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.

Let Passion Drive You

Over the course of the past three weeks I read "Mastery" by George Leonard.  This was a very motivating book about the masters journey.  The masters journey is a path everyone must embark on if they wish to be successful and effective in any endeavor in their life.  He begins by telling us the problem with mastery today.  The big problem in the world that destroys mastery is the instant gratification complex.  The idea that we can get rich quick, lose weight fast, get fit with little effort or do whatever it is we want in life with minimal work involved.  This is a lie and it's been spoon fed to us since infancy.  

The path to mastery is lifelong, and it's primary motivation is the journey itself, not the prize at the end of the road.  “People who get into something for the money, the fame, or the medal can’t be effective” says Leonard, and I believe him.  The joy must be in the daily routine, the daily practice, not the prize at the end of the race.  If we can find joy in the journey we will become very effective and successful at whatever it is we are trying to accomplish.  According to Guy Kawasaki we cannot be motivated by money; if we are motivated by money we will not obtain fortunes.  If we are driven by passion, for doing good, for making a difference, then we are more likely to succeed (and find fortune).

Hedgehog's and Fox's

Isaiah Berlin wrote a philosophical essay in 1953 that basically divided the population of the world into two groups.  Those who are a hedgehog, and those who are a fox.  In fact the basic idea goes way back to the Greek poet Archilochus, but I first heard of this after reading Jim Collilns' book "Good to Great" where he relayed the story in a business perspective.  Archilochus writes, "The fox knows many things, but the hedgehog knows one big thing.”  Collins put it this way, "Those who built the good-to-great companies were, to one degree or another, hedgehogs. They used their hedgehog nature to drive toward what we came to call a Hedgehog Concept for their companies. Those who led the comparison companies tended to be foxes, never gaining the clarifying advantage of a Hedgehog Concept, being instead scattered, diffused, and inconsistent."

In this weeks lesson the lessons we learned were bent towards becoming hedgehogs rather than being a fox.  It is much better to focus on one thing, and to become a true master of that thing, than being good at many things.  You can do this by finding what your calling in life is.  What were you born to do?  What truly makes you happy, and what is it that truly drives you?  If you can find this, and if you can find a way to get paid to do this, then it's likely you have found your calling.  When you have discovered what you were born to do then stick with it.  Practice, practice, and practice some more.  Enjoy the practice, not for the prize, but for the practice itself.  This is how one becomes a master of a subject, and quite possibly the best in the world at that one thing.  

Get Your Education

In an effort to pursue part three of the success formula, I've done a little research to seek out educational pursuits.  I discovered Edx several years ago when they started offering free classes based on technology.  I knew they were really beefing up their course curriculum so I decided I'd check them out again, and POW!  They now offer a plethera of business classes, and I found one I was really interested in, CTL.SC1X SUPPLY CHAIN AND LOGISTICS FUNDAMENTALS.  They offer three courses in Logistics Management, so I have enrolled to deepen my understanding of Logistics.  Getting an education will of course give you greater knowledge and prepare you for a successful career.  With this behind my belt I hope to use it to apply for an ops manager position, and eventually a GM position in logistics, and much further from there.  If you're interested in seeking a career in logistics I'd give EdX a try.  Also, check out these books:

• Inventory Management and Production Planning and Scheduling
• Business Logistics: Supply Chain Management
• Matching Supply with Demand: An Introduction to Operations Management
• Supply Chain Management (3rd Edition)
• Logistics Systems Analysis
• Production and Operations Analysis, Seventh Edition

I look forward to this class, and will keep you updated with how it is going.

A Hero's Journey

This week we read Chapters 1 - 4 in "Mastery ".  I really enjoyed what I have read as it has really opened my eyes to the progressive destruction of those who sink into the trap of instant gratification.  After reading these chapters I have been especially cognizant  of how media is playing a part in this.  It's everywhere around us.  Fame, fortune, everybody's dream, all with little work or effort on the part of the recipient.  Who wouldn't be attracted to this.  The temptation of putting off hard work when the easy life is seemingly right in front of us ready for the taking is becoming more enticing every second.  I can see in my own life how I have taken shortcuts because I have been too impatient to run the long plateau of hard work and practice.  Knowing this I have become empowered to make a huge difference in my own life.

