December 16, 2016
This week was the last week of business class. We had many memories and lessons learned through out the span or this semester. Many of them I feel impacted my life for the positive. In the first book we read, it had this quote that was along the lines of "For hope without a plan is much like an airplane without an engine: it may look really nice, but until its airborne, its not achieving the true purpose of its creation." This stuck with me and I thought it was a cool quote, it made me realize that before last year, I always had the goal of being a millionaire but last year I just made a plan. Over Thanksgiving, I made a new plan that I feel is more effective. I learned more on my on time so I can apply more to my future. I learned more about liabilities and assets. One of my favorite things about that is this one thing about liabilities. It said why poor people are poor, is because they have nothing but liabilities, why middle class is middle class is because they have good income but they invest in liabilities thinking they are assets, such as houses. Houses are assets but only after the 30 years it takes to pay off the mortgage but paying the interest you pay on that is usually more than the house. A rich person is rich because they invest in assets which builds up their money over time. Hints the rich get richer and the poor get poorer. So I feel like that helped me out in deciding what I want to do. Another big take away from this class was about failure. Our whole life, through school, we are taught that failure is a bad thing. Failure is usually accompanied by scorn. So during our lives we associated failure with negativity, so people are usually afraid to fail when they shouldn't be. If you want to start a company, try. Failure is more so a good thing than negetaitve. Yes, it would be better to succeed the first time around but you really don't learn as much from that. Thomas Edision said that failure is just finding out a way that something doesn't work. So if your business fails, then you can try again, just not the same way because you know that that way does not work.
Friday, December 16, 2016
Saturday, December 10, 2016
Post 13... I think. 12/10/16
December 10, 2016
This week we read about Randy Haykin. In it he talked about how you need a partner in one's business venture. He talked about how you need a business partner that needs to compliments you, not match you. Having a business partner that matches you is pointless. You pay somebody to have the same option as you basically. If you have somebody that has the same option as you in most things, it doesn't help you and it wouldn't help you grow at all as a person or company. If you had somebody that complimented you, you would have somebody to do things that you couldn't do before. It would help your company grow, and even if you don't like their input, then they might helpful because it's not the same set of eyes looking at it which could help your company. Having somebody that compliments you is like having a puzzle piece that fits you, not like having a piece that is the same yours. Having a partner that compliments you is what will help your company grow. In your life, you should also spend your time learning. Knowledge is one of the best things you can have in your life because it helps you out later down the road. Even if it doesn't apply to what you need in business, it may help.
This week we read about Randy Haykin. In it he talked about how you need a partner in one's business venture. He talked about how you need a business partner that needs to compliments you, not match you. Having a business partner that matches you is pointless. You pay somebody to have the same option as you basically. If you have somebody that has the same option as you in most things, it doesn't help you and it wouldn't help you grow at all as a person or company. If you had somebody that complimented you, you would have somebody to do things that you couldn't do before. It would help your company grow, and even if you don't like their input, then they might helpful because it's not the same set of eyes looking at it which could help your company. Having somebody that compliments you is like having a puzzle piece that fits you, not like having a piece that is the same yours. Having a partner that compliments you is what will help your company grow. In your life, you should also spend your time learning. Knowledge is one of the best things you can have in your life because it helps you out later down the road. Even if it doesn't apply to what you need in business, it may help.
Saturday, December 3, 2016
Week 12 12/3/16
December 3, 2016
This week, we finished up the book A Field Guide For The Hero's Journey; great read by the way. Writing a book report on it, I had a realization that the main reason that people don't start their own business, is because of their fear of failure. The thing is thought, that most people fail, failure is a part of life. It is school that teaches us to be afraid of failure when all failure is, is a way something doesn't work. If you view it that way, the Thomas Edison way, I should call it, then you will never be afraid to do something. If somebody told you that if you started a business, that you are going to fail many times, you are a lot less likely to do it than if the person said, you will find a lot of ways it won't work. The problem with people is that we associate failure with negative when it is actually one of the most useful things. When a baby learns to walk, they don't "fail" a bunch of time per se, they just found a ton of ways it doesn't work, but it doesn't stop them from trying over and over again. So pretty much the realization I had this week, was failure happens, get over it.
Another thing we did this week was read "What's a Business For?" With this we got some questions. One of which was "Why are virtues and Integrity so vital to an economy. The main reason I found was that in 2001, the top 100 NASDAQ companies overstated their audited profits by S100 billion, making them look better than they actually were. The second question, "what is the 'real justification' for the existence of businesses?" The reason is for business to make a profit so they can do something better with themselves. I feel that is similar to a single person. If they are making one million dollars a year, that would be great, but if they invested it, they could make a lot more. Same with a company, if they invest their profit into making their stuff better, more people would buy making them more money.
