I had a great opportunity to participate in the President’s Advancement Council at BYU-Idaho last weekend.  President Kim Clark is an inspired leader.  My wife Jillian and I met while at BYU-Idaho (previously Ricks College) and have many great memories from our time in Rexburg.  I wanted give a brief background on the university and its tremendous growth.

BYU-Idaho has come a long way since its humble beginnings in 1888. It was first named Bannock Stake Academy which initially offered only elementary level courses. It then added high school and college level curriculum. Eventually, only college level courses were offered, and the school became known as Ricks College. By 1999, Ricks was the largest private junior college in the United States. The following year, the announcement was made that Ricks would soon be a university and renamed as BYU Idaho. Since becoming a university, the enrollment has nearly doubled from 8,840 students in 1999 to 16,354 students in 2013.

Many exciting changes have been made to the school in the past ten years or so, and I am so honored to have been able to be a part. A very impactful addition to the University is the Pathway program. This allows students from around the world to earn a degree through BYU-Idaho without ever moving to Rexburg.   After only a few years in operation Pathways now serves around 5,000 students in many countries throughout the world.  The courses are accessed online, but there is still opportunity to meet weekly at the local Institute of Religions to work on assignments with other students. Through this program, BYU- Idaho’s academic reach is becoming vast and influential throughout the globe.

As a former student and a member of the Presidents Advancement Council at BYU-Idaho, I have been greatly influenced by the admirable mission of BYU-Idaho. The following mission statement has been established:

· Build testimonies of the restored gospel of Jesus Christ and encourage living its principles.

· Provide a quality education for students of diverse interests and abilities.

· Prepare students for lifelong learning, for employment, and for their roles as citizens and  parents.

· Maintain a wholesome academic, cultural, social and spiritual environment.

I am so grateful to have had the opportunity to take part in such a respected institution. BYU-Idaho continues to grow and continues to influence the lives of many. I look forward to watching its great future unfold.

***This is a guest blog post from my sister, Sarah Tomco. She is an English major at Brigham Young University. She is leaving in less than a week to serve a full-time mission for the LDS church in Paraguay.***

Each day is gifted to us in a  24 hour package. A typical and acceptable work day is 8 hours. Ideally, we sleep for another 8 hours. That last 8 hour chunk is ours. One third of our day can be devoted to God, family, friends, backyard barbeques, good books, etc. These 8 hours can be sufficient if these 8 hours are truly dedicated to those most important things. However, in this day and age, work tends to seep into and steal more hours of our precious life than it deserves.

The idea is to prioritize and to give our hearts to each portion of our day, so that we may transition into the next phase of our day without any lingering regrets. Dedicate your time and your heart to whatever it is you’re doing. When you work, work hard. Remember why it is that you work: to support your family financially, to grow, to learn, to serve, to uplift those around you. Do not drudge through your work day: celebrate this opportunity you have to widen your circle of influence and to teach and learn from others.

Then, when you get home, wholeheartedly dedicate and consecrate this time to the people and activities you love. Put at least as much effort into becoming a better husband or wife as you do into getting that desired promotion. Love your children like your life, your happiness, and your sanity depend on it–because they do. Your work does not end when you get home. Help your wife with the dishes, help your 4th grader with his math homework, read your babies stories as they fall asleep. Take your kids camping on the weekends even though it may be far more work than play for you. They will cherish those memories forever, and they will honor your dedication to their childhood. All of these things take time and effort: they are worth it.

If this is how you spend your days, then you can sink into each night with greater peace of mind and greater reason to live. When you rest, dedicate your time to that rest just as you dedicated your time to work and home. Sleep so that your body may have the health and energy to perform even better the next day. You may find ways to rest outside of sleep. Give your heart to reading, meditation, early-morning jogs, whatever gives you an opportunity to rest your mind and taste the sweetness of life.

Remember that each of these facets of life can become sacred and meaningful if dedicated to the right purpose. Let your life be rich in time well spent, not desperate for more or regretful for time foolishly lost.

I am excited to announce that I have recently joined Q Sciences board of directors.  I admire Q Science’s core mission to improve the quality of life for as many people as possible.  This goal is achieved through providing a combination of the highest quality supplements on the market.  Q Sciences offers an optimal, daily package of supplements called Qssentials. This package includes the products Q 96, Q Vitalize, Q 10+, and Q Biotics.

Q 96 is a special blend of vitamins, minerals, and amino acids which work together to significantly enhance brain function and mood stability. A patented 96 hour micronization and nano-chelation process increases the body’s natural ