Grade 9 Business Lesson 35

Today I had to write a 500 word essay.

Today I will write an essay on the following topic. Would I rather start a small business or become a minimum-wage apprentice to a mentor? And why? Well this is a bit tough. With a small business you can earn a lot of money through the power of compounding and time. However learning from a mentor can give you experience that you may not get anywhere else. Either way you learn by doing.

But I feel that with a mentor you get to do, and you are corrected by the mentor. If you start a business you’re pretty much on your own. Let’s look at the pros and cons. If you want to be an apprentice then these are the pros. While not much, a minimum wage is still a wage. Also keep in mind, it’s not about the money, it’s about what you learn. You could make a ton of money from what you learned in the future. There are some cons though. You could spend that time getting a decent wage. Or if you make your own business you could make a lot more money. Also the information is useless if you don’t put it to use.

If you want to start a small business there are some pros and cons. As I said in previous lessons if you own a small business you could possibly make 10% compounded. And if you start putting $2000 into the account at age nineteen and stop at age 25, by age 60 you would have a million dollars. That is a powerful reason to start a business alone. If your first business doesn’t do that well, then you can start another one if you start young. You see it’s all about starting young when you don’t have much to lose. But the thing about starting a business is you’re on your own. Unless your parents have owned a business or any of your relatives, only the internet is your friend. So really it’s hard to choose which one, experience, or money.

So, which would I choose? I would choose to start a business because there is no good way to learn something well without doing it. Also, making that much money just from a business would be nice. Life may not be about money, but you can do good things with it. So it’s probably a good thing to not have to worry about financial problems. Also with the money I could be an apprentice to learn more. I do realize that it is hard to get a good business up and running, but most do not get it right on their first business. You learn from the previous businesses and put that knowledge into the next business. Of course you can only do that when you don’t have to support a family. You see with a mentor, he can give you his experiences, but there is nothing like experiencing it for yourself.

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Grade 9 Business Lesson 34

Today I learned about building my wealth.

  1. How much are you worth per hour?
  2. What does it take to pile up a lot of money?
    1. Specific monetary goals, written down.
    2. Deadlines, goal by goal.
    3. Changed behavior.
    4. Automatic deduction of savings.
    5. A business.
    6. Nine hours a day for the business.
  3. Secrets of launching a business
    1. Don’t spend too much time planning.
    2. Don’t spend too much money.
    3. Get up and running fast.
    4. Go for the quick cash first.
  4. The entrepreneur’s mindset
    1. Delivers a service.
    2. Talks to experts.
    3. Asks questions.
    4. Alert to opportunities.
    5. Grabs them enthusiastically.
    6. Seeks to accomplish something unique.
    7. Avoids getting to far ahead.
  5. Happiness: work on things you care about.
  6. Focus from start to finish on your calling.

What to conclude from this?

  1. I am not worth much per hour today
  2. This makes it cheap for me to do projects beyond my course work.
  3. Use afternoons for special projects.
  4. My business should be fast and cheap to launch.

Grade 9 Business Lesson 33

Today I learned about plan b. The only reason to have a plan b is because  things change. Lets face it, you could work on the perfect plan but, things change and you need a plan b for when they do.

  1. Unexpected things happen.
    1. Good things.
    2. Bad things.
    3. Confusing things.
  2. You must adjust: change of plans.
  3. Have a fall-back plan: Plan B
  4. Problems with Plan B.
    1. It may not apply.
    2. It may never be implemented.
    3. Maybe it should have been plan C.
  5. Why should you work on it?
    1. Always have an exit strategy.
    2. It forces you to acknowledge problems in plan A.
    3. Planning well requires practice.
  6. Take action.
    1. Do this fast.
    2. Do this aggressively.
    3. Do this with confidence.
    4. Make it plan A.
    5. Work out the details under fire.
  7. North’s plan B.
    1. Plan A is his calling.
    2. Plan B was his back-up calling.
    3. He completed phase 1 of his calling on 2/11/12
    4. Plan B became feasible in February 2013.
    5. He had only weeks to implement it.
  8. His plan B is my Plan A
    1. Get through the curriculum.
    2. Decide on my post-graduate career.
    3. Decide on a plan to achieve this.
    4. Develop plan B.
  9. Allocating your “free” time.
    1. Leisure.
    2. Business.
    3. Job with a mentor.
    4. Enter college as a junior.
  10. Why you have these options.
    1. He designed RPC this way.
    2. He assumed I would need Plan A
    3. He left plan B as an option.
  11. I should decide by the end of this course.
  12. Work on identifying costs and benefits.

What to conclude from this?

  1. His plan B his my plan A.
  2. I must prepare a post-graduation plan A.
  3. This course was designed to help me do this.
  4. Rule “A bad plan is better than no plan.”
  5. Why?

Grade 9 Business Lesson 32

Today I learned about following to lead.

