Management 362 or Entrepreneurship, is a class at Luther College  where on a weekly basis students gather to listen, and learn from successful entrepreneurs. This week’s speakers were Jon and Tara Baklund from BAKLUND R&D LLC, which is an experienced Design, Rapid Manufacturing & Precision Machining company located in Hutchinson Minnesota. Please visit their website for more info. Jon who is the founder of BAKLUND R&D LLC, shared a few informative and useful insights about entrepreneurship with the class. This article is a synthesis of Jon’s talk, I hope this insights will be of help for your personal and entrepreneurial growth.

  1. Rejection is actually one step closer to reaching your goals. An entrepreneur’s fear of rejection must not be greater than her desire for success. Success only comes when the person overcomes this fear, and takes consistent and persistent actions to achieve her goals.
  2. Study the tax code, it is important to protect your income. This point is quite self explanatory, entrepreneurs who wish to “expand their means” must learn to protect their income. To learn more about this topic and why it matters, read Rich Dad, Poor Dad by Robert T. Kiyosaki.
  3. It is essential that an entrepreneur have the right espouse. Having the right espouse may seem like a bias point. The core idea, however,  is to engage with someone who shares similar goals, but most importantly someone who is willing to understand and support one another under any circumstance.
  4. Failure is inevitable. Although failure is inevitable, not everyone has to go through it, or at least not repeat the same mistake that someone has already made. Learning from other peoples mistakes is a great way to avoid failure. Do not be surprise, however, if failure comes, it is actually the best way to know what you did wrong and what you should improve.
  5. Don’t share everything with people. It is not about being paranoid, but not always everyone wants the best for you, in that case it is better to keep secrets and only share with people who are trustworthy and want to see you grow. On the other hand be wise, and know who you share ideas with, not sharing anything at all may just be as harmful as sharing everything with everyone. To learn more about this topic and why it matters, read Entrepreneurship 3rd, by William D. Bygrave, Ch, 1-2.

Note: the points discussed above are not in a specific order or level of importance. The discussion after the text in bold are my personal opinions about each point.