RISKS IN BUSINESS, GETTING THE SKIN IN THE GAME

Risks in Business - Jan Newman - March 7, 2011
Rollins Center at BYU

Jan Newman, founder of Altiris, discusses the importance of taking risks and putting money into your business to help it to grow.


Watch video here -> Risks in Business


                         

WHY ARE ETHICS IMPORTANT?

It's often more difficult than it sounds, but it's important to be fanatically ethical when building a company, says Levinson. He believes people understand if it's an ethical environment right away. It is something that people gravitate to, he says, so you just have to build it early and never step off of it.

MAGDALENA YESIL

Magdalena Yesil, investor and former entrepreneur, must decide whether to become a venture partner at US Venture Partners. This case discusses career progression, entrepreneurship, and deciding. The following are some question that will help us put in the place of Magdalena Yesil.

1. How did Magdalena Yesil’s habit of lifelong learning benefit her career?

Since she was very smart and took every opportunity she had during her career she had always a new idea, an answer for a problem or difficulty she had the good side of the situation and always thinking about the results. Because she was that way anyone who worked with her knew she was good on what she was doing and wanted her to be part of a team or a company.

2. If you were in Yesil’s position, how would you respond to the offer made by USVP?

I am not sure about what my answer would be because that involved my private live and the consequences that will bring. For me personally both sides are very attractive. I know what it means to be independent, you can manage your time, and decide what is good for you and your family spend more time with them and be with them in important events. I also know the part where you can work 8 or more hours and have to be there every day, and especially if you are the owner or the investor that brings more responsibility and also more dedication, because you are not just working for you but, also working for those that work for you and their families.

3. How would you address the challenges to family life that this kind of career would present to you? Why would you remain or not remain in this type of career?

I think that when you are used to spend a lot of time with the family that kind of career could be difficult especially because it might require being far from home in especial occasions, even more if you are a mother. As a mother I think to be very organized and have family counsels will help a lot, because in that counsel the family is able to share the ideas, necessities, problems, difficulties and every necessity or achieve they have. It won´t be easy but with discipline that could work. In my opinion you can remain in this type of career only if you are sure you have the family necessities under control, if you plan your schedule before hand and if you have the support of the family, which is very important point for me.

4. Magdalena pondered one more transition, from entrepreneur to financier. What would you recommend she consider doing? Why?

I would recommend her to evaluate every situation that can be presented during the process of being part of the new transition, as I mention before the family plays an important role in our life and if we take a decision without asking them how they would feel or what they think about, consequences could be terrible. Another important part that I think she needs to think about it and as we learned last week is on how does she feel in this new adventure, does she like it? Does she think it is good for her? Would that new occupation will bring her happiness and give the best of her? It is important to feel comfortable in what you are going to do, to be sure you will enjoy it and that you are good at it.


If you want to read the whole Case, you can get the version in PDF @ Harvard Business Review

THE START-UP OF YOU by Reid Hoffman and Ben Casnocha

The first thing that caught my attention in this book was the phrase “All humans are entrepreneurs not because they should start companies but because the will to create is encoded in human DNA and creation is the essence of entrepreneurship.” This made me realize that everyone is capable of create innovative and different things. I really like the comparison it says in the book about our ancestor and how they had to create and use their own resources in order to feed themselves. Thanks to these new ways they founded out, they started to evolve. So from this part we pointed out the principle of adaptation

Also something that I could learn while reading was that this world has changed compared to the old world. Opportunities are everywhere but it will depend in us if we take them or leave it to another who is willing to take those opportunities. I was really studying the case of Detroit and it’s depressing to see how a big enterprise fell down because of the conformism of the people and the lack of adaptation they had. This part of the book where it says: “Detroit’s automakers lost their entrepreneurial spirit” reminded me about the story of Nephi’s people and how they progress in the land because they were industrious people and when they started to have the Spirit of entitlement, they perished in the land. The same happened to Detroit’s Automakers.