Another highlight from this week was watching "The Hero's Journey" by Brian Carter.  Brian emphasized again the importance of mastery.  We must become an expert in something.  We can do this though diligent effort, and faith.  We can find our  our mission in life by understanding what special talents we have been blessed with, what truly makes us happy (when we "flow"), and what need can we satisfy.  When these three things mesh we have likely found our mission in life, the thing we were born to do.  This is similar to the hedgehog concept.  I'm not sure who first coined this term, but I heard it first by Jim Collins in "Good To Great."

Do What You Love

Do What You Love

I felt inspired by this weeks video, "Do What You Love".  From the video Francis Coppolla is quoted as saying, "do what you love, not because you will be self interested, but because you will be better at it."  You are happier and motivated to do better work naturally when you feel good about what you are doing.  From the video we learned about an exercise, an experiment if you will, to help you find out what it is that makes you happy.  We have to ask ourselves, "What was I born to do, what about me am I the best at?"  The experiment involves a little self reflection, well a lot of self reflection.  Buy a Notebook, and in the notebook you will keep a daily journal wherein you will answer the questions, during the day when did I feel at my best, when did I really Flow, when was I at my happiest? After some time you will begin to recognize, what it is that truly makes us happy, and likely what it is that we are truly born to do. I feel like this will be a great exercise so I am taking on the challenge.

The formula for success

One of the biggest take aways from this weeks lesson was the formula for success, as presented by Jim Ritchie, author of "The Ministry of Business."  The formula is this:

1. get up early
2. work hard
3. Get your education
4. find oil
5. Make your mark
6. Prepare to serve

Get up early. No matter how early you wake up, your future competitor is already at his or her post. Rise early and get the day started right. There's no time for wasting the day by sleeping in, your competitor certainly isn't so why would you.

Work hard. When Adam and Eve were cast out of the Garden of Eden into the world in which we live in now they were counseled that they should acquire the things they needed by the sweat of their brow. They were to provide for themselves by hard work. There are no shortcuts to a happy successful and fulfilling life, and anyone who says there is is either deceiving or being deceived.

Get your education. Education is the key of success. This should be a lifelong pursuit, and not just a four year endeavor with a degree attached to it that says you're ready for a job. We must always be learning and seeking opportunities to improve. We must never become satisfied with where we are at life because we can always become better. By aspiring to become better through learning we set ourselves up for success.

Find oil. Find your passion, your niche, your oil. What is it that makes you amazing. Everyone has something. Find it, and let it flow.

Make your mark. Make your mark on the world by being you. Don't be afraid to think outside of the box, to be different, or to do it you're own way. Those who fit in are invisible and don't make any marks. Don't be afraid to stand out. You will take criticism for being different, but so did all of the great men and women in the world who left great marks on the world.

Finally, prepare to serve. Prepare to give back to the world. Give back in charitable service. Don't die with your music still in you. Give back and serve your community, your family, your world, and your God. A thousand or even a hundred years from now your careers and titles will fade into insignificant nothingness. What will remain will be how you served those around you.

Create a Life of Meaning

This week I really enjoyed our reading assignments.  We started reading “The Ministry of Business”, and I was really impressed by what I read.  I was particularly impressed with the principles taught.  I really enjoyed what was written about “coincidences” and would like to start keeping track of those things in my life one might consider a “coincidence”.  Another principle taught to us in chapter 2 is the importance of covenant making, and covenant keeping.  “Just as crops need water to grow, our entrepreneurial, professional, and other life efforts need divine guidance and aid to succeed.”  From chapter 3 I learned the importance of including, not excluding, my wife in my career decisions.  You cannot separate work from home, and anyone who tells you differently is lying to you, themselves, or both.  This has opened up entrepreneurial ideas that I haven’t considered before.

