Last Lecture

Hopefully “not” My Last Lecture

I have learned a lot over the course of the past 12 weeks about entrepreneurship. I have learned not to procrastinate things, but to take action every day in learning something new and applying something that you have learned. A common statement is that luck is where preparation meets opportunity. People will have many opportunities in their life, but the key is to prepare now. We can learn from our experiences and take them with us. I have learned to better manage my time and to not overwhelm myself with things that don’t matter.

Ask yourself, “What matters most?” It could be family, career, an education. Make sure to prioritize these into your schedule. Don’t lose sight of what matters most. Once you have identified your focus, learn to ask questions. We all need good mentors and asking the right questions will teach us valuable lessons.

My favorite part of the course was doing the two interviews. I interviewed two different business owners who had a wealth of knowledge and advice. If you seek advice, seek it from others who have experienced the journey you want to take. You will learn from their setbacks and successes.

Randy Pausch shared in his last lecture three keys to his success: determination, support from family, and having a motivating purpose for the success of his career. As an entrepreneur, we need determination, we need support from others, and we need to have a reason behind what we do. What is the greater goal or purpose behind our business ideas? I have learned to ask better questions. We can dream, we can learn from experiences, setbacks, and failures, and we can be leaders.

In all we do, we need to remember to bring others along on our journey. We cannot do everything alone. Part of being an entrepreneur means working with others and doing it for others. I have learned to step back and dream big, and then to take action, one step at a time. 

Working on Your Business – Fail Forward

Working on Your Business 

A successful business needs both leadership from the owner and wisdom in building the business by delegating some of the daily operations and details to employees.  In order to work on the business, you need to balance your time between working in the business and strategizing by working on the business. In building a business it is important to work both on and in a business. A thought out business runs by systems that are in place instead of by specific individuals. It can be duplicated and eventually sold as a turn-key operation.

Tom Nall developed Republic Tequilla, an organic tequila business. He has made his mark in the industry by focusing on making his product stand out as a better tequila and a better business. Tom shares that success in business requires both determination and fear because fear can motivate you to keep trying until you succeed. He has learned from every job and position in life. Tom shares that we should learn and build upon our experiences. His multiple experiences were like an internship for the job he does now. To compete with the big companies, you have to have more imagination and something better to offer. Being an entrepreneur means taking “calculated” risks. You need to be an optimist. Tom wants to give his employees the opportunity to be successful. Core values are at the top of his list: integrity, treating people right, and honesty. Hiring people, he looks for people who want to do better and people who have a greater vision for their lives.

Michael Jordan missed more than 9000 shots in his career. Getting up and trying again is what has made him so good at Basketball. Michael Jordan states, “I have failed over and over again in my life, and that is why I succeed.” Sales is often a numbers game. The more people you try to sell to, the greater your chance of success. Business is about learning from our mistakes and pushing forward.

Thomas Monson talks about great expectations. Our Heavenly Father has great expectations for each of us. There are eternal consequences for our choices. We are preparing for the future and for eternity. He states, “When the time for decision arises, the time for preparation has passed.” We need to teach our children. What is put into our minds in the first eight years is there to stay. An educated man can think and accomplish things. This is what it should mean when we get an education. We need to also get a testimony. Man’s earthly existence is a test. Will we pursue spiritual qualities or earthly pursuits? Perseverance and help other’s in their life. How many people did we help? We can never love the lord until we serve him in serving his people. Can we say as did Paul that we have fought a good fight, finished the course, and kept the faith.

“work will win when wishy washy wishing won’t” - Monson

$100 Challenge – The Perfect Cookie

The challenge is over. This week I created my PowerPoint presentation and YouTube video. My final sale did not go through. Overall, I profited just over $100. I don’t think I want to get into the food industry business unless it is as a hobby instead of a business. I have learned about business plans, being an entrepreneur, creating online videos, and Powerpoints.