Last Lecture

When I was younger, I did a parachute jump – it was a static line jump, which means that the parachute automatically opens as soon as you leave the airplane.  I spent a day training, and we learned exactly how we should jump from the plane, how to check the parachute canopy and how to direct the parachute to the landing zone.

I did well in training, but when the time came to jump, I forgot almost everything.  I just jumped out of the plane and let the parachute take me wherever it wanted to go.  The strategy almost worked, but as I got closer to the ground I realized I was heading straight for a river.  Some last minute adjustments saved me from a wet and potentially dangerous landing.

I have often felt that my career choices have been very similar to that day – falling whichever way my career took me, by and large it has been a pleasant journey, but I have rarely felt in control!

In the book “Mastery - The Key to Success and Long-Term Fulfillment” by George Leonard, I learned that mastery is not a short-term or reactive thing, a true master will persevere.  It is important to remember that the journey is important.  It’s not all about the results.  We need to learn to enjoy the journey, ultimately the results will come.  

Elder Holland said “Trust God and believe in good things to come".  This is a great message.  We need to remember to rely on the Lord and put our trust entirely in Him, even in our business ventures.

Early in the semester, Jim Ritchie gave us some good advice in his “formula for success”. This applies to everyone, and we can adapt to our personal needs, but I must admit, I like it as it is:

1.     Get up early

2.     Work Hard

3.     Get your education

4.     Find your oil

5.     Make your mark

6.     Get prepared to be of service

As the semester has progressed, we have explored some of this guidance even further and I have learned more about the balance required to be an entrepreneur.  It is not just about making money and being independent, but it is also about giving back, and adding value to society.

There are people that give entrepreneurship a bad name, we have all been approached by people (even at Church) who "have a great business opportunity" for us, and encourage us to sell a product or service in some form of multi-level marketing initiative.  My experience with these people is that they rarely are true entrepreneurs, but are seeking opportunities to make lots of money for not much work.  I have yet to see any of them become successful.  This is not entrepreneurship.

Working hard, giving back, enjoying the journey and adding value.  THAT is what it means to be an entrepreneur.  It "means recognizing that life is hard" (Jeff Sandefer, Living Life as an Entrepreneurial Hero),

My entrepreneurial goals are not to make lots more money, but rather to build a brand and a business that will enable me to build a lifestyle that will be compatible with semi-retirement, and enable me to do the work that I enjoy while maintaining a balanced life.

This semester has been incredibly impactful to me.  At a time when I am forced to make a change in employment, I now have opportunities and desire to do something more entrepreneurial.

The timing is impeccable!

So many choices

As we come close to the end of this semester, I feel as though I have been on a roller coaster!  I must admit that a few months ago, the thought of being an entrepreneur was a very foreign idea for me, and yet my circumstances have shifted significantly, and now I have the opportunity to be an entrepreneur - by choice!

I have a few options:

1.  Find another job in the Corporate world.  The advantage of this is that it is low risk, guaranteed income and decent benefits

2. Set up my own business.  My strategy with this is to set up a division within an existing organization.  The advantage of this is that I own my destiny, the success of the business is entirely up to me.  I need to depend on my own abilities.  The disadvantage is - I might fail!

3. Buy a franchise.  It is early days to see how successful this could be, but I am seriously considering looking at franchising options.  I think this will allow me to build my own business, and also pursue other opportunities simultaneously.

4. An interesting opportunity presented itself this week.  The timing was fascinating given our studies on philanthropy last week.  I heard from a headhunter that wanted to discuss the role of CEO for Ronald McDonald Houses in Southern Alberta.  This is a charity that I have volunteered with and that I believe strongly in.  I doubt it would pay well, but would meet my needs to contribute to society.

When working through the Randy Haykin case study, I see that he leveraged circumstance to his advantage.  He may not have left Viacom if they hadn't wanted him to move, but when he received severance, he was able to make choices that may have otherwise been unavailable. I am in the same situation.

It occurs to me that there is no obvious option.  As time goes on, I realize that I may not be limited to just one option, I could buy a franchise AND do one of the other options as soon as everything is up and running.

I need to ensure that my decision becomes the subject of fasting and prayer - it is a significant crossroads that I need to ensure I manage with support from the Lord.

These are exciting and interesting times!

