Saturday, March 12, 2016

Journey into Entrepremeurship Begins

In this week’s MSLD 641 Resonant Leadership blog assignment, we are asked to outline our ideal self by stating our vision statement that was developed in Module 6 with three learning goals, three milestones for each goal and the associated action steps for each milestone. Additionally, identifying who will be in my support network to help me stay on target to meet the goals and milestones is required. Finally, as these items are documented, the format will be reflective in that it is written as a letter to myself. This should be interesting!

Your Personal Vision Statement

In MSLD 641 assignment “GA 641.6.5TA – My Personal Vision Statement”, you identified yourself ideal self would be in a leadership position where you can help people grow and realize their potential while working on a project that is inspiring. More specifically envisioned fulfilling this dream in a subunit of 15-20 people. This was your professional ideal self. You shared with me that your Professor expressed concern that your paper lacked the necessary depth to really find your ideal self and you have done the extra mining that she suggested. The extra mining produced a vision of becoming an entrepreneur and I have some suggestions for making this change.
Your professional goals translate similarly to your life aspirations in that you have a strong desire to help your family realize their own dreams. Do you really mean this…or do you mean you aspire to help them come out of their dissonant state of mind so that they can begin to have dreams? You mentioned that your family (Spouse, daughter and brother) are in a state of dissonance, and if this is true do you really think they even bother to have dreams if their minds are in a closed state due to dissonance?
Let me remind you that when people are in a state of dissonance, odds are they are not imagining what their dreams are, but instead are in a flight or fight state of mind. Have you forgotten what Boyatzis & McKee (2005) says about dissonance and stress? “It seems that the brain simultaneously shuts down nonessential neural circuits, meaning we are less likely to be open, flexible, and creative.” (p.43). With this in mind, think about your learning goals very carefully.

Learning Goals to Achieve Your Dreams

Here are three very important goals, milestones and action steps that I took when I opened my first business that I want to share with you. Additionally, the first learning goal applies to both your business idea and your family situation. Your situation may be different and may evolve as you go along, that is to be expected.

Learning Goal #1 – Make sure you have mastered the renewal concepts

With your home situation the way it is, your family life is probably a bigger strain on your own well-being and is a significant player in the sacrifice syndrome than work is. Add to that starting a new business and I can see some real challenges ahead for you. The key to managing the sacrifice syndrome is renewal and the key to renewal is through mindfulness, hope and compassion (Boyatzis & McKee, 2005, p. 8). Renewal and gaining command of the concept is a must have learning goal if you are to have a chance to succeed.

·       Master Hope – “Hope is defined as the perceived capability to derive pathways to desired goals, and motivate oneself via agency thinking to use those pathways.” (Synder, 2012).

o   Continue to sharpen your skills on Hope. Your upbringing and the MSLD program has provided a very solid foundation in this area for you. It is easy to get distracted, so do not lose sight of how important a component having hope is.
o   Follow-up with your wife and daughter to see how they are coming along in their meditation routines (The Calming Collection by Roberta Shapiro) that is customized to instill hope by overcoming their fears
o   Continue to instill hope in others. This will provide a different dimension of renewal than having hope. Remember the elliptical effect of hope. “We know that entrepreneurs invoke role models, invoke lessons of life, invoke images such as a rainbow over Akabar River to keep them going when the going gets tough.” Branzei (2013).

·       Master Compassion

o   Continue to sharpen your skills on Compassion. Like with hope, your upbringing and the MSLD program has provided a very solid foundation in this area for you. Again, it is easy to get distracted, so make sure you do not lose sight of how important a component having compassion is.
o   Work with your wife and daughter on further developing compassion for others

·       Master Mindfulness

o   Continue to sharpen your skills on mindfulness. The MSLD program has given you a good foundation on mindfulness, so you have a really good start.
o   You recently purchased a book “Mindfulness for Beginners”. Set a date in the near future to have this book completed.
o   Begin a meditation routine. Set some time aside at work and at home to do some meditation once a day, even if for only a few minutes at first.