Randy Pausch’s last lecture was very interesting.  He spoke about achieving your childhood dreams.  Something he said really stood out to me about the doors that close in our lives, or the brick walls that “block” our dreams.  Walls are just there to show us how hard we are willing to work for something.  Those who want it hard enough will put forth the effort to overcome any obstacle.  This is how Randy was able to achieve so many of his own dreams.

It’s important to dream, because it gives us something to go after.  Dreaming allows us to stretch ourselves and reach our greatest potential.  As a child I dreamt about becoming an inventor.  I feel like I have lived that dream at least partially.  I have always wanted to work with my hands, and have found great enjoyment in fixing and creating things.  I have even blogged about some of the things I have created in an attempt to experiment with affiliate marketing with some success.  In the future I would like to continue to live this dream and see where it takes me.

B183 Week 1

A new semester is under way which means new classes, and new topics!  This semester I will be taking and writing about an introduction to entrepreneurship.  I'm taking this course for the second time because I failed it the first time around (complements to a life busier than most); however the most negative can be turned around to be a positive with enough effort and work.  So here I am, round two!  In this blog I will explore such subjects as creating a life full of meaning, business ethics, life measurements, mastery, driving passion, overcoming challenges, disciple leadership, dreaming big, life balance, becoming a change-maker, and a journey of gratitude.  I'm excited to get started and hope to share everything I learn here.

Week 13 Journal Update

Capstone Journal Entry

It's the final week in this class and I have some time to reflect on what I've learned.  Some of the most important things I want to take with me are knowing the customer, first who then what, be great not good.  Know who your target customer is so you can make informed decisions about your business.  Each decision should have the customer in mind.  The first order of any business is who, not what.  First you must find the right people, and then you must drive the business.  By finding the right people first you will find the drive is easier, and the people actually assist in the driving.  Good is the enemy of great, creating good content is pointless because there is so many out there that do just that.  There is a lack of great content because so many are just good.   Being great makes you, your business, your product, your service stand out so much more than those who are merely good.

This has been a very enjoyable semester.  I really learned a lot from the $100 challenge project as I was able to apply the principles and lessons we learned in class to real life at least on a small scale.  From the project I was able to see the importance of knowing the target customer and how this can effect your decisions.  I learned about the impact marketing can play in advertising your products or services.  I learned about challenges that may arise and how to deal with them.  You can either see them as a problem, or an opportunity.  Finally I was able to see the importance of giving back.  We are all children of a loving Heavenly Father.  I had this great opportunity to try out a few business ideas and had some success.  I was able to share that with someone around the world who probably felt more blessed than I ever would from my meager earnings.

Week 12 Journal Update

Failing Forward

To brace us for entrepreneurship we studied the lives of well known entrepreneurs who had to overcome great odds and failure before achieving success.  I wrote about Thomas Edison:

Often, the hardest endeavors in life are also the most rewarding.  The reward is won through hard work, and often many struggles and setbacks.  Building a successful business is no stranger to this principle.  In fact many of business’ most well known Entrepreneurs have struggled with failure until they finally achieved success.  Steve Jobs was fired from his own business, Milton Hershey started three unsuccessful candy companies before his success, and even Walt Disney was fired and told he lacked creativity.  What these men have in common is not how they fell down in failure, but how they picked themselves back up again and again in order to achieve success.   What makes all the difference is not how you fail, but how you handle that failure.  One such failure was Thomas Edison.  The man who failed over 1,000 times before finally inventing (or re-creating) a successful light bulb.

One thing that we can learn from Thomas Edison is he never dwelt on the past mistakes.  When we hear about Thomas Edison we almost always hear about the light bulb because that is his big success.  We don’t hear about his failures, and he had plenty of them.  Despite all of his failures however, Edison remained optimistic.  When questioned about all of his failures his response was, “I have not failed 10,000 times—I’ve successfully found 10,000 ways that will not work.”

This response shows me that he looked upon his failures in a positive light.  When we realize that we will have failure, or low points in our careers, we can become better by learning from those mistakes.  Even if we fail a thousand, or 10,000 times, that one success can more than make up for those failures.

