Last Lecture

Throughout my educational Journey one aspect has repeatedly stuck out to me. The Entrepreneurial life is not for everyone. The life of an Entrepreneur is tough. When you take the first risk of starting your company you often have no income, little in savings, and worry about failure. Until your company hits the break even point you will constantly be thinking of what you can do to get by as all your funds are devoted into something which hasn't given you a return on investment yet. Eventually you may decide to call it quits and shut down operations taking the loss that comes with it. You feel heartbroken knowing you have failed and are at a loss of what to do now. As a failure where can you go? 

The answer is simple. Take one out of the pages of Albert Einstein and don't see yourself as a failure. Instead, you have found one way not to start a business. An Entrepreneur must not consider failures as the end of their journey. These are road blocks which need to be overcome. It is your job as an entrepreneur to find a way to pass those road blocks and start again. 

I caution those who pursue the entrepreneurial journey for money. There is nothing wrong with desiring financial stability however if your only reason for wanting to be an entrepreneur is to obtain riches and status in higher society then you may be setting yourself up for failure. Instead of looking at situations and asking yourself what needs to be done for my company and those who work for me you will look at situations and ask yourself what will generate the most money for me. There is a good chance this kind of thought will lead one to dishonesty and distrust.

If a customer cannot look upon your business with trust and your workers fail to see you as an individual with high moral standards your company will be the one to suffer. Individuals will begin to quit and your clientele will begin seeking out your competitors. With the lack of workers and customers your profits will fall and the demand for your products will continually drop. Success breeds in ethical work environments. When you can be honest with yourself and those around you your company will become stronger and forms of success will follow. 

With any Entrepreneurial task your time becomes more limited. Whatever your goals may be never fail to leave time for your family. Entrepreneurs often find themselves so devoted to their company they ignore the needs of their spouse and children. If this is not remedied divorce is inevitable. Find ways to include your family in your projects as well as setting apart a day in the week to focus solely on your family. Each summer take time off to enjoy a family vacation. If you promised your children you will attend their soccer games or another even then keep those promises. Focusing all of your attention on your projects may provide you with great success but what is success if you have no family left to share it with? 

The Entrepreneurial Journey is not for everyone. If you do wish to continue on this journey remember what I have shared today. Don't be afraid of failure. Don't do it for the desire of money and higher status. Hold strong moral standards for yourself and your company. Make time for your family. Success will follow. 

Self Exploration

What I Have Learned:

This week I had the opportunity to reexamine what I have learned during this semester of schooling. I examined where I was at on the entrepreneurial journey, what resources I had, and where I was headed. I have learned I have a lot of goals in my life that I would love to see come to fruition. These goals will require a lot of hard work and determination. With the support of my friends and family I will be able to accomplish much. I have the motivation to continue forward when times get hard and I have the ability to make wise decisions based off my understanding of various situations.

What I Need to Learn:

I need to learn when would be the best time for me to pursue my goals without taking away a large portion of the time and needs my family requires of me. I have learned a lot but there is more I need to understand before I seek out on this journey. I need to learn more about how I can include my family in my goals without taking away the time they need for their own goals and lives. It is essential I give them the support they need as they pursue their own goals on their own journey and something I will need to learn to encourage them to do.

What is your vision?

Things I learned:

This week I had the opportunity to visualize myself in various scenarios. How would I act if I was about to lose a very important customer if I choose to go to my child's dance recital? What would I do if I was about to complete my dream yet it meant losing my family? How do I see money? Is it a blessing or a hindrance?

The answers may seem obvious to many of you but it required myself to think about who I am as an individual and what was important to me. I have mentioned many times before that my family means everything to me. I would choose my family and keep a promise to my child even if it meant losing a valuable customer. I made a promise to a young child and I do my best to stand by my promises. How can they depend on me if I am never there for them when they need me?

This goes along with my dreams. If completing a goal meant losing my family I would bury my dreams into the ground. No dream is worth keeping if you cannot have your family there to share it.

As for money my stance has not changed for many years. I see money as something each of us needs yet to much money can destroy you. I would accept a job which provided less money if it meant I could still support my family adequately and have more free time to spend with them. I don't need a huge house or a large amount of possessions. I need money to support my family well providing me an opportunity to build joyous moments with my family.

Things I need to learn:

I feel I need to look closely upon my current dreams and goals. How will they affect my family and what if this affect would harm them? What would I do and how would I react if I realized to late what my choices have done to them? Family is everything to me. They should be apart of every decision I make. What ever decisions I make and what ever dreams I fulfill should affect them positively, not negatively.

Be The Best

Things I have learned:

I often wondered what it would be like to be the number one out of thousands of others. How would it feel to beat out everyone around you and be considered the most successful person in the room? One day I might find out... For now I have learned this isn't important to me. I am contempt with being beat out by others as long as I know in my heart that I am trying my hardest to be the best. If I continually have this mindset well I go out and work at making my dreams come true then I very well might find myself sitting at the top of the ladder. Do the best I can in an attempt to be the best and I will be content with what I have done.

