My Entrepreneurial Journey

 30 September 2023 This week's lessons were all about finding distributors and manufacturers and learning about affiliate marketing and drop shipping. I also learned the importance of comparing different ideas and suppliers by quantifying and comparing them on a spreadsheet. Finding a wholesaler isn't much of a problem. Finding the right wholesaler for you and your business is imperative. Price, dependability, and product quality are all factors to consider when comparing different suppliers. Evaluating different business ideas is similar to finding a wholesaler. You need to compare the pros and cons of each and find the right fit for your background, goals, and interests. Drop shipping might be a perfect fit for someone who wants to sell a particular product or make it their own with a personal brand. Affiliate marketing is great for someone with an established online presence with many followers. They already have an audience to link to other businesses and products. I

 23 September 2023 This week has been an eye-opener. I have enjoyed reading the different scenarios and visiting the optional resources websites. I had no idea of the many web business ideas that are available! Reading the optional resources was a "going down a rabbit hole" experience. I would click on one website, which would recommend another, etc. I became excited about the many ways to run a web business, and my creative side wanted to experiment with ideas popping into my head. Studying the case of Joe and his friends made me realize there are many complicated decisions to consider when beginning an online business. Evaluating factors such as time, start-up costs, demand, and competition must happen before I find the right idea. I already have a product I would like to make a website for. My husband and his best friend have started a laser engraving business. They sell their products in a local grocery store, by word-of-mouth, and at craft fairs. We want to have the

  15 December 2021 What would I share about what I have learned from this course if this were my last lecture? I would share how important it is to align their life with God’s will.   God can do more with their life than they can.   And if they make God a partner in all their endeavors, they can become the person He wants them to be.   Furthermore, they will accomplish what He wants them to achieve.   Steven A. Hitz said, “Charting your course with God will give you both guidance and protection.   It will empower you to live a life of meaning and happiness now and into the future” ( Launching Leaders , pg. 73). What would be my last bit of advice to someone wanting to begin the entrepreneur journey? Follow “The Formula.”   1.       Get Up Early 2.       Work Hard 3.       Get Your Education 4.       Find Your Oil 5.       Make Your Mark 6.       Give Back Giving Back is the essential part of The Formula.   Jim Ritchie teaches, "the ultimate purpose of The For

  11 December 2021 I enjoyed this week's study, "A Journey of Gratitude."   Some things that touched my heart were reminders of things I already knew.   Others were new concepts and ideas. First, “An Attitude of Gratitude” by Thomas S. Monson was a great reminder of everything I have in my life to be grateful for: my family, friends, opportunities, and especially my Savior, Jesus Christ.   Having gratitude can change a terrible day into a joyful experience.   I am very blessed in my life, but I tend to focus on what I DON'T have, leaving me dissatisfied.   Focusing on thankfulness keeps me satisfied.   Thinking of all God has blessed me with makes me feel humble. Second, Stan Christensen advises finding a job that is fun and enjoyable.   I have experienced this in a few jobs I have had in the past.   When the job is fun, I love to be there and help contribute to the business's success.   As I reflect on past jobs, I remember the feeling of peace and satisfac

  4 December 2021 Virtue and integrity are vital to an economy because people will quit investing in business if they are dishonest in their reports and dealings.   Public opinion can bring a business down if they decide to invest elsewhere.   Charles Handy said, “Markets rely on rules and laws, but those rules and laws in turn depend on truth and trust.   Conceal truth or erode trust, and the game becomes so unreliable that no one will want to play.” (What’s a Business For? pg. 3) When we run a business, it's essential to be honest in everything we do.   When our customers trust us, we keep their business.   When our employees trust us, we gain their loyalty. Charles Handy says a business should "make a profit so that the business can do something more or better." (pg. 5) So, what a company does more or better with its profit is the "real justification" for business. I agree with Handy’s suggestion to share profits with the employees of a business.   I fe

  27 November 2021 My attitude toward money?   Money is a necessity to provide for our families, help other people, and achieve our dreams.   My parents have been great examples of living honestly.   They have made their obligations to the Lord (tithing, fast offerings, missionary service) a priority and have taught all of their children to honor those same obligations.   Not only have they been honest with the Lord, but they are also honest with their fellowman.   They have taught through example to pay bills on time.     I feel the same way about money as my parents do.   I pay my tithes and offerings first before anything else.   The Lord has blessed me so much; giving back what he asks has blessed me even more.   I also pay my bills right after paying the Lord.   We must meet our obligations before we spend money on anything else.   I feel I can use my money to bless others.   The scriptures teach, "For of him unto whom much is given much is required;" (D&C 82