Last Lecture

Last lecture

When thinking of my entire journey along this course as someone that wants to start a journey in entrepreneurship, some thoughts of what I learned comes to my mind.

I learned with Jim Ritchie about Personal Constitution, when he made us think which is our personal constitution “I am financially self-reliant, I am physically fit, I am identifying my skills and talents, I am a product of what I eat, I understand the value of humor, I am a leader”, I am creative”, I am mentally tough, I am a communicator, I can motivate without depreciating others, and I am like the great enlightened masters of history”.

Other thing that I have learned was to turn the word "I can" in one of my favorite words and believe in myself, even when sometimes I may fail. We need to understand that we are going to try again and again throughout our life, because there is no error effort and short coming. This will help us see what we can do and what we still need to learn. Certainly after taking the first step, no one will ever say we did not do it because we were afraid, but we will gain experience and a chance to continue on this path.

One of the things I took away is that we need to stay motivated and have a good attitude no matter what. There will be a lot of obstacles in the way while we will achieve our goals, but having that fear won't get us anywhere.

 I also enjoyed the article from Handy that says that the idea of business is not about profit, but about people, about helping others. The reason for any business must be for the good of the people. Our customers are the most important in our business and it's them we are trying to impress. Any good business will profit if it is centered on the people it is helping. And here enters integrity. The gospel teaches us to be an integrity person. President Joseph F. Smith called integrity “the cornerstone of character”. “Your word is who you are.” Our life must be a life of integrity. A moral life is actually a much easier and happier life. Handy said, "Trust, too, is fragile. Like a piece of china, once cracked it will never be the same." To keep our good name, trust is needed in fact.

I learned to be proactive. According to the book of Ministry of Success, it is very important to be proactive, begin with the end in mind, do  first things first, think Win-Win, first think to understand, then to be understood, create synergy, and sharpen the saw. Trust assumes an important role in this process, persistence in doing what is necessary becomes easier, not that the nature of tasks change but the ability to do it increases.

I learn never give up and keep my focus forward. The life of an entrepreneur is not easy, but if we have a good attitude and work hard difficulties can be bearable. There will always be stones on the road, which will help us become better helping us grow as a person and in our business. But in this process we need always to be self motivated and never dishearten.

A Journey of Gratitude - Week 13

It was amazing to read the articles. I learned so much about gratitude with President Monson. We must be grateful for small things and to great people in our lives, such as our MOM, Father, Teachers, Friends, and to our Country. We learn so much with them in the course of our lives. It is a process to our niceness.

I liked also one quote of Louis Pasteur that says “Chance favors only the prepared mind.” We must prepare our minds to recognize and create new ideas and then to shape them into opportunities.

Opportunity recognition and shaping can be thought of as comprising three distinct activities:

·         Sensing or perceiving an unmet market need, or a new technology or capability that could meet a need that has yet to be identified.

·         Discovering the fit between market needs and the capabilities and resources available to the entrepreneur

·         Creating a product, service, or a hybrid product/service “solution” that can be delivered to a specific market to address a specific need while generating value for all stakeholders.

Motivation refers both to internal passion and interests and to external rewards.

Creative thinking skills include the ways people approach and solve problems and put existing ideas together in new combinations.

Five Discovery Skills that Distinguish Great Innovators:

 Associating; Questioning; Observing; Networking; Experimenting.

“First and foremost, innovators count on a cognitive skill that we call "associational thinking" or simply "associating." Associating happens as the brain tries to synthesize and make sense of novel inputs. It helps innovators discover new directions by making connections across seemingly unrelated questions, problems, or ideas. Innovative breakthroughs often happen at the intersection of diverse disciplines and fields…

Questioning. Innovators are consummate questioners who show a passion for inquiry. Their queries frequently challenge the status quo, just as [Apple Inc. co-founder Steve] Jobs did when he asked, "Why does a computer need a fan?" They love to ask, "If we tried this, what would happen?" Innovators, like Jobs, ask questions to understand how things really are today, why they are that way, and how they might be changed or disrupted. Collectively, their questions provoke new insights, connections, possibilities, and directions. We found that innovators consistently demonstrate a high Q/A ratio, where questions (Q) not only outnumber answers (A) in a typical conversation, but are valued at least as highly as good answers.

Observing. Innovators are also intense observers. They carefully watch the world around them—including customers, products, services, technologies, and companies—and the observations help them gain insights into and ideas for new ways of doing things. Jobs's observation trip to Xerox PARC provided the germ of insight that was the catalyst for both the Macintosh's innovative operating system and mouse, and Apple's current OSX operating system.

