transcription work. I'm a little frustrated with that process, but I do know a couple of people who do transcription locally for a company here in Arizona and that may be an easier route than the VA website. I need to look at more ways to market my business. I am happy I have had some typing jobs, but would like to have a little more work than I currently am getting. Financials for my business are: Revenue $153; Expenses $10; Net Profit $143.
Thursday, June 30, 2016
Lesson 11 Entrepreneurial Journal
Lessons Learned:
I especially loved learning about Steve Jobs this week. His story is so inspiring. Going from dropping out of school to Apple is certainly a leap he was not expecting. Be he is a true innovator and didn't settle for the status quo of life. I really loved his ideas about dreaming big and finding work that you are passionate about. I really want to focus on finding a career I can be passionate about when I graduate and not just settle for the first job that comes along because I am afraid no one will hire me at my age. I was really able to use Steve's "connect the dots" analogy in seeing out my life has been a series of dots that were connected. Though I'm not sure I understand some of those dots yet, I have faith that they are for a reason. I like the way his perspective on life changed after his first scare with cancer. Asking yourself every day if what you are doing is important and a priority that will help accomplish your dreams. I liked Guy Kawasaki's lesson he learned from Steve Jobs. I especially like when he said "Customers cannot tell you what they need -- customers will tell you they want better, faster cheaper--that is, better sameness, not revolutionary change. Sometimes all you need to do for the customer is make something better, whether it's a process or a product.
$100 Challenge:
This week I did not work specifically on my $100 challenge because I am in the middle of moving. I have thought about different ideas I can look into when I get settled to create more business. I am going to look into medical transcription because those services always need typing done on a daily basis, and for the most part, you can accept as much work as you want. I would like to still find more ways to get work generated for my business. My numbers are the same as last week: Revenue $143, Expenses: $10, Net Profit: $133.
I especially loved learning about Steve Jobs this week. His story is so inspiring. Going from dropping out of school to Apple is certainly a leap he was not expecting. Be he is a true innovator and didn't settle for the status quo of life. I really loved his ideas about dreaming big and finding work that you are passionate about. I really want to focus on finding a career I can be passionate about when I graduate and not just settle for the first job that comes along because I am afraid no one will hire me at my age. I was really able to use Steve's "connect the dots" analogy in seeing out my life has been a series of dots that were connected. Though I'm not sure I understand some of those dots yet, I have faith that they are for a reason. I like the way his perspective on life changed after his first scare with cancer. Asking yourself every day if what you are doing is important and a priority that will help accomplish your dreams. I liked Guy Kawasaki's lesson he learned from Steve Jobs. I especially like when he said "Customers cannot tell you what they need -- customers will tell you they want better, faster cheaper--that is, better sameness, not revolutionary change. Sometimes all you need to do for the customer is make something better, whether it's a process or a product.
$100 Challenge:
This week I did not work specifically on my $100 challenge because I am in the middle of moving. I have thought about different ideas I can look into when I get settled to create more business. I am going to look into medical transcription because those services always need typing done on a daily basis, and for the most part, you can accept as much work as you want. I would like to still find more ways to get work generated for my business. My numbers are the same as last week: Revenue $143, Expenses: $10, Net Profit: $133.
Friday, June 24, 2016
Lesson 10 Entrepreneurial Journal
Lessons Learned:
I found the talk "United in the Building the Kingdom of God" by L. Tom Perry interesting. In particular the polar opposite conditions of humanity which, with the wrong attitudes, are condemned by the Lord. The wealthy can become prideful and look down on the poor; the poor, feeling deprived can blame others or the Lord for their situation. In either case, their hearts are turned away from God. This is the first time I caught the sinful trap the less fortunate can fall into. But it exists very much in the world today. My takeaway -- if you are blessed with abundance, always remember where it came from and be grateful. If you are not blessed with much in the way of material things, be thankful for the things you do have, and be grateful. When we seek for the things of God, we will find happiness in whatever circumstances we find ourselves. I enjoyed the "Then and Now" video by Guy Kawasaki that shows that entrepreneurial models change over time. As an entrepreneur, I would also need to change with the times I am in. If I tried to start a business using the 70's models, I would most likely fail. I was inspired by Catherine Rohr's example of using her talents to bless the inmates in prison. What an unlikely pairing, but it just goes to show how important it is to find your purpose and meaning in life and go after it. I taught me not to be afraid of opportunities that may present themselves in the future - you never know where you will be needed.
$100 Challenge:
This week my recipe book project came through and I was able to earn $55 and reach the $100 goal. Also, the client will have more for me to do. I am hoping I will get some word of mouth advertising through her, as she is well connected. Also, a book that I proofread this year just came out in print, so hopefully that will help my marketability as a proofreader. I plan on spending some time over the weekend looking at the virtualassistant.com jobs to try and pick up some work. I need to increase my income, as I will be moving out on my own next week. It's a scary thought, but I know if I work hard at my business I will be blessed to pick up the extra work I will need. I am thankful that the Lord blessed me with the skills, abilities, and desire to work hard. Financials to Date: Income $143; Expenses $10; Net Profit $133.