Also, I like the idea to have always a mindset of permanent beta because this will allow us to innovate constantly and try new things according to the market and the needs of our demand. I liked when in the book we read: “We are all works in progress”. We are living in a world that is constantly changing and because of it, we have to be able to adapt and progress if we want to compete with the others outside. As the author says “Get busy living or get busy dying”, It is in our hands.

The book also mentioned some principles that will help us develop our entrepreneurial spirit. 1^st) Develop a Competitive Advantage. This means that we have to be different from the others so our clients will prefer us rather than our competitors. I like the Zappos example and how they could go to the extra mile in order to make their clients choose them. This allowed to this Company strengthen the loyalty bonds of their brand in the mind of the clients. We have to have in mind that “a million people can do your job”.

There are fundamental pieces in this puzzle that will help us positing us in the market: a) Our Assets (soft and hard assets), b) Aspirations and values (Where I want to go in the future), c) Market Realities (What is people willing to pay me for).

2^nd) Plan to Adapt. This means that we have to be flexibly to what the market ask. The traditional 10 year plans doesn’t work anymore because of the constantly change of this world and we have to be prepared to take those risks, otherwise we might fail. Being flexible doesn’t mean we have to work without goals, we have to set goals and achieve them but in period of time accordingly with the offer and demand of the market. We also have to always have a plan B and if it’s possible a plan C or D when the A isn’t working very well. We are going to learn by doing most of the time.

3^rd) It takes a network. The relationships are very important nowadays and we have to focus in strengthen them; in other to use those relationships are valuable sources for the future. We have to remember that relationships are like any living thing: “If they’re not getting stronger, they’re getting weaker”. We can use Social Networks as part of our networking.

4^th) Persue Breakout Opportunities. We should look for great career opportunities not only good ones. Sometimes we have to go for randomness things and others we will have to use our resources because we have no other choice. “Making a decision reduces opportunities in the short run, but increases opportunities in the long run.”

5^th) Take Intelligent Risks. Risk is not an enemy, in fact is part of life and we should be aware and wise of those opportunities that other miss so we can take advantage of them. We have to understand that maybe something that for us seems risky for another doesn’t.

6^th) Who you know is what you know. The knowledge we need in this world is not static but it’s always changing. We need to use the information we have in order to get reliable sources and get where we want to go. This is when we use our networking. We study their preferences and we can get a better conclusion and not only a mere estimate.

In conclusion, we need to invest in our own skills, create a solid and reliable networking, we should be prepare to take intelligent risks in this changeable world, we should be willing to adapt and be in constant improvement, plan our career and define where we want to go; if we apply these principles in our life, the things we will get will be have more opportunities to succeed in this journey of ups and downs. It will depend in the attitude and capability we develop to take the opportunities that are spread in our market.

                               

To read the full book you can get it here The Start-up of you. 

REALLY ACHIEVING YOUR CHILDHOOD DREAMS

Randy Pausch’s Last Lecture: Really Achieving Your Childhood Dreams

Given at Carnegie Mellon University, Tuesday, September 18, 2007, McConomy Auditorium

Randy Haykin: "The Making of an Entrepreneur"

I will share a couple questions with you and I hope you can answer them as well.


1.-What was Haykin's "toughest hurdle" as a business leader? Why do the risks of entrepreneurship seem worth it (or not worth it) to you?

Haykings mentioned that "The toughest hurdle" that he had faced as a leader was a particular case with a start-up where things just did not look like they were going in the right direction.

He mentioned that some people  lost the path and for that reason the results were not the ones they expected he said: "It felt like a failure. It was heartbreaking to have to tell a team of fifteen people who had just put their hearts and souls into this project for the last twelve months of their lives, which we all thought was going to have a big payoff. The most difficult part as I was able to see was that he always thought in the team and their families, in how they will feel when see what was going on, he knew before hand that sometimes that happend but to face that was something really different.

