ENTREPRENEURIAL JOURNAL

Last Lecture

What are you waiting for? Get going! Build a business! There is no time like the present! You likely don’t have all of the necessary tools at your fingertips in this moment, but that’s no reason not to start building your business. Start writing down your ideas, your dreams, the obstacles you’ll need to overcome. List what resources you’ll need. Study your industry. (How did other individuals and businesses get where they are? What setbacks or failures have they experienced?) Read a book. Set goals. Take a useful class. Seek mentors. Research answers to every question you have about any aspect of business.

There is no “Right Time” to start a business. It will never be convenient and it’s not going to be comfortable. While it may be unwise to abruptly quit your day job, take out a large loan, and start hiring employees right now, there are always things you can do to start the process so that when it’s time to take those bigger steps you’re more prepared. There will be challenges and setbacks, but don’t fear them; look forward to learning from them. The sooner you take any steps in your business, the further ahead you’ll be. Consider what kinds of calculated risks your desired success will require (as well as what your definition of success looks like!) and under what circumstances you will feel ready and willing to take those risks. Then start taking the steps necessary to put yourself in those circumstances.

If you haven’t already, write your personal mission statement. (Please don’t confuse this with the mission statement of your business.) What is the mission of your individual life? Why are you here, doing what you’re doing? And why are you doing it the way you are? What matters most to you in life? What are you looking to accomplish? What legacy do you want to leave behind when you leave this world?

Now, consider how your business relates to this mission. Does it align? Make sure your business and career goals are serving your greatest purposes.

This week I’ve been seeking and learning new professional skills. I’ve been feeling restless in my job on and off for a while now. I’ve been wondering if it’s time to move to another company, or perhaps another department as I really do love my company; I believe in our products and services. I’ve accepted a new role in my department which will widely broaden my skills. It’s intimidating because it’s outside of my normal skill/comfort zone and it’s not a position I ever would have applied for with another company, but I know it will be great experience. And next week I have interviews for three jobs in two other departments. I may be in the right company, but the wrong job. I don’t want to spend years of my career in the sunken cost fallacy with this position. I’ve had the feeling for a long time that I shouldn’t leave my job because it’s a great opportunity to work for the biggest company in my field, but names aren’t everything and successful individuals often take very non traditional paths in their careers.

Thomas S. Monson said "Of this be sure: You do not find the happy life....You make it." I’m trying to apply this to my career.

Based on what you read in the first two pages (pages 3 and 4), why are virtue and integrity so vital to an economy?

When businesses are run by executives who only look out for themselves the companies and their employees suffer. People lose trust in companies they may patronize as well as their employers. As executives pay proportionally lower wages to their employees while increasing their own salaries, the middle class shrinks. People have less money to spend and the economy suffers. Likewise, the very businesses themselves are being put in jeopardy if their leaders are “mortgaging their futures” in exchange for higher stock prices now.

According to Charles Handy, what is the “real justification” for the existence of businesses? The real reason for business is not making a profit for the sake of profit, but to make a profit so that the company can do something more meaningful.

What are two solutions proposed by Handy that you agree with? Why? I agree that employees should be treated as assets, to be cherished and developed, rather than as costs to be minimized. As employees are given the incentives and tools they need to succeed, the company will benefit. This can breed more effective employees who have more loyalty to their company than what is typical of millennials. When employees are just a number with a small paycheck, they don’t have any reason to go above and beyond for their employers. Investing in employees benefits the individual and the business in the short term and the long term. Even if/when these growing workers leave a job, they will be more empowered to contribute to an industry or society as a whole.

I also agree that it would benefit companies to do no harm and to actively do good for the environment and for their employees. This would improve the world and our society. It would provide employees incentive and resources to succeed professionally and personally.

