This week has
been very introspective. I have been
thinking a lot about what I want my future to hold, and how my career can be
interwoven with my personal values. I am
grateful for the jobs that I have had, and how they have provided a foundation
for me to pursue the dreams that I have.
I wouldn’t say that I have been extremely “entrepreneurial” minded, and
frankly several years ago after going bust on a business that we were grossly
unprepared to be self employed in, I swore off all desire to ever own my own
business again! My classes that I am
taking at BYU-I have started to shape and mold my thinking, and I can see how I
am better prepared to ask the right
questions! A lot goes into building a
business, and to make it work you need to find the key components! I am grateful for a fresh outlook on the
possibilities.
I read several
great articles and watched some videos this week, but what stood out to me was
the following…
1.
In a
Visionary Business, Use the Rules of 3… it will take 3 times as long and 3
times as much money!
2.
What
is God’s will? Follow it and you will be
guided to the right thing for YOU.
3.
Formula
ES=(I+M^3)P…
a.
Entrepreneurial
Success=Idea + (Market X Money X Management) X Passion
4.
Good
Investment Opportunities include
a.
Market
Factors
b.
Competitive
Advantage
c.
Economics
d.
Management
Capability
e.
Fatal
Flaws
5.
Fostering
Creativity
a.
Carry
a Notebook
b.
Think
Opportunistically
c.
Network
d.
Think
in Opposites
e.
Reinvent
the Wheel
f.
Challenge
your ruts
6.
Ideas
come from everywhere… make people feel like they can contribute. The best ideas rise to the top.
7.
The
Business Model Ontology
I was really
intrigued by the Business Model Ontology, and I looked up his PDF for future
reference. I agree with his assertion
that everyone is thinking of something different when they say “business
model.” It can sweep quite a wide range,
including strategy, process, profit, product, technology, etc. Because of this, when a team gathers together
to talk about a business model, while one personal is explaining their thoughts
– it sounds like “blah blah blah” to everyone else” and they are thinking “what
is this person talking about?” I look
forward to reading his theses on business model ontology to see how I can form
a more concrete business model.
For the $100
Challenge, I began brainstorming ideas this week, and out of my top five, I am
strongly considering the homemade cookies and hot cocoa holiday combo for gift
purchases. It has a lot of potential,
and these cookies have a lot of room for variety and specialization. I can change out ingredients to match
specific holidays, or customize them to meet the occasion – like blue or pink accents
for a baby shower; matching wedding colors, etc. These are cookies that can make a person feel
special! Everyone who receives them
feels overwhelmingly excited when our family makes them. There is a great story behind how these
cookies became such an interesting part of our lives! I will share that in a future post! J Cliffhanger…
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