Having a clear vision of my goals and how to reach those goals can help with this.  A well detailed business plan can help with this.  When we know where we are driving the bus, we can easily get back up after each speed bump, or failure.  Thomas Edison knew the light bulb could work (he wasn’t the only one to do it), and knew he could find a way to make it work.  If he hadn’t made it a success someone else surely would have; but he didn’t give up.  By knowing what we are after and having confidence in that vision we are empowered to press on regardless of any failed attempts.  For Edison, it was the light bulb.  We can learn from him, and from many great entrepreneurs the quality of perseverance.  With it we can overcome all things.

$100 Challenge Update

My final project has exploded over the past week that it has been online.  The homemade crossbow was a huge success.  I'm hoping the wind doesn't die down, but carries on in time.  Today it has seen 30,000 views in just a week.  I am glad I have taken on affiliate marketing for this project.  I have learned a great deal from it.  This week we submitted a powerpoint presentation on our projects.  Here is a link to mine:

https://www.youtube.com/watch?v=sWCzp3pf5lQ

Week 11: Family Business

Week 11 Journal Update

Running a family business comes with it's own challenges that must be dealt with appropriately.  After work is done for the day you may have to see those with whom you work.  To make a family business run effectively you must create an equitable business plan.  All parties involved in the business need to contribute to the plan and the plan should outline at a minimum the roles of each family member, decision processes, and pay.  

One thing I learned from this week's lessons was that a family's relationship structure should not always extend to the business structure.  Many families will go into business together and the father automatically assumes the role of CEO because he is the "CEO" of the family.  If the father is in fact the CEO he should be so by coincidence, not because he is the father of the family.

There may come a time when a family member must be terminated from the business.  How will your thanksgiving dinners be after that member of the family is fired by you?  If you use your values as a guide this can be done effectively and can be rewarding as well.  

$100 Challenge Update

Well I have finished my final project and it is up and running.  We should start seeing some results in a few days, but I expect I will meet my goal with only $30 left to obtain.  I have enjoyed the project immensely and have learned a great deal.  Going into the project I had higher hopes, but I have gained some great experience.  A lot of time and effort went into the projects including the actual build and documentation of each one.  I was expecting more sustained results; however revenue from marketing appears to flatline after a week of posting each project.

Week 10 Entrepreneur Journal Update

Week 10: Fanchising

This week was all about franchises.  I have looked at it mostly from the perspective of a franchisee and not the franchiser; however I have learned a great deal about both.  When a business becomes successful enough to branch out and sell that model to others they franchise.  To get to this point a company will create systems and procedures that are run so well that it can nearly run itself (hypothetically speaking).  At this point a company will consider selling it's model/system to franchisees.  The benefits of owning a franchise include lower risk, much quicker returns on your investment, lower costs associated with product supplies, marketing is taken care of, and having a well known company.  Of course there is a list of cons including not being able to create something new, following an established system, fees associated with owning the franchise, and loads of legal paperwork.

In my own opinion the pros far outweigh the cons.  Find something you are passionate about, and research what might work in your area.  There are loads of franchises to choose from.  Check out franchise.com, and entrepreneur.com/franchises/ for a list of potential franchises to buy.

$100 Challenge Update

This week I made great progress on finishing my last project for the assignment.  I don't see any problems with having it finished next week which will give me a week to pick up some advertising fees for my marketing.  I'm confident I will produce enough with this final project to make at least $100 for my Kiva recipient.  Amazon paid me $70 this week for the sales generated from my affiliate links over the last month so I will only need to bring in $30 more.

Week 9 Update

This week my biggest takeaway was from my "interview with an entrepreneur" project.  I learned a great deal from my interviewee that would have taken me months to find out on my own.  Some of my key take-aways was the importance of knowing your customer.  When you know your customer you can cater your business to meet their needs and hit that target every time.  Guess work is ineffective and costly.

This weeks lesson topic was production, operation, and location.  I took more from production and operations than I did from location so I will share what I have gained from those.  In your own company it's important to have some formal processes to streamline your business.  This is the whole idea of franchises (which we will get into next week, I know I'm excited too).  Without order to how the business is run it can be chaotic, confusing, slow, and costly.  This will require some time upfront to formally create those processes, but the work will pay back big time!  This is especially true when you have employees who will then have some way of learning how to do a particular task step by step, and then be able to do that every time.