What is your attitude toward money? Money is a necessary part of life. Working to earn a sustainable income is necessary so that we can support ourselves and our families. I seek to earn as much money as reasonably possible (at the moment this is only about $30K/year, not much greed there) so that I can pay down my debts, build savings, invest in the future, and give back where I can.  How can your view of money affect the way you live? Love of money is the root of all evil. (1 Timothy 6:10) One should not seek to obtain money for the sake of money itself or for the status or excessive luxury that comes with wealth. This is greed ans it can lead to a host of other sins. If you view money as a tool to do good (for oneself, one’s family, community, etc.) you can obtain wealth and use it to make a better life for yourself and for those around you. As the reading stated, money can make good men better but it can also make bad men worse.  What rules are recommended for prospering? As suggested in the reading: “Rule 1. Seek the Lord and have hope in him Rule 2. Keep the commandments, that includes the temporal ones, tithing and fast offerings. Rule 3. Think about money and plan how you can become self-reliant. Rule 4. Take advantage of chances for learning so you will not be ignorant of these matters. Education, as President Hinckley has taught us, is the Key to Opportunity. Rule 5. Learn the laws upon which the blessings of wealth are predicated. Rule 6. Do not send away the naked, the hungry, the thirsty or the sick or those who are held captive.”

Personal Progress

Entrepreneur Interview Last week I had the incredible blessing of interviewing an entrepreneur I have admired since I was only about sixteen years old. Chelsea Bloxsom (of Love and a Sandwich) graciously answered my many questions about her business journey, processes, and more. She is so down-to-earth and she’s living my dream, supporting herself from home by doing what she loves. Of course if something was all fun and games it wouldn’t pay, but some jobs will always be preferable to others. I have written at a bit of length in my paper on her interview, but I will hang on to her complete answers to my questions for ages to come and I will refer to them when I feel stuck. What a treasure! I was also contacted on Shapr (a networking app) this week by another coaching entrepreneur. She noted that she had never met another coach with my particular niche. She agrees that I have something unique and valuable to offer.  This week has been so affirming! I am loving the entrepreneurship community I’m finding which is deepening my commitment to this business and motivating me to work hard and smart. I’m enjoying A Field Guide for the Hero's Journey. I love the short vignette format. It provides small bits of inspiration or brief thoughts to ponder, which makes it a great book to read on my breaks at work. This is excellent for someone working full time, going to school full time, and trying to build a business.

Personal Progress This week I fell down the rabbit hole of business podcasts! I am loving Being Boss, and Femtrepreneur. I’m also dabbling in The Get Paid Podca$t, Home Work, The Work-At-Home Heroes Podcast, and Ten Minute Traffic and Funnels. Much of many episodes will be helpful to review once I’m farther into running a business, but I’m learning so much right now! I’ve started a page in my business journal for podcast notes.  I started writing social media posts so that I can seed my social accounts before launch. Nobody wants to visit a business page with no content and it wouldn’t be useful if they did. I’ve created a list of key hashtags by brainstorming and studying other social media accounts for businesses and individuals in my field. I’ve also started putting together a social post calendar to plan out my social media content in advance.  Overall, I’m tying to do as many little things for my business as I can before launch since there are some bigger things I won’t be able to do until it gets closer. It may look like I’m getting ahead of myself in some areas, but I want to be as prepared as possible wherever I can. But one thing I’ve decided to do is move up my web design/setup/launch. I want to setup my Squarespace page next month so that I can take my time, get comfortable, and start building my email list before my official launch, which will hopefully take place in may. I set a goal to get hired by ten clients this summer!

Developing the Right Attitudes, Habits and Instincts From A Message to Garcia

1. Accept the mission and get started. I have made this business my personal mission, and outlined how it is a part of my life’s mission. I am taking steps to make it happen. I started last semester and haven’t stopped. 2. Be curious. I regularly read about various aspects of business, my industry, useful tools, and more. I ask questions and seek answers. 3. Immediately sketch out a plan. Vision: A business working within the needs of my family, working to accomplish my life’s mission, earning an income. Strategies: I could wait until I graduate to begin my business. Instead, I plan to have most of my business plan and resources ready to deploy at by the end of May so that I can begin working with clients this summer. When fall semester begins I may need to pull back to assess where I could improve while focusing on school. If things go exceedingly well, I can quit my full-time job in November when I will be eligible to enroll in insurance through my husband’s employer. Projects: Name, social media, equipment, digital infrastructure, trial runs or services. Tactics:   I have broken my projects down into smaller tasks and am checking a few items off of my to do list each week. I could move faster, but I want to take the time to do things right while giving proper attention to my education.

