Money & Life Balance

This week has given me an opportunity to reflect on what type of life balance I wish to have as an entrepreneur.  From discussions with classmates as well as my spouse, I have come to the conclusion that keeping my marriage whole is the most important thing I can do.  If I find myself in a situation that my marriage is suffering, I will stop what I am doing and reassess what I can do to strengthen my marriage.

I will make sure that I put some controls in place before I run into issues with my marriage.  Among them will be regular family meetings to measure each family member's current feeling of inclusion in what is happening with each other and the business.  I will make sure that my wife and I sit down and have a thorough discussion as to how much time needs to be spent with each other.  We will also discuss what types of things are important to each other in maintaining our family unit.  Examples would be to not check voicemails, text messages, email, etc. while we are having family time.

My attitude towards money is very simple; I consider it to be a tool.  Like all tools it has uses that are very desirable as well as uses that are not desirable.  I know that I will need a certain amount of money to support my family.  Once I have that amount, I am open to donating the remainder to helping other.  I know that having enough money saved up so that I am living off of the residual income will greatly enhance my ability to give to others.  It will also allow my wife and I the time we want to be able to serve missions together.

The way that I view money will have a profound effect on the way that I live my life.  When I am focused on attaining money, I will not be paying as much attention to other aspects of my life.  If I am viewing attaining money as a means to an end, I will still be able to focus on those things that truly matter to me.  Things like my family, giving service, fulfilling my church callings are what bring happiness into my life.  I want to keep them front and center in all of my endeavors.

Some rules that will help me to prosper include following the six steps in the Ministry of Business, having 10 or more friends that are older, younger, and the same age as me.  Having older friends will help give me perspective.  Having younger friends will give my energy a boost.  Having friends that are the same age as me will help to keep me grounded.  Another rule for prospering would be to continue to live a modest lifestyle.  This will make it so that I have the funds available to do what I want while not having to work an insane amount.

Becoming - Administrator vs. Entrepreneur

As I listened to the talk from Elder Oaks about becoming converted, I thought of how I could apply that principle to my goal of being an entrepreneur.  I fully realize that I am currently in the testimony stage of being an entrepreneur.  I know that being an entrepreneur is a good thing and I can tell others that same truth, but I am not ready to be one yet myself.

So the question arises, how do I change from being an administrator to being an entrepreneur?

I have to change my overall thinking pattern to allow myself to look more for the opportunities and less at the protection of current resources.  In some ways I am more of an entrepreneur, because I am comfortable at making a decision and going forward with it instead of requiring approval in advance.  In other ways I am very much an administrator because I see what will be needed to succeed and want to ensure that I have all needed supplies before starting.

One step that I feel will help me in my road to being an entrepreneur is to get out of debt.  I watched another video from Taylor Richards about being debt free as he pursued his entrepreneurial dream.  I realized that getting out of debt will help me obtain a level of comfort that I require emotionally to be able to take the risk of being an entrepreneur.

Understanding what I am capable of and comfortable with will help me to make choices that don't keep me up all night because I am stressed out.

I am not comfortable with change in general.  I know that it happens and that I can't stop it.  I feel that once I get my other areas of life in order, I will have more confidence in dealing with rapid change and striking out as an entrepreneur.

Leadership

What is leadership?

This is what I thought about most this week.  Knowing what makes a great leader and how to become one will be essential to me in my entrepreneurial endeavors.  As the saying goes, a leader without anyone following them is simply a guy going for a walk.

I want to be someone that people are willing to follow.  I was reminded by the readings this week about leadership with the small "L".  I was also reminded of the level five leader.  In many ways the level five leader is a leader with a small "L".

Being humble and self-effacing, but still driven toward your goal of greatness is a quality that I want to build within myself.

How do I go about doing this?

I need to lead by example.  If I am unwilling to do the thing that I am asking of others, few will listen to what I have to say, let alone follow me.  The example that I set will set a tone for my entire business.  The sense of urgency that I return phone calls to clients.  The way that I listen to others and try to understand them before I make a decision about what needs to be done.  All of these things will help to build the example of what I am looking for in others, but I must first establish them within myself.

I think I will focus on this first trait before worrying about the others.  If I am not able to lead by example, the rest really won't matter much, because I will be a guy going for a walk.

Rocks in the Road and Slaying Dragons

As I went through the readings this week, I kept thinking about a common theme.  There are going to be challenges in my future.  Some of them will be difficult.  Some will seem insurmountable.  Whether it is a rock in the road that I need to move in order to help others avoid misfortune or a dragon that I need to slay in order to complete my task, I will be challenged.

This is not a new concept.  I have been taught since my earliest years that anything worth having needs to be worked at.  We will eat by the sweat of our brow.  If I am not willing to put forth the effort to overcome my challenges, and challenges I will have, then I will look back with regret my entire life.

What are some of my challenges?  This can be hard to say.  I know that I am good at analyzing a situation and seeing the benefits of different outcomes.  It is more difficult for me to think of the situation in the first place.  My creative side is not as strong as my analysis side.

Another of my challenges, which may turn out to be one of my dragons, is that I am very introverted.  I have learned from various jobs to interact with others and to even speak publicly when needed, but it has a huge toll on me.  At the end I am exhausted both mentally and physically.  I can thrive in small groups, especially when I know some of them.  When I am put into a large group, say 10 or more, I become quiet and uncomfortable.  I tend to lose my ability to make small talk.  This was one of the challenges that I face when I was a store manager back in Illinois.  I am not sure that I will be able to slay this dragon.

I am trying to learn how to interact with large groups of people and not feel overwhelmed at the same time.  I think I need to sharpen my sword and polish my armor.  When they are ready, I may have more confidence in my task ahead.