1: Learn

“My Readiness for Business Success: Learn,” Starting and Growing My Business for Self-Reliance (2017)

“My Readiness for Business Success: Learn”

Learn

Maximum Time: 55 Minutes

1. Acting on Correct Principles

Read:

Many principles contribute to business success. Some of these are listed below:

Vision: “Where there is no vision, the people perish” (Proverbs 29:18).
Work: “Be anxiously engaged in a good cause, … for the power is in them, wherein they are agents unto themselves” (D&C 58:27–28).
Inspiration: “Cry unto [God] over the crops of your fields, that ye may prosper in them. Cry over the flocks of your fields, that they may increase” (Alma 34:24–25).
Persistence: “We will not go … until we have accomplished the thing” (1 Nephi 3:15).
Accountability: “Well done, thou good and faithful servant: thou hast been faithful over a few things, I will make thee ruler over many things” (Matthew 25:21; see verses 14–30).
Abundance mentality: “The earth is full, and there is enough and to spare” (D&C 104:17).
Time management: “Your time is valuable” (Thomas S. Monson, “Guideposts for Life’s Journey” [Brigham Young University devotional, Nov. 13, 2007], 1, speeches.byu.edu).
The power of small and simple things: “By small and simple things are great things brought to pass” (Alma 37:6).
Commitment: “Which of you … sitteth not down first, and counteth the cost?” (Luke 14:28; see also verses 29–30).

Discuss:

Which of these principles stand out to you as the most applicable as you start or grow your business?

2. Why Do I Want to Start or Grow a Business?

Read:

There are many valid reasons why you might start or grow a business:

Ownership
Additional income
Personal passion
Second career
Challenge of the experience
Necessity (few or no employment options)
Personal freedom and control
Greater financial security

There are a variety of paths you might take with your business. The following examples show how a few people did it.

Image

Four examples of how people started or grew their business

Read:

We have been blessed with resources such as time, energy, and money. We decide every day how we will allocate these resources among family, work, service, and other interests.

Owning a business creates benefits, but these benefits often come with costs. We each should seek inspiration and use our agency to determine how we use our resources for our family and life.

3. Assessing My Personal Readiness for Business Ownership

Activity (15 minutes)

Step 1: Individually consider the following statements, which are intended to help you assess your readiness for business ownership. Answer these statements honestly, since each one represents a key factor of business success. Your responses will help you better understand your strengths, your areas of need, and your overall readiness as a business owner. Circle your response to each statement, with 10 being the strongest.

Statement
1. I am willing to work hard for long hours over an extended time.	1 2 3 4 5 6 7 8 9 10
2. I am self-driven and motivated.	1 2 3 4 5 6 7 8 9 10
3. I need little direction in my work.	1 2 3 4 5 6 7 8 9 10
4. I have good health and can operate with a high level of energy.	1 2 3 4 5 6 7 8 9 10
5. I am emotionally strong and can deal with rejection, stress, or failure over an extended time.	1 2 3 4 5 6 7 8 9 10
6. I am willing to take full responsibility for my business success or failures.	1 2 3 4 5 6 7 8 9 10
7. I have worked in a business like the one I plan to start.	1 2 3 4 5 6 7 8 9 10
8. I understand how to manage a business effectively.	1 2 3 4 5 6 7 8 9 10
9. I can function well in ambiguous situations.	1 2 3 4 5 6 7 8 9 10
10. My family will support me emotionally.	1 2 3 4 5 6 7 8 9 10
11. My family will support me financially.	1 2 3 4 5 6 7 8 9 10
12. I have a good network of friends and business associates who can advise me on my business and help me strengthen it.	1 2 3 4 5 6 7 8 9 10
13. I am willing to sacrifice in the short term to achieve long-term rewards.	1 2 3 4 5 6 7 8 9 10
14. I am comfortable making quick decisions when necessary.	1 2 3 4 5 6 7 8 9 10
15. I am detail oriented.	1 2 3 4 5 6 7 8 9 10
16. I have experience with keeping organized records.	1 2 3 4 5 6 7 8 9 10
17. I can work effectively with many types of people.	1 2 3 4 5 6 7 8 9 10
18. I am willing to delegate authority and responsibility to others.	1 2 3 4 5 6 7 8 9 10
19. I am an honest and reliable person whom others can trust.	1 2 3 4 5 6 7 8 9 10
20. I am willing to listen to others and accept feedback from them.	1 2 3 4 5 6 7 8 9 10
21. I am persistent and will see my work through until it is successfully completed.	1 2 3 4 5 6 7 8 9 10
22. I am flexibile and willing to make frequent changes to improve my business.	1 2 3 4 5 6 7 8 9 10
23. I am willing to take calculated risks.	1 2 3 4 5 6 7 8 9 10
24. I am a positive person with an optimistic outlook.	1 2 3 4 5 6 7 8 9 10

Step 2: Divide into pairs and discuss the following questions, based on your responses to the statements above:

Which strengths will serve you best as you start or grow a business? Why?
Which areas need further development? How will you make improvements?
Based on your answers, how prepared are you to start a business?

4. Business Skills I Will Develop in This Course

Read:

One purpose of this course is to help you develop the habits of a successful business owner. Successful business owners are observant, curious, and eager to learn new ideas every day. They recognize that their business opportunity is a work in progress. They understand that they will have to make many refinements to their business simply to have a successful start.

