Two days ago I had the opportunity to do something really cool … I was the guest lecturer for a college class at my alma mater San Jose State University.
The Political Economy of Privatization is an economics course being taught by Jack Estill. It’s a brand new class and is a rework of a previously offered course simply called Entrepreneurship.
Led by Lydia Ortega, SJSU’s Economic Department has been transformed into a group that is teaching about entrepreneurship, the free market, and how private companies and individuals drive innovation and the economy as a whole. They follow the Austrian School economic philosophy, a laissez-faire approach, and minimal government intervention in the economy. I believe that a major university focused on teaching this philosophy in the heart of the Silicon Valley is good for the economy and the United States as a whole.
Here is the course description from the syllabus:
Privatization acts as a floodgate that unleashes or constrains entrepreneurship. To better understand the impact of more or less privatization one needs to understand the economic role of entrepreneurship. This course examines entrepreneurship from its psychological foundations to its effects on economic growth and progress. It will also explore the cultural, legal, and political determinants of entrepreneurship. This is not a how to, but rather a what is analysis.
There were 4 questions asked during the Q&A that were especially interesting for me to ponder and answer. They are described along with a link to my 31-page presentation slides.
My presentation was a description of my business model and specifically how to design a speaking/acting/writing business as a solo-preneur.
Four questions were especially memorable and significant amongst the 25 or so questions that were asked during the 75-minute session.
1. What Was Your Biggest Mistake
This question was compelling because I was instantly stumped. I didn’t have an immediate answer. My answer started with the admission that I’ve made many mistakes. All were good learning experiences.
I then realized that the nature of being an entrepreneur is to NOT dwell on the mistakes. They are experiences that occur and they are opportunities to gain knowledge … but once that happens they are mostly eliminated from the memory banks of an entrepreneur.
So there is a fallacy (or disconnect) with the premise of the question in the mind of an entrepreneur. In order to classify a mistake as the biggest, one would need to have a database of all mistakes and then a ranking system for the degree of each mistake. With that type of analysis, a single mistake could then rise to the top as the biggest or the single #1 mistake. In an entrepreneurial mindset, forward thinking activities tend to drown out past-based negative recollections. In my post class luncheon with Jack Estill, he confirmed that other entrepreneurs have stated the same beliefs.
2. Are You Fearful of Running Out of Topics With Your Blog
The question pertained to the fact that I’m blogging twice a week and I’ve niched myself with the Forrest Gump character. My answer was, “No, I’m not worried. In fact, the more I blog the more future topics I see emerging.” I reminded the students that Forrest Gump is only the delivery vehicle and the glue that holds my message together. The topics (or messages) are limitless as the world is ever changing and possibilities continue to expand exponentially.
My ultimate topic is not Forrest Gump. My topic involves individuals living a more gump-like existence … one that is filled with Gumption, personal responsibility, and character.
3. When Will You Act?
During my introduction I mentioned to the students about an immediate new opportunity that was staring me in the face. I told them how this opening had arisen without much warning but was perfect for me and was completely consistent with the groundwork I’ve been laying the last few years. A slide of my goals for 2011 prepared less then 3 months ago was already outdated because of this new turn of events. I asked them to wish me luck.
Towards the very end of our time together one student asked, “So when are you going to act on your possibility?” WOW! Talk about cutting to the chase! And holding my feet to the fire! My answer was ‘very soon’. Possibly within the next 2 weeks before Christmas or possibly right after the first of the year.
The brilliance of the question was that he understood that entrepreneurship was about acting and not simply about talking. My guess is that this young man will succeed while many other would-be entrepreneurs will sit around thinking and talking but failing to act. Entrepreneurship is about acting on your ideas.
4. Are You Constantly Re-Evaluating/Adjusting?
In my presentation, I had a series of graphical slides that described my strategy for my website, accounting, cloud CRM/Email interface, etc. Some of these slides were 2 years old while others were only six months old. In almost all the cases, they were outdated in the sense that they reflected my strategy at the time they were created, but how things worked out was always a little different.
Professor Estill asked, “Are you constantly re-evaluating and adjusting your plan?” I believe his question was designed to reinforce to the students that entrepreneurs make strategic plans but then constantly adjust and tweak them almost immediately after the ink on the plan is dry. The plan is still a valid blueprint or roadmap but the details immediately start shifting and changing due to new realities.
Jack Estill told me one of the great surprises and benefits of teaching after years of running his company as an entrepreneur was how much he learns from the students. I now understand exactly what he meant.
Do you regularly learn from those that you’re teaching?
Next Blog Title: A Story of Gumption – Lois McElravy
Next Blog Date: December 13, 2010