Entrepreneur - Self-Mastery (May 29th 2021)

 I consider all the materials learned this week to be all about the entrepreneur developing self-mastery. Since the entrepreneur is supposed to be the visionary, the person that takes the initiative to dare or start something new never done before, or to modify existing ideas and turn it into a value chain for the public, it makes sense that he must be versed in several disciplines. The entrepreneur is not just supposed to be a specialist, but more importantly a generalist.

This week's lesson addresses important questions like, what does it mean to be an entrepreneur? How bad do you want to become one?  Self-mastery addresses these questions adequately. I am deeply impressed by the following statement credited to Elder N. Eldon Tanner:

"There are two important elements in self-mastery. The first is to determine your course or set the sails, so to speak, of moral standards; the other is the willpower, or the wind in the sails carrying one forward."

An entrepreneur must, first of all, identify his craft, thereafter, he must master his craft.

Also learned this week the three areas of knowledge that are critical for starting a successful business. They are:

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

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

3. The ability to raise money

These three areas an entrepreneur must be very good at in starting a successful business. Understanding the industry’s competitive structure means knowing the history and current status of customers, suppliers, competitors, product substitutes, and barriers to entry. You must understand why people buy your product and what alternatives they have. You also must build a network of personal relationships within the industry. Without these contacts, gathering accurate information is too costly and time-consuming. You must know the good people from the bad—whom you can trust and whom to avoid at all costs. Industry contacts make vendor selection, marketing, and employee recruitment much easier. In addition, a good reputation in an industry is one of the most important competitive advantages.

An entrepreneur must have a sound knowledge of how to run the operations of a business on a daily business. Accounting, bookkeeping, negotiation, recruitment, operational management, at least a generalist knowledge about these areas. He or she will be doing most of these things at the startup stage of the business.

An entrepreneur must know how to raise capital for his business. Money is the lifeblood of a business. Without adequate funding of a business, it would go under no sooner than it starts. An entrepreneur must be a master in these areas if he or she is to build a successful business.

As a budding entrepreneur, I intend to get myself abreast with these skills to enable me to run my own businesses successfully. 

A Hero's Journey (May 22nd, 2021)

 Jeff Sandefer speech titled "A Hero's Journey outlined how to find our entrepreneurial calling in life. Some of the things which he said caught my attention and got me thinking. I have since started applying and experimenting on some of the things he said. They are indeed true.

We all have a very special mission on this earth. A mission that will succeed beyond our wildest dreams, if we have the faith and the courage to find our entrepreneurial calling. In his speech, he repeated this statement twice just to emphasize how important it is. We all have callings in life. It takes faith and courage to find it.

What does it mean to choose a hero's journey? It means to live every moment of our lives like it matters because it does. It means to live as if we have an important mission because we do. It means seeing struggles as adventures, and setbacks as lessons. I am touched by the statement "seeing struggles as adventures, and setbacks as lessons." Life becomes more interesting to live if we see our struggles as adventures. It means it has a purpose. There is a lesson for every setback. We should make efforts to learn them and move on. Completion of the journey is not as important as who we have become in the process.

Jeff Sandefer shared the following sentiments: "At the end of life, only three questions will matter; have I contributed something meaningful? Am I a good person? And who did I love, and who loved me? Nothing about money or power or fame. All of that will fade and only three questions remain.

These three questions should shape all that we do here on earth in trying to fulfill our calling. What our calling is so important that we should never give up the search for what it is until we find it. In the process of doing this, we should seek out something we love doing and become world-class at it. Doing that will attract the attention of people and in the process, we can bless the lives of others. Every gift in the world meets a need in the world. We must find what the need is.

 

How Will You Measure Your Life (May 15th)

 This week's material had so much information in it that it got me into several moods, all at the same time. There was a lot of excitement, humility, reflection, and the fired-up desire to go and accomplish. So much information about educating self, finding your purpose, what your core values are, and how to define them, what you are born to do, and many more. Clayton M. Christensen lecture on "How Will You Measure Your Life" sank deep into my soul. And then Elder Joseph B. Wirthlin talk on "Little Things Are Important" did justice to my emotions. 

I learned that there are three important questions we should consider for a life well-lived. They are:

1. Will I be happy in my job?

2. What about the relationships?

3. How do I stay out of jail?

Christensen answered these three questions in detail.

CREATE A STRATEGY FOR YOUR LIFE

The choice and successful pursuit of a profession are but one tool for achieving your purpose. But without a purpose, life can become hollow. Give a thought for the purpose of your life. And when you find it, let that be the focus of your life.