I found the talk "United in the Building the Kingdom of God" by L. Tom Perry interesting. In particular the polar opposite conditions of humanity which, with the wrong attitudes, are condemned by the Lord. The wealthy can become prideful and look down on the poor; the poor, feeling deprived can blame others or the Lord for their situation. In either case, their hearts are turned away from God. This is the first time I caught the sinful trap the less fortunate can fall into. But it exists very much in the world today. My takeaway -- if you are blessed with abundance, always remember where it came from and be grateful. If you are not blessed with much in the way of material things, be thankful for the things you do have, and be grateful. When we seek for the things of God, we will find happiness in whatever circumstances we find ourselves. I enjoyed the "Then and Now" video by Guy Kawasaki that shows that entrepreneurial models change over time. As an entrepreneur, I would also need to change with the times I am in. If I tried to start a business using the 70's models, I would most likely fail. I was inspired by Catherine Rohr's example of using her talents to bless the inmates in prison. What an unlikely pairing, but it just goes to show how important it is to find your purpose and meaning in life and go after it. I taught me not to be afraid of opportunities that may present themselves in the future - you never know where you will be needed.
$100 Challenge:
This week my recipe book project came through and I was able to earn $55 and reach the $100 goal. Also, the client will have more for me to do. I am hoping I will get some word of mouth advertising through her, as she is well connected. Also, a book that I proofread this year just came out in print, so hopefully that will help my marketability as a proofreader. I plan on spending some time over the weekend looking at the virtualassistant.com jobs to try and pick up some work. I need to increase my income, as I will be moving out on my own next week. It's a scary thought, but I know if I work hard at my business I will be blessed to pick up the extra work I will need. I am thankful that the Lord blessed me with the skills, abilities, and desire to work hard. Financials to Date: Income $143; Expenses $10; Net Profit $133.
Thursday, June 16, 2016
Lesson 9 Entrepreneurial Journal
Lessons Learned:
After reading "Journey to a High Ground" by Elder Wirthlin, I started thinking about the pride cycles of the Book of Mormon. They are so clear to the reader when we can see the big perspective, but when you are living in the moment, you can't see the obvious. The obvious is follow the prophet and the Lord and live righteously and you will be blessed. It's sad that it's almost common sense as a member, but much of the world can't see it. It would be interesting to see if there are any studies of the world which follow a similar pattern. And it's always a good reminder to read about what can happen when the Lord blesses you with prosperity if you don't keep your heart in the right place. I was surprised at the videos with Guy Kawasaki and Mark Zuckerberg, where they were saying don't hire someone based on their skills, but hire someone who is passionate and believes in your company. I was still under the impression that skills and experience were the most important thing for hiring, but I can see how the culture fit it also important. I don't believe they used "culture fit" back in my day. I could also see how important comprehensive employee training is to ensuring the success of an employee. I think sometimes companies think the employee is the problem, when in fact they just haven't had the proper training to do the job right. I enjoyed reading about the JetBlue startup and how simple yet effective their company vision was of putting the customer's comfort and satisfaction as the number one thing. But equally important, they also showed that they cared greatly about their employees as well. They created a great environment in the company.
$100 Challenge:
This week I just had a small typing job and am still waiting for the bigger recipe book job. I decided to invest in a 1 month subscription to www.virtualassistant.com for $10 just to see if I could find any small jobs there. From what I have seen so far, it will be pretty difficult to get work because there are literally thousands of people competing for the same jobs. I applied with a proofreading service and they said they only hire 1 out of every 300 people that apply. I think I am better off looking for work locally like I planned on. When colleges are back in session I will look to advertise in some free publications that cater to the college students. My finances to date are: Income $88; Expenses $10; Net Profit $78.
After reading "Journey to a High Ground" by Elder Wirthlin, I started thinking about the pride cycles of the Book of Mormon. They are so clear to the reader when we can see the big perspective, but when you are living in the moment, you can't see the obvious. The obvious is follow the prophet and the Lord and live righteously and you will be blessed. It's sad that it's almost common sense as a member, but much of the world can't see it. It would be interesting to see if there are any studies of the world which follow a similar pattern. And it's always a good reminder to read about what can happen when the Lord blesses you with prosperity if you don't keep your heart in the right place. I was surprised at the videos with Guy Kawasaki and Mark Zuckerberg, where they were saying don't hire someone based on their skills, but hire someone who is passionate and believes in your company. I was still under the impression that skills and experience were the most important thing for hiring, but I can see how the culture fit it also important. I don't believe they used "culture fit" back in my day. I could also see how important comprehensive employee training is to ensuring the success of an employee. I think sometimes companies think the employee is the problem, when in fact they just haven't had the proper training to do the job right. I enjoyed reading about the JetBlue startup and how simple yet effective their company vision was of putting the customer's comfort and satisfaction as the number one thing. But equally important, they also showed that they cared greatly about their employees as well. They created a great environment in the company.
