Wednesday, July 25, 2018

The Last Lecture

As I reflect on this Introduction of Entrepreneurship course, I ponder on the most important concepts that I would relay if I had to give a last lecture on this material.  The concepts that stand out to me as the most important of all on the entrepreneur’s journey are 1) Determine where your passion overlaps with market demand and pursue your business in that area; 2) Define and commit to your guiding values; and 3) Don’t give up!

Passion and Market Demand
I love the advice to find your passion, what you love to do.  Those activities and interests that you can lose all track of time when you get involved in them.  Then within that circle of interest and passion, determine where these interests overlap with a market demand.  What goods or services would people pay for that fits within your circle of passion and interests.  How can you take what you love to do and turn it into a business that will lift and benefit others.

Define and Commit to Your Guiding Values
No amount of money or power will compensate for a breach of your personal integrity.  By determining what you core guiding values are and the moral lines that you will never cross you are setting up guardrails to keep you on the right track.  Documenting these guiding values and keeping them at the forefront of your priorities each day will help you gain the respect of others and that in turn will eliminate much stress and turmoil as well as benefit your business.  So much of business is carried out through trusted relationships with others.  As you demonstrate consistently to others that you are a person of integrity who does not compromise on your values you will build trusting relationships that will be valuable both to you as an individual and to your business.

Persistence – Don’t Give Up!
So many entrepreneurs have to overcome many obstacles before finding their success.  Just because your first ideas or attempt at a business are not successful does not mean you do not have greatness ahead of you.  Every life experience is a lesson to be learned and will get you closer to your goals. Many successful entrepreneurs are not the best in their field but most, if not all, are diligent and persistent in pursuing their goals.  There are countless examples of very successful entrepreneurs that have failed many times before finding their way to success.  Don’t ever give up and Enjoy the Journey!

The Last Lecture

As I reflect on this Introduction of Entrepreneurship course, I ponder on the most important concepts that I would relay if I had to give a ...