B 183: Intro to Entrepreneurship

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...

According to Brother N. Eldon Tanner, there are two important elements in self-mastery: to set the moral standards, and the willpower carry them on. Brother Tanner stated that, “character is determined by the extent to which we can master ourselves toward good ends.” I will strive to never waver and be a person of great integrity, to stick out like a sore thumb, as he says, and be a hundred-percenter like his grandson. Where should an entrepreneur start? There are three areas of knowledge that are critical for starting a successful business: In-depth knowledge of the competitive structure of an industry and a network of contacts within that industry The skills to run the daily operations of a small, rapidly growing company The ability to raise money In order to achieve each of these skills, you can either learn them yourself, or find a partner that already does. Ideally, you should do both. With enough creativity and effort, any job can help you acquire new tools o...