Summary for Week 12

This is the penultimate week for the class, and I can feel it winding down. This week, there were two articles we read that really intrigued me. They both dealt with some of the practical matters of embarking on an entrepreneurial career, whereas most of the class to date has reflected on the spiritual and emotional aspects of entrepreneurship.

The first article, Identifying and Exploiting the Right Entrepreneurial Opportunity…for You, dealt with the practical matter of finding an entrepreneurial opportunity. As with other readings and videos this semester, it identified that opportunity as the intersection of three circles; in this case: Personal Satisfaction, Economic Feasibilities, and Societal Needs. In other contexts, opportunities have been shown to exist at the intersection of Skills, Aspirations, and Market Realities/Needs. I think that these two views align nicely: Personal Satisfaction = Aspirations, Societal Needs = Market Realities, and Economic Feasibilities = Skills. Basically, an entrepreneurial opportunity exists where what you can do overlaps with what you want to do and what the market needs.

What was more useful to me, though, was the article’s definition of and approach toward ideas, possibilities, and opportunities. I’ve struggled until now feeling like I couldn’t come up with good ideas. Really, though, coming up with ideas is the easy part; we do it all the time. Any time we run into a problem and say, “Wouldn’t it be great if…” or “I sure wish that…,” we’ve come up with an idea. The challenge is filtering those ideas to see if there really is an entrepreneurial possibility there, and then filtering those possibilities further to see if they are really opportunities. Ideas become possibilities when there is a Societal Need for an idea/solution and it is Economically Feasible. Possibilities become opportunities when they give us Personal Satisfaction. The article gives advice on business questions to ask about your ideas, and personal questions to ask about your possibilities. This approach is something I can apply not just to entrepreneurship, but to my traditional career as well.

The second article, Recognizing and Shaping Opportunities, continues the theme of finding entrepreneurial opportunities. It provided concrete examples of the approaches a few entrepreneurs used to turn ideas into real opportunities. It showed that ideas can come from many different places and the process of turning an idea into an opportunity can differ from one idea to the next. In some cases, ideas come from adapting an existing business; in others, they come from transplanting a business from one market to another; in yet others, they come from transforming an existing or failed idea into something better. The process of turning an idea into a business might be deliberate, but it can also be organic. In any case, it is not common for an opportunity to come into being; there is a transformative process that must go on.

With this in mind, I realize that ideas are not the challenge; they are abundant. The challenge is working with them and shaping them into something that can work, and then having the guts to give it a shot.

 

Summary for Week 12

Summary for Week 10

It’s been a unique week this week, one where I’ve had the opportunity to put into action in my life the lessons of the week. An Acton guide, Life, Liberty, and the Pursuit of Happiness, reiterated the vision the Acton Institute promulgates: to view our lives as a heroic journey.

This is a point of view, an idea that we have to develop within ourselves, a paradigm from which to view our actions and to derive our motivation. They’ve modeled their book that we’ve been reading, the Hero’s Journey, along the line of this philosophy.

This week, I’ve had an opportunity to see some of my actions in this light, and it has helped me to persevere in work and take, if not pride, at least a sense of value and purpose in what I had to do.

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Summary for Week 10

Summary for Week 9

I learned a couple of things this week, both from the same article, “The Heart of Entrepreneurship” (Howard H. Stevenson and David E. Gumpert, Harvard Business Review, March 1985). This article dove into a description of entrepreneurship, and – in particular – what distinguishes entrepreneurial managers from administrative managers.

For me, the revelation was that I am more of an entrepreneur than I thought. True, there are still aspects that I need to develop, but in general, I lean toward the entrepreneurial end of the spectrum they describe in the article.

If I were to sum up their definition of an entrepreneur, it is someone who does not allow uncertainty and minimum resources to keep them from making a go at something. Unlike the administrator, who needs to ensure success is a foregone conclusion by ensuring all the Ts are crossed and the Is dotted and that a full contingent of resources is at hand, an entrepreneur will make do with the minimum needed to start and with confidence in his or her ability to succeed.

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Summary for Week 9

Summary for Week 8

I’ve struggled a bit with enthusiasm this week. I think it’s just one of those weeks that sometimes arises in the middle of a semester, when you’ve gone on for awhile and look ahead and see still a ways to go; it’s one of those plateaus of learning that we read about recently.

That said, I kept moving ahead. This week’s material seemed to focus on getting started, finding that initial energy to say, “yes!” It was coincidentally timed for me because I had several opportunities at work this week to accept work that I might otherwise have turned down or redirected. Thanks, Class! Now I’ve got several new projects at work.