$100 Challenge Update

It seems my last project "the solar cell phone charger" has already flatlined.  I haven't seen much activity in a few days, and this week in total I've earned only a few dollars.  I've felt a greater sense of urgency to finish the "survival crossbow" as I feel this will bring in more traffic at the onset, and throughout it's lifetime.  I've been working hard to get it done, and expect to have it finished next week.  This has to be a good one as the semester is coming to a close within a few weeks.  I hope to hit my target of $100, but if not I have learned a lot during this project, and had great fun as well.  I will make sure to take extra steps to ensure the success of this final project including marketing through social media like pinterest, facebook, and Youtube.  Doing this just might be the push I need before the semester ends.

Week 8 Journal Update

Who do you hire for your company and what do you look for?  Most people will tell you to look for proven teams, with proven technology, and traction.  That is the most experience, and education you can find.  I don't think this is true.  I think the best people you can find for your business are those people who have a passion for the business.  If you're in the surfing business, hire surfers.  Do you own a Subaru dealership?  Hire salesman who eat, drink, and breathe Subaru!  These are the kinds of people who have passion, are self driven, and will treat your business like a way of life, not a job.  These are the kinds of people you want to find for your company.  After you've found people like this, hold on to them, and take care of them.  They will be your company's greatest asset.

I don't think I can stress this enough.  You need to surround yourself with great people who are infected with this kind of passion.  This needs to be the first step in moving forward with your company.  If you don't have the right people on the bus (the company), and in the right seats (positions) you will always struggle to drive the bus in the right direction.  Many leaders begin their journey with great vision first, and seek the right help second.  This is backwards and will lead to struggle.  First who, then what.

$100 Challenge Update

It's been a week since releasing the "Solar Panel Phone Charger" diy.  Since then I've had 507 clicks, and 41 ordered items.  In total I've made about $20.  Not too bad I'd say.  I've started my next big project this week as well, the homemade crossbow.  I expect this will bring in a great deal more because not many have done this.  I need to focus on great content that sets me apart.  I'm going to do this by building a powerful bow (100 lbs. or more) with an exceptional trigger and safety system.  I'm also going to focus on appearance as this will likely be a big driver for traffic.

Week 7 Entrepreneur Journal Update

Management and Leaderships

This week I learned a great deal about the difference between managers and Leaders.  But, they are the same thing you say.  Not so.  If you have heard the story of the shepherd and the sheep herder you may know where I'm going with this.  You may know plenty of managers, they may even be great at their jobs, but they will only ever be just a manager.  A leader inspires and is loved by their subordinates.  Just like the sheepherder who knows his flock, a leader takes time to understand his subordinates.  A managers objectives are centered on themselves and the company, a leader is focused on the company as well but meets that end by focusing on the people.

$100 Challenge Update

This week I was able to finish one of my projects I had set out to do.  I made the solar cell phone charger and wrote up a how-to article on it last night.  It's been up for 24 hours and it has seen 1,664 (scratch that, make it 1,674 now) visitors, and has received 87 favorites by it's viewers.  It has 24 affiliate links incorporated into the instructions so I'm hoping it performs well.  The link stats won't show up for another day or two so we shall soon see how it is performing.  I posted it to four groups on facebook, and pinned it to pinterest.  I could take it a step further by making a youtube video for further marketing efforts.  Time will tell if this will prove to be a great performer.  I expect it will earn a little at first, but will eventually flat line after the hype dies down.

Week 6 Entrepreneur Journal Update

Customer Focus

This week was all about customer focus.  Smart business is good business.  Smart business means doing less for more.  Keeping customers is far easier than finding new ones, and the financial rewards are up to five times greater.  To do this you must know who your customers are and target those customers according to what they want.  As you hit this target consistently you will retain more and more of your customers and profits will continue to rise.  Finding out your customers wants can be as simple as asking them.  "What is it we can do better?"  "How much would you pay for this product or this service?"  "Why did we lose your business?"  Find out what it is your customers want, and hit that target.

