Last lecture? Really?!!

We have a joke in my family about lectures.  I’m notorious for giving my children lectures.  Sometimes they listen and sometimes they don’t.  That is human nature.

If I was to give my last lecture based on what I have learned this semester in my entrepreneurship class, the first piece of advice I would offer would be, take this class.  I don’t think I learned anything earth shattering in this class, but I did learn to evaluate my life, my values, my dreams, myself in a systematic way which has caused me to understand myself better.  There have been moments of doubt whether I’m cut out to be an entrepreneur, but then I realized that our entire life is about being an entrepreneur – making something better out of our lives than what we started with.  One may not start a business to be an entrepreneur, but one can make an impact on the world.  The principles learned in this class will help each one of us make a positive impact on the world.

Another piece of advice I’d offer based on taking this class is carefully choose your partners in life.  This includes your eternal companion, your work companions, your play companions, your business partner.  One person in your life could possibly wear all those hats, but you may have a plethora of people to fulfill these roles in your life.  As members of the Church of Jesus Christ of Latter-day Saints (or any Christian organization for that matter) we are taught to help others, not shun others, not put others down.  So how is this to be accomplished if we surround ourselves only with the best?  As in the instructions given on the airplane prior to take off, one is told to put one’s oxygen mask on first and then help others.  We each need to have our “oxygen mask” on first before we can go out and help others.  This means make sure our personal foundation is sure, we have a great support structure of companions and then we can go out to help others.  Just because we go into a place to help others, does not mean we need to take on their negative life choices.  Through our personal foundation and those we choose to surround ourselves with who reinforce our personal foundation, we can then go in with our oxygen mask and lift up the weary and downtrodden.

  

One last piece of advice I would give is ask questions.  This is not the same as questioning something.  I believe President Dieter F. Uchtdorf says it best, “Doubt your doubts, before you doubt your faith.”  I have faith in the gospel of Jesus Christ and those He has appointed to lead the Church.  I have faith in chosen mentors and principles.  I may not understand everything a mentor shares or a principle taught, but I know the foundation is sure.  I keep asking questions until I understand.  My journey of understanding may give me a different perspective to the truth than those who taught me.  Then I will have added to the conversation that makes each principle stand the test of time.

This will probably not be my last lecture, but it is my last lecture for this class at this time.  I’m sure as I review and use the principles I have learned I will have other conversations about them. 

Winding down and winding up

The semester is winding down.  I’m glad.  I don’t like going to school.  At the halfway mark, I was wondering what I was doing.  But I plowed on and have almost completed this semester.  I thoroughly enjoyed my classes.  I have learned so much.  I’m actually surprised that many of questions about being an entrepreneur have been answered.  This has never happened before in my life.  That is one reason I gave up on my education several decades ago.  My questions weren’t being answered.  I know I probably should regret not finishing my degree decades ago, but I don’t.  My education was to be completed at this time.  I was looking for the educational model that fit me and I have found it through BYU-Idaho online. 

What I have learned this semester will not fit in a single blogpost, but what I learned of value this week for me what that I can close an experience and not feel like I failed.  I have a product idea.  I have a product launch idea.  I have a vague business plan.  And now, I feel I can go forward.  I only ask that I get back the money I venture on the product and I’m pretty sure I can do that.  While I do this process to get a product launched, I now know I can learn a lot and use it to launch my next big idea.  But, the product and myself may surprise me and we will not only launch but may have longevity.  Then, I will have another set of challenges to overcome.  Either way, I’m excited to give it a try.  There are stones in the path and dragons to overcome and despair to face, but with my newfound knowledge, I feel I can become the hero I’m meant to be.

The future of business?

This week for my entrepreneurship class, I read an article written by Charles Handy, “What’s a Business For?” published in the December 2002 Harvard Business Review.  He suggests that virtue and integrity are vital to an economy.  Why?  According to an online dictionary virtue is defined as showing high morals standards and integrity is the quality of being honest and having strong moral principles; moral uprightness.  My husband has worked for over a quarter century in the medical device, biologics and pharmaceutical industry.  His industry is governed by standards and the FDA.  These standards are “self-imposed” by organizations that have met to create standards that the industry follows.  The FDA quite often recognizes these standards as valid principles for a company to follow.  We, as consumers, trust that these standards are followed.  Of course, there are instances where these standards are not followed and trust is lost.  And once that trust is lost, the companies lose their customer base. 

Mr. Handy, also states that the purpose of a business “…is not to make a profit…It is to make a profit so that the business can do something more or better.  That ‘something’ becomes the real justification for the business.”  But what is the better?  Just a better mousetrap?  The rest of his article suggests something even more than a better mousetrap, but a better world.  He speaks of democraticizing companies so all have a vote in the progress of the company, sustainability – environmental and social, and taking care of the consumer.  I’m trying to wrap my mind around some of the concepts he put forward.  This article was written over 13 years ago.  I’m not sure who primarily reads the Harvard Business Review (not me, though I have appreciated the few articles I’ve been given in my class), but I would assume it is those who are the movers and shakers in any industry.  I’m not seeing that many have taken into consideration his advice (or it’s slow moving).  But, as an aspiring entrepreneur is shouldn’t matter to me if I see others following his suggestions or not.  What am I going to do with the suggestions?

After reading this, I’ve considered how I would let others I “employ” have a vote in the progress of the company.  I don’t have an answer yet, but it has given me food for thought.  Would I purposely keep my business small to avoid to many votes?  I don’t know.  Sustainability, at least environmental sustainability, is visible in the business world – from “green” companies to those who do sincerely watch their “carbon footprint”.  I have also considered how I will maintain integrity in my earthly stewardship with my business ventures.  The social sustainability is a new concept to me, though I have considered what I would give my “employees” if I should employ any.  This will be a process to be reviewed.  Taking care of the consumer is also receiving headlines these days.  Some companies are exploring many different avenues to help take care of their consumers WITHOUT it being legislated.  That is noteworthy.  I haven’t yet decided how I’m going to take care of my consumers, though it is a consideration in my game plan. 

Mr. Hardy hints that some of this needs to be legislated though he notes that the laws often lag behind the actual need.  I hope they don’t need to be legislated because then it becomes a form of resentment rather than a true change of heart.  I would rather be educated and allow to make my own changes than be told what I have to do.

Another concept we were asked to consider in class was from a speech given by Elder Gay entitled, “Entrepreneurship and Consecration.”  Elder Gay states a similar reason for business that we are to help ourselves to serve others.  That is my hope that I will have a business that will help me and my family as well as help others have a better live whether through the product itself or through how I choose to run my business.