Lesson 4

I thoroughly enjoyed Elder Wirthlin’s talk, “Earthly Debts, Heavenly Debts”. He talked about how we should pay our tithing before anything else. Maybe it’s because I’ve never started a company of my own, but I had never thought of tithing as being a part of business. It made me ponder about where and when it should come into place. I decided that we should pay tithing on all revenue that comes in, even if you’re putting that money back into the business. I don’t know it there are any church guidelines or not, but I’ll just go with that. He ended with saying how we should teach our children to use money wisely. Since I am a new mother, this was a great message. I thought that it would be nice to always teach my children about business and finances by having them create their own. We could do simple lemonade stands, growing and selling our own vegetables, and things like that. This would teach them about business and how money should be valued.

I can’t believe that I’ve already changed my $100 challenge business idea! While I initially decided to create and sell canvas art (transferring photos onto canvas), I decided that I wanted something that I could scale and grow. With canvas, each project would be unique and take many hours of my time (which I don’t exactly have due to my precious newborn baby, school, work, and basic household duties). Instead, I’ve opted to create a frozen goods line. I’m going to sell frozen, pre-shaped cookie dough and frozen pre-made brownies and cake that just needs to be thawed and enjoyed. 

Lesson 3

This week I wrote a business plan for my $100 Challenge. It was a very eye-opening experience and I was able to learn a lot about the type of business I want to create for the next three months. It was actually really fun coming up with how I want to price and promote my product. I used this equation: Cost x 2=wholesale price. Wholesale price x 2=Retail Price. I was surprised at the ending price I’ve decided on…but I can always lower it once I feel out the market. Concerning promotions, I tried to think of what some of my favorite small businesses have done in the past. I came up with a contest idea for the first few people who place order with me. I’ll have a drawing for one free canvas of their choice. Hopefully this will encourage people to place orders with me sooner rather than later.

I really appreciated the Heather Evans case study. I was able to learn a lot about the process of gaining investors through her written experience. It is way harder than it sounds, especially if you’re starting a business that is relying on your unproved and untested creativity. It also gave me a chance to think about what I can offer to future investors. It can’t be all about me and what I want, but I have to make people want to join me instead. 

Lesson 2

A quote by President David O. McKay in The Creative Journey powerpoint really stood out to me. He said, “Meditation is one of the most secret, most sacred doors through which we pass into the presence of the Lord.” Meditation is such an important partner to prayer that is so often forgot about. We should take the time to meditate before and after we pray so that we’re giving an opportunity for the Spirit to speak to us directly.

I loved being reminded of Tom Monaghan’s story. I am still in awe of his dedication to his faith and how far he has taken it. There aren’t many people who are so touched by a book that they completely change their entire lifestyle so dramatically.

The Entrepreneur Report, while very lengthy, was so interesting to me! I read it over a few days in my spare time and I’m so glad I did. I realized that I love learning about business in other countries. It was funny to me how China has simply copied all of our popular websites to use over there. But the point was right, you don’t have to recreate things that already work. Sometimes you just need to make it better and easier for the public. I’ll have to keep that in mind when I start my business. It doesn’t have to be revolutionary, just better than everything else.

I’ve decided to do canvas art for my $100 challenge. I believe that there are lots of people in my circle of friends that would buy them, especially since the money is going towards such a great cause. First, I’ll have to buy the art supplies needed and make a few example canvases so that I can show people what they’d be buying. Then I can start advertising!

Lesson 1 - Small Business Creation

I know that keeping this online journal will be beneficial to me from experience. I’ve been required to keep one of these before, and while I haven’t journaled in it for a while, I’ve loved going through and reading my old posts! I can’t wait to get back and read them once I’m in the thick of my business!

