Last Lecture

After now completing the New Business Creation course, I have a much clearer perspective of what to expect of an entrepreneur’s journey. An entrepreneur’s journey is one of self-discovery and reflection. Each week of class I learned something new about myself and I had the opportunity to reflect on the lessons I learned in this blog, my entrepreneur journal. Now I would like to share some of the most important things I have learned with those who want to begin their entrepreneur journey.

Before even beginning your entrepreneur journey you must solidify your priorities. By that I mean make sure that you decide now that you will always put your family first and that you will never compromise your morals. Your family will be a support to you as you are a support to them. Also, as you strive to be a person of integrity your life will be filled with greater happiness than you can imagine.

Next you must decide what your dreams are and what your calling in life is. Following your dreams will put you on the path of doing something that you love. Dreams also often provide a vision for how you can make the world a better place; helping others should be your main goal for your future ventures. In order to find your calling you need to discover your God given gifts and use them to serve your fellowman. As you endeavor to do what you love and use your gifts to help others, you will find great satisfaction in your life and career.

Once you start moving forward on your entrepreneur journey, you will find that there are many challenges along the way. These challenges should not deter you from your vision, but should be looked at as an opportunity for growth and change. In Elder Jeffery R. Holland’s BYU Devotional Address, “However Long and Hard the Road,” he declares, “it is simply a truism that nothing very valuable can come without significant sacrifice, effort, and patience on our part.” From that great message take courage and hope. When trials come, see that your goals are still worthwhile and keep moving forward. 

Along your journey take time to reflect on lessons you are learning and understand the person you are becoming. You have infinite potential that can help you to change the world. Reflection along the way can also help you to stop and see all the blessings in your life. When you do this, your heart will be filled with gratitude and you will have greater motivation to keep working hard and serve others.
        In closing I would like to say that my heart is full of gratitude for the lessons I have learned about my entrepreneur journey. I hope you, the aspiring entrepreneur, are excited as well to commit to a path of life-long learning!

Learning From Failure

“Failing Forward” was the topic this week in my New Business Creation class. I got to study the life of Walt Disney and learn of how he failed multiple times before he succeeded and created one of the most well-known entertainment companies in the world. His first animation business even when bankrupt. Despite his many failures, Walt kept moving forward and learning from his mistakes. This week I have learned that failure is an inevitable part of entrepreneurship, and of life. But, with passion, determination, and faith I can make it through any trial or failure and learn and grow. One of the readings this week was a talk by President Thomas S. Monson titled, “Great Expectations.” In his talk, President Monson teaches that “We are entitled to the help of the Lord.” President Monson counsels to make room for the Lord in your homes and in your hearts. I believe that I can achieve my own great expectations if I will rely on the Lord. 

This week for the $100 Challenge I created an almost five minute presentation about my business Pedi’s for Mommies for my classmates to review. Here is the link to that presentation: https://prezi.com/xgztzffpn35e/pedis-for-mommies/. Prezi is a great program to organize presentations and I would highly recommend it. As I have mentioned before, I have learned a lot from starting and operating my own business. After reading the feedback I got from my classmates, I may even continue this business.

Family Business

This week in my New Business Creation class I learned a lot about family businesses. While learning about family businesses I asked myself, “Would I ever consider owning and operating a family business?” Before my studies this week I would have probably answered yes! It sounded like a fun prospect to work with my family and pass a business down from generation to generation. But after reading case studies and articles about family businesses, the prospect no longer seems that appealing to me. Often the mix of family and business does not blend well and decisions, such as equity stakes, create conflict in family relationships. I certainly don’t want that. Conflict in family businesses can be lessened or avoided through effective planning and structuring, but that takes time and money. If I ever do consider starting a family business, I would want to refer back to this helpful article: “12 Keys to Family Business Success.” Keys to family business success include “treat family members fairly,” “treat it like a business,” “set boundaries,” “develop a succession plan,” and so forth. Here is the link to the article: <http://www.startupnation.com/articles/12-keys-to-family-business-success/>.

As I reported last week, my $100 Challenge business, Pedi’s for Mommies, is finished. Currently I am working on a presentation for “investors,” which I will present to my class for review and feedback. Working on the presentation has helped me to reflect on the lessons I have learned in my business and my goals moving forward on my entrepreneurial journey. Next week I will also post my presentation on this blog so I can have it for future reference.

It Takes Hard Work and Passion

One of the readings that truly inspired me this week was a talk by Elder Lynn G. Robbins titled “Making a Living and a Life.” I especially love how he teaches a lesson using two main characters from one of my favorite movies, “It’s a Wonderful Life.” In this film both the protagonist, George Bailey, and the antagonist, Mr. Potter, are business owners in a small town called Bedford Falls. George Bailey (as pictured above) is a hard worker who has a love for his fellow man and a sincere desire to help families. Mr. Potter, on the other hand, is cynical and only cares for money. To me George Bailey is an example of high moral character and integrity. On my entrepreneurial journey I seek to learn from and follow the examples of other businessmen like George Bailey.