But that’s kind of the point. Opportunities don’t arise if you turn everything down or plan everything to death. You’ve got to step up when the chance arises and then do your best. We read the Acton Guide, A Message to Garcia, and that was the lesson that stuck out to me. I appreciated the approach the guide taught for turning “Yes, I will do it,” into productive action, and I started applying it with some success at work.

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Summary for Week 8

Summary of Week 7

This week’s reading and videos focused on trials and obstacles and how we overcome them. I was particularly struck by a talk given by Elder Jeffrey R. Holland at BYU in 1983. His talk, as are all of his talks, was very powerful, but it was the story that he shared about the building of the Salt Lake Temple that was most instructive to me.

I won’t recount the entire story, but I gleaned from it the following principles to succeed against difficult times and troubles:

  1. Have a grand vision
  2. Do what is needful
  3. Mind the details
  4. Deal with obstacles when they arise
  5. Be patient
  6. Have faith in God
  7. Rejoice in gratitude at success

The key to motivating ourselves in times of difficulty is the first point: have a grand vision. In his talk, Elder Holland shared the stirring words of Winston Churchill early in WWII:

You ask, What is our aim? I can answer in one word: Victory—victory at all costs, victory in spite of all terror; victory, however long and hard the road may be.

-Winston Churchill

That vision of victory – of the prize won, and the glory to be had at the end of it all – is a powerful drive when the odds are stacked against us and the nights are dark and cold.

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Summary of Week 7

Summary of Week 6

This week we revisited the 7 Habits of Highly Effective People. I first encountered the 7 habits when I served a mission in Budapest, Hungary. There was an elder there who everyone admired, and I couldn’t understand why. Then, during a zone conference, he was tapped to teach the missionaries about effectiveness, and it was there that I first learned of the 7 habits.

After my mission, I bought a copy of the 7 habits, and while I can’t say I’ve followed them religiously, they have been an important factor in how I have seen the world ever since. When I’ve been down in life, I’ve harkened back to their lessons, remembered that I have the power of responsibility and can be proactive, that I can see a better course and take action to pursue it. As I’ve grown and my work has taken on an increasingly social element, I’ve had to practice the principles of Win-Win and empathy.

While the 7 habits aren’t new to me, I appreciated the refresher, and I’m glad to have a nice summary of the book that I can look back on now and again. In particular, I was glad to be reminded of synergy. This is a habit that I haven’t worked on very much, but that is important in the work I do now.

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Summary of Week 6

Summary for Week Four

This week the lesson is perseverance. It was a thread that stretched through much of the reading and videos. The road to entrepreneurship can be long and challenging. We have stars in our eyes and imagine we’ll start a company that will be wildly successful, and then we’ll sell it for millions of dollars and retire. This happens very rarely, but it’s the story we’re told, so we believe it’s common.

The reality is that many businesses fail, and those that succeed often have only modest success. One lesson that rang out to me this week was the idea that successful entrepreneurs aren’t successful because they’re wealthy, they’re successful because they’ve learned to live within their means so that they have the time to do what matters to them. This is the essential idea that drove me towards the path of entrepreneurship, but it can be easy to forget if I am not careful.

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Summary for Week Four

Summary for Week Three

The material this week was more diverse but the focus was on a life well lived. I mentioned my thoughts on one article, Clayton Christensen’s How Will You Measure Your Life?, in a separate post. As I said there, I read Christensen’s book of the same title awhile back and it had a profound impact on my impression of business; it’s part of why I’m pursuing a degree in business management. My key takeaway from that article was one of Christensen’s final comments: Don’t worry about the level of individual prominence you have achieved; worry about the individuals you have helped become better people. That comment nicely sums up what I’ve learned so far in this course.

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Summary for Week Three

Summary for Week 2

As I go through my entrepreneurship class, I’ll need to post these weekly summaries of what I’ve learned over the course of the week. Occasionally, there will also be specific topics or questions I need to address in the post.

In this second week, we’ve looked more closely at the question of business ethics. If I could summarize the message in two words they would be people and integrity. What has become clear to me throughout my reading related to this class and what was reiterated this week is that business and entrepreneurship center around people. As an entrepreneur, I strive to help people; and to succeed, I rely upon the relationships that I build with others. An ethical business places people before profit.

The strong relationships required for a business to succeed are built upon a foundation of integrity. As an entrepreneur, my actions are consistent with my values, and my values derive from a strong moral compass. My moral compass is based upon my Christian discipleship. My compass sets me on a course defined by traditional values of respect, honesty, service, fellowship, work, and charity. As I remain true to these values, as I have integrity, the people I work with grow to trust me.

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Summary for Week 2