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.

Business has begun!

In my New Business Creation class this week I learned just how important it is to value and serve customers. One of the class readings was called “Value the Customer,” which states the old business saying, “If you don’t take care of your customers, someone else will.” This is true because there are so many businesses competing for the same customer and the same sale. All businesses have competition and so if they fail to value their customer, then that customer can take their business elsewhere where a business will value them. If a business owner wants to be successful then he or she must understand that customers are their most valuable assets.  

Pedi’s for Mommies started this week! My $100 Challenge business is going really well. This next week I have scheduled more than double the pedicure appointments that I gave this week, and I couldn’t be more excited!The first pedicure I gave was to my sister-in-law. She gave me lots of great feedback on what felt good and what felt not so good. I applied her feedback to the next pedicure I gave and it went wonderfully. Another piece of feedback my customers gave me was to schedule appointments over the phone instead of on Facebook. I thought having a Facebook page would make it easier for my customers to schedule appointments. However, stay-at-home moms, my target market, do not spend a lot of time on Facebook. They said that they would rather just schedule of appointments over the phone. I hope to continue receiving and applying customer feedback throughout the course of my business. Starting this small business, Pedi’s for Mommies, has been a great learning opportunity for me on my entrepreneurial journey.

Be Remarkable!

The lessons I learned this week were focused on building a brand and becoming a successful marketer. One of the readings I read for class was an article titled, “In Praise of the Purple Cow,” by Seth Godin. Godin explains just how important it is in today’s world to be remarkable in order to be successful. He says, “The one sure way to fail is to be boring.” My favorite part of the article was when Godin offers ten suggestions for how to be a better marketer. Below I have included a paraphrased version of this list so that as I move forward on my entrepreneurial journey and look back at this e-journal, I will remember these lessons.

10 Suggestions

1. Differentiate from your customers and find the most profitable group.
2. Find your niche.
3. Create two teams: milkers (those that milk your current ideas for all their worth) and inventors (the ones who continue to make the remarkable).
4. Get email addresses of top customers and communicate often with them.
5. Creating something remarkable does not mean it has to be big and obvious to be successful - such as a new price, change in phone answering services, etc.
6. Explore the limits.
7. Think small.
8. Find the things that are “just not done” and do them.
9. Ask “Why not?”
10. Tell the truth inside your company and to your customers.

For more information I recommend reading the article at the following link: <http://www.fastcompany.com/magazine/67/purplecow.html>.

I have accomplished a lot for the $100.00 Challenge this week. First off, I changed the name of the business from Mommy Pedicures to Pedi’s for Mommies; the new name seems to make more sense and have a better flow. Also, I have created an elevator pitch and I have included it at the end of this post. The business flyer for advertising has been made and I am in the process of creating a Facebook page to coordinate appointments. I am happy to announce that my business will be open on Monday, February 16, 2014. I’m so excited! Next week  I will report on how the business is running.

Elevator Pitch

Being a mother is one of the most rewarding lifestyles you can choose. It is also one of the most under-appreciated and overworked occupations. Moms give of their creative energy, physical strength, and endless love all day- everyday- no breaks. At Pedi’s for Mommies, We are giving back.

We offer luxurious pedicures at an affordable price, to the most important women in our lives. And we do so in the comfort of their own home. No need for a baby sitter, we come to you!

In 2005, an estimated 50,000 US nail care centers pulled in over 6 billion dollars (1). Each of these centers offers remarkably similar products and services, and customers select one over the other largely based on location and convenience. We will differentiate from the competition by being more accessible and more convenient than the traditional brick and mortar establishments can be.

Our customer acquisition strategy hinges on leveraging existing friendships and connections to spread the business through word of mouth and grassroots marketing.

Each full service costs us $3.50, for which we charge $15. This results in a total hourly earnings over 70% higher than minimum wage.

Ultimately, the beauty of this business is that we will be giving back to some ladies who desperately need some pampering. I believe in the good this will bring about. This business will result in enough income to make it worth the effort while not breaking the customer’s wallet.

I am Pedi’s for Mommies and I will bring the relaxation to you.

(1)   http://archive.azcentral.com/health/news/articles/1101nailhealth-ON.html  

Counsel on Managing Finances

“Funding Your Business” was the topic for this week’s lesson in my New Business Creation class. By reading multiple talks and case studies on the topic of finance, I learned about important principles such as saving and budgeting, and I also discovered the best way to fund my $100.00 Challenge business.

One of the talks I had the opportunity to read this week was “Becoming Provident Providers Temporally and Spiritually,” by Elder Robert D. Hales. Elder Hales teaches that provident providers are those that provide for themselves and their families in ways both temporal and spiritual. Provident providers can do this by practicing the principles of provident living. These principles include saving, preparing for emergencies, living within our means, being grateful for our current situation, and steering clear of excessive debt. As we do these things we will be blessed with means to take care of our family’s needs. Another talk that I read was “Opening the Windows of Heaven,” by Elder James E. Faust. He discusses the importance of paying tithing to the Lord, which is one tenth of our individual increase. Elder Faust says, “Many of us have had the windows of heaven open up for us, so we do not look upon tithing as a sacrifice but rather a blessing and even a privilege.” I could not agree more with Elder Faust’s words. In my life I have had so many blessings come from paying tithing and I do not doubt that regardless of the amount, a full tithe payer will having the blessings of Heaven showered down upon them. I am grateful for this knowledge and my hope is that as I start new businesses, and even start a family, that I will remember and apply this counsel that I have received from prophets, seers, and revelators.

