The GEM Model

This week’s lesson material included a lot of good information. As I was reading, one particular article stood out to me. “The GEM Model” by Stephen W. Gibson was a clear cut article outlining three things that “can help your business grow and grow”: Gathering, Enhancing and Marketing. Gibson explains this using a lemonade stand business as an example. In the gathering phase, the raw materials such as sugar, lemons etc. are purchased. The enhance phase is where the lemonade is made (the raw materials are enhanced). The marketing phase is where the signs are put up, the stand is built and friends are sent out to wave down cars to buy some lemonade. This was a simple straight forward article with three necessary steps for business growth. I thought about my small business for the $100 challenge as I read. I would like to open a small gift shop online selling handmade unique knitted gifts. As I read the article I checked off the steps that I had accomplished. I currently have my raw materials ready to go. I spent a week winding yarn getting it ready to be knit and making sure I had all of my needles in order. I now need to enhance my raw materials by deciding on the patterns I want to use and start establishing my inventory. Marketing will be the last and toughest step for me. Of course I will use word of mouth and start it myself, however, I’m not sure how else to go about advertising my business. There are many small knit shops on the site I am going to use so I need to figure out how I am going to market my particular shop to make it stand out from the rest. That is a challenge in and of itself.

Be Specific, Keep it Simple, Ask Women

This week’s lesson material contained good reading and videos. Something that stood out to me was Guy Kawasaki’s video called “The New Business Model”. He said there were three main components to the new business model. The first was to be specific. He said it used to be about capturing as many eyes as possible and somehow you would have a customer base to buy your product. Now it’s about targeting a specific set of people. The second thing he said was to keep it simple. Create a product, put it out there, people buy it, that’s it. The third and last component was to ask women. He went on to explain that men have a genetic flaw; they want to kill things. His point was that many men will go into business simply to “kill” their competitors. Women do not have the same nature and his suggestion was that their business plans would be better thought out. When Kawasaki suggested asking women it reminded me of research that was done at a retailer I used to work for. While trying to determine who their customer base was, the found their most valuable clients to be women. Regardless of age, they were found for the most part to be the ones who held the purse strings. This retailer did a complete overhaul of their branding to make it more feminine and target women. There is something to be said about asking women.

For the $100 Challenge I have been working on a couple different patterns for my small knitting business. Once I come up with some designs I like I will be able to narrow down what I would like to offer.

Intro to Small Business Creation

I just finished a class called Intro to Entrepreneurism and I am now taking a course called Small Business Creation. In the first unit we have been introduced to all of the projects that we will be working on during the semester. To be honest I’m both overwhelmed and excited. Something that I know will force me from my comfort zone is the $100 challenge. The challenge is an assignment we have to create a small business, generating $20 start up and then working to make $100 or more in profit. I have never been in tune with my inner entrepreneur. I don’t find it exciting to think about being my own boss and creating my own product to sell to the world. I know this project will stretch me and that I will learn a lot.

This week we had the opportunity to read and discuss quite a few great business blogs. They are all written and maintained by entrepreneurs. Already I have gained some good insight into what it means to be an entrepreneur and found some great tips for becoming successful. One post that made a particular impact on me this week came from Seth Godin’s blog. He wrote an entry called “Hiding” in which he talked about how all of us our hiding when we avoid things that will change us and when we let up people speak up to lead. He said that we live in fear of feelings. It is simply put but so true. I love how he ended the post, “We rationalize in extraordinary ways to avoid coming out of hiding. When in doubt, look in the hiding places. Olly olly oxen free.” I am someone who can be found hiding, especially when it comes to putting myself out there and embarking on the path of an entrepreneur. I will certainly be following Seth’s blog and several others throughout the course for guidance in addition to the insight of my teacher and fellow classmates.