4. If you need resources, don’t be afraid to ask. I recently enlisted some friends to act as practice clients. I’ve talked to my husband about startup costs and we’ve allocated the necessary funds.  have space set aside to work in and am improving this space.  5. Enlist help when needed. I have friends to act as practice clients. I have workshopped the name of my business with those around me. I have people keeping me accountable for my progress. 6. Report back and show your work. I am recording my progress in this journal each week. I am writing physical lists of things to do and consider. I am reporting to specific individuals in my life about the work I’m doing. 7. Underpromise and overdeliver. While I am talking about the work I‘m doing, I am being cautious about what commitments I am making. I am trying to be optimistic, yet realistic. I’m trying to work on some things behind the scenes so that my success won’t be measured against unrealistic expectations (of myself or others). 8. Expect to make (small) mistakes. I am trying very hard to hold myself to high standards, but not standards of perfection. 9. Put results before schmoozing. I want my clients to be successful, not flattered.  10. Replace the voices in your head with positive action. I am trying to note the things the doubting voices in my head are saying so that I can address their concerns effectively, rather than letting them discourage me from trying. I’m trying to remember that failure is a key component of success.

Applications of The Seven Habits of Highly Effective People

  Habit 1 – Be proactive.  “Our basic nature is to act, not to wait to be acted upon. We have the ability to take the initiative in any situation we are in.”  This week I’ve started feeling a prompting to begin my business sooner rather than later. School and work are competing in ways that are unsustainable. I keep reminding myself that there are only two more months, then I get a long break, and the subsequent semesters should be lighter.  But it’s had me thinking about my situation more critically. I find myself longing for the time when I don’t have to show up and do someone else’s work on their schedule. I had a talk with a family friend where she unexpectedly revealed to me how she quit her job with no notice (She didn’t even warn her husband!) and started a business she’s been running since, so she could be home with her children (my primary motivation to start my own business). I’ve found mentorship and motivation. What am I waiting for? 

Habit 2 – Begin with the end in mind.  I want to retire at a reasonable age and serve a mission with my husband. I want to be able to afford a comfortable retirement. I want to have left a legacy of contributing to the genealogy community. I want to have no regrets about the time or care I gave to my family.

Habit 3 – Put first things first.  For the next two months, I must focus on school and on succeeding at my current job. These are pressing matters. But, in my few moments of downtime, I want to be preparing to launch my business after this semester ends. I’ve always wanted to start small, so why not take a few clients over summer vacation? This will give me a realistic picture of how slowly or quickly I can accrue business and from there I can formulate a longer-term plan to make this business my primary source of employment/income.

Habit 4 – Think win/win.  The plan listed in the above section will be a win/win for my family. I’m moving forward with minimal risk. If the summer venture doesn’t go well, I can go back to focusing on school and my full-time job in the fall, using my downtime to reassess and make myself and my business better for the next go. If it goes exceedingly well and/or family circumstances dictate, I may be able to quit my full-time job in November when I’ll be eligible to enroll in better health insurance through my husband’s job.

Habit 5 – Seek first to understand, then to be understood Empathetic listening I’ve read some great advice recently about how to understand what a customer/a market wants. Over the next couple of months I’ll be looking into this understanding and looking for ways to take and implement client feedback from the start of my business. 

Habit 6 – Synergize 1+1>2 I may need to do some more pondering/reading/researching how to use my resources with better synergy, rather than as individual modules.

