My Entrepreneurial Notes

One of the 7 habits in Stephen Covey's 7 Habits of Highly Effective People is to Begin with the End in Mind. Covey states, "It’s easy to get so caught up in climbing the ladder of success that you fail to make sure the ladder is leaning against the right wall." I don't want to get to the end of my life and feel like I worked toward meaningless goals while neglecting my greatest blessings. Covey talks about developing a mission statement to keep the most important goals at the forefront of our lives. I wrote a mission statement with my family which states, Hales Family Mission We Do Hard Things while Loving and Serving Others This statement reminds me to work hard by setting goals while never forgetting to put each other, and other relationships first. We know service is necessary to live meaningful lives, to become like our Savior, and provide relief to those in need. Our mission statement is being placed in an area where I will see it daily so it will se...

This week I listened to talks from entrepreneurs who have successfully run businesses while prioritizing their families. They also prioritized God by serving in their church callings. In order to do this, they set up rules and then consistently lived by those rules. As I thought about their examples, I made some rules for myself. First, I will not start my school work until I have spent time praying and studying scriptures. These are the two most important things I can do during my day, and they are too easy to set aside when I get busy. Next, I will always study Come Follow Me with my family before my kids go to school. We have already made it a habit and I will not let anything take its place. Dinnertime is my favorite time with my family! We have great discussions and enjoy spending this time together. School work will never take place of this quality time with my husband and kids. These are three boundaries I will always stick to, no matter how busy life gets. One of my favorite ...

In A Hero's Journey, two principles stuck out to me and have been on my mind this week. The first is that all of us have a special mission on this earth. To know my mission, and entrepreneurial calling, I need both faith and courage. Through life experiences I have learned that sometimes the faith required means giving control over to the Lord. When I try to accomplish everything on my own and find my own path, I don't end up where I really want to be. When I pray daily for guidance and listen to the promptings that come, I end up in a much more rewarding and beautiful place. I also need courage. David O. McKay said, "The greatest need in the world today is faith in God and courage to do his will." If I want to find my entrepreneurial calling, I must align my will with God's plan for me. The second principle is to learn to live a life of meaning. One of the best ways to do this is to find great role models and ask great questions. This week I had the opportunity...

Becoming a Leader and Managing Risk This week I finished reading Launching Leaders. It is such a valuable resource as I plan my future. I have really appreciated the attention to finding a calling that aligns with God's will rather than just trying to figure out how to make money. I feel more at peace when I ask for God's help and guidance. This week I also delved deeper into my fears. Earlier this semester I read a statement about how risk isn't always a bad thing and it changed my way of looking at risks and fears. I realized I could calculate my risks by evaluating worst-case scenarios. This week I had the chance to write about those worst-case scenarios, while planning for mitigation and resolution. This really helps me realize I can take calculated risks, which is exciting! These questions were posed to me as I evaluated risk: 1.   If you pursue your calling with discipline, intentionality, and the help of fellow travelers, what are the chances that your worst ...

I've studied and pondered the topic of honesty and ethics this week. I found this great quote from Sheri Dew, "Living with integrity isn't necessarily easy, but it is far easier than the alternative. Integrity engenders confidence and peace of mind, whereas breaching integrity always has painful consequences." When I was a child, I once lied to my teacher about an assignment I didn't complete. I told her that I had lost it, when in reality I never completed it. She was a kind and caring teacher. I felt terrible for treating her that way for many years. The consequence was quite painful for me. As a young adult I made the decision to always be honest. I decided that honesty was one commandment I could (and would) keep perfectly. I have stuck with that commitment and many times it hasn't been easy. It has always been worth it, though. As I thought about business ethics, I remembered a story I heard years ago about John Huntsman. He once agreed to sell a busi...

Randy Pausch was always dreaming as a child. He achieved many of his childhood dreams because he was tenacious. When he applied for his dream job at Disney and was told no, he didn't give up. Instead he saw it as an opportunity to gain more experience and prove to Disney and others how hard he was willing to work for what he wanted. It is easy to get discouraged when told no, but discouragement doesn't lead to growth. Randy chose to look at the answer no in an optimistic way. He said, "experience is what you get when you don't get what you want."  His parents played a role in helping him achieve his goals by encouraging his creativity. They could have painted over the math equations he wrote on his bedroom walls, but they let him express himself in a way that allowed him to dream big. He encouraged parents to value their children's creativity by allowing them to draw on their walls. As a parent myself, I love the idea of giving my kids creative space to drea...

On Monday I started Fall classes at BYU-Idaho. I decided recently to return to school to earn a degree in Business Management. I have never before taken a single business class, so I was extremely nervous Sunday evening. I wondered if I would completely fail or end up bored out of my mind. Neither of these has happened and my anxiety has been replaced with excitement. I have barely scratched the surface and have already gained a bit of confidence and learned valuable lessons. I read part of a book titled, The Start-Up of You, by Reid Hoffman and learned a principle I can apply to a challenge I have faced. I took these notes: Risk:   We tend to overestimate it   Uncertainty is not the same as risk   I can become risk resilient   Evaluate the worst-case scenario when deciding if a risk is worth taking Understanding risk this way has completely opened up new possibilities for my family. My husband, Jason, and I have wanted to buy rental properties in our a...