B 183: Intro to Entrepreneurship

Entrepreneurship is about taking action on your ideas, making those ideas visible, and rendering them available.  It isn't enough to start with the idea, you have to act on it! Larry North states that being an entrepreneur takes thick skin. You need to prepare to receive body blows such as lawsuits, people embezzling from you, and having your best employees opening their own business or being poached by others. Be prepared and expect for the water to be murky. Stan Christensen gave advice on finding your first career: Don't take a job simply to build your resume; follow your passions, rather than guessing what an employer will want. The fun should outweigh the drudgery - even in entry-level positions. Don't feel that by taking one job, you're committing to a career; people switch teams often. In Christensen's story, he was extremely specialized in Lotus 1-3. This program is now obsolete and taken over by Excel. By refusing to only be specialized, he was able...

Sarah Endline, founder of Sweetriot gave her advice as an entrepreneur: Take the time to do your due diligence, do your research, talk to others in the industry to get a good sense of whether it's the right opportunity for you. Most of the readings and videos this week, however, were based on our impact on society, the impact our businesses can have, and helping the poor. In the talk, "Are We Not All Beggars?" Elder Jeffrey R Holland implores us to help the needy, specifically by fasting and paying our tithes and fast offerings. "Cherish that sacred privilege at least monthly, and be as generous as circumstances permit in your fast offering and other humanitarian, educational, and missionary contributions. I promise that God will be generous to you, and those who find relief at your hand will call your name blessed forever. " Rich or poor, we are to do what we can when others are in need. Muhammad Yunus, founder of Grameen Bank, described his experience i...

Life your life in such a way that you never have to wonder " what if. "   These words resonated with me during one of our videos this week. The way to keep as close as you can a balanced life is to pay attention to what's important, to ask yourself hard questions so that you can be careful with your priorities, and to make sure that both ends of the equation foot out. The best way to do that is to have a group of people around you who know who you are, who you respect, and who share your values. They will keep you honest. President Thomas S. Monson provided us with a formula for success: 1. Fill your mind with truth 2. Fill your life with service 3. Fill your heart with love We have the responsibility to learn the word of God, to understand the word of God, and then to live his word. We must share our testimonies with others. All of us benefit when we remember to magnify our callings. According to Stephen W. Gibson, the ways we see things are a...

This week, we had the opportunity to seek out an entrepreneur and ask them questions regarding their business. We were pleaded not to waste their time, however, as each minute is extremely valuable to the entrepreneur. Vague questions would not cut it. You must find your calling and seek others in the field to help guide you towards success. No amount of riches, fame, or power can match the fulfillment that comes from pursuing your calling. Don’t know what your calling is? You may visit www.Acton-Life-of-Meaning.org to help guide you. An entrepreneur differs from an administrator. For the entrepreneurial mentality, external pressures stimulate opportunity recognition. Below, you may see the differences in mentalities between an entrepreneur and an administrator. For the entrepreneurial mentality, external pressures stimulate opportunity recognition. These pressures include rapid changes in technology, consumer economics, social values, and political action and regulato...

Jim Ritchie said that the definition of a true leader is a person who takes others to higher ground. A disciple of Christ is a follower of Jesus who learns of and from Him and lives according to His teachings.  The Savior wants us to be disciple leaders in Matthew 20:25-28: . . . Ye know that the princes of the Gentiles exercise dominion over them, and they that are great exercise authority upon them. But it shall not be so among you: but whosoever will be great among you, let him be your minister; And whosoever will be chief among you, let him be your servant: Even as the Son of man came not to be ministered unto, but to minister, and to give his life a ransom for many. According to President Kim B. Clark, disciple leadership is the kind of leadership that builds and lifts and inspires through kindness and love and unselfish devotion to the Lord and His work.  It is the kind of leadership that we need at every level of every kind of organization in the world and in e...

The seven habits of highly effective people, as claimed by Stephen R Covey, are as follows: Be proactive Begin with the end in mind Put first things first Think win/win Seek first to understand . . then to be understood Synergize Sharpen the saw Habits are the intersection of knowledge, skill, and desire. These 7 make long-term beneficial results possible. Being proactive means we are free to choose our actions. Beginning with the end in mind means we must set clear goals; Putting first things first means we prioritize between important and urgent, important and non-urgent, urgent but not important and not urgent and not important. A win win mindset is a frame of mind and heart constantly seeking mutual benefit in business and personal transactions. All parties feel good about decisions and commit to the plan. Habit number 5 is about listening effectively, understanding others before imposing your own thoughts. Habit 6 means that the whole is greater than the sum of its p...