$100 Challenge:
This week I just had a small typing job and am still waiting for the bigger recipe book job. I decided to invest in a 1 month subscription to www.virtualassistant.com for $10 just to see if I could find any small jobs there. From what I have seen so far, it will be pretty difficult to get work because there are literally thousands of people competing for the same jobs. I applied with a proofreading service and they said they only hire 1 out of every 300 people that apply. I think I am better off looking for work locally like I planned on. When colleges are back in session I will look to advertise in some free publications that cater to the college students. My finances to date are: Income $88; Expenses $10; Net Profit $78.
Thursday, June 9, 2016
Lesson 8 Entrepreneurial Journal
Lessons Learned:
There were so many good leadership lessons in this week's readings. I like the 3 points President Kim B. Clark made about leading with a small "l". Leading by example in a business would be showing my employees that I am willing to do the work I require them to do. I am showing them the correct way and not just telling them the correct way to do a job. Leading with vision is important in business so that my employees can understand why they are doing their job, and how their role in the company is critical to the overall success of the company. It helps with motivation. Leading with love in business lets employees know that you care more about them than just the job they are doing for your company. When you have a boss who truly cares about you as a person, you are more inclined to do a good job for them. I relate this to my boss (a pastor). I have worked for him for 24 years, but he knows very little about me or my family, and until this past year he has never really cared about getting to know me at all, yet he trusts me completely to run his business. It just find that a little odd and sad at the same time. In the readings about sheepherders versus shepherds I could see the value in learning to lead people instead of push them to do a task. A true leader inspires his people so they will want to do a great job for him and for the company. Then they follow his lead. This would create a much more caring and trusting environment in a work setting. It was great to read through the leadership attributes of Christ and to apply that into the context of business. I learned that I need to make some adjustments in the accountability and responsibility areas of how I lead. One of my favorite quotes from the power point presentation was "When a true leader has done his job the people say 'we did it ourselves.'" (Author unknown) It's not about the leader taking the credit for what the team has accomplished, it's about the team, including their leader, and what they have accomplished that matters.
$100 Challenge:
I was really excited last week when I got a typing job after I sent out my Documents Done Right Facebook page to my friends. The one job I am going to do is typing a recipe book for a lady, but she has not gathered all the recipes yet for me to type, so I did not end up having any typing for this week, but I know it will be coming. I want to be careful that I don't have too many projects all at once because of my work/school schedule, so I haven't advertised anywhere else yet, but plan on doing so once I get the recipe book going. I can see that there is work to be had, but it will be a little more difficult than just putting the word out on Facebook. I do plan on continuing this business though because I will need a little more income once I am out on my own supporting myself. Financials for the week are: Total Revenue: $70; Expenses: $0; Net Profit $70.
There were so many good leadership lessons in this week's readings. I like the 3 points President Kim B. Clark made about leading with a small "l". Leading by example in a business would be showing my employees that I am willing to do the work I require them to do. I am showing them the correct way and not just telling them the correct way to do a job. Leading with vision is important in business so that my employees can understand why they are doing their job, and how their role in the company is critical to the overall success of the company. It helps with motivation. Leading with love in business lets employees know that you care more about them than just the job they are doing for your company. When you have a boss who truly cares about you as a person, you are more inclined to do a good job for them. I relate this to my boss (a pastor). I have worked for him for 24 years, but he knows very little about me or my family, and until this past year he has never really cared about getting to know me at all, yet he trusts me completely to run his business. It just find that a little odd and sad at the same time. In the readings about sheepherders versus shepherds I could see the value in learning to lead people instead of push them to do a task. A true leader inspires his people so they will want to do a great job for him and for the company. Then they follow his lead. This would create a much more caring and trusting environment in a work setting. It was great to read through the leadership attributes of Christ and to apply that into the context of business. I learned that I need to make some adjustments in the accountability and responsibility areas of how I lead. One of my favorite quotes from the power point presentation was "When a true leader has done his job the people say 'we did it ourselves.'" (Author unknown) It's not about the leader taking the credit for what the team has accomplished, it's about the team, including their leader, and what they have accomplished that matters.
$100 Challenge:
I was really excited last week when I got a typing job after I sent out my Documents Done Right Facebook page to my friends. The one job I am going to do is typing a recipe book for a lady, but she has not gathered all the recipes yet for me to type, so I did not end up having any typing for this week, but I know it will be coming. I want to be careful that I don't have too many projects all at once because of my work/school schedule, so I haven't advertised anywhere else yet, but plan on doing so once I get the recipe book going. I can see that there is work to be had, but it will be a little more difficult than just putting the word out on Facebook. I do plan on continuing this business though because I will need a little more income once I am out on my own supporting myself. Financials for the week are: Total Revenue: $70; Expenses: $0; Net Profit $70.
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