Tom Monaghan is the founder of Domino's pizza. He talks about how important it is to not get caught up in all the 'toys' and to not be prideful. He says to not be worried about being obsessed with impressing people. Use your wealth to benefit others, use it to build the kingdom. The most important thing is the eternal, not the now. Invite others to join you in your journey of building the kingdom. For Tom, education is the most important thing he can put his money towards that can be the most beneficial. He did just that, he founded a catholic school (college). I agree, education is very important so that other people have equal opportunities as he has had, so they can live to their fullest potential. As a millionaire one should try to live a reasonably priced lifestyle and put your hard earned money to good use for helping others.
In the article Special Report on Entrepreneurship in The Economist magazine it says the unpredictability of chance and the importance of culture make things complicated when trying to search for success.
In the same article I read that when there is high unemployment rates it discourages people from starting their own businesses because if they fail they might not find another job. Also in this article Peter Drucker said "entrepreneurs innovate" and "innovation is the specific instrument of entrepreneurship".
It is important to encourage a playful attitude in the company because it helps with peoples creative thinking process. It gets ideas flowing.
Some ways you can foster a playful attitude is by:
- putting crayons and paper in a conference room to allow the group members to draw their ideas
- you can put a flip chart in a non-traditional area (like the staff kitchen) to allow staff members to spontaneously jot down ideas while socializing/discussing with co-workers
- add beanbag chairs to a conference room to allow for a more casual feel and less strict/tense
- put in a reward/incentive system like a pay bonus or vacation prizes to help motivate staff to continue thinking of new and creative/innovative ideas
- suggest that the staff create a college from various magazines showing their ideas or play a game that helps them discuss ideas.
Things I want to remember from the readings & videos:
Things I want to remember from the readings & videos:
- In your business you should put your customers first and the money making second.
- Entrepreneurial Success Formula:
ES= [I+(M^3)]xP- Entrepreneurial Success=[Idea+(Market x Money
x Management)]x Passion
- Ideas Come from EVERYWHERE!!
This week for my $100 challenge I submitted my top 5 business ideas on the discussion board to get input from my classmates about my ideas. As well as discussing my classmates business ideas with them.
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