Journal Entry – Week 14

Capstone Lecture: My Advice to You

I think the main point I have learned and would want to pass on to anyone hoping to become an entrepreneur is to know yourself. You need to know your personality, your strengths and weaknesses, your interests as well as what does not interest you. You need to have a solid work ethic and a positive attitude to keep you going when times get tough, and a healthy dose of self-esteem and self-confidence to overcome any doubts that might arise as to whether you are cut out for the work you have before you. While some people accidentally fall into a business opportunity, others have to plan and prepare for years to make their dream happen. It is still imperative that they know who they are and what they are capable of. It would be foolish to start a business and then, with others relying on you for their income and welfare, decide it is too much work and you would rather be out playing golf.

Going back to the beginning, remember “The Formula for Success:”

James Ritchie: The Formula

1.      Get up early

2.      Work hard

3.      Get your education

4.      Find oil

5.      Make your mark   

6.      Prepare to serve/give back

            The first few of these steps to success require a person to know themselves and establish good personal habits. Steps four and five have more to do with knowing and understanding the needs of the world around you. Where can you find the “oil” and “make your mark?” This takes effort for most and luck for some. The last step, serving and giving back, has a lot to do with who you are as well. This is the mark of a real hero: what they do with the success they have achieved.

For those thinking of starting a business, I would caution you to perform a self-check to make sure that you are in a place in your life where you will be a leader with integrity. Some of the things we learned that are important for a budding entrepreneur to check are the following:

·         Do you give an honest day’s work for your pay?

·         Are you loyal to your employer?

·         Are you honest with the customers?

·         Are your products and services of the highest quality?

·         Do you charge fair prices?

·         Are you concerned for the welfare of your employees?

           If you feel that you are not in a position to live up to these expectations, get yourself straight before you put yourself in a position of leadership and responsibility for the well-being of others.

           In short, know yourself and then “to thine own self be true.” Be true to the principles you believe in, stick to your standards, and continue to improve.