I believe that this experience helped him a lot to not make the same mistakes in the future, even when is hard most of the time it is worth to make mistakes and learn from it.

2.-How did being a lifelong learner benefit Haykin's career? How could it benefit yours?

I think that to be a lifelong learner is good because nothing is said and won´t change. Things change all the time as he mentioned, today is hot in a summer day and tomorrow might rain even in a summer day. So too be able to learn everyday from our experiences and from what we see that happens around us is important. I feel that everyday change in small things help me make changes in my life and also to be aware of things that happen and to be focus on the path and be able to re evaluate my goals and the proccess.

If you want to learn more about Randy Haykin and this article, I highly recommend you to read his entire book or part of it in the Harvard Business School @Harvard Business School  or buy it in your favorite Book store.

50 things I want to do!!

Well this is basically a list of the things I'd love to do in a future. Hope you guys like it :)

50 Things I Want To Do!

1. Travel to Ireland.
2. Get married
3. Do parachute.
4. Learn to draw and paint.
5. Visit every LDS temple in Utah and the world.
6. Learn how to dance Salsa.
7. Read more books, especially President Hinckley’s book and some other sci-fi books.
8. Meet and talk with Stephanie Meier the writer.
9. Travel to Hawaii or any other Island.
10. Be professional at playing the violin as Lindsey Stirling.
11. Watch in live a game of Liverpool in the Premiere League.
12. Go to a BYU football game
13. Go to a BYU Basketball game.
14. Buy a house on the top of a mountain.
15. Own a horse.
16. Quilt a blanket.
17. Have or made my own garden.
18. Finish BYUI School.
19. Do snowboarding and buy my own equipment.
20. Help with interpretation for a General Conference.
21. Be assigned to help with interpretation for an Apostle´s wife when visiting Peru.
22. Go in a humanitarian project to any country in Africa.
23. Visit my family in Japan.
24. Go hiking.
25. Do snorkeling.
26. Go in a cruise.
27. Learn how to drive.
28. Learn ASL language.
29. Be professional at Skiing.
30. Take my family to a trip.
31. Go in a roller coaster.
32. Learn how to bake, especially bread.
33. Serve in a mission with my husband in the humanitarian department.
34. Died my hair blond.
35. Visit Jerusalem.
36. Go to a Jazz concert.
37. Learn how to play the piano.
38. Travel to Europe.
39. Stay in a nice hotel that I have to pay for
40. Host a party for all my friends and dance all night.
41. Go to a concert with Michael Bubble.
42. Swim with a Dolphin.
43. Ride an Elephant.
44. Learn how to speak Korean and Japanese.
45. Go to spa all day long with my closest friends.
46. Go to Disney Land.
47. Learn how to use skate.
48. Be able to buy all the shows I like.
49. Write every important detail of my life in my journal.
50. Buy a professional camera and take a lot of pictures.

"Your Whole Soul as an Offering Unto Him" by Elder David A. Bednar at Ricks College Devotional, Jan 1999

In a talk given to the young people by Elder Richard L. Evans, he talked about the importance of being faithful and competent. He said that we can acquire those skills, the techniques, and the knowledge in these times. He also said that along with that, we can have a spiritual commitment and a solid faith and cleanliness of life. He stated that there is nothing that we can´t achieve. We can be diligent in both our spiritual and academic pursuits or to be both faithful and competent.

We should understand that our experience in college is not just and experience to endure and get through with the false expectation that someday we will magically be different on the day we graduate, that is totally false. A college experience is a period of time where we develop, prepare our minds and abilities for weighty responsibilities that will come in the future.

Elder Richardson taught us that Faithfulness is related with diligence which means to love the process of learning. Those are essential skills for a spiritual, happy and productive life.
He said that there are two reasons why we must be diligent. First, we have to be a diligent student because this will show our gratitude and appreciation to our family. Second, because we have make covenant with God and we have a responsibility with him and with the church to be better persons in order to be prepare to serve in this work.

