Entrepreneurial Journal

Week 8:

     This week had a lot of great readings and videos. We learned a lot about the perfect leader, Jesus Christ. We heard from prophets about his examples to us and how we should try to emulate him not only in our personal lives but also our business lives and by doing so we will be successful. Religion and business are two things that seem like they shouldn’t mix, but they do. The go together perfectly and if we hold true to our beliefs we will not only be successful, but also blessed in other ways.

     I did not make any real progress on the $100 challenge this week because I am traveling right now; there was a wedding and baby shower in my wife’s home town. So, we made the 12-hour drive there and haven’t made it back home yet, but I hope to start painting parking lots this week and hopefully make the required $100 by the end of next week.

     I am enjoying the lessons I am learning from this class and love that this course puts such a focus on our savior when it comes to business. I know that I will be trying my entire life and never reach the level of Jesus Christ, but by reading how he is our example in something that seems very secular I know that working to be like him is the most important thing I can do in my life.

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Entrepreneurial Journal

Week 7:

     This was a very interesting week, the topic that we were to discuss about Zappos was enlightening. I liked how it showed me how important it is to get the right employees into your business. Zappos is willing to pay thousands of dollars to be sure of just that. I don’t know whether new or small businesses can’t afford the thousands of dollars they might lose using this program or if they can’t afford not to do it to get the very best employees possible.

     We also learned about caring for our customers and the importance of doing so. The two tie together because the very best employees will take good care of your customers. But if we want to be successful we need to build long term consistent customers. If we do that we will get more value out of each customer and cut back on costs by not having to constantly replace customers. The importance of repeat customers comes from the 3 R’s Retention, Related goods, and Referral.

     All three of these are important and they each go over why it is such a good idea to treat your customers well and keep them walking in your door. If you retain them you don’t have to get them back or replace them, if they are repeat customers they are far more likely to buy related goods the next time they come and a positive referral is not only free but the best kind of advertising.

Entrepreneur Journal

Date: 10/09/16

Week 4:

     This week gave me a unique opportunely to both look closer at my $100 challenge and the business I would like to own in the future.

     I was able to narrow down my $100 challenge decision to a parking lot painting enterprise. I will be able to get the paint at Home Depot for $5.27, I have the cardboard to make stencils at home and will then I will just need gas to drive between the small businesses. So I should come in far under the $20 we are allowed to spend to start.

     After I decided on my $100 challenge I then looked at what I would like to do for my “big idea” and I have been working on a business plan for a 3D printing service that I would run from my home since before this class even started and want to see if what I learn from this class can help me make some headway on it. I want it to be something that will provide for me completely and eventually one day become a business where I am not needed for it to run. That would be far in the future but I want to build it from day one, where I am moving in a direction where I will eventually not be needed for it to run.

Entrepreneur Journal

Date: 04/06/16

     I would like to take this opportunity to review what I feel to be the most important things that I learned the first few week s this semester to bring it back to the front of my memory. This was a great class and the first few weeks were especially motivating.

Class in review

1.      The Start-Up of You

a.       The first week we learned about the importance of investing in ourselves and building the startup of us.

b.      We got to meet our fellow classmates and have fun playing different games to get to know them better.

c.       The best advice I would give for this week is to be sure to have read all of the material before class even though it is the first day.

2.      Create a Life of Meaning

a.       The second week we learned about setting goals for the future and making guard rails to make our lives have more meaning.

b.      The best advice I would give for this week is to really think about where you want to be in the future, it makes it a lot easier to think about what goals you want to set for your future and where your ethical guard rails need to be.

3.      Honesty and Divine Guidance

a.       The third week of class we learned about the importance of ethics in business. Without them we cannot be trusted in a management or even an employee position. If we are ethical in our business dealings we will be happier and be more successful.

b.      In class we went over the guard rails that we had been learning about and what they mean to us and how they can save us from ourselves.

c.       The best advice I can give for this class it to take it very seriously and really ponder what ethics are important to you and where your limits are so that you can make good decisions not only in your business life but also your home life.

4.      Taking Control of Your Life

a.       The fourth week of class we learned about setting our priorities, we all have our free will and get to make decisions for ourselves whether its business decisions or decisions for our home life.

b.      This week we did our first case study. It was about Italia Factoria, an Italian buffet style restaurant. It talks about how another restaurant felt that they had stolen their ideas and wanted financial compensation for it. It was pretty interesting especially since it was about our teachers business.

c.       The best advice I can give for this week is to have an open mind and realize that when they say that this is your life, you get to make your own decisions it is true.

Word Count: 470

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Entrepreneur Journal

Date: 03/31/16

Lessons Learned:

1. This week was a very interesting week, we learned about gratitude and how being thankful doesn’t only make you happier but it also can make you more successful in business. I learned that by not only feeling thankful for everything, but showing it to the people I work for or with I can make my business life happier, more satisfying, and quite possibly be more successful.

2. We also learned this week about not living a double life, how we should be the same person in every group, place, or time. If we care not consistent with our actions we will be living a double life and one life will spill over to the other. Eventually we will no longer know who we are and we will be a different person than we were before.

Lessons Not Yet Learned:

1. I was taught this week to include my spouse in everything I do, even in business and finances. I need to learn to follow that advice and include my wife in every way possible. It should not be all that hard to do, but I know that I have a great deal of room for improvement in this subject.

Word Count: 210

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Entrepreneur Journal

Date: 03/17/16

Lessons Learned:

1. This week we learned the importance of balancing business life and work life. We learned that no matter what you accomplish in business it is not worth it if you lose or neglect your family. The 2 mini-case studies that we had to ponder about really put us into two difficult situations that we had to think long and hard about.

2. We also learned about the difference between happiness, satisfaction, and fulfillment. They are all good things but the most important one is definitely fulfillment and often if you pursue the first two too much you end up with less of the third. I for one would give up immediate happiness or satisfaction for future fulfillment.

Lessons Not Yet Learned:

1. I need to learn the principles taught to us from “the richest man in Babylon” how we should pay ourselves, set a budget, and put everything else in savings. By following those principles we have the ability to make, save, and invest enough money to retire in 11 years just like Jim. I know that it is going to be very difficult but I know that I can do it. The future fulfillment id definitely worth the reduced immediate happiness and satisfaction.

Word Count: 215

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Entrepreneur Journal

Date: 03/10/16

Lessons Learned:

1. This was a very interesting week, with the sell anything project my group did quite well. We sold around $240.00 but we spent about $80.00 on supplies. So we are going to donate about $160.00 to help single mothers in Hatti to start their own businesses so that they can help their children have a better life than they did.

2. We also learned about becoming all that we can become. We heard from Elder Dallin H. Oaks about what is required of us to become converted. It isn’t just about having a testimony, we must live a life fitting the gospel and share our testimony with other people.

3. This week one of the readings was “How Entrepreneurs Craft Strategies That Work” it taught me that when it comes to staring your own business you need to act quickly but be sure to research the subject enough that you don’t take unnecessary risks. There is a sweet spot between planning paralysis and no planning at all.

Lessons Not Yet Learned:

4. We learned that the best sales people are not introvert or extroverts but ambiverts. I need to learn to think like an ambivert instead of introvert, I need to be both outgoing and know when to hold my tongue.

Word Count: 222

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