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W14 Reflection: Entrepreneurial Journal Final Blog

If I could share one thing that I have learned from this course, it is to keep trying. I would not say the lesson is to never give up, because sometimes we have to give up ideas to eventually find the right one. Keep trying tells us to try new things, try new ways, and that we can eventually succeed. Building a business is a very difficult task, and building a successful one is even more difficult. If you keep trying then you will succeed. At times it will be hard to keep trying and it would be easier to just let go, but that is when the breakthrough will be just around the corner so keep trying.  A bit of advice I would give to someone building their entrepreneurial journey is to believe in yourself. An idea is only as good as the person who came up with it thinks it is. If you have an idea, then run with it and always believe it is a good idea. If you do this then you will find other people also believing in your idea and this will lead to your success. I worked in sales for a fe...
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W13 Reflection: Entrepreneurial Journal

This week we read a case study about Randy Haskin. The thing that was most meaningful to me is when Randy was able to use that he was from Paramount. Since it was so well known he was able to widen his contact base. This stuck out to me because networking is such an important part of business. There is the saying "it isn't about what you know, it's about who you know." I think this statement is true to an extent and this case showed this example of that. When we are put in situations where we can use our resources we should use those resources to network. Networking then leads to more networking. It is often that the contacts we reach out to have experience in our field. That is why we reach out to them. As we make contact with the people that have similar lines of work or interests as us we are able to learn from them and the way we did things. This is also a reason why it is good to apply for and look for opportunities at companies that have well established popular...
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W12 Reflection: Entrepreneurial Journal

This is a quote from the reading this week: "John May, a stock analyst for a U.S. investor service, pointed out that the pro forma earnings announcements by the top 100 NASDAQ companies in the first nine months of 2001 overstated actual audited profits by $100 billion. Even the audited accounts, it now seems, often made things appear better than they really were." This quote is addressing the dishonesty that happens at a high level that many of us probably don't even know about. If companies were more honest about their earnings the economy would not inflate as fast as it does. Since everyone think everything is more expensive, everything gets more expensive. If we were honest in the first place then things would inflate at the pace we expected them to.  When addressing the existence of business, Charles said: "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....
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W11 Reflection: Entrepreneurial Journal

 What is your attitude toward money: My attitude toward money is if you act rich then you'll be rich. Don't overthink it or it starts to sound bad. This doesn't mean I am going to put everything on a credit card and blow all my money.  I want to be wealthy enough to get my family and friends nice gifts, so with my current financial situation I try to get them nice gifts that fit in my budget, and over time as my money grows I will be able to grow the quality of the gift. It also motivates me to work hard and to make work extra hours in order to fulfill this goal and desire I have.  How can your view of money affect the way you live: Attitude changes everything. If my attitude is that money doesn't matter and I don't need money then I probably will never have a lot of money. If my attitude is that money is the only thing that matters then I will probably work too much and even go to extremes to save money. There is balance in all things, it is okay to spend money and...
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W10 Reflection: Entrepreneurial Journal

 Taylor Richards teaches the lesson of not underestimating ourselves. Him and his team were in a magazine that listed the top boat dealers in North America. They expected themselves to be in the 70s but they ended up being 11th and the next year they were 6th. He had a personal experience that allowed him to teach this lesson of thinking highly of ourselves. He mentions we should not overestimate ourselves either but when building a business it is okay and helpful to expect success, this leads to success. I remember when I was in elementary school we all had an art project and then it was entered into a contest, I am not an artist and do not excel in that area but when we went to where they announced the winners I had won third place. I had done a little drawing of some penguins and I was so excited that I had placed even though I did not expect it at all, even though that happened a long time ago I still remember it because it feels good to do better at something than we expected ...
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Week 09 Reflection: Entrepreneurial Journal

 Good is the enemy of great. While studying this week, this was a lesson I learned. It said that good is the enemy of great because it is easy to be good. This is not business related, but I played tennis in high school. I practiced two hours a day during the season, and often up to 6 hours during a day in the summer, but guess what. I was only good, I was not great. I placed third in the district and qualified for state where I would sometimes only win one match or maybe not win any. This is a confirmation that the people that are great at something they do are great because they put more time in than anyone else. I felt like I put in a lot of time, but the great were easily practicing tennis more than I was during the season and in the summer. I could make excuses, I lived in Rexburg, Idaho so it was hard to practice in the winter, neither of my parents played, but these are only excuses. If I wanted to be great I could have put more time in. This lessons teaches us the same with...
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W08 Reflection: Entrepreneurial Journal

 One of the videos from this week's reading had a quote that said "well that's good, but what's your next best idea?" This was said by David Carrington. This was said in the topic of low hanging fruit. Low hanging fruit are the ideas that are easy to reach but might not be our best ideas. It is natural for us to want to go for the easy idea, or the first idea we think of. This quote from the video tells us to remember that the first idea might not always be the best idea. We should consider our options and go for the idea that will take us far and help us achieve our goals. He also talks about thinking solution to problem, and not problem to solution. Both of these pieces of advice will be very important in my journey. These things take time, not only time to build, but time to think of the idea that will work the best.  We also watched a video of Taylor Richards this week. He talked about involving the Lord in our steps along the way. I think this is the most imp...
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