ALLOCATE YOUR RESOURCES

Your decision about allocating your personal time, energy, and talent ultimately shapes your life's strategy. Balance commitments in your life. Too many people spend too much time on their careers and less time on their family relationships. People who are driven to excel have this unconscious propensity to underinvest in their family and overinvest in their careers - even though intimate and loving relationships with their families are the most powerful and enduring source of happiness. 

CREATE A CULTURE

If you want your kids to have strong self-Esteem and confidence that they can solve hard problems, those qualities won't magically materialize in high school. You have to design them into your family's culture - and you have to think about this very early on. Like employees, children build self-esteem by doing things that are hard and learning what works.

Elder Joseph B. Wirthlin said:

We cannot add to or take from the number of minutes in a day......The question is not one of managing time, but one of managing ourselves with the time we have. Each minute is a little thing and yet, with respect to our personal productivity, to manage the minute is the secret to success.

Our bodies are truly the result of what we eat, what we think about, and the exercise we receive. If we are not wise, these things can soon cause major health problems that will limit our success and ability to serve.

Honesty and Business Ethics (May 8th 2021)

 So many materials were covered this week. Honesty and business ethics is so important. It is important for your ethics to be a guide for you in your career pursuit of a business venture. If your business venture is not in sync with your ethics and values, don't pursue it.

Particularly striking to me is the "Top 10 Things you Must Have to Start A Business" by Frank Levinson. These are simple guides that a starting entrepreneur should consider when floating a new business. They are:

1. Comfortable Cheap Furniture

Don't try to purchase expensive furniture for your business. Look for cheap but comfortable furniture. It does not matter how you look. What matters is what you do. So focus on that. Focus on your product or service and build it.

2. Put Up A Sign

Let people identify where you are. Put up a sign for potential customers to know where you are.

3. Too Little Money

Any money in the company is your money if you start that company. Treat it like your money. Drive yourself to innovate and not spend for success. The best money source is customer money. Start with customers. Next use your money.

4. Common Sense

Business must have customers, products, sales, profits, taxes to pay.

5. Businesses need not have CFOs, VPs, Market studies to start a business. Business just needs customers.

6. The Pride of a Fat Baby

Do whatever it takes to stay in business. You are in business.

7. A Supportive Family

8. Like Surfing Real Waves

9. Have Confidence You Will Have 1000s of Great Ideas!

10. Sales

Always have sales from the beginning 

Randy Pausch Story - May 1st 2021

 I am particularly impressed by Professor Randy Pausch's Last Lecture: Really Achieving Your Childhood Dreams. The fact that he was diagnosed with pancreatic cancer and given a few weeks to live but still gave this lecture in high spirit, says something of his character. This Professor of Computer Science was able to achieve so many of his childhood dreams for several reasons. Two of these is striking.

1. HELP FROM OTHERS

    Professor Pausch did not just go solo in achieving his dreams. He recognized that he needed the help of others in achieving his dreams. When he was working on any project, he sought out help from those who knew better than him. He invited them for lunch. During the lunch date, he asked lots of questions about what he did not know and got lots of answers. He was humble enough to do that and got lots of help.

2. NEVER GIVE UP

Professor Pausch had a lot of disappointments and set back in accomplishing his dreams. But he never gave up on his dreams. Disappointment never discouraged him from pursuing his dreams. In describing how to view setbacks, disappointments, obstacles, he made the following statement that is absolutely true and made an impression on me: "But remember, the brick walls are there for a reason. The brick walls are not there to keep us out. The brick walls are there to give a chance to show how badly we want something. Because the brick walls are there to stop the people who don't want it badly enough. They are there to stop the other people.

DO YOU FEEL THAT DREAMING IS IMPORTANT?

Absolutely! Without dreams, there is nothing to accomplish. Dreaming is like building a house. Before building a house you contract an architect who prepares the architectural drawing of the house. The drawing shows exactly how the house will look like when it is built. The drawing is the imaginative display of the architect or the owner of the proposed house. The architectural drawing is then given to the Construction Engineer who brings the house to life. Makes it a reality. No drawing no house.

MY CHILDHOOD DREAM

I have the childhood dream to travel to all the continents of the world. I am in the process of accomplishing that dream. I was born in Nigeria. I have travelled to most of the countries in Africa. I have been to several countries in Europe. I live in North America now. I have South America, Asia, and further part Australia to go. I know I will cover the whole continent of the world in the nearest future.