$100 Challenge

This week I purchased materials for the portable cell phone charger which I hope to be getting next week.  I have written up instructions and just need to get the materials to build it.  I am nearly finished with another project that has taken some time, "Self Watering Bottle Planter."  The instructions are written, it has been built, and nearly all the pictures are up.  I started this one three weeks ago, and just need to wait for the plant to grow.  It sprouted a couple of days ago so I will give it another couple of weeks to finish up.  Next week I also plan on starting "How to Build a Survival Crossbow."  I'm expecting this will be a big one and am excited to get started on it.

Week 5 update

It's week 5, and it was a rough one for me.  I'm being faced with the possibility of losing my job, and we are in the process of closing on a home.  I know, great combination right!  This might just be the catalyst I need to launch my own startup; who knows, this could be a good thing!  Ok, enough about me.  This week I learned a ton about marketing.

One of the most important things we can do in marketing is first obtain the customer, but then hold on to them.  It's said that it costs five times more to acquire a new customer than it does to keep one.  Having a loyal customer base will be one of the most important things in business because it is more of a reliable source of sales/income.

Building a loyal customer base requires relationship marketing.  It is similar to building a long term relationship.  First you get them interested.  You do this by branding towards your target market and standing out from the competition.  Once you acquire a customer you can build on the relationship by getting to know them better and by building a relationship of trust.  You can get to know them by finding more about what they are looking for, and what is important to them.  This could be as simple as friendly service, or something unique like knowing specifically what they want how they want it and by whom.  It all depends on the customer.  You build a relationship of trust by consistently meeting their needs.  As you do this they will feel more comfortable with your business, and will be loyal to the customer business relationship.  They will be more willing to spend more simply because they trust and enjoy your business.

$100 Challenge Update

This week I made $42 in advertising fees after releasing "Light Box Photo Studio."  It's a how-to instructable showing you how to make a small photo studio for less then $20.  It contains only three affiliate links, but seems to be doing alright.  It has already earned more than 200% the cost of the project.  I'm sure it will flatline, but it will continue to produce results even if it is small.  That's the joy of affiliate marketing.  If you can create rich content, it will work for you 24/7 with only a small amount of effort.  So far I'm really enjoying it.

With the money I'm going to use some of that to fund other projects.  March will be a big month for production and milking the cow as everything I bring in after a certain point will go towards my KIVA recipient.

Week 4 Journal

This week was all about budgeting.  Budgeting is a crucial element in personal and business life.  Without knowing your budget you will likely overspend, miss opportunities for growth, and likely fail.  The budgeting plan should be a year out and be made based on good forecasts and understanding the assumptions.  It's crucial to understand your companies costs, whether they are variable or fixed.  Variable costs are especially important to consider because they can change (hopefully shrinking).  When the costs change your opportunities change.  You could come upon a great opportunity for growth, or a problem that needs looking into.  Without watching these shifting variables you may miss a chance for improvement.

$100 challenge update part 4

This week I took some time to go through my instrucables.com posts and edited all of my articles.  I embedded affiliate links with hopes that they will bring in traffic and revenue.  So far my 14 instructables, as they call it, are getting 180 visitors a day.  In the past five days my links have gotten 28 clicks, and six orders for a conversion rate of 21.43%.  That's not all that impressive, but I haven't yet released my first project for this challenge either.  This is solely based on past projects that are now flat lining.

I'm still waiting for a few parts to arrive in the mail, and then the real fun begins.  Since the parts haven't gotten here this week I will have to catch up next week.

Week 3 Small Business Creation Update

Much of what we learned this week was about writing a business plan.  A business plan is crucial for any business.  It charts the course for your business.  Your plan should be specific enough to clearly describe where you are going and how you are going to get there.  You need to determine your goals and objectives, and clearly identify these, as well as marketing plans/objectives.  The plan needs to identify any financial needs as well as financial projections.

One thing to always remember when writing your business plan is that this should serve as a living document, not just a piece of paper that's casually read and collects dust in some obscure corner of your office.  Make your plan, follow your plan, and when needed, update your plan.  With that perspective the business plan has become something crucial in my mind, and it is.