As I mentioned above, this week I chose how to fund my $100.00 Challenge business, Mommy Pedicures. In order to cover the costs of gas, traveling to and from the homes of my customers, I have decided to use personal capital. Because I already have all of the materials needed for this business, the costs of starting this business are minimal and so it seemed appropriate that I cover the costs myself. Next week I look forward to sharing my business “Elevator Pitch.”

Mommy Pedicures

As I move forward in my entrepreneurial studies I become more and more excited about the prospect of starting my own business, as well as developing an entrepreneurial outlook on life. In class this week I was able to learn more about business plan development through the Harvard Manage Mentor program. First I learned just how important it is to know the audience your business plan will be directed to. If your venture is intrapreneurial in nature, then the business plan will be prepared for the board of directors. However, if your venture is entrepreneurial, then the plan will be directed towards lenders and/or investors. Investors want to know the long-term potential of the business as well as the rate of return on their investments (or how quickly will they see their investment turn to profits). Lenders simply analyze the company’s borrowing capacity so they can know what the risk of providing the loan will be (or when will they get a return of their funds). Other sections of a business plan include an executive summary, structural overview, business description, market analysis, marketing plan, and more. The plan needs to be concise and detailed so as to answer all of the reader’s questions without boring or confusing him or her. It was really interesting to get to learn more about the planning side of a business this week. As I go forward in my entrepreneurial career, I want to remember the importance of understanding my audience as I write out my business plan.

The lesson this week was fitting because for the $100.00 Challenge I was required to create a one-page business plan. The business idea I decided on for this project is affordable in-home pedicures for women, specifically mothers, in my local area. The business is called Mommy Pedicures and I am very excited about getting started. The following is my mission statement for the business: “Mommy Pedicures’ mission is to offer relaxing and rejuvenating pedicures at an affordable price in the comfort of your own home.” I look forward to sharing more information next week! 

My Vision for the Future

        The readings and videos assigned to the class this week were inspiring and thought provoking. One of the readings was a short excerpt from a book called “A Visionary Business,” by Marc Allen. He offers eleven visionary principles that will help someone to start a successful business, and I was asked to consider three that I want to start applying to my own business. The three I chose are as follows:

                    1.     Every company needs a well-written business plan.

                    2.     Have a higher purpose that is not making money. Seek to make the world a better place. 

                    3.     Keep asking what God’s will is for you and let it guide you in your business, as well as in your life so you can do                      the right thing for you.

         As my business ideas are in their infancy, for now I want to focus on the big picture of doing God’s will for me and starting a business that will build up the kingdom of God. As I continue along my creative journey of entrepreneurship, I want to have my heart and mind open to the Holy Spirit so I will always know that I am on the right path. The first principle I listed above has to do with creating a business model. A video I watched for class was titled “The New Business Model.” Guy Kawasaki stars in the video and points out three things that are crucial to the modern day business model. Those points are to be specific, keep it simple, and ask women. Fortunately I am a woman and so that last step should be pretty simple. Points one and two will be at the forefront of my mind as I create a business plan for my business in the $100.00 Challenge next week.

         For the $100.00 Challenge this week I narrowed down my options to five ideas. They are:

                    1.     Pedicures for Moms

                    2.     Homemade Bread

                    3.     Maxi Skirts

                    4.     FHE Lesson Plans/Kits

                    5.     Scrapbooking Services

        My favorites were numbers one and five, also my classmates felt the same way. I think my final decision will be number 1: pedicures for moms. The idea is that often mothers, who are frugal, want and need to be pampered but decide it is not worth the cost. I would offer decently priced pedicures ($15 for 40 minutes) for moms in my area. The cost should be minimal since I already have nail polish, scrubs, lotions, a foot spa, and a paraffin dip. All I would need to purchase is the wax dip, gloves, and clean cloths for sanitation. (More to come on the business next week.) It’s all so exciting!

Great Entrepreneurial Blogs and the $100.00 Challenge

In my Small Business Creation class, I had the opportunity this week to explore many different entrepreneurial blogs and learn what advice and tools they had to offer to help me on my entrepreneurial journey. Here is a list of my top three favorites:

     1.     Wise Bread

           http://www.wisebread.com

  

     2.     How to Change the World – Guy Kawasaki

           http://blog.guykawasaki.com/#axzz0uF7cE8bd

     3.     Seth Godin’s Blog

           http://sethgodin.typepad.com

My favorite blog was Wise Bread because its main purpose is to help people make good financial decisions, cut costs, and budget. Those are skills that are important to not just entrepreneurs, but to anybody and everybody. The sooner I begin to budget and save, the better shape I will be in to start my own business in the future. This blog will be a very useful tool to have in my entrepreneurial toolbox this semester. As for the other two blogs, Guy Kawasaki and Seth Godin are both very experienced entrepreneurs and they give very sound advice. Both of them are also quite personable and funny and so it makes learning from them more enjoyable. I invite readers of my blog to visit these blogs and take advantage of the wisdom that they share.

To finish off this week’s post I will introduce the $100.00 Challenge and give a quick update of my progress on the project. The $100.00 Challenge is to run a business, that I create, for 4 weeks, accumulate 20 man-hours, use no more than $20 in capital, and raise at least $100.00 in profits. At the end of the challenge I must donate 100% of my profits to an organization called Kiva (visit kiva.org to learn more). I must admit that I am quite intimidated by this challenge but I am confident that it will be a great learning experience. So far in the project I have found the person on Kiva to whom I would like to donate my profits to (it is a young woman in El Salvador wanting to start her own bakery business). Also I have come up with pain points (needs in society) that I could solve with a business idea. My goal for next week is to have a business idea nailed down for the $100.00 challenge.