Final Advice

 

Each week in this course we learned a little more about the steps involved in the entrepreneur’s journey. We learned everything from creating a life of meaning to overcoming challenges and then finally celebrating your life. There are many take-aways from this course that I could expound on, however, just a few a worth mentioning in a “final lecture” type post. If I had just a few words of advice for someone beginning the entrepreneurial journey I would first begin by sharing the following quote by Theodore Roosevelt:

“In this life we get nothing save by effort. Freedom from effort in the present merely means that there has been some stored up effort in the past. A mere life of ease is not in the end a very satisfactory life, and, above all, it is a life which ultimately unfits those who follow it for serious work in the world….Let us therefore boldly face the life of strife, resolute to do our duty well and manfully; resolute to be both honest and brave, to serve high ideals, yet to use practical methods. Above all let us shrink from no strife, through hard and dangerous endeavor, that we shall ultimately win the goal of true…greatness”.

Becoming an entrepreneur or embracing the one within us is no easy task. As Roosevelt states above, “we get nothing save by effort”. I would then share how important it is to find something that you are passionate about and to then pursue that passion. I would reference a podcast by Randy Komisar here, “How Do You Find Your Passion and How Do You Pursue it?” In this podcast Komisar said to focus on what our values are and what we care about and then we should marry them with the opportunities that face us now. I thought that was great advice that I would certainly share. Finally I would make sure to share the advice that the up and coming entrepreneur should read “A Message to Garcia” and strive to be the kind of person that Rowan was:

“People like Rowan—who accomplish missions quickly and efficiently, with minimum oversight—are as rare today as they were 100 years ago when publisher Elbert Hubbard wrote ‘A Message to Garcia’.”

Overall I found the content in this course to be quite beneficial. Each week I found something that I needed to work on personally and that resonated with me in a way that motivated me to do so. I would recommend this course to anyone wanting to begin the entrepreneur’s journey.

Attitude of Gratitude

This week our reading and videos were focused on the connections we make with people, our relationships and the help and guidance they give us. Again we had a lot of good material to learn from, but what really stood out to me was President Monson’s talk called, “An Attitude of Gratitude”.  In this talk he focused on the particular people in our lives that we should be mindful of and grateful for. He shared a particular example about a Sunday school teacher he had that stood out to me. She actually volunteered to teach their Sunday school class. He spoke about how interested she was in each of the students and her enthusiasm in teaching the material. He spoke of the wonderful lessons he learned from her during her time in that calling. She had such an impact on those young people that many years later, the prophet of our church was speaking about her, showing his gratitude for her example. This made me think of all of the people in my life who have spent the time to do so much for me and impact my life for the better. I have had many who have touched my life, and I know there are some who do not know that. The following quote was quite motivating to me:

“We can lift ourselves, and others as well, when we refuse to remain in the realm of negative thought and cultivate within our hearts an attitude of gratitude. If ingratitude be numbered among the serious sins, then gratitude takes its place among the noblest of virtues.”

Sometimes I am guilty of being negative, but I know that is an ungrateful state of mind. Reading this quote, (along with the rest of this talk), reminded me that I need to keep an attitude of gratitude, and be sure those who have helped/are helping me in this life know how grateful I am for them. My best friend’s dad said something to me once that I will never forget, “Sharon, this life is about the people.” I know that is true and that by showing gratitude we can forge strong bonds in our relationships with others.

Entrepreneurship and Consecration

This weeks reading focused on making a difference in the world through entrepreneurship. Again we had great material to read and to watch, however the most impactful was the address given by Elder Gay called, “Entrepreneurship and Consecration”. His message focused on using our successes as entrepreneurs in business to “rescue” others. He made it a point to use the word “rescue” instead of help. He talked about how many of us will donate funds to help others or spend time to help others, but have we really rescued anyone? He shared a letter given to him that was written by a young girl in Africa. She was 14 years old and in the letter she described the life that she lived and some of the things that she faced. She recounted a time when she and her family were hiding from an evil group of men where she lived. They were able to evade them for a time, but unfortunately they were found. She described in detail what it was like with the attackers broke through the door and overcame her family. She and her siblings escaped and were eventually taken into a refugee camp. They were safe for a time but this gang of men made their presence known and let them know it was only a matter of time before they were killed as well. This story is one that I shall not soon forget. Elder Gay most certainly drove his point home with this example of someone truly in need of rescue. I have pondered this story every day since I heard Elder Gay’s address and am making plans for a more diligent effort on my part to “rescue” others.