Entrepreneurship and Consecration

As I start on my journey to set up a new business, I have been focused on whether I can sustain my current lifestyle with this business, and if not, how can I make up the difference?  If the gap is too great, do I really want to follow this path?

Those are good economical questions to ask and an important part of my business case.  As I read the assigned works this week, and watched the assigned video's, I actually felt guilty for how I have been thinking.  I have said that I am happy to earn less, I just need to be able to keep my house.  I love my home, I love my view of the temple and the panoramic view of the mountains.  I never tire of seeing it and would love to stay here for the rest of my life.  It has been my one financial goal: Keep the house.

After listening to "Are we not all beggars" and "Entrepreneurship and Consecration", I have started to think differently.  It is just geography - there are many that are homeless and hungry, there are many, even in my community that are financially struggling.  How can I be so arrogant that I want to "keep my view"  In all honesty, I am not quite ready to give up on my goal yet - but I need to maybe temper it at least a little.

Elder Gay's talk was incredibly powerful, I have been trying to find a written copy of it - but to no avail.  At the very least I will download it so that I can continue to listen to it.

In  Charles Handy's "What's a business for?" we start to explore the purpose of businesses and the increasing gap between the rich and the poor.  Are CEO's becoming focused on self interest?  Or are they truly focused on shareholder value.  In is imperative that virtue and integrity remain in tact in order to maintain the appropriate balance.

Handy states that businesses don't exist just to make money, but there is always "something" more - something that the busienss contributes instead of just making money.  It could be a brand, technology, anything....but something more than just profit.

Handy suggests that increased financial accountability would further protect shareholders and ensure financial security, he also suggested driving accountability below the CFO level, providing increased accountability.  This article was written in 2002, which is the year that SOX was implemented, it has evolved significantly since then and I believe these laws have increased corporate accountability significantly.

There was some sad irony to the John Browne perspective of environmental sustainability.  BP later caused the worst marine oil spill in history, which signficantly impacted the whole industry.  However, this does not impact the intent of driving to sustainability..

The article quotes a gallup poll that states that 90% of the public do not trust the integrity of people running organizations.  I think we are measuring the wrong thing.  It's easy to paint everyone with the Enron brush, but when you are actually working with business leaders, you know that these are generally honorable people, and we need to be careful not to assume that popular belief reflects reality.  The "occupy" movement is based on corporate greed, and while there may be issues, I think some of those issues are more about perception than reality.

Formula for Success

President Monson suggested a formula for success that will be impactful to all areas of our lives:

"First, fill your mind with truth; second, fill your life with service; and third, fill your heart with love"

This formula is made more meaningful because it epitomizes President Monson's life.  He has lived a life of service and love, and his decisions have been guided by truth.  What an incredible example for us to follow.

I have found it to be relatively easy to follow these guidelines in a "church" environment", however, to be truly successful - we need to be able to apply this in all facets of our lives.

We looked at case studies this week.  They were situations of conflict between work and family, in both cases someone needed to make a choice.  I know how I was supposed to address the cases, but in reality, I am not convinced I would have made the right choice, in either of the situations.  I have never had to choose between family and work, as a single person for most of my adult life, it was easy to choose work.  There were no conflicts.  I am not sure how well I would have done if I had a family.  I may never know.

This week we have also studied a talk entitled "Attitude on Money" by Stephen W Gibson.

I have never been very good with money.  That is not because of a shortage of money, on the contrary, I have been well paid, and the companies that I have worked for have also provided well for my retirement.  It is interesting now that I find myself unemployed, I realize if I had been smarter with my money, I would be considering retiring and serving a mission, but I anticipate I will have to work another 10 years before I retire.

My attitude with money has a huge impact on the way I live.  My frivolous approach has delayed my plans to serve a mission; I will be a lot older that I would like, and that will impact the number and nature of missions.

On the other hand, my poor attitude towards money has enabled me to live a "nicer" life than I probably should.  If I were more frugal, I would likely travel less, have a smaller home, more inexpensive car etc.  My income has afforded me a nice lifestyle that I have grown accustomed to.

On the plus side, I find great joy in using my money to help others.  I love to pay for meals for strangers in restaurants, I love to help others that have little, and I enjoy doing it anonymously.

