Week 6 - So You Want to Be an Entrepreneur?

Entrepreneurial Journal - Week 6 – “So You Want to Be an Entrepreneur?”

There were some topics that stood out to me this week:

In the talk “Success Is Gauged by Self-Mastery” by N. Tanner, we can read that this life is a preparation to build up the Kingdom of our Heavenly Father. It is a process of personal growing and it will be necessary to magnify our callings in this earth, be a light to others.

I enjoyed what Plato wrote: “ The first and best victory is to conquer self; to be conquered by self is, of all things, the most shameful and vile”.

There are 2 elements in self-mastery:

·         Determine our course or set the sails, so to speak, of moral standards

·         Willpower, or the wind in the sails carrying forward.

It is an important decision to follow our decision and carrying forward, to be engaged in those causes. It requires self-discipline and self-control.

From “So You Want to Be an Entrepreneur?”, I learned about the 3 areas of knowledge:

1.       In-depth-knowledge of the competitive structure of an industry and a network of contacts within the industry

2.       The skills to run the daily operations of a small, rapidly growing company

3.       The ability to raise money

The secret is to choose a position in which we can develop industry, work step by step to gain knowledge and take notice of people who might be partners.

The three general guidelines for aspiring founders: Screen opportunities quickly to weed out un-promising ventures.  Analyze ideas parsimoniously. Focus on a few important issues. Integrate action and analysis.

External changes can provide great leverage for creative and nimble entrepreneurs. Personal preferences determine the types of ventures that will enthuse and fortify an entrepreneur.

Entrepreneurs must be smart enough to recognize mistakes and change strategies. Perseverance and tenacity are valuable entrepreneurial traits, and must be complemented with flexibility and a willingness to learn.

From the videos, I enjoyed most the third one that talks about the importance of being loyal to God and to our family. We must be aware of our challenges and serve our family, and in our callings at church. We must strive to be a light to the world, and to our family.” Be virtue, honesty and integrity.”