This week, we finished up the book A Field Guide For The Hero's Journey; great read by the way. Writing a book report on it, I had a realization that the main reason that people don't start their own business, is because of their fear of failure. The thing is thought, that most people fail, failure is a part of life. It is school that teaches us to be afraid of failure when all failure is, is a way something doesn't work. If you view it that way, the Thomas Edison way, I should call it, then you will never be afraid to do something. If somebody told you that if you started a business, that you are going to fail many times, you are a lot less likely to do it than if the person said, you will find a lot of ways it won't work. The problem with people is that we associate failure with negative when it is actually one of the most useful things. When a baby learns to walk, they don't "fail" a bunch of time per se, they just found a ton of ways it doesn't work, but it doesn't stop them from trying over and over again. So pretty much the realization I had this week, was failure happens, get over it.
Another thing we did this week was read "What's a Business For?" With this we got some questions. One of which was "Why are virtues and Integrity so vital to an economy. The main reason I found was that in 2001, the top 100 NASDAQ companies overstated their audited profits by S100 billion, making them look better than they actually were. The second question, "what is the 'real justification' for the existence of businesses?" The reason is for business to make a profit so they can do something better with themselves. I feel that is similar to a single person. If they are making one million dollars a year, that would be great, but if they invested it, they could make a lot more. Same with a company, if they invest their profit into making their stuff better, more people would buy making them more money.
Friday, November 25, 2016
Post 11 11/25/16
November 25, 2016
This week has been an interesting one with Thanksgiving and all. This week the main video that stuck out to me was the one with Jim Ritchie. He talked about Financial Fitness and in that he talked about accounts. He said we should have many accounts for different things. The first one is an individual savings account that we need to put a set around of money in each paycheck. The next account is the budget account. That is where the majority of the money goes, it covers things like house payments, utility bills, Food cost, car payments, just basic living expenses. The more fugal you are with the spending in your budget account, the more you can put in to your independent account. He then goes into saying how you should never use a credit card unless if you are able to pay it off with your budget account by the end of the month so you don't accumulate debt. The next account is a non-budget savings account. This is for birthdays, Holidays, Cars, random hospital bills, etc. The next is a Wish list savings account where you put money in for cruises, or a dream car, or something of that matter which takes a little bit of time to save for. Then the most important is the gold account. First you have to save up in your independent account until you have enough money to buy stocks, bonds, and other appreciating things. That goes into your gold account and then you can take the earnings with those and put them into other accounts. But you must keep the principle in the gold account. Another thing we did this week was read a thing called "Attitude on Money" and with that a few questions were asked. There were a few questions asked with it, the first being, "How do you view money?" I used to think of money as something that was important to buying things but not much else went into it, as I got it, I spent it. Being in college, having to pay for everything make my perspective change. Now I can't just spend it as I get it, I have to save it and cherish every dollar I earn. The next question asked was "How can your view of money affect the way you live?" Depending on how you see money, whether it is meant to be saved or meant to be spent, will affect you later down the road. If you spend it when you get it, it allows you to buy small things all the time but it will be difficult to buy a house and what not. If you have been saving it your whole life, you didn't get little things when you were younger that you wanted that probably mean nothing to you when you get older, but then you have money for your family, vacations, a house, a car, and you are able to reward your hard work better. The final question was, "What rules were recommended for prospering?" There were six rules recommended in the article, they were,
"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."
That will help you live a prosperous life.
This week has been an interesting one with Thanksgiving and all. This week the main video that stuck out to me was the one with Jim Ritchie. He talked about Financial Fitness and in that he talked about accounts. He said we should have many accounts for different things. The first one is an individual savings account that we need to put a set around of money in each paycheck. The next account is the budget account. That is where the majority of the money goes, it covers things like house payments, utility bills, Food cost, car payments, just basic living expenses. The more fugal you are with the spending in your budget account, the more you can put in to your independent account. He then goes into saying how you should never use a credit card unless if you are able to pay it off with your budget account by the end of the month so you don't accumulate debt. The next account is a non-budget savings account. This is for birthdays, Holidays, Cars, random hospital bills, etc. The next is a Wish list savings account where you put money in for cruises, or a dream car, or something of that matter which takes a little bit of time to save for. Then the most important is the gold account. First you have to save up in your independent account until you have enough money to buy stocks, bonds, and other appreciating things. That goes into your gold account and then you can take the earnings with those and put them into other accounts. But you must keep the principle in the gold account. Another thing we did this week was read a thing called "Attitude on Money" and with that a few questions were asked. There were a few questions asked with it, the first being, "How do you view money?" I used to think of money as something that was important to buying things but not much else went into it, as I got it, I spent it. Being in college, having to pay for everything make my perspective change. Now I can't just spend it as I get it, I have to save it and cherish every dollar I earn. The next question asked was "How can your view of money affect the way you live?" Depending on how you see money, whether it is meant to be saved or meant to be spent, will affect you later down the road. If you spend it when you get it, it allows you to buy small things all the time but it will be difficult to buy a house and what not. If you have been saving it your whole life, you didn't get little things when you were younger that you wanted that probably mean nothing to you when you get older, but then you have money for your family, vacations, a house, a car, and you are able to reward your hard work better. The final question was, "What rules were recommended for prospering?" There were six rules recommended in the article, they were,
"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."