Things I need to learn:

I have fears. Everyone I know does. Some fears are bigger then others. One of my biggest fears is failure and what that failure would mean for my family who depends on me. I have often spoke to my wife about possibilities of this happening and she has promised me she will support me even during times of failure. The fear still remains. I know my family will stand by my side however I need to determine how I will react and what I will do if failure presents itself on my door. This is a question I will need to think on.

Self Reliant

What I Have Learned:

Throughout this week I have had the opportunity to learn about being a Leader and becoming successful in a diverse culture and changing economy. I also had the opportunity to learn more about myself and my wants and desires. 

In the past I have been one to start a project and not finish it. Some of my high school classmates saw me as an individual who wouldn't go very far in life. I wouldn't complete college and get a minimum wage job at the first place that hires me. I don't want to be known as such.

I have learned not only do I want to prove individuals wrong but more importantly I want to show my children what can come from hard work and dedication. The world is a difficult place and it is waiting to gobble you up at the slightest mistake. With dedication and perseverance you can be successful in a tough world. I will become someone known for strong business ethics and an individual which can be trusted to get done what needs to be done. I will succeed where others have failed.

What I Still Need To Learn:

In the past I have not been the best at managing funds. As a business owner you need to make wise decisions with the capitol coming in and out of your company. If you do not keep track of your funds and spend it unwisely you called find pitfalls you won't be able to get out of. I have been blessed with a wonderful wife who has helped me become better at managing my funds. I still have more to learn but my budgeting issues are going away with her assistance. 

5 Whys

What I have Learned:

This week I enjoyed learning about the 5 whys. I thought it was a great idea how business should ask 5 questions with every problem in order to find a solution. By learning what questions to ask and when to ask them business can learn how to continually improve situations in order to avoid problems in the future. I feel this will be an important trait to learn as I pursue my future goals as a business owner.

What I still need to learn:

There are many things I need to continue to learn as an entrepreneur. I feel it is important for me to continually study out how to solve problems and learn various solutions for common problems from individuals around me who have experience in the field of business. I am still new at being an entrepreneur and even as I learn more I will continue to learn so I can be prepared to solve problems as I am faced with them.

Business Ethics

Lessons Learned:

This week I had the opportunity to learn a lot about Business Ethics. I spoke with an individual who has been faced with ethical decisions and the choices he made in those situations. We spoke about rules and regulations throughout his career and what the results of poor ethics could lead too.

Based on what I have learned I decided that I will be honest in all ethical decisions even if it isn't popular among my peers. I have strong morals and as a business person I have tried to be honest in my endeavors. I feel by doing so it will lead an example for those I work for and who work for me.

Lessons I Need to Learn:

I wish to learn more about how individuals have found success in their field when faced with ethical situations. I have only spoken to one individual who helped me determine my stance on various topics. I would like to hear more stories from individuals so I can feel better prepared when I am faced with similar situations in the future. I wish to build a trusting relationship with those around me and I feel by being prepared before hand would help me make honest and trustworthy choices.

Myths and Support

Lessons Learned:

This week has been an interesting one for me. I have enjoyed learning more about what others think about my ideas for the future. I have a long ways to go in my entrepreneurial journey but I feel the knowledge I am gaining in College has helped prepare me for the real world. I have the support of friends and family and even those who wish to join in the entrepreneurial pursuit. It isnt about money. I don't care if I make very little. It is about doing something I believe will benefit me and those around me. 

Lessons I need to Learn:

There is much to do as I go about my Journey. Paths to take and things to learn. I know that my Journey will never come to an end and will lead to many road blocks on many different paths. Depending on how I handle those road blocks may decide my fate as an entrepreneur. I must make wise choices if I plan to be successful and I need to learn what those choices may need to be before those road blocks arrive. I have a lot to do and not a lot of time to prepare for it. 

Is the life of an entrepreneur right for me?

Lessons Learned:

This week I had an opportunity to conduct a personal interview where I answered several questions pertaining to my talents and desires as an entrepreneur. I have often wondered if the life of an entrepreneur is right for my family and I. With a very young family a lot can happen that would drastically effect our lives. We could lose everything and become dependent on others for support. Our time together may be shortened as a start-up would require my full attention until I am able to properly learn to run it as needed.

Even with all these potential hazards of being an entrepreneur my wife has given me her full support. She wants me to chase after my dreams and establish a business I would both enjoy and utilize to support our family. She understands that sacrifices will need to be made and I will not always be able to have long periods of time at home. Even with all difficult it is going to be her faith in me provides the support I need to take the risks that will be required of me. A life of an entrepreneur is difficult yet the learning experiences will be well worth it.

Lessons I need to Learn:

As an entrepreneur it is essential I learn how to manage my funds appropriately. Learning how to manage your funds and utilize them appropriately could mean life or death for a start-up company. If you go about using your start-up funds unwisely you often run out sooner then expected. Many investors may decide they no longer want to invest in your company and pull out what remains of their funding.