I was excited to start working on my ‘points of pain’ assignment because I thought it would just be so fun! While it was fun, it was so much harder than I expected. After about five ideas for the $100 challenge and my ‘big idea’, I was at a loss. After a while I started just jotting down every idea that came to mind, even if I knew it was lame. The experience was great! I thought of new ideas in different and unique categories that I never thought I would be interested in. This taught me the importance of brainstorming. Even when I have my perfect idea, I should never stop brainstorming on how I can make it even better.

My favorite thing that we did this week was look through a bunch of business and entrepreneur blogs to find our favorites. I found so many that I believe will not only inspire me business-wise, but in everyday life. These bloggers dedicate so much to help others do what they love and I’m sure it’s great for them, too. It’s like their entrepreneur journal, just for everyone to see.

I’ll include my post: “I’ve had the hardest time choosing just one blog to write about. I eventually narrowed it down to Guy Kawasaki’s entrepreneur blog and Penelope Trunk’s business and life blog. While I still don’t have a favorite, and plan on following multiple blogs throughout this semester, I believe that each is very useful in its own way. These two go especially well together. Trunk’s blog headline caught my eye, “Advice at the intersection of work and life.” This blog is perfect for anyone, especially women, who is trying to balance their life, family, hobbies and work. One article reiterated the fact that life isn’t a race. We shouldn’t be competing with others based on our personal bests. Kawasaki also taught me a very important lesson based on business. Our business plans should be based on our ‘pitch’, not the other way around. The plan is the whole story, and the pitch is like an outline. Who writes a book without first writing an outline?” 

Lesson 1

Experience: The main experience I wish to remember this week was reading and watching the videos in the “Business in a Global Environment” powerpoint. During these past two weeks I also spent a lot of time trying to figure out the CapSim program and getting used to how it works and is played.

Reflection: Looking back, I see that I have already come a long way into understanding the CapSim program. At first, I made so many mistakes like filling out the wrong programs and repeating the same tutorials over and over. I continually reminded myself to trust the instructor and what other students had said about not worrying if you don’t understand it right away. It will come slowly but surely. Finally, after watching the adobe connect recording, it is finally making a bit of sense to me. Concerning the other material, it all came very naturally to me (mainly because we’re going over the exact same stuff in both my accounting and economics classes). I never thought that I would be learning the same principles in classes that are so varied. It gives me many opportunities to reflect and apply what I learned in one class to help me in another.

Identify Key Learning: The Guy Kawasaki videos really stood out to me because it taught me what my main goal in business should be. He said that as entrepreneurs we need to make meaning by either righting a wrong, preventing something good from ending, or improve the lives of others. I wish to always remember when he explained that if we try to make meaning we will make money, but if we try to make money we will not make meaning or money. Even if this is a bit naïve, I think it is a wonderful idea for anyone not only in business but in life as well. This is a key lesson for me because I know it will help me in my future endeavors as a business owner. I will be able to look back on my learning and remember the insights I had to make me a better entrepreneur. Other key learnings were about the U.S. GDP and our trading with other countries. I spent a while just exploring the suggested websites on the powerpoint and become fascinated with what they had to offer in terms of information.

Action Planning: Because I have learned these great things this week, I plan to first write them down in my learning blog http://paigeentrepreneur.blogspot.com. By doing this, these lessons will always be easily accessible to me whenever I am in need of insight or guidance. Next, I have decided to create my own mantra, like Guy Kawasaki suggested. However, because I don’t have a start-up business yet, I plan on writing a mantra for my own life. I want to take a few days, think about my life/studies/goals and really think about which few words best describe my essence. I will give myself a time limit of one week and post my final manta on my blog by next Friday at 10 pm.

Applying: I am creating this project for myself to help guide myself through life and business. I want to be able to create a personal mantra which will always be an inspiration to me and what I believe in. I hope this will help me determine what I want to do in life and who exactly I want to be. But, more importantly, I hope my mantra will always remind me of who I am and what I stand for. I will monitor my success by actually writing it down by the given time and having my family members give input of how well it describes me. To help me follow through, I plan to set aside 15 minutes each day to ponder about my mantra. I will take a walk to the beach every morning at 8 and spend that time in thought. I will bring a notepad and write down my rough drafts and finally come up with my lasting mantra. 