Networking. Innovators spend a lot of time and energy finding and testing ideas through a diverse network of individuals who vary wildly in their backgrounds and perspectives. Rather than simply doing social networking or networking for resources, they actively search for new ideas by talking to people who may offer a radically different view of things. For example, Jobs talked with an Apple Fellow named Alan Kay, who told him to "go visit these crazy guys up in San Rafael, California." The crazy guys were Ed Catmull and Alvy Ray, who headed up a small computer graphics operation called Industrial Light & Magic (the group created special effects for George Lucas's movies). Fascinated by their operation, Jobs bought Industrial Light & Magic for $10 million, renamed it Pixar, and eventually took it public for $1 billion. Had he never chatted with Kay, he would never have wound up purchasing Pixar, and the world might never have thrilled to wonderful animated films like Toy Story,WALL-E, and Up.

Experimenting. Finally, innovators are constantly trying out new experiences and piloting new ideas. Experimenters unceasingly explore the world intellectually and experientially, holding convictions at bay and testing hypotheses along the way. They visit new places, try new things, seek new information, and experiment to learn new things. Jobs, for example, has tried new experiences all his life—from meditation and living in an ashram in India to dropping in on a calligraphy class at Reed College. All these varied experiences would later trigger ideas for innovations at Apple Computer. Collectively, these discovery skills—the cognitive skill of associating and the behavioral skills of questioning, observing, networking, and experimenting—constitute what we call the innovator's DNA, or the code for generating innovative business ideas.

The essence of Entrepreneurship is the pursuit of opportunities. Entrepreneurs must evaluate each opportunity in the context of their current situations and life plans.

The importance to Business Analysis: “Realness” of the opportunity; The Durability of the opportunity; Marshalling resources; managing the venture; Harvesting the venture

The personal analysis: Consider goals and values in our path; Capabilities and how to improve and put in action; Lifestyle, it is a passion; Relationships to support ourselves.

ENTREPRENEURIAL JOURNAL - WEEK 12

This week make your twelfth journal entry/blog post. Reflect upon the things that you are learning and experiencing so far in this course. What are you looking forward to learning and experiencing? What did you learn from the readings and videos this week?

Also, after reading “What’s a Business For?” answer the following questions in your journal writing in ADDITION to your normal writing for this week.

 Based on what you read in the first two pages (pages 3 and 4), why are virtue and integrity so vital to an economy?

R: As Mr. Handy said: “Markets rely on rules and laws, but those rules and laws in turn depend on truth and trust. Conceal truth or erode trust, and the game becomes so unreliable that no one will want to play.”  Virtue and integrity are the bases of trust. The essence of any business relies on integrity and virtue. These two qualities can make a difference and the success of a business. Knowing that so many companies do portray fictitious accounts and adulterated results sooner or later or earlier that will be visible for all. You can even jeopardize the growth potential and development of it.

 According to Charles Handy, what is the “real justification” for the existence of

businesses?

R: “The purpose of a business, in other words, is not to make a profit, full stop. 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.” as said Handy. Real justification of the company means that actually the company production has to be profitable for both parties. Now, the ends do not justify the means, and if companies circumventing and not portray the actual results, losses or real income, being involved in the generalization of the economy can easily be influenced to circumvent these results. Stated this, will remain firm in our integrity and virtue? A business’s success is measured by the value it provides to its shareholders. Handy’s contention is that it is what a business does with that profit that matters; it’s what the business does with that profit that justifies its existence as I agree.

 What are two solutions proposed by Handy that you agree with? Why?

R: Of the Handy solutions I chose two that I agree with, besides  virtue and integrity.

1. Treat employees, not financiers, as the owners of the company; see the company as a community.
2. Recognize that the business exists for a higher purpose; profits are a byproduct, and shareholder needs spur the company on, but the business of the business is (or can be) something greater, and something of meaning.

These two qualities certainly are a key point for the success of any personal relationship and of a business. I agree with these suggestions of Handy, his vision is right. The gospel of Jesus Christ teaches that if we obey to these principles our Heavenly Father help us in our lives. The blessings in our lives will be countless. The importance of keep our standards will reflect in the future. Sometimes is hard but it is completely possible.

This week has inspired to deeper look at what I’m trying to do. My first purpose ought to be helping people around me and my business should exist to that end. Profits are secondary; they help, but they are not the raison of my work.