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 This is an area in which I am continually growing. One month after I returned from my mission, I moved across the country on my own to work for the world’s leading company in my industry. I work in a department that works directly with our customers all day every day. Deciding to learn all I could about my job and moving up to a supervisor role with the same attitude has helped me learn a tremendous amount about how our customers interact with out products as well as what they like and dislike about them. I’ve gotten to see how our products have changed people’s lives and how people could be better equipped to use these products and services. This has helped me craft my business plan and my ideas for my future services.

Currently, I’m working with a member of our recruiting department to seek additional opportunities in other departments to learn more about different branches of the company so that I can further this hands-on, inside education.

While I love my company dearly—I genuinely believe in what we do—I am also considering options in other companies in the industry. While I regularly use competing products and services to round out my knowledge of the industry, getting a glimpse of their inside workings could also be tremendously beneficial.

Through my career, my volunteer efforts, and my education, I am making many useful contacts in the industry and related fields. I am learning to make good use of LinkedIn.

2 The skills to run the daily operations of a small, rapidly growing company I am pursuing a degree in my field while gaining volunteer and paid experience rendering services I plan to provide through my business. I plan to remain a sole proprietorship, so managing services to clients and bookkeeping will be my primary focuses here once I launch my business.

Thoughts Overall

This week has had me pondering business growth. I have always pictured my business as a sole proprietorship. The thing that initially drew me to entrepreneurship was the idea that I could work for myself at my own pace on my own schedule, to have a source of income that would work around the needs of my family. I’ve wanted to be a stay-at-home mom for years, but being someone who is driven by goals of financial freedom (There is always another debt to pay off or another level of savings to achieve.), I hesitate to give up my job, though only for the paycheck. Running my own business from home could be  a near-perfect solution.

Pondering the pros and cons of slow growth vs. rapid growth of a business this week has solidified this plan in my mind. I want to keep my business small enough that I can take on more or clients or fewer clients as my family’s needs ebb and flow through various periods of our lives. As this changes, I don’t want to have to worry about hiring or decreasing staff. Maybe I’m a control freak, but with the one-on-one nature of my services, I want to be in full control of what my company is providing to clients. Additionally, I worry about the added non-billable hours managing a staff would entail.

Slow growth will keep me in control and fully aware of everything that’s going into each aspect of my business. It will allow me to carefully monitor the amount of time I’m putting into the business and how this affects my family. If demand for my services increases beyond my expectations, I can explore content publishing options, as opposed to solely offering one-on-one sessions with clients. I definitely feel that this is the right path.

Thoughts on How My Plan Relates to the “A Hero’s Journey” Video: This business is largely a result of the desire to earn income to support my family, it’s a way to make money. However, the business model has evolved over time Rather than just taking client money in exchange for genealogy research, I want to teach them how to learn about their family histories for themselves. I feel that this is more enjoyable for myself and for the client. I also feel that this is much more beneficial to the client and to the genealogy community as a whole. This contributes to the overall mission of my life. My life’s mission statement is as follows:

My mission in life is to help to bring to pass the salvation of the children of God. First, this means taking care of my family, especially my husband and children. Second, this means seeking my own ancestors and performing their temple ordinances. Third, this means helping others to do the same. Whether performed by members of the church or not, all genealogy work contributes to the remembrance and salvation of the dead and it is vital to the plan of salvation. I will work diligently throughout my life to further this cause however I can, despite whatever obstacles or trials stand in my way.

Today I was working on writing my personal constitution and gave my husband a brief explanation of what I was doing. He pointed out that I’ve always got assignments about analyzing myself and writing about my personal goals and aspirations and whatnot. (From a distance, it can look very cheesy.) The assignments he was referencing were all from entrepreneurship classes.