Last Lecture

To someone wanting to begin their own entrepreneurial journey, I would recommend to firstly, learn how to spell all forms of the word entrepreneur. Looking back, I would have saved so much time by simply taking two minutes to learn how to spell this word instead of constantly searching for the assignment title, typing it (wrongly) into Google, or using my spell check option. If you’re anything like me, do yourself a favor and don’t put off studying this word until the last week of class. And if you’re nothing like me, let yourself chuckle at how people like me go through life.

Secondly, do what you want. I have found that when it comes to your career it is okay to focus exclusively on yourself. What a shame it is to meet someone who doesn’t like what they do, and come to find out that the most influential people in their lives pressured them into going to boring law school, taking strenuous dance classes, or even not ‘letting’ them invest their own money towards another possible career or business choice. I’m not saying that if you have a hobby to paint and a family of six, you should quit your job and start water coloring on famous bridges. But, if you have a dream to start an art studio-do it. If you dream of becoming an art dealer-make it happen. The way I see it, you have two options: (1) Do that ‘thing’ that you’ve been dreaming about for years or (2) end up wishing that you had. President Monson quoted John Greenleaf Whittier’s poem in the April 2014 general conference. He said, “For of all sad words of tongue or pen, The saddest are these: "It might have been!”

Thirdly, make those around you the center of your business. Throughout my short time of actually studying business management, I have learned that people are the most important factor. People loan you money, people give advice, people become partners, people buy your product, and people get things done. No matter what sector you get into, people will influence your career and life. It is your choice whether it will be a positive or negative influence. I watched Kevin Shiley’s faculty interview on marketing. He spoke about an experience where he was in a tough spot during his internship. He needed to find a way to stick out to the employers, but continue to stay true to himself. After a while he began to create more sincere relationships with the designers (people who his competitors often looked over). From doing this, he received their best work, in turn creating a better product for him to supply. He was eventually one of few to be offered a permanent position. This story proved to me that creating relationships with those around you will give the greatest advantage in business and life.

Lastly, go for it! If your idea is as good as you say it is, then why not do it already? You have the drive, passion, and persistence. And, thanks to Google, have all of the information you need. Personally, I have found that the hard part is just getting started. It can be nerve-wrecking and you may continually be putting it off. But once you learn about the different business options, start filing your forms and committing yourself by paying the filing fees-you’ll be so excited that you can’t wait to take on all of the risks that once panicked you. Before then, I would also suggest that you read So You Think You Want to Be an Entrepreneur? by Jon Gillespie-Brown. This book teaches the pros and cons of starting your own business. I have learned many important lessons from actively engaging in the readings and activities, and I know that you will, too.  There is no age that is considered a hindrance, no financial circumstance that you can’t overcome, and no reason not to take a leap of faith to start your own entrepreneurial journey.

Sincerely,
   Paige Cooper

Week 12

I really enjoyed watching Stan Christensen’s e-corner video Avoid the Wrong Job. I found myself making some of the mistakes mentioned. I recently moved locations and needed to find a job quickly. All of the applications I filled out were requiring me to have tons of different skills and experiences that I did not have. So I concentrated on trying to find a job that would give me some skills that managers wanted-money handling experience, customer service, assistant experience, etc. I finally ended up with a job that is giving me some additional experience to put on my resume, but I don’t find it to be all that exciting and would not pursue a career in this field. It is a shame that I focused so much on what I thought other people wanted for me, that I wasn’t focusing on who would want what I already have. We finished the wonderful book So You Want to be An Entrepreneur this week! I’m a bit sad to have finished simply because I felt like I was learning something new each week. But I’m grateful for everything I have learned so far and will be putting it all to use soon (I just took the first step in starting my company, yay!).