Entrepreneural Journal Week 12

     Charles Handy wrote an article titled “What’s a Business for”. I found most of the business jargon out of my league, but from what I could glean his article was about the downfall that the love of money can create for a society. To expound, he says based on the numerous scandals that the American market encounters, the market could could suffer. Economy requires rules that can be trusted. For example, if big name businesses are known for economic scandal, they won’t be trusted by the public and money won’t be exchanged for goods and services. Money from the people is what drives the growth of society’s wealth. Truly it takes money to make money.

Tying in what Larry Brilliant said in this week’s reading, we need to work as a community [to grow wealth] we’re all in this together! Put down the things that divided people, in this case it’s greed and pride that lead to an unreliable market. This is why integrity and virtue are so vital to the economy. For the community as a whole to survive on all basic human needs, we need to have an honest and trustworthy market to grow our wealth in. 

 

    We often treat business like it is a simple money making equation. However, it is a creative process that involves generating wealth so we can than do something better with it. Elder Holland said this same thing by quoting an all-time favorite Hymn, “Because I have been given much I too must give.” 

    

    Elder Robert C. Gay said this, “Our assignment is to use these resources in our families, quorums, or to build the kingdom, further missionary effort, genealogical and temple work, raise children as fruitful servants unto the Lord, to bless others that they may be fruitful.” Like Handy proposed, “It seems only fair that dividends be paid to those who contribute their skills as well as to those who have contributed their money.” I’ll wrap this theme up by saying it this way, we receive so we can give. 

Entrepreneurial Journal Week 11

 My attitude on money is that it is a tool; a tool to reach goals, and exchange work for items or services. I find money to be one of the most important tools available to us, not because the paper is all that impressive, but money symbolically represents freedom of choice. 

God’s plan of happiness hinges on agency, the ability to choose. When we have little money, or our debt to income ratio is unbalanced, then our choices are very limited. Although I don’t think God intends for us to ‘rich’ like the world sees it. I do think God’s plan includes everybody having enough, and that would mean a better distribution of wealth on a world level…I don’t see that happening until Christ comes again. In fact, to paraphrase one of the most poignant statements in ‘Attitude on Money’ by Stephen W. Gibson: The kind of person we are is revealed when we are in possession of excess money.  Speaking generally, so many of us are in great need of refinement and charity. 

My life is affected by my view of money as a tool. I’m practically obsessed with saving and having extra. I’m cognizant that I don’t care if I have more than another person-that means nothing to me. I care about having as much money as I think I need. I don’t want to have everything, I just want to be in control of my situations as a way to control my anxiety and lack of trust of people and world situations. 

Gibson suggests rules for prospering. He says:

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.

To summarize, to prosper we must put God first. He shows us how to balance our needs next to another person’s needs. He gives us commandments that will guide us and show us how to be happy both temporally and eternally. Be thoughtful. Use money in a thought out and planned way. Be wise. Use opportunities to learn so we can more fully use our agency in this life. 

Gibson also shared this link, which I intend to read later. I’ll post it here so I don’t forget

https://www.the-academy.org/rules

Entrepreneurial Journal Week 10

 This weeks readings were focused on motivation and emotional responses to big dreams. Taylor Richards simply stated it this way, involve the Lord in your plans and don’t underestimate yourself. You can accomplish your goals. 

I’m a self saboteur. I’m pretty sure I’ve already mentioned that about myself. I tend to make choices that prevent my own accomplishments. I guess I’m afraid to know what I’m actually capable of. However,  Kathy Huber said something that really made sense to me. She mentioned in Action Hero, that entrepreneurs can take hardships and make something better out of it. We need to take setbacks and make something positive come out of it. Additionally, she said to use passion and joy and creativity to produce a product or service. I’m keenly aware of my shortcomings including my need to self sabotage, but even those hurdles I create for myself could lead to an innovative new path. 

Speaking of creativity, a strength I know I possess (even if this skill and talent hibernates at times in my life), Marissa Mayer presented this idea of the Google 20% time rule. 20% of an employees time is allowed for personal pursuits and projects. This lead to more than 2x the expected output from their employees, meaning it was a successful use of time assets. I love this idea of building with passion and momentum in a work setting. I think it speaks to the creative side of human beings. And I believe that there is an eternal principle in creating. Just look at God’s plan of happiness; the number of creations for our happiness and good came from a loving Father in Heaven. He is a creator. So part of our divine inheritance is to also be creators. Marissa Mayer’s point relates to the gospel too, the 20% rule in a company actually symbolized trust between employees and employers; trust to create and explore. God trusts us and we should trust Him. The plan of happiness requires a great deal of commitment and sacrifice but that doesn’t mean we can’t innovate while we are here. That innovation should serve and better the people around us too. 

Entrepreneurial Journal Week 9

 Most of my thoughts are still swirling around buying in on that franchise, same as my nephew Daniel. California has made it near impossible to do so…for example the annual cost of an LLC or the required electrician’s license or 4+ years working under one…Gross pay was about $40k a month in the state of AZ with a couple of employees…it makes me ask myself what the motivating factor is in this business venture.

I’m going to keep my motivations in mind as I consider the readings from this week. I like lists! I love when writing is organized by principles or bullet points while explaining a concept. So readings this week was great. President Kim B. Clark said these three principles make up a leader: Lead by example, with vision, and love. If I were to climb that preverbal brick wall (California) to buy into this franchise (Trimlight), how does that make me a leader? What are my motivations? Will owning and operating this business allow Christ’s influence to flow into the world (thoughts by Elder Bednar). 

Well, to process these thoughts even further I have to know why I like Trimlight. Part of my interest is fear; fear is not a part of being a good leader but I can’t deny I feel fear. With the LA fires this January the state is talking about a 30-100% increase in fire insurance. As a family of 7 on one income, I’m worried how we will survive even more financial burden. 

Another interest is in my children being provided an option for work in the future. If Trimlight was successful longterm we could provide jobs and potentially careers for one, some, or all my children. Plus we have several nieces and nephews who live here, they might could use a job. As for the product, I know Jim Ritchie and Jim Collins talked about a good leader needs passion for the product. I don’t know how passionate I am about Trimlight as a brand, but I do know I’ve always loved light. I think light is one of the most obvious and beautiful symbols in the gospel. It brings understanding, clarity, safety, and so much more. Trimlight isn’t really just a way to make money, it’s a huge benefit to providing safety. It can be used for homes to brighten the surrounding areas, it can be used on commercial buildings to guide or lead people to them. Or picture a school building out here in the mountain country, Trimlight would allow the building to stand out, keep the dark shadows literally and symbolically at bay. Nefarious works take place in dark shadows. Safe places need to stay safe places. 

This thought process seems to relate to Jim Ritchie’s higher ground. A good leader takes others with them to higher ground. We can raise the standard of how we treat people and where safe places are in this world. That can be done through any venture we engage in, even a company like Trimlight.