  1. Seek out a mentor.
    1. Learn to lead by following a successful leader.
    2. Never stop observing.
    3. Ask questions when appropriate: performance.
    4. Follow the advice literally.
    5. Learn his system.
    6. Write down what you learned in a journal.
    7. Go the extra mile.
    8. Show up 15 minutes early for no extra pay.
    9. Make yourself invaluable  in your position.
    10. Help anyone below you replace you.
    11. This reduces the boss’ cost of promoting you.
    12. Always volunteer.
  2. Dancing as a model.
    1. Learn from someone who knows how to dance.
    2. Do exactly what you are told.
    3. Men must lead from a professional follower.
    4. Gov. Ann Richards on Ginger Rogers.
    5. Then roles must reverse.
    6. A good follower helps a new leader make this transition.
    7. A good leader knows what comes next.
    8. He signals his next moves to his followers.
    9. He makes it easier for them to follow.
  3. The power of a simple question.
    1. Marsha Albert’s question: “Why no Beatles?”
    2. There was no good answer.
    3. A well meaning question is no threat.
    4. A wise person is not a smart aleck.
  4. Learn to speak in public: persuasion.
    1. Know you subject well.
    2. Know what you want the audience to do.
    3. Know what your audience wants to hear.
    4. Cater to them initially.
    5. Use humor, but carefully, and never forced.
    6. Rehearse several times if you are a newbie.
    7. Offer them a significant challenge.
    8. Offer them legitimate hope.
    9. End with a call to action.
    10. Always speak last, if possible.
  5. Take a working vacation.
  6. Learn to read faster.

What to conclude from this?

  1. Find a mentor.
  2. Follow before you try to lead.
  3. Master you position before seeking a promotion.
  4. Learn new tasks from a good follower.
  5. Ask insightful, non-threatening questions.
  6. Speak with authority.
  7. Always have a goal: a specific action.
  8. Learn to relax efficiently.
  9. Learn to read efficiently

Grade 9 Business Lesson 31

Today I learned about the power of compounding. The power of compounding is unbelievable. If you had a small business and you make 10% compounded, by just investing $2,000 a year from age 19 to 25 you would have almost a million dollars by age 60. You must start early for this to work. Someone else who is 26 could start doing the same thing and putting $2000 dollars in every year until he is age 60 and still have a bit more than you. This article is by a guy named Richard Russell. The link is right here if you want to check it out for yourself but I’m gonna talk more about the article which is called “Rich Man, Poor Man.”

  1. It remains the most popular article he even wrote. He began publishing in 1958.
  2. It has been reproduced by other authors.
  3. He was still writing at age 91.
  4. He writes the most profitable of all financial reports.
  5. It conveys a powerful message.
  6. This message is not widely understood.
  7. Few people start saving at age 19.
  8. Even fewer seek out ways to earn 10%.
  9. Even fewer reinvest their earnings every year.
  10. Those few who do get rich.
  11. Do you want to be one of this tiny group?
  12. How much do you want to be a member?
  13. You must ask yourself three questions:
    1. What do I want to achieve?
    2. How soon do I want to achieve it?
    3. What am I willing to pay?
  14. Almost no one asks himself  these three questions.
  15. Of those who do, few answer them clearly.
  16. Of those who do, few create a plan.
  17. Of those who do, few follow it.
  18. Those who do become successful.
  19. Do you wish to be one of these people?
  20. At what price?
  21. Lenny Ross had no plan. Joe Faust did.
  22. What is your calling?
  23. How will you finance it?
  24. If you do not start a business, how will you make enough money to fund your calling?
  25. Is your calling more dependent  on your donated time or your donated money?
  26. If it is dependent on money, you must make a lot of money.
  27. You must make compound returns pay.

What to conclude from this?

  1. What do you want to achieve with your life?
  2. How much time should you plan on?
  3. What are you willing to pay?
  4. Write these down before the week is over.

Grade 9 Business Lesson 29

Today I learned about entering college as a junior.

  1. The sequence of courses
    1. Find out which courses the college will accept.
    2. Take easier CLEPs first
    3. Take early CLEPs that the RPC does not offer
    4. Take RPC courses first, then the cram courses.
  2. Study for them in summers.
  3. After you pass 3 CLEPs, you SAT/ACT scores become irrelevant for entry in most schools.
  4. Time management
    1. Assume 70 hours to read a textbook.
    2. Assume 15 hours for a CLEP cram course.
    3. Break this up into 28 days.
    4. Two courses: 9th, 10th summers.
  5. Three courses: 11th, 12th summers.
  6. Goal: pass an exam, not master a field.
  7. Goal: get through textbooks fast.
  8. Goal: get through classroom indoctrination.
  9. Goal: cut costs of low-value courses.
  10. Goal: avoid SAT/ACT exam cramming.
  11. Goal: convert wasted summers into money.
  12. Goal: prove that you can do the work.
  13. Goal: graduate two years early.
  14. Goal: learn how to cut corners.
  15. Goal: show a recruiter you’re resourceful.
  16. Goal: prove to skeptics that your strategy works.

What to conclude from this?

  1. This strategy is practical.
  2. Most colleges allow it.
  3. Hardly anyone does it.
  4. Students are not told about it early enough.
  5. You can beat the system.

Grade 9 Business Lesson 28

Today I learned about distance learning. With distance learning, you don’t have to sit through many painstaking lectures. Rather you can take a couple of tests that costs about $100 dollars. And if that sounds like a lot, consider going to college and what that’ll cost. With distance learning, you can go at you own pace. Also you don’t need to buy the latest books, which cost a lot. A previous version of the book could cost half the newest version.