Last Lecture

My journey this semester has been exceptional.  I registered for this class with mixed feelings.  Part of me just wanted to get it over with, part of me wanted to prove that I could do it and the rest of me wanted to run away and just consider alternate courses that would count towards my degree.  I had no idea what the $100 challenge was, but I knew it had something to do with starting a business.

Anxiety built as the weeks passed that led to the beginning of the fall semester.  I dove into the curriculum with trepidation.  As the course progressed, one step at a time I was tackling all the challenges before me, even the $100 small business challenge.  There is now a sense of relief that this particular project is completed, but more elation in realizing how much I have learned this semester.

At the close of the semester, there are several trends that stand out from this semester.  I find that they are things that apply in so many aspects of life.

• The only business worth starting is a business that can thrive.
• Research and planning are required, not optional.
• Build a strong network of individuals that can challenge you, support you, mentor you, work with you and dream with you.
• Meet challenges head-on and learn to recognize quickly which challenges are worth surmounting and which challenges are queues to move on.
• Do what you know and love what you do.
• Find a greater cause to work for than an inflated paycheck.

Somehow, these high-points only seem to scratch the surface of lessons I learned this semester, but they pinpoint the principles that have given me a fresh outlook.

Failing Forward

$100 Challenge Update:

The $100 Challenge project has been wrapped up.  This week I completed my presentation and shared it on a discussion board with my fellow class members.

Weekly Highlights:

This week was filled with discussion boards.  There was one discussion board dedicated to the study of Steve Jobs and another discussion board for an entrepreneur of our choice.   I learned quite a bit about Steve Jobs.  Some of the highlights of the Steve Jobs materials studied are:

·         Move past set-backs swiftly and recognize their future value (Jobs calls this connecting the dots).

·         Do what you love doing, after finding your passion.

·         Know when to say "No."

·         Surround yourself with a great team. Hire people that could replace you, not just stay your subordinate.

·         Learn to be a great communicator.

·         This might be my favorite, "Changing your mind is a sign of intelligence."

·         Customers don't know what they want next.  Customers may be able to give valuable feedback about service and current products, but they generally won't be the source of new ideas.

The entrepreneurs I selected for the “Trail and Error” discussion board was the Wright brothers, Orville and Wilbur.  The highlights I gleaned from study of the Wright brother’s story are:

·         Do your research.  The Wright brothers were very hard working and very inquisitive.

·         Little successes can keep you going, but learn when to recognize the ideal time to “go public” with new ventures.

·         Progress only as fast as it is feasible.  Take one step a time and don’t try to skip forward, risking incomplete execution of a seemly less significant step in the process.

Most of my research of the Wright brothers was based on an article found on success.com. 

http://www.success.com/article/profiles-in-greatness-wilbur-and-orville-wright

Family Businesses & Buyouts

$100 Challenge Update

This project is complete.  I have begun working on my presentation for next week.

Weekly Readings & Studies

Case Studies:  I reviewed a case study of the DAG group and the Rogers Family real estate investment business.

Discussion Boards:  I researched businesses that are for sell in the area that I live.  I found a tutoring franchise that looked interesting.  My husband and I have talked about owning a business before.  The reality of this would most likely take a lot of savings on our part.  There was another discussion board about being a consultant for a family business needing to identify a successor.  This case study made me think of my grandfather who owned a ranch.  It’s not a portable business so his options were limited.  A succession plan was very important to keep his business going.

Acton Hero: Erick Slabaugh

http://www.actonhero.org/celebrating-heroes/stories-of-heroes/index.php?hero=erick-slabaugh

This is such a poignant hero to study during this week while our studies are focused on family businesses. Slabaugh brought Absco to the number one slot in their field. Listening to his story solidified what I have thought about some of the difficulties of being a business owner.  Peers might look at you differently because you may not have everything they do and you have to live a different lifestyle, but the quality of life later on will be flipped.  Then people saw you were "lucky," not realizing all the work it took to get you to that point. Slabaugh came back to his dad's business when things seemed bleak.  He helped turn things around, bought all the equity in the company and built the business into something phenomenal.

My favorite quote from Slabaugh during the interview was, "Entrepreneurship is a wonderful way to go. If you choose to, it can be an adventure, but it also comes with a responsibility."  This is such a great quote because it can apply to all entrepreneurs.