Learning Goal #2 – Learn about small business development

Eric, you have an extraordinary will to succeed. Almost everything you have set out to do, you have found a way to succeed with the exception of one that is very important to you; that is moving up in the civilian workforce. Learning about small business development will give you an important way out of your current environment where progress has been stagnant over the past 15 years since you retired from the military. Creating the company that you have thought about (HomeFree) since MLSD 521 can become a reality if you start taking the steps now and lay the groundwork down.

·       Sketch out your basic vision of “HomeFree” to help the dream begin to take shape

o   Think about who your customers will be
o   Adjust the image until it is inspirational to your customer base
o   Think about the kind of labor force that might be needed
o   Think about where you would like to locate the business

·       Hiring disabled veterans is noble – Understand the challenges they face

o   Make contact Disabled Veterans and make relationships to help guide you.
o   Make contact with a local chapter of a disabled veterans group and establish relationships with people in the group.
o   Keep a journal of what you are learning about the challenges veterans face.

·       Make contact with the Small Business Bureau

o   Ask for a sponsor or a coach to help you develop your plan.
o   Keep a journal of the important events of creating your business.

Learning Goal #3 – Learn about entrepreneurship

Learning about entrepreneurship will be a ‘must have’ if starting your own business. “Being a successful entrepreneur means you have to wear a lot of hats, especially when your company is just starting out and you don’t have enough employees to cover all the areas you need.” (Patel, 2014, para. 1).

·       Learn about marketing your product

o   Research website creation and optimization. Hubspot offers free training in this area.
o   Research the labor force in the area and determine if it will support your needs.
o   Maintain an inspirational ‘why’ the product exists when it is marketed (see below)

·       Use a narrative to build your brand (Denning, 2012, Chapter 5)

o   Build hope and compassion into the vision of HomeFree.
o   Develop the vision of HomeFree and touch the hearts and minds of your potential customers.
o   What you make and how you make it doesn’t sell. Compelling vision on why sells (Sinek, 2009). Make your vision compelling and tell why your making what you make.

·       Learn how to manage your money

o   LearnVest is one of many websites that offer free advice and training.
o   Set up a budget for home and keep separate from the business.
o   Determine how much capital you’ll need to start your business.
Build a Solid Support Network
               Your familiar with Intentional Change Theory (ICT). Do not take having a solid support network for this type of change in your life. Think about it. Your moving away from having worked for someone your entire adult life to starting your own business at age 52. Without a good support network in place that you can count on, making this magnitude of a change will be very difficult without a good support network. You have several longtime friends and mentors in your circle, but none with entrepreneurship experience. My advice to you would be to establish some coaching and mentoring relationships through the Small Business Bureau and possibly the Veteran’s Administration. Do a little ‘fishing’ and catch a nice prize or two before getting to far along in the process. Of course you can rely on me anytime to give you coaching and mentoring you may need, but gaining perspectives from people not so ‘close’ to your situation will be needed to provide the kind of feedback you will need.
Summary
I have no doubt that you can succeed building your own business. From what you have shared with me about your vision, I think it is very compelling and now the decisions to move forward rest you with. I have provided some suggestions on how to begin to frame your vision into reality. Now it’s your move.

References:
Boyatzis, R., & McKee, A. (2005). Resonant leadership: Renewing yourself and connecting with others through mindfulness, hope, and compassion. Boston, MA: Harvard Business Press.
Branzei, O. (2013, April 17). Oana Branzei on the theory of hope. [Video file]. Retrieved from YouTube: https://www.youtube.com/watch?v=kH_pw4v7xXo&feature=youtu.be.
Denning, S. (2011). The leader's guide to storytelling: Mastering the art and discipline of business narrative. San Francisco, CA: Josey-Bass.
Patel, S. (2014, November 3). 15 free online learning sites every entrepreneur should visit. Entrepreneur. Retrieved from http://www.entrepreneur.com/article/238908
Sinek, S. (2009). How great leaders inspire action [Video file]. Retrieved from https://www.ted.com/talks/simon_sinek_how_great_leaders_inspire_action?language=en
Snyder, C. R. (2002). Hope theory: Rainbows in the mind. Psychological Inquiry, 13(4), 249.