Do what you enjoy

This semester is coming to a close.  If I had to express one thing that I found to be most beneficial from what I learned it would be this, do what you enjoy.  Don't worry about money, it can't buy your happiness.  I would rather start a business doing what I have a passion for, then have another JOB doing something I can care less about.
Just a few days ago I was conducting an annual evaluation for one of my associates.  At the conclusion of the interview I asked her where she saw herself in five years, what did she want to do.  I ask this of everyone I evaluate.  Her response was a wake up call.  She said she wanted to go into journalism, but that her fiance discouraged her from this path because she "couldn't make enough money."  I wanted to scream (I didn't).  First, that is false, second you need to do what you find enjoyable.  Money can't buy your happiness, but a life full of enjoyable moments can.

Don't choose the wrong job

I think the best piece of advice I took away from this weeks lesson was this: don't choose the wrong job.  Alright, that was pretty vague.  What I mean is stop trying to impress someone, rather do what you enjoy, do what comes natural, and do what you have a passion for.  Many of us, if not most of us, get into a job or a career because we think it will help us progress.  Even those of us who are educated.  We immediately seek after that position that will be a shining mark on our resumes that we think will scream to future employers, "this guy's good, just look at the impressive job he landed fresh out of college, you'd be nuts not to hire him."  You get the job, and you hate it, but you think to yourself, "I just need to do this for x amount of years and I can move up to that next job/position."  And so the career of drudgery begins.
Instead of doing the "dance" for future employers (look how awesome I am), do what makes you happy.  You will immediately find report with those you work with, you'll be amazing at it because it won't feel like work, and the experience you gain can be used to launch your own business if you so choose.  So when you graduate with that Harvard business degree (you know who you are), perhaps investment banking really isn't a great idea after all.  Think about it.

Changing the World

Today's business model really isn't that much different than the one of yesterday.  Maximize profits!  That's really what most businesses are about.  How can I squeeze as much money out of the market possible.  Exercising this model can have great financial reward, but at what cost.  This is Cain's business model, and a lifetime of creating such a business can destroy us.  What's really important?  How can we make a change in the world?  We can easily move away from the business of Cain by moving towards the business of God.  The difference is Cain was in the business of himself, and God is in the business of others.  Jesus Christ is our master teacher.  He went about doing good, and serving others.  It is likely impossible for us to make a living without making money somehow, but we can consider what we can do to contribute to the world by putting the needs of others before our own.  Cain asked, "am I my brothers keeper?"  A question he knew the answer to, but merely asked to mock God.  Yes, you are, and yes you ought to be, "Let every man esteem his brother as himself."  A question we ought to ask ourselves in business is this, "how can I be someone who rescues, who have I rescued recently?"  By asking ourselves these questions we can become a person that really changes the world for the better.              

Balancing Your Life

Can entrepreneurs be effective at running their new business and have a life on the side?  It's complicated.  Well, not really.  It all depends on each individual situation, but the truth is starting a business can be very time consuming.  When you mix this with having a family, or other important pursuits (i.e. church service, or school), balancing your time can become difficult.  One important lesson to learn is keeping your priorities in check.  Make a list of what's most important to you, and keep to your priorities.  There will come a time when you have to decide between priorities.  Will you attend your son's soccer game, or meet an emergency business need that requires your attention.  Don't let lesser priorities take the place of more important ones.  Make time to attend to what is of most worth to you, and remember, if things aren't right at home, things can't be right at work.  Consider this when choosing the business you will start.  Try to pursue something both you and your spouse are excited about.  If you are starting a business you will need all the support you can get at home.  Your significant other will likely need to pick up the pieces if you are spending extra hours with your new business.  Will he or she be ok with this, will you be ok with this?  These are things you will need to consider and discuss with your spouse.  If you have older children you may consider including them in the conversation as well.

Interview an Entrepreneur

This week we had an opportunity to interview an entrepreneur.  This was a great experience for me, and I recommend it to anyone wishing to start their own business.  From this experience I took away several things that I wish to convey here:

The first takeaway from our conversations was the importance of understanding the market.  There's no point going into business if there is no market.  Don't fish where the fish aren't biting.  For me this means doing your homework before you launch any business of any kind.  Find out if there is a market, get the details of that market size, and attack it.

Second, have a financial plan, including start up expenses, and projected financial returns.  Planning a year out, or two, is a good thing.  For me this is essential.  I can't imagine starting a business without any idea of how much you are looking at spending, and how much you can at least expect to get back.  This doesn't mean you will actually get what you have written down, but at least you have a road map to follow.

Third, know your target customer.  Who is it that will likely shop your products or pay for your services?  Once you know who that customer is you can cater to their wants or needs.  By doing this you are more likely to find customers, and more importantly, keep their business longer.

Fourth, have a marketing plan.  Marketing doesn't mean you have to spend millions of dollars (figuratively speaking of course) on Superbowl ads, but you need some plan as to how you will reach your customers.  Knowing your target customer can help with this, by arming you with the information you need to cater specifically to those you are trying to reach.  

Finally, customer service is key.  Going out of your way to wow the customer will help retain your customers, and acquire new ones.  Go above and beyond the customer's expectations.  Not only will this impress the customer, they are more likely to tell their friends about the awesome new service they found.  Imagine how you would feel if the manager at Walmart for instance, asked you how your shopping experience was going that day, and then offered to buy you a steak dinner.  He takes you over to the fresh meat department, you pick out your favorite cut.  Then he throws in a bunch of asparagus and corn in your basket, all on the house!  Holy cow, that would be incredible (did it last week, I know)!  Will your impression of Walmart change after that experience, will you be likely to tell someone about it?  You better believe it, and your customer satisfaction will go through the roof if you keep it up!  Always wow the customer.

Good is the enemy of great

One of the greatest lessons I ever learned is "good is the enemy of great".  I first heard this when I read "Good to Great ", by Jim Collins.  By the way if you haven't read this book, I highly recommend it.  It is full of great concepts everyone should know and practice in their lives.  Back to what I was saying, good is the enemy of great.  We must never become comfortable with good.  If we do, we will never become great, and that is why good is the enemy of great.
It is very easy to be good, and to stay good, especially if you are comfortable in that position.  If we do this there is no progress in our journey, and our lives, careers, or whatever it is we are stuck being good at, becomes stagnant.  We must drive ourselves if we are to be great.  We must be assertive.  We must be passionate, and driven to be better than the day before.
If you think you are already great you need to ask yourself, "can I be better", "what can I do to improve", "what am I doing that I should stop doing", etc.  We must never be satisfied with our current position.  We must always be on the move, and always be changing for the better.

Overcoming Challenges

There is always going to be challenges along the way; roadblocks in our path or adversity that sets us back.  How will we handle these challenges is what sets us apart.  Will we turn away and give up, or will we press on and overcome?  Here are several keys to overcome life's challenges whatever they may be:

• We must truly believe that whatever the situation we are currently in, life will get better.  Having this belief will help us overcome despair and help us press on to overcome.  Only when we are in the right mind can we move forward with any kind of action.
• Dig deep to find a solution.  Ask the five why's before we come to any conclusion as to the source of the problem.  Why did this happen?  Why did that happen?  Why?  Why?  Why?  You will find that the solution to any problem can be a lot deeper than you may realize.
• Don't underestimate yourself.  When you doubt your abilities, you have already nixed what you can or can't do.  Believe that you can do anything you set your mind to and never give up on your dreams.
• Understand that becoming the best at something takes time.  Don't become discouraged by the long road of mastery, for every master in every subject must undergo the long road of discipline and practice.