Below are the answers to the questions we were asked to submit after reading, “What’s a Business For?”

• Based on what you read in the first two pages (pages 3 and 4), why are virtue and integrity so vital to an economy?

Virtue and integrity are vital to an economy because without them, people will lose trust in the market and stop playing the “game”. They will choose to put their money elsewhere, “into their houses, maybe, or under their beds”. Also without integrity, it is too easy for executives to run their companies for their own financial gain rather than for the consumer or the shareholder. Once this happens they give into greed and make dishonest decisions in order to boost their own pockets. Eventually this behavior comes to light and companies fail, executives go to jail and there is less money being pumped into the economy.

• According to Charles Handy, what is the “real justification” for the existence of businesses?

The real justification of business is not only to make a profit, but also “so that business can do something more or better. That ‘something’ becomes the real justification for business.” Handy goes on to explain that businesses need to have a purpose beyond themselves.

• What are two solutions proposed by Handy that you agree with? Why?

1.     Leaders need to bind themselves to an oath equivalent to the Hippocratic oath that doctors swear on graduation. He explains that the “law always lags behind best practice” and that companies should be proactive when it comes to environmental and social sustainability issues.

I agree that if companies bind themselves to an oath to “do no harm” that it will help. There’s something about swearing an oath that inspires a sense of obligation to keep that oath. It’s human nature.

2.     Companies should measure successes in terms of outcomes for others and not just for themselves.

I agree with this wholeheartedly. If a company finds a way to sell products for a lower cost and still turn profits they are benefiting and so is the customer. The customer is then able to continue to afford what they need and do their small part to keep the money flowing through the economy. Also I have seen the blessings that have come to my life as I have used my time, talents and resources not only for myself but also to help others. We are blessed when we help our brothers and sisters, whether in business or in our own personal lives.

Happiness

This week we learned about what it really takes to be an entrepreneur in terms of relationships, time/balance, and money. What struck me the most was what I read in, “Life, Liberty and the Pursuit of Happiness: A Cautionary Tale” from the Acton Foundation.

It was interesting to read that the secret to happiness was that we are already quite happy. I didn’t realize studies had been done to determine the likelihood that our happiness level is largely determined by heredity and that,  “Despite sometimes desperate attempts to chase happiness, most of us will spend all our lives oscillating around our pre-set level of happiness.” It also made sense to me that there are decisions we can make to determine our overall happiness such as where we choose to work and to live. Also, there are things that are going to happen that will cause unhappiness in our lives that will be out of our control.

We learned in our other reading that balance is not always possible in the life of an entrepreneur and when it can be achieved it is a constant struggle. I think remembering that we are already quite happy can help through the times of struggle. I also think it is important to know that there are some things within our control, such as what we are doing for a living. If the life of an entrepreneur is not making us happy, we can change that.

Below are the answers to the questions that needed to be answered after reading the article, “Attitude on Money” by Stephen W. Gibson

• What is your attitude toward money?

I agree with Gibson in that money is a necessary part of life. I believe that we must do what we can to obtain what is necessary keep a roof over our heads and food on the table. I believe in inconspicuous consumerism, or the idea that we don’t need to flaunt the money that we have with the things that we buy. I believe that once we have obtained what is sufficient for our needs we need to help others.

• How can your view of money affect the way you live?

I think this quote from the article sums up how our view of money can affect the way that we live, “Money usually does not make bad men good and good men better. Money can make good men better, but on the other hand it usually makes bad men worse.” If we see money as a source of power and status, we might make poor choices in order to obtain it and then how we choose to use it when we have it. If we see money as a way to sustain life and to help others, we can do a lot of good with it.

• What rules are recommended for prospering?

Rule 1. Seek the Lord and have hope in him

Rule 2. Keep the commandments; that includes the temporal ones, tithing and fast offerings.

Rule 3. Think about money and plan how you can become self-reliant.

Rule 4. Take advantage of chances for learning so you will not be ignorant of these matters. Education, as President Hinckley has taught us, is the Key to Opportunity.

Rule 5. Learn the laws upon which the blessings of wealth are predicated.

Rule 6. Do not send away the naked, the hungry, the thirsty or the sick or those who are held captive.