We learned of 6 key rules for propsering:

1. Seek the Lord and have hope in Him

2. Keep the commandments

3. Think about money and plan how you can become self reliant

4. Take advantage of chances for learning

5. Learn the laws upon which the blessings of wealth are predicated

6. Do not send away the naked, the hungry, the thirsty or the sick or those who are held captive.

Can money buy happiness?  No, but it can buy ice cream, and that's practically the same thing :)

Think Big

I have learned a few things this week.

In addition to the entrepreneurial interview, I also interviewed my previous boss to get his perspective on my own business plans.  I also met with a potential business partner to explore how I could work with his company.

These discussions helped inform my business plan.  I have been thinking that my outplacement business would be hugely successful if I were to get a few large clients, and I have been considering my strategy for accessing larger companies and providing outplacement services.  however in my discussions with my previous boss and new business partner, they both suggested targeting smaller companies.  The rationale is that the margin for larger businesses in much smaller, and the offering is more narrow.  Whereas if I were to build relationships with smaller companies that do not have dedicated HR support, then my scope could increase to include outplacement, change management and other HR services.  With a few small companies, I could make a significant impact.

As I watched Taylor Richards short "Think Big" presentation, it helped me to focus on how to be the best in what I do....it doesn't necessarily mean the biggest.  They became the #6 dealer in North America for boat dealers.  They didn't have to have the biggest boat to do that :)

Capability, Collaboration and Character

What an incredible week!

For the first time in my life, at the age of 55, I am unemployed.  As anticipated, I was laid off this week as further cuts were made in the oil patch in Calgary (Nexen Canada layoffs).

It was an interesting experience being on the other side of the desk, I am a senior HR professional and have been involved in hundreds of layoffs.  I developed the layoff process for our company, and it was ironic to be the recipient of that process.

Guy Kawasaki says that there are two kinds of people "Bakers and Eaters" - I wanted to be a baker.

I have given many seminars and presentations to networking groups about how to manage after layoff, and with my background, I was determined to make it a positive experience, both for me and the company:

• I spent time preparing copious transition notes for the person that would inherit my work.
• I cleared my office before it happened 
• I labeled my on line files clearly for others to be able to access
• I removed all personal files from the office and computer

After I left, I sent a note to the Chief HR Officer (CHRO) to thank him for his guidance and influence over the course of our working relationship.....or as Guy Kawasaki would say "How can I help that person" and not "How can they help me"

Of course, employees and co-workers reached out to me and updated me on what was happening.  I was touched that during a town hall meeting the CHRO said "yesterday was a tough day for everybody, the only bright spot in my day was receiving an email from Jeni Whiting".  He has since reached out with a delightful email of support and encouragement and has arranged to meet for lunch on Monday.  

So how does this help me on my entrepreneurship journey? I now have a very influential ally who I believe will be willing to support my new business in a very real way, and I will have the opportunity to discuss it with him this week.  My email to him may have been (unintentionally) the smartest move I made this week!

I am now a step closer to setting up an outplacement business.  Carly Fiorina said that leadership is about  3 things: Capability, Collaboration and Character. This is a critical element to setting up a new business. I have spent many years developing the capability, but the importance of collaboration and character are critical.

Trust God and believe in good things to come

The readings this week have been inspiring.  As I approach the opportunity, quite late in my career, of starting a new business, I am uplifted by the story that Jeffery R Holland shared in "Good Things to Come".  I anticipate that my full time job will no longer be available, and I am at a crossroads.  I could seek similar alternate employment, or I can set up a business doing something that I am good at...outplacement services.  I am excited and fearful all at the same time!  Elder Holland's words are resonating with me right now: "Trust God and believe in good things to come".  The time for preparation is almost passed, and the time for action is upon me.

I didn't see unemployment coming when I started my online program at BYU-I, but almost everything I have learned is relevant to the situation I find myself in.  I was recently called as Stake Employment Specialist, a small sign that maybe the Lord knew before I did.

Taylor Richards talked about persevering and focusing on what we set our minds to we can "do amazing things" if we choose to.  I firmly believe in situational strengths, in other words, strengths that are only seen when the situation demand them - this is where we see what we are made of and this is where we see how well we are able to rely on the Lord to help us.

To quote from a recent movie "It will be alright in the end, and if it isn't alright, then it's not yet the end" (The Best Exotic Marigold Hotel, 2011)