Been diligent and competence is related to the principles of sacrifice because it requires us to willingly offer anything and everything that we possess for the sake of the gospel of the Savior, and so consecration that includes and encompasses sacrifice and much more, and develop ourselves and live for the gospel.

During our period of learning at BYU-I online classes, we are preparing for the consecrated offering that we will place upon God´s altar. We must be anxiously engaged in the process of learning and do many things of our own free will. By doing so, we will be blessed and we would be pleasing God.

Read full talk @ http://www2.byui.edu/Presentations/Transcripts/Devotionals/1999_01_05_Bednar.htm

"Disciple Preparation Center" by Elder David A. Bednar in a BYUI Devotional, August 2004

It is very important for us to understand that we are so blessed to be part of great institution as it is BYU-I. We are living in hazardous and difficult time where we need to be prepared in order to face and go through those difficulties and also learning process.
Something that I like from Elder Bednar was when he compares the MTC ( Missionary Preparation Center) with BYU-I because both have the same purposes. The most important one is to create Disciples of Christ. He said “A disciple of Christ is one who is following and learning to be like Christ—learning to think, to feel, and to act as He does. He or she is striving to gain “. . . the mind of Christ” (1 Corinthians 2:16).

I think is a blessing to be able to attend and to study at BYU–Idaho because this is not just a university but it is a disciple preparation center. Elder Bednar said: “You are not merely university students. Studying here involves much more than taking tests and performing well in academic classes—although your academic development and performance truly are important. But there are essential lessons to be learned and preparations to be made at this DPC by the Lord’s latter-day disciples.” By knowing this, it can make me realize that there are many factors that we should take in consideration in order to be successful during this journey and throughout our life. One thing that came up to my mind was faith in Jesus Christ and obedience to the commandments.

Many times I have felt frustrated at some point during my education because of the difficulties of some of the courses; however I have been able to exercise faith and to act in order to be blessed. What if I don’t understand a class or an assignment? Well, I have learned that I have to put more effort and dedicate more time to do it. As daughters and sons of God, we have a divine nature and thanks to this we can be able to do anything we set in our lives.

I am so blessed to have the best education not only in the secular but in the spiritual. I can feel that this is a huge responsibility for us to do our best to become Disciples of Christ and be better tools in his hands.

Read more about this talk @ http://www2.byui.edu/Presentations/Transcripts/Devotionals/2004_08_31_BednarDavid.htm

Introduction: Glenda Caceres

I'm Glenda Caceres. I'm from Lima, Peru. I'm majoring in Business Management at Brigham Young University- Idaho with an emphasis in Entrepreneurship  Management. I am 23 years old and single. In December 2012, I graduated from my University here in Peru Majoring in International Business. Now I'm working in a Mining Company in the Import Area.

I’m a dedicated person in everything I do. I enjoy reading, because I believe that an educated person never stop learning new things. This also will help me develop new perspectives of how to resolve problems in my daily day. I am a very honest, loyal and committed person.  I have very high communication skills since I can speak in two languages with is very useful in this competitive world. For the past years I have worked in sales, administration, organization in different areas such as tourism and lately in the Mining industry. My experience includes communication and coordination with suppliers for all around the world and so the import and export of goods. I know that with my abilities and experience I’m very capable to add effectiveness to any company”

I also like to travel a lot. I have had the opportunity to live in Colorado and I just love that place. I love the snow and the cold weather, it is just perfect to skiing and snowboarding. I also had lived in Bolivia and it's amazing. I love to learn from new cultures. I think that enrich our perspective of life. I also like to read, listen to classic music especially Beethoven, Mozart, Berlioz, playing the violin and I enjoy music from the 80s and 90s as well.

If you want to get to know me more, you can check my Linkedin page or Facebook. 

https://www.linkedin.com/profile/view?id=177227628&trk=nav_responsive_tab_profile

https://www.facebook.com/glenda.caceres2