Week 6

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:

1. In-depth knowledge of the competitive structure of an industry and a network of contacts within that industry
2. The skills to run the daily operations of a small, rapidly growing company
3. 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 or contacts for one or more of the three skill sets. 

If you keep your final goal in mind, work step by step to gain knowledge and take notice of people who might be complementary partners, eventually an irresistible opportunity will appear and you will be prepared for the challenge.

However, the most important lesson learned this week is:

An entrepreneur does not have to sacrifice his or her family life to be successful in business.