This is one of my problems as an entrepreneur. My funds are limited and ever since I had my first job I have not made the wisest choices concerning money. Luckily I married my wife who knows how to save and when to spend. She has helped me improve my spending habits and create a budget that works for our family. As I prepare to enter the business world I need to learn how to master budgeting and using funds wisely. If I want to be a successful entrepreneur I can not make constant financial mistakes. Some are ok for they will provide me the experience and knowledge I need however making to many can lead to disaster.

"The Start-Up of You"

Lessons Learned:

I recently completed reading "The Start-Up of You" by Hoffman and Casnocha. They had a lot of insight on what ways our network can benefit us in our current position and in future careers. Before reading this book I never really considered those members of my Network as highly important unless I really needed them for something. It was after reading this book I realized that not only our the closest members of our network important but so are those who are our second and third degree connections. We should continually strive to build a relationship with these members as they will often be able to give us advice and recommendations that we may need in the future. Some of them may lead us to a job or perhaps even offer us a job we didn't even know existed. The more we nurture and become a benefit to those in our network the more they will be able and willing to help us in the future.

Lessons I need to Learn:

One thing I am still striving to learn is how I can be of best use to those in my network. I am still in college and as such do not know much about open positions in my field of expertise. I do not have a lot of on hand experience and what I do know has been learned from books and teachers. I decided the best way I can be of help is trying to post articles that I feel will be a network to my network as my updates. Perhaps by doing so my network will see I am trying to help out where I can until I have something that could be more use to them in the future.

Family and Time

Lessons Learned:

This week has been a fun learning experience for me. I often wonder how I would make ends meet with my first start-up business. I also wonder how my family would be impacted by such a business and what I would do to prevent my business decisions from harming them. I understand that sometimes that isn't possible but I believe if I am willing to set apart a day of the week for my family I would be able to prevent my family from falling apart. I also believe if I can create a business I could have my family be part of the business and join in with me. Perhaps something I could give to my children when I am ready to retire.

Lessons I need to Learn:

I feel I need to learn more about being an entrepreneur. I have learned a lot from school and from books but that can only provide so much. I feel that it is about time I set a date for when I want to start my first company and plan for it to happen. Before then I need to learn the best strategy for doing so and create a stronger network for my field. Sometimes I feel overwhelmed by what I need to do but if I am not willing to take a chance then I will never get anything done. So much to learn and so much to do. I will always be learning but I need to remember that I learn through actively moving forward. If I sit here and worry I won't be able to learn a thing or make any mistakes.

Dreams

Lessons Learned:

Simple. I have a lot of dreams. Listening to Randy Pausch's Last Lecture and hearing about the Dreams he was able to complete during his life has been an eye opener for me. I thought about all of the dreams I have had since I was a kid. I thought about what I have completed thus far and what I have yet to complete. There is so much I want to do and so much I want to learn. Time is short and I know there will be many "Brick Walls" impeding my way in completing those dreams. Yet I know that those Brick Walls can be surpassed. I just need to prove that I want it. Prove that I want it, then go out and do it.

Lessons I need to Learn:

Patience, Patience, Patience. I have been hasty during many aspects of my life and there have been many things I have wanted to have done by this point in my life. I have noticed that I can grow angry at myself for not completing what I wanted to well ignoring what I have done. If I don't learn patience then many of my dreams will be missed and the joys of what I have accomplished during my life thus far will be to easily overlooked. Patience is something I need to develop in my entrepreneurial journey. 

First Impressions

Lessons Learned: 

I started attending school at BYU-Idaho several years ago and each semester I have continually heard that this school is a Disciple Preparation Center. My experience here has proven this fact to me. Each day I am here I feel the Lord is preparing me for something important in this life and I constantly feel that he is molding me into something he wants me to be. 

I have continually enjoyed videos involving Kawasaki. I have listened to a dozen different ones since I have taken classes at this school. I agree with him when he says we shouldn't take a job or a degree for money. The result will end in us feeling as if we wasted our time and perhaps our life. One day I hope to open a hobby shop containing board, card, and table top games. I want to do it because it is something I both enjoy and I know many others who would enjoy it as well. I don't expect to earn a lot of money from it but the money doesn't matter to me. I wan't to do it because it is something I will enjoy doing.

Lessons I need to Learn:

I watched a video from Kawasaki where he talked about if you needed an MBA or not. This has been something I have debated about for sometime. Do I want to attend school and receive my masters after I graduate BYU-Idaho? At times I have answered that question with a yes. At other times it has been a No. Listening to him explain how we learn more about management from doing it then from a class room made me feel that a Masters may not be something that is really needed. Yet, I still think it is something I would like to obtain. Perhaps I will not go for it as soon as I graduate BYU-I but when will I go for it? I know me and I know if I decide not to go and obtain it after graduating here it will be a long time before I return to school, if at all.