A talk I never want to forget. Here so I can remember it as an entrepreneur later in life.

https://www.lds.org/general-conference/2014/10/are-we-not-all-beggars?lang=eng

2 paths!

This week's has, as usually, very busy. I had to work long hours. I am happy I can see my business growing and I am happy I can apply all the knowledge I am receiving as a BYUI student in my own business. 

I am at a point were I need to hire people. I see 2 paths in front of me:

1) I don't hire anyone, take all of the teaching hours and fit it into my agenda, making my profits go up, but the opportunity cost would be that I wouldn't have planning time or just regular  "office hour" time. I also woudn't have as much time to study and to spend with my family. 

2)I hire someone to take some of my classes and I see my accounting profit to go down in the short term, as my ATV increase considerably and the amount of hours sold not so much. Still, I would increase my capacity and be able to sell more tutoring hours than what I am able to sell now. I see this as an investment: Hard at first as I incur in a profit loss, but with a good future as my capacity will be increased, my office time, personal time and study time would also increase. In the long run, it would generate an economic profit. 

I really want to take the second path, and I am trying to stop and ponder about all of this.

*I also enjoyed your business 12 rules. I share many of them and I am interested in reading the book mentioned about money. By the way, when I read the Ministry of Business, the idea of organizing our finances having the gold account stuck to my mind and I researched some more about it. It wasn't until last week's Entrepreneur's hero video that I finally was able to understand HOW to put it into practice with the different accounts. I am happy to report that I made my first (and modest) financial investment this last week at the bank. I feel very happy I was able to apply this into my life. I look forward to apply that system with the different accounts into my life. It was the best idea I have seen so far... but now I am intrigued by this other book ;)

About the article, What's a business for:

As I read the material of the week, I enjoyed the HBR article.

• Based on what you read in the first two pages (pages 3 and 4), why are virtue and integrity so vital to an economy?
  
  With so many companies lying about their statements, it is hard to see the real position of economy. Int he article, we read that "John May, a stock analyst for a U.S. investor service, pointed out that the pro forma earnings announcements by the top 100 NASDAQ companies in the first nine months of 2001 overstated actual audited profits by $100 billion. Even the audited accounts, it now seems, often made things appear better than they really were." (emphases added)

• According to Charles Handy, what is the “real justification” for the existence of businesses?
  
  "The purpose of a business, in other words, is not to make a profit, full stop. It is to make a profit so that the business can do something more or better. That “something”becomes the real justification for the business.
  
  
• What are two solutions proposed by Handy that you agree with? Why?
  
   I agree with many of the suggestions, but I also disagree with some others. I see hiring someone as a business deal: I am buying that person's talents used in that set and agreed amount of time. I think the entrepreneur has to be in control of the company he loves, and created. but I am in complete agreement with the fact that we need to help employees grow, be able to express their opinions and be partakers of the company's growth (maybe with bonuses, not necessarily dividends) because they would be able to feel the result of their job, be happier and more productive. I also agree that the power of shareholders should be limited since they are focusing on earning money and not in the beliefs of the company.

My thoughts on $!

This week has been very full of work. I worked very hard and I notices everything was smother after I took the time to clean my office.
This week was the first institute class of the semester. Preparing institute classes (as a teacher) takes a lot of time and it was very nice to meet my new students and see how well prepared they are.
Institute teaching is an important part of my schedule as it takes up time I would otherwise be using to study or work.
I could see the tender mercies of the Lord as some of my students canceled classes and I could finish preparing my institute class.
I was also humbled: I am an on-line tutor, and this was my first on-line institute teaching experience... It is very different to teach to a whole group instead of just to a single student, as I do on a daily basis.
I also believe that learning how to manage my agenda as I have many activities to accomplish will help me to be a better entrepreneur.
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About the article:

• What is your attitude toward money?
  I never spend more than what I have. This was a decision my husband and I took before we got married and we have happily lived by this rule. If we want something we save the money first and purchase it later.
  I have savings. I am starting to make my money work for me as I start doing little investments with the bank. 
• How can your view of money affect the way you live?
  It can bring me peace of mind for the present and for the future! I know I can leave a few months without an income. As an entrepreneur I am have plans, but a change in the economy might change my income drastically, having savings -and a good food storage- helps me to have peace.
• What rules are recommended for prospering?
  According to the article "Attitude on Money", the recommendations are:
  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

One Step at the Time

This is my entrepreneur journal and here I have set the goal to record items I don't want to forget, that will be of help in the future to me in my entrepreneur journey.
This week I would like to register about studying. Many may say it is not related to entrepreneurship but I highly disagree: an entrepreneur is someone who is constantly learning and progressing personally.
I have found out that dedicating several hours to studying is not a lost time that is taking me away from my business and my family, but rather it is making me to become someone better, someone who can make better choices.
In this journey at BYUI I have used audiobooks, mp3s and Text To Speech apps as much as I can, but this week I couldn't really understand the math of my economy class until I sat down and read the book. So, to be effective and to really learn I have to combine my audio techniques with time reading, mainly when it involves math. I know I will do better this way.
I am happy and eternally grateful for the atoning sacrifice of Jesus Christ. I believe in the enabling power of the atonement and I know I can become whomever I wish to become because of it. What a great blessing it is to know that through repentance and through Christ we can be the kind of person we want to be.

Crazy week

This week has been different. It was the biggest holiday of the year and the city was empty.
My husband had to work on the holiday so I also scheduled some classes. It was a good time to update some tasks that were being left behind at the office.
It made me realize how much more time I actually have to spend doing office work.
My favorite thing about the readings was to study about "Good to Great". It is actually one of my very favorite business books. One of the ones I gained more insights from.
My favorite part is when the author talks about having the right people on the bus. I have had business partners in 3 different occasions in my life and I know how hard it can be to make a project grow without having the right people to work with.
Another point of the book I have been trying to ncorporate in my life is the hedgehog principle.
This week I have also learned very much from my econ class. We had a test and I scored 96%. I know I did so well in such a difficult test because I worked hard and prayed hard.
I want to remember these formulas so I can understand how to better set prices and better understand the demand (and the elasticity) from different products.
I hope I can make my company to become great. I have often pondered about the book's teachings, now is time to start applying those teachings to my life! I love being an entrepreneur!