To become this kind of business owner, you will need to exercise faith and get outside of your comfort zone. You will have to get out of your home or office and frequently talk with potential customers about their needs and preferences. You will need to seek new information and feedback that will help you improve your business. Business owners who are unwilling to engage with their customers, continually learn, and make changes to their business will find it difficult to succeed in the long term.

As we work to start or grow our businesses, we will encourage each other to think and act like successful business owners. Many of the weekly commitments that we will complete outside of our group meetings will help us develop the habits we will need to be successful.

Each week we will practice the following:

Observe and talk with customers: to gather ideas, understand customers’ needs, test and adjust our business ideas, and gather feedback.
Write down our thoughts: to note observations, ideas from others, and impressions from the Holy Ghost.
Sell: to learn to listen to the needs of others and identify appropriate solutions.
Record financial details of our businesses: to track the key success factors of our businesses and to project the future.

This week you will be challenged to practice these skills and report to the group. You will also begin talking with potential customers.  You will report your results next week.

5. What We Will Learn and Do as a Group

Read:

We will work together to help each other start and grow our businesses. Our larger goal is to become self-reliant. When we can take care of ourselves, it’s easier to help other people.

During the next 12 weeks, we will work through the following chapters together:

Chapter 1—My Readiness for Business Success
Chapter 2—Solving Unmet Customer Needs
Chapter 3—Ensuring That I Have a Profitable Business
Chapter 4—Finding Customers
Chapter 5—Keeping Customers
Chapter 6—Managing the Profitability of My Business
Chapter 7—Keeping Separate My Business and Personal Money
Chapter 8—Managing the Cash Flow of My Business
Chapter 9—Growing My Business
Chapter 10—Financing My Business
Chapter 11—Continually Improving My Business
Chapter 12—Presenting My Business

6. Organizing My Business Planning—The Personal Business Planner

Read:

Some people make the mistake of trying to build their businesses around their assumptions or a “gut feeling” that their ideas will work. These businesses do not usually succeed. This course will encourage you to observe and engage with customers every week and to refine your ideas according to what you learn. We will learn to “organize … every needful thing” and to continually improve our businesses and other aspects of our lives (D&C 88:119).

In this group, you will be using a Personal Business Planner to gradually build a plan for your business. The planner will help you organize details and evaluate the viability of your business opportunity. Your planner will also be useful when you present your business to the group in week 12. After you have finished the course, it will help you continue your plan to grow your business.

The details of your business plan should be tentative at first, since they will change as you learn more by talking to customers, suppliers, and other business owners. Use a pencil when writing in your Personal Business Planner, since you will want to make updates as you refine your business. Turn to the Appendix to see the Personal Business Planner that you will be using.

7. Practice Daily and Keep Commitments

Discuss:

How can we help each other practice skills and keep commitments?

Business Success Toolbox

In the Appendix is a Business Success Toolbox. This toolbox summarizes some of the key principles we will learn in this course and can be used as a reference.

Certificate of Completion

Read:

Group members who attend meetings and keep their commitments may receive a self-reliance certificate from LDS Business College. See chapter 12.

Resources

Keeping Commitments Leads to Growth

Choose narrators and read the following:

Narrator 1: We believe in making and keeping commitments. These acts of faith are like stepping-stones for our progress as individuals and as families. For that reason, everything we do in our self-reliance groups is built around making and keeping commitments and reporting our results.

Narrator 2: We make at least three types of commitments each week. First, we practice foundational principles and habits and teach these to our families. Next, we act to complete business development and business operations commitments that help us develop new skills to grow and maintain our businesses. Before we leave each group meeting, we review our business commitments for the week and add our signature to our workbook to show our commitment. We also ask someone in the group to be our action partner for the week. This person signs our workbook to pledge his or her support. A couple of times a week, or more if needed, we will contact our action partner to report our actions and get his or her input and support.

Narrator 3: When contacting your action partner, make sure to set aside enough time to really listen and give some serious thought to your feedback. If you need extra help, you can call on your family, friends, or group facilitator. At our next meeting, we will begin by reporting on our commitments. This should be a comfortable, positive experience where everyone feels heard and encouraged.

Narrator 4: We all have tough days or even weeks. We may temporarily fail with a commitment or face a setback. That’s to be expected. Remember that every failure is valuable. So, learn from your experiences and use that knowledge to improve your business plan and keep moving forward.

Read the three questions below and consider how these people were helped by keeping commitments and reporting.

Rebecca: “Keeping commitments helped me lead to new ideas and identify new opportunities for my business. Taking the steps each week to talk to vendors, other professionals in my field, and group members helped motivate me to keep moving forward. I also found that I could see God’s hand more clearly in my life as I prayerfully included Him in my plans and asked for His help. I felt I was enabling Him to help me by working hard to follow through on my commitments.”

Pete: “Having an action partner kept me focused on the weekly commitments ahead. It kept me on track. It was helpful to have a person who could serve as a sounding board and help me refine my ideas. I was also able to offer ideas to my partner that were outside of his knowledge base and that really helped him move forward with his ideas.”

Jackie: “I thought self-reliance was something to learn on my own—until I became part of a self-reliance group. Every week I had a safe place to report my success and failure, to set goals and experiment with new ideas, and to redefine my business purpose. My group helped me expand opportunities to grow my business more than I had learned on my own.”