Week 5

This week I was able to interview a brother from my local church ward about his entrepreneurial journey. He gave me some wonderful insights about what it is like to start small and some things to watch out for. One thing that really impressed me about our interview was that he said he likes to manage his own company so he keeps it a small business on purpose. Interacting with clients and his work staff is something he really enjoys to do and if he were to expand his company, he would lose this ability. He only sleeps 6 hours a night and does the same schedule everyday. It was surprising for me when I found out he rarely has a minute to himself. And I thought my schedule was crazy! Yet, he still walks around with a smile and is always optimistic.
One theme that I discovered about being an entrepreneur is that a problem is a goldmine. Whenever people are experiencing a problem, the man that fixes those problems will be a rich man. I think of the story about Ammon and how he was sent to water the king's sheep. When the sheep were scattered, instead of sobbing and getting heart broken, he was glad because he saw this as an opportunity. After fixing the problem, Ammon was handsomely rewarded by the king once the king found out. He became a trusted man and was able to go from land to land, doing what he loved. There is no difference between Ammon and an entrepreneur in this regard. Entrepreneurs find problems and then they provide services to fix these problems. Because of their success, they are rewarded and given the ability to expand. This is what I learned in week 5.

Week 4

This week’s journal entry comes from an amazing lesson my uncle taught me. I want to attempt to capture everything in that brief lesson right here in my journal so that I will have it forever.

When it comes down to it, most people are smart and can work hard. He told me that he knows people that are smarter than him and probably more hardworking too, but he is more successful than these people. So I asked the question, “If it isn’t hard work and being smart that made you successful, then what is it?” The answer was so simple but still came as a shock and really taught me what separates regular working men and entrepreneurs. The answer he gave was risk.

My uncle was very poor for most of his life. He would start a business and for one reason or another, he would have to shut it down. There were times when he would have to let very close friends go and tell them he didn’t have any more work for them. I know my uncle’s heart and I can tell you, this was not easy for him. After many, many failures in life, my uncle never quit trying. He told me that he was broke poor and had nothing to lose so that drove him to take risks. All this effort paid off for him in the end. I am happy for my uncle and the success he found. He now owns a multimillion dollar water business and not only will he never be poor again, he has built a company to sustain our family for generations to come.

The takeaway from this lesson is risk. Risk separates the good from the best. Yes, there may be failures, but never give up. Even Henry Ford went bankrupt before he found success. But if it weren’t for his determination, we would not be where we are today. Don’t give up and take risks. And most important, don’t look back.

Week 3

This week I learned some amazing things both in my entrepreneurial class and out. One thing that I learned from the class is that lifelong learning can really be a benefit later in life. I read a story about a fascinating entrepreneur that dedicated her life to learning and always improving. After many years of being an entrepreneur, she had built up skills and obtained so much knowledge that she became extremely valuable. Many companies wanted her to be a part of their team. Because she had the desire to keep learning and keep trying, she had an amazing career. This is they type of career that I want to have. I want to keep learning and keep trying so that my skills and knowledge become valuable.
Something that I learned out of class is the advantage of having a team. The more people you know, the more connections you will have and the more connections you have, the more possibilities will come. I was recently listening to an entrepreneur that invests in real estate. One of the things that he said is to always have the appropriate team members. He had a lawyer, a broker, and a construction inspector. Because of these three connections, he would learn about great deals that he would have never heard otherwise. His construction inspector would go down to a property and inspect if it was worth the cost and if it was, he would let the investor know. All the investor had to do was sign papers because his team took care of everything! This is amazing to me and really helped me to see the value of having a team.

Week 2

This week I was able to learn some amazing things from Randy Pausch and a mentor that I interviewed. From Randy Pausch I learned that it is never too late to go after childhood dreams. There will always be "brick walls" in the way of your goals, but never become discouraged and look at the walls as an obstacle that can be overcome, not a dead end. Also, I learned to be optimistic about life even in the face of diversity. Randy Pausch had cancer in his liver when he gave that last speech and was still telling jokes. That man is a true entrepreneurial hero.
I had the privilege of interviewing an entrepreneurial hero this week that taught me some amazing things. The first thing that school never taught me and would probably never teach me is how to get started! Yes we learn about being an entrepreneur and what it takes, but they never teach you how to set your business up. Luckily for me, this mentor was able to let me in on some pointers for getting started. Kickstarter.com is a great way to look at ideas and post your own ideas where people can provide funding or you can provide funding for. Once you have the money and you know your idea is a good one, type in (state)business papers into google and set up your business. Get a separate bank account for your business and just dive into it. If you lose money, you at least get the experience of what it is like to be an entrepreneur. These were great insights that my mentor shared with me and I'm excited to learn more.