Final Post - (B283)

As I look back on this semester and the things that I’ve learned, three things stick out to me that I would consider the most important part of being an entrepreneur:

·         First, as you look to start your business, make sure you are doing something you love! There are many ups and down ahead of you in a start-up venture. You have to love what you do, and have a sincere passion and vision for it in order to endure the bad times ahead. Without this passion you will fail when times get tough.

·         Second, you need to understand the roles involved in owning a business: The Technician, the Manager, and the Entrepreneur. Each role is important and has it’s time and purpose. As you start your business you may be filling each of these three roles. But as your business grows and expands, it’s important to not let yourself get caught in the first two roles for very long. In order for your business to succeed and you to succeed also, you need to let go of the Technician and Manager roles in order for you to be able to work “on” your business and not “in” it.

·         And third, you need to “make meaning” as taught over and over again by Guy Kawaski: “The best reason to start an organization is to make meaning by creating a product or service that makes the world a better place. Meaning is not about money, power, or prestige. It’s not even about creating a fun place to work. Among the meanings of “meaning” are to:

o   Make the world a better place.

o   Increase the quality of life.

o   Right a terrible wrong.

o   Prevent the end of something good.

Goals such as these are a tremendous advantage as you travel down the difficult path ahead. If you answer this question in the negative, you may still be successful, but it will be harder to become so because making meaning is the most powerful motivator there is.”(Art of the Start by Guy Kawasaki)

This message was taught by many leaders of the church as well. It was one of those things that really hit home to me as what the Lord would have us do with the talents and knowledge we’ve been given and acquired. To bless the lives of others is a great opportunity that entrepreneurs have as they build their businesses around the welfare of others.

Entrepreneur Journal – Entry 12 (B283)

The semester is almost over!!!!! This week has been a good one. Our Power Point presentation was due on our $100 Challenge. That was actually fun to put together. I was worried it would be really difficult. We also had a lot of reading and videos pertaining to “failing forward”. Lots of information on Steve Jobs – the perfect example of failing forward. We wrote a paper on one of our favorite “successful failures”. I chose Abraham Lincoln. I think he is one of the most amazing men ever. I love the example he lived of patience, persistence, and determination to live up to his values. I think anytime someone tries to “change the world” as Steve Job puts it, they are met with so much opposition. Why is that? Is it human nature to oppose change or is it Satan’s way of trying to stop progression? Maybe it’s a combination of both. How thankful I am to the people that have devoted their lives to changing the world. The “crazy ones” as Steve Job calls them.

Entrepreneur Journal – Entry 11 (B283)

This week’s study was focused on buy outs and family businesses. It contained a case study about a father-daughter business that I found quite impressive. I love to hear stories about successful entrepreneurs mainly because I still feel like I’m so far away from being one. It fascinates me how they understand how to create a business out of nothing. I wish it was something that came naturally to me, but it unfortunately isn’t. I love studying it, but to actually create a business on my own is hard to imagine.

There was also a case study on two Harvard students that were researching the dry cleaning industry. It’s the first case study that didn’t have me panicking because of the risks the people were taking. These two students did an incredible job of research and due diligence – and they did it for over a year and over quite a few areas in the east. They researched both starting a business from the ground up and buying an existing business. The thing I think I appreciated most about his study was the thorough way in which they researched all aspects of the industry as well as taking part in hands on experience.

Next Tuesday my $100 Challenge assignment is due. Lately I’ve been so busy that things are getting done until the last minute. It will be nice to have this assignment squared away and see how well I did. I haven’t had a chance to calculate everything yet.