Week 6: So You Want to Be an Entrepreneur?

 

Entrepreneurial Discovery Diaries:

A Journal

by Nicolette Semmelmeyer

Week 6: So You Want to Be an Entrepreneur?

This was actually a very light week for me. I was able to get mostly all of my assignments done on Tuesday in the early evening! I'm not sure if it was due to some good time management on my part or what but I am very pleased! With this extra time, I will have the ability to further reflect and get some initial planning done for my business idea. From the assignments in BUS 110 this week, I gained some great insights into becoming an entrepreneur and prioritizing your time when becoming one. 

Reading

"Mastery"

In chapters 5-9 of "Mastery," George Leonard explores the intricacies of achieving mastery through the lenses of instruction, practice, surrender, intention, and the edge. These chapters resonate deeply with my journey as I cultivate my business idea. From seeking quality mentors to embracing the rigors of daily practice, these principles have become my roadmap. Surrendering to the unpredictable journey of entrepreneurship, setting clear intentions for growth, and pushing the boundaries of innovation are my key takeaways. This guidance not only shapes my approach to business but also underscores a broader philosophy of life: embracing continuous learning, resilience, and growth. These lessons form the backbone of my strategy as I navigate the complexities of launching and growing a business that is both innovative and grounded in the mastery of its craft.

"Success is Gauged By Self-Mastery"

Reflecting on President N. Eldon Tanner's insights on "Success Is Gauged by Self-Mastery," I'm invigorated to apply these principles more consciously to my life, especially my business venture. Tanner's emphasis on self-discipline and mastery over one's desires and impulses strikes a chord with me, reminding me that the path to success in entrepreneurship, as in life, is paved with personal integrity and steadfastness. This discourse has led me to reevaluate my business idea, recognizing that true progress and innovation stem from a foundation of self-control and a clear moral compass. It's a powerful reminder that, whether facing challenges as an entrepreneur, a mother, or a student, the key to moving forward lies in mastering oneself. Tanner's teachings inspire me to approach my business with renewed dedication to my values, ensuring that every step I take is aligned with the principles of honor and virtue, setting a course for not just commercial success, but a life of meaningful achievement.

"So You Want to Be an Entrepreneur"

Embarking on the entrepreneurial journey demands more than just a fervent spirit; it necessitates a strategic approach to acquiring knowledge and skills crucial for success. This involves understanding the competitive landscape of your industry, mastering the daily operations of a growing business, and becoming adept at raising capital. By actively seeking experiences that fill these knowledge gaps, aspiring entrepreneurs can significantly enhance their odds of success. The essence is not merely in dreaming big but also in meticulously preparing oneself through continuous learning and strategic networking, thereby laying a solid foundation for entrepreneurial endeavors.

The article has been a catalyst in refining my approach to my business idea, emphasizing the importance of a well-rounded entrepreneurial education. It has highlighted the necessity of immersing myself in the industry I aim to enter, understanding its nuances, and identifying the skills I need to develop. This insight has prompted me to seek out specific learning opportunities and networks that align with my business goals. By focusing on these strategic areas, I'm better positioned to navigate the challenges ahead and steer my venture toward success with confidence and competence.

"How Entrepreneurs Craft Strategies That Work"

The article "How Entrepreneurs Craft Strategies That Work" by Amar Bhide in the Harvard Business Review profoundly resonated with me, particularly regarding its insights into entrepreneurial strategy and execution. It underscores the importance of action over exhaustive planning in the startup phase, highlighting the effectiveness of a pragmatic approach to business strategy. This perspective is immensely relevant to my potential business, as it emphasizes the value of adaptability and quick decision-making. It made me rethink the balance between planning and flexibility, inspiring me to adopt a more dynamic approach to refining and executing my business idea. This balance between strategic foresight and operational agility could be the key to navigating the unpredictable waters of entrepreneurship.

Videos

"The Entrepreneur and the Family"

Steve Blank's insights on balancing entrepreneurship with family life struck a chord with me, emphasizing that a boundaryless life isn't a prerequisite for success in startups. His personal heuristics, such as setting firm family rules like regular dinner times and dedicating weekends to family, highlighted the importance of establishing boundaries to preserve personal relationships. This resonated with my own journey, underscoring the necessity of creating a structured balance between my entrepreneurial aspirations and family commitments. The key takeaway for me was the imperative to proactively set rules and boundaries to avoid letting the startup world consume every aspect of my life, ensuring a fulfilling personal and professional existence.

"Three Lessons About What It Means to Be an Entrepreneur"

Wences Casares' reflections during his talk at Endeavor’s Entrepreneurs’ Summit shed light on three profound lessons about entrepreneurship that resonate deeply with me. First, the inherent nature of being an entrepreneur—something that's more of a calling than a choice, highlighting the unstoppable drive within. This reminded me of my unyielding passion for my business idea and the realization that my entrepreneurial spirit is a core part of my identity.

Second, Casares emphasized the invaluable asset of time over money, urging entrepreneurs to think long-term about their professional lives. This perspective has led me to consider the broader impact of my business endeavors, focusing on sustainable growth over the years rather than quick wins.

Lastly, his critique of being a "serial entrepreneur" as opposed to committing to a single venture for the long haul struck a chord with me. It made me ponder the depth of impact and value creation that comes from dedication and persistence with one venture, shaping my approach towards nurturing and growing my business with a long-term, monogamous mindset.

Loyalty to God and Family

Jan Newman's lecture on "Loyalty to God and Family" provided a profound perspective on balancing personal, professional, and spiritual commitments. Newman emphasized the critical importance of not letting the pursuits of career or personal hobbies compromise our core values and responsibilities towards family and faith. This message resonated with me deeply, reinforcing the idea that amidst the hustle of entrepreneurial endeavors, maintaining loyalty to one's family and spiritual beliefs should remain paramount. My key takeaway was the necessity of setting priorities that honor these commitments, ensuring that my actions align with my values, and remembering that the most enduring legacies are those of family and service, not just business success. This insight has encouraged me to reflect on my own priorities and how I can better integrate my entrepreneurial ambitions with my family life and spiritual values.

Reflection

Reflecting on a surprisingly light week that afforded me the luxury of early assignment completion and precious time for business planning, my exploration into entrepreneurship has been both enlightening and grounding. The journey, as underscored by insights from "Mastery" and lessons on self-discipline, strategy, and balance, has deeply influenced my approach to entrepreneurship. It's a path not just of business creation but of personal growth, requiring a steadfast commitment to continuous learning, ethical integrity, and the delicate balance between professional ambitions and life's core values. This venture into entrepreneurship, inspired by a blend of scholarly insights and practical wisdom, reiterates the importance of navigating this journey with purpose, resilience, and a heart for meaningful achievement, tying back to my initial realization of effective time management as a precursor to entrepreneurial success.