As of this week, Pedi’s for Mommies is closed for business. My $100 Challenge business lasted four weeks, with 20 man hours, and $155 in profits. I am very proud of my business and the services I was able to provide for women in my community. While running my business I learned many lessons, but I think the greatest lesson that I learned is that running a business takes hard work and passion. The next time I decide to start a business, I will remember my experience with Pedi’s for Mommies, then roll up my sleeves and work hard.

God First

One talk that I read, and really enjoyed, for class this week was “United in Building the Kingdom of God,” by Elder L. Tom Perry. The talk is about the importance of putting God before the riches of the world. Those who are blessed with prosperity are more susceptible to feelings of pride and haughtiness, which prevent them from doing the work of the Lord. However, there are also those who are lacking in worldly goods that become consumed with what they do not have and they blame others for their situation. Elder Perry teaches that “the Lord condemns both the preoccupation with worldly possessions and the lack of occupation with building His kingdom, whether it is a consequence of having too much or too little.” God does want each of His children to be happy and prosperous, but the key is that they love God and not riches. My goal is to one day have a very successful and profitable business, but I need to always put building the Kingdom of God as my first priority.

Business at Pedi’s for Mommies was fairly slow this week. However, I am looking forward to next week because I have six pedicures already scheduled. Running my own business has been more enlightening than I could have ever imagined. I have learned about the importance of vision, marketing, and having a quality product or service with low costs. Pedi’s for Mommies has given me the motivation to continue on my entrepreneurial path. 

Get the Right People

In my New Business Creation class this week I studied hiring and learned the importance of finding the right people. This can be a time consuming task, and yet is one of the most important things an organization can do to be successful. There were many great readings and videos this week, but one of my favorites was an article by Jim Collins called “Good to Great.” I have actually read his book with the same title and it is a great read. Collins introduces multiple concepts for why certain companies are able to maintain greatness (with stock 3 times the General Stock price over a 15-year period) and others do not. The great companies never had a “miracle moment,” they simply improved one day at a time until the momentum of their work carried them off into success. One principle that Collins teaches is called the “Who Before What” principle. This means that before you determine the direction of your company or a project, you need to make sure you have the right people “on the bus” (on your team). The right people are those that have the necessary skills and experience, but are also self-motivated and passionate about serving the company. When I need to hire employees someday, I will want to read Jim Collin’s book again to remember just how important it is to get the right people first, and the right people in the right seat (position where they will excel).

My $100 Challenge business, Pedi’s for Mommies, is doing well. I had a cool and new experience this week… a returning customer! Talking about my business all the time has really paid off. She had a pedicure by me last week and she loved it so much that she called me to schedule another one for next week. Not only that, but she asked if I would also do pedicures for two of her friends. I am getting referrals! It is exciting to have the business progress and I look forward to a busy week next week.

His Sheep

For this week’s journal entry I would like to start with an update of how my business (for the $100 Challenge) is going. Last week I had forecasted that this week my sales would more than double. Unfortunately that did not happen and instead I only had one customer to whom I gave a pedicure. All the customers that I thought I would have this week did not disappear entirely, they simply rescheduled. The fact that business was so slow this week had me in a sullen mood until I had an important conversation with my husband. He pointed out that this lull in the business was the perfect lesson that sometimes business is exciting and fast paced, and then sometimes it is slower and more of a struggle. So in order to grow customer awareness for  Pedi’s for Mommies, I am going to talk about my business all the time. At the start of this business I was a little timid and laid back about marketing. But, I really believe in my service and I want to make sure that my target market knows that. So this next week I am going to get the word out and have women start telling their friends to spread the word.

Now on to what I have learned in class this week. All the readings and assignments this week were about my favorite topic: leadership. Of all the readings my favorite was “Sheep, Shepherds, and Sheepherders,” by James R. Moss. Moss teaches that a sheepherder is someone who owns sheep and rides a horse in the back of the herd while he lets the dogs do all the work. A shepherd, on the other hand, is at the front of his herd and leading them this way and that. The difference between these two is leadership. The great Shepherd of us all is Jesus Christ, and as I study His life I can learn how to be an effective leader. There are 10 lessons that Moss offers from Christ’s example. They are:

1. Love the Sheep
2. Number the sheep and measure their performance to determine who is lost.
3. Go after the lost sheep and stay out until it is found.
4. Help bear the burdens of the sheep that is found.
5. Involve others in Fellowshipping the sheep that is found.
6. Get to know the sheep.
7. Let the sheep get to know you.
8. Lead the sheep by personal example.
9. Feed the sheep.
10. Sacrifice yourself for the good of the sheep.

This was a beautiful talk and I never want to forget these lessons as I continue on my entrepreneurial journey. In John 10:15 Jesus Christ says, “I lay down my life for the sheep.” For Him and His sacrifice I will always be grateful.