$100 Project Update

I've identified several goals that I hope to accomplish by the end of this semester.  I will write up 8 project documents before April including, "How to make a solar cell phone charger", "How to make a survival Crossbow", "How to make a full auto rubber band gun", and "How to make paracable."  With these and four additional projects I hope to achieve an 8.25% conversion rate, and a 7% referral rate.  If I can keep to this plan I'm confident I will reach my goal of raising $100 profits (marketing fees - project costs) by the end of the semester.

I've ordered materials for the Solar Cell Phone Charger, and the paracord projects which cost $15.  With these I will be able to create two of my eight projects and create 36 links.  If I can finish the first project by the end of next week I will be on track with my goals.

$100 Challenge Update

An update on my $100 challenge project.  I've decided on a business for the project, and I'm actually very excited about it.  I'm going to start an affiliate marketing blog of sorts where I document and write How-To articles.  In these instructional posts I will include the links to products used in the projects.  I will have to write up a few projects during the semester to produce any kind of significant revenue for this challenge, but I think it's very doable.

My first project will be "How to make a Paracable", that is a paracord charging cable.  It cost roughly $6, and should bring in a lot of views, clicks, and conversions.  With that I have planned out a few more projects that require a little extra funding including "How to make a solar cell phone charger", "How to make a survival Crossbow", "How to Make a Wicking Bed Container Garden", and "How to make a Full Auto Rubber Band Gun."  I think these projects will bring in a lot of hits (and revenue) and should bring in enough for my Kiva recipient.

Seeking Creativity

This week my biggest takeaway from class was from our Harvard Manage Mentor assignment.  We learned about creativity and innovation, and how to organize effective teams to create new and innovative solutions.  There are five key steps in finding an effective idea.  These are preparation, innovation opportunity, generation of options, incubation, and convergence.

Preparation involves assembling a team of members to create a solution to the existing problem.  The team should be well rounded and intellectually diverse.  This diversity breeds creativity; it allows the team to see problems and solutions through someone else's eyes.

Next comes innovation opportunity.  The members of the group identify the problem requiring their creative talents.  After this comes the generation of options.  This is where the fun happens.  Members are encouraged to have a productive debate.  I've heard of executive teams that would meet for hours and do nothing but argue and slam their fists on the table, each one expressing their passionate opinion on the way something should be handled.  This is how generation of options should be.  The key word here is productive, at no time should this conflict become a personal attack on any of the members.

Once the ideas are on the table then comes the incubation process where the members will consider the options.  Finally the group finishes the process with convergence.  They agree on one idea as a team.  Sometimes this decision is made by a leader as is the case with a CEO and his or her executive board members. In either case, once a decision is made it is made, and all members will get on board with that decision.

I've always been fascinated with the idea of starting my own business just for the sheer joy of it.  I often find myself making business plans for an idea I had and just thinking about how exciting it would be if I did start one.  I think many people are like me, thinking about starting a business, but not because they are too comfortable with their current jobs.  The question then is what is the catalyst, the driving force that make people transition from working for someone to working for myself?  From my “small business creation” course at BYU-Idaho it describes this very thing.  “Many entrepreneurial ideas come from technological breakthroughs, flashes of insight, and revolutionary concepts.  However, the reality is that most entrepreneurial ventures are created out of frustration, disappointment, and discomfort of one sort or another.  Other ideas are simply dreams that people have always had.”  

I can see this being the case.  I for one would like to work just enough to have what we need so that I can have the extra time to chase after more noble pursuits.  You won’t find anyone upon their death bed saying, “I wish I had spent more time at work” or “I wish I had more money right now.”  The things that really matter are our families, and our faith.  My own frustration, disappointment, and discomfort is not having the time I want to spend with my family, and to serve others more diligently.  This is my own driving force.  

This semester I’m starting a blog that will serve as an entrepreneurial journal of sorts.  My journal of the things I’m learning and the things I’m doing as a student of business.  You’ll see many of the projects I’m working on including the $100 challenge.  

Welcome, I’m Dave, and this is my business journal!