I thought about that. And it dawned on me that he’s right, and this is exactly what I signed up for when I adopted entrepreneurship as a minor. And I love it! This is different from any other business classes. It’s not about marketing, or how to manage people. It’s not about finance, revenue, profit. It’s not about the strategy and the numbers, although all or these things are important in business. Teaching those skills is different from entrepreneurship because entrepreneurial skills need to be applicable to any industry or market. Entrepreneurship is as much about who you are as what you do. It’s not a job, or even a career. It’s a journey; it’s a spirit. It’s about continually working to build your business, your life, yourself. It’s about taking a good hard look at an idea and saying “How can I do this myself?” Then you put in the time and the hard work and you do it. Then you take a look at something you’re proud of (or at your failure), and ask how you can make it even better, which can be hard and painful, but it. Is. So. Rewarding! Then you make this process a habit. As you work on your business, you also learn to apply this principle to all other aspects of your life. You develop work ethic, discipline, creativity, fortitude...

This week I have been pondering a variety of things related to my career. In no particular order...

Personal Reflection Today I had the opportunity to interview for a career-track position with the world’s leading company in my field. I feel blessed to already work for this company and have had mostly positive experiences there, but I was still surprised at how encouraging the woman from the recruitment team was. I feel much better about my prospects now than I did before the interview. If I’m not selected for this position, she wants to work with me to help me prepare for additional positions which will open up this year. Once in that position, a whole new host of education and development opportunities would open up to me, on top of the incredible hands-on experience this position would provide.

This aligned so well with the career plan/goal assignment I completed for B 183 this week. This interview gave me a lot more details about the department I’m looking to work in for my company, including some recent reorganization and redefined job roles. This interview opened my eyes to just how beneficial it would be for me to have an opportunity to work in one of these roles. It was also a great networking opportunity as I have advanced my education and gained new skills and experience since I last met with this recruiter and was able to share what has made me a better candidate. I’m thrilled that she’s already putting me in mind for future opportunities, IF this one doesn’t pan out. But again, I feel much better about my standing and qualifications than I did this morning before the interview.

After this interview, I feel like I have a much more solid plan, or outlined career path than I did just yesterday. This path will provide incredible opportunities to learn, grow, and prove myself in a professional arena. Whether I end up starting my own business or decide to remain employed by another company/organization, I will only grow and progress from here. I am so blessed! 

During the Gordon B. Hinckley Building dedication at BYU-Idaho in October 2002, President Hinckley said “You don’t have to be a straight-A student. You just have to do your best.” Golly, I needed that on the first day of this semester. Last semester wasn’t my best. I got two As and two Bs, and I was hard on myself for it. I can’t say they were awful grades but they weren’t what I wanted. This semester I want to focus less on my grades and more on what I’m getting out of each class. That’s what they’re for, isn’t it? This isn’t a contest to get the highest GPA and get out. If it were, I’d be taking a very different course load. Current and future employers and clients will ultimately care much more about what I know and what I can do that what percentage of possible points I earned in each course I took in college. The knowledge and skills are what make me better. 

“True principles work in any profession or pursuit.” (Jim Ritchie, Launching Leaders) This principle of focusing on knowledge and application above grades is a principle I want to internalize and make part of my approach to all aspects of my life. I am a person who thrives on checking items off of a never-ending to-do list. While this is not inherently bad--it keeps me motivated and productive--I need to consider in each moment why I’m completing each of those tasks and how I’m approaching them. I need to approach my to-do list with better intent than to complete the tasks. The official book trailer for "The Start-Up of You: Adapt to the Future, Invest in Yourself, and Transform Your Career" by Reid Hoffman and Ben Casnocha presents the idea that all humans were born entrepreneurs. We were self-employed in caves, fending for ourselves. I feel what I believe must be a similar drive to prepare meals for my family, clean the house, do homework, and more tasks which will ensure survival and increase quality of life. What professional and personal potential could I unlock if I added to this drive the perspective of becoming better and gaining the lessons of knowledge and application each task can teach every day? How much more effective could I become not only in work but in service and ministry? How could this affect my personal brand and my impact on the world around me? This awareness will be absolutely essential as an entrepreneur, but no less significant in other aspects of my life.