That will help you live a prosperous life.
Saturday, November 19, 2016
Week 10 11/19/16
November 19, 2016
This week we had a big project where we interviewed a successful entrepreneur. I interviewed Scott Seiferd. He has been through a big journey in his life, owning his first business when he was sixteen years old. He assembled a sales team and sold cartoon rendition business posters. He later opened up a restaurant, then another, and then started the company IPS which is doing well. He told me in this interview that you need to work very hard to be successful because not many people made it too far not working like an average person or everybody would have their own company. He also talked about getting connected with other companies and meeting new people because it helps with business. He also told me that I should not be afraid to fail because failure is usually part of starting a business. Failure does not mean that you failed, it just means you found a way it does not work. If you really want something, you will try hard enough until you find a way that it works. I am grateful that I had the opportunity to interview Scott and find the ins and outs of business.
This week we had a big project where we interviewed a successful entrepreneur. I interviewed Scott Seiferd. He has been through a big journey in his life, owning his first business when he was sixteen years old. He assembled a sales team and sold cartoon rendition business posters. He later opened up a restaurant, then another, and then started the company IPS which is doing well. He told me in this interview that you need to work very hard to be successful because not many people made it too far not working like an average person or everybody would have their own company. He also talked about getting connected with other companies and meeting new people because it helps with business. He also told me that I should not be afraid to fail because failure is usually part of starting a business. Failure does not mean that you failed, it just means you found a way it does not work. If you really want something, you will try hard enough until you find a way that it works. I am grateful that I had the opportunity to interview Scott and find the ins and outs of business.
Saturday, November 12, 2016
week 9 Post
November 12, 2016
One of the things we read this week in business was called "Leadership with a little 'L'" by President Kim b. Clark. In this he talks about three principles. The three are: first, Lead by Example; second, Lead by Vision; third, Lead with Love. The Savior was a prime example of this, exhibiting all three. I personally believe, or what I've seen work the best in my life, was the first principle, lead by example. It is really hard to tell people to live one way or do something that you don't do yourself. They hear you say that you want them to do something, but if you are doing something contrary to that, they think, "why should I do that if he isn't even doing it" and just throw it to the side. In another thing we read, "A Message to Garcia", it says that the rarest skill of all is the ability to execute. I thought of that for a little bit and realized that a ton of people have great ideas that they would make a ton of money from. It is just that nobody actually commits to them and making them a reality because they don't execute. They don't want to put in the time and effort it would take to make their idea become a reality. I just think that is sad but then again, I have fell into the same problem of not wanting to actually take action on my ideas.
One of the things we read this week in business was called "Leadership with a little 'L'" by President Kim b. Clark. In this he talks about three principles. The three are: first, Lead by Example; second, Lead by Vision; third, Lead with Love. The Savior was a prime example of this, exhibiting all three. I personally believe, or what I've seen work the best in my life, was the first principle, lead by example. It is really hard to tell people to live one way or do something that you don't do yourself. They hear you say that you want them to do something, but if you are doing something contrary to that, they think, "why should I do that if he isn't even doing it" and just throw it to the side. In another thing we read, "A Message to Garcia", it says that the rarest skill of all is the ability to execute. I thought of that for a little bit and realized that a ton of people have great ideas that they would make a ton of money from. It is just that nobody actually commits to them and making them a reality because they don't execute. They don't want to put in the time and effort it would take to make their idea become a reality. I just think that is sad but then again, I have fell into the same problem of not wanting to actually take action on my ideas.
Sunday, October 30, 2016
Post 8 10/30/16
October 30, 2016
This week we learned that you should never give up, or at least that's what I got out of it. Well that was one of the main things I got out of it I should say with Elder Hollands talk, "Good Things to Come". In that he said to never give up. Another big thing that was talk about were "The Whys" in a eCorner video. He talked about how we don't except or realized, is for every mechanical error, there is a human error behind it. You use the whys to trace back to the problem and see where it originated from. His example is was a site shut down because an employ input the wrong code, because he didn't have training, because the manager didn't believe in training. The manager was the why in the situation. This is where the problem originally came from so fixing that problem and making him train people would be a solution to that future problem. You could use this method for a lot of things in life if you just go back far enough. It is good to know this so if I do start a business, I can use this for it, or just in other aspects of my life.
This week we learned that you should never give up, or at least that's what I got out of it. Well that was one of the main things I got out of it I should say with Elder Hollands talk, "Good Things to Come". In that he said to never give up. Another big thing that was talk about were "The Whys" in a eCorner video. He talked about how we don't except or realized, is for every mechanical error, there is a human error behind it. You use the whys to trace back to the problem and see where it originated from. His example is was a site shut down because an employ input the wrong code, because he didn't have training, because the manager didn't believe in training. The manager was the why in the situation. This is where the problem originally came from so fixing that problem and making him train people would be a solution to that future problem. You could use this method for a lot of things in life if you just go back far enough. It is good to know this so if I do start a business, I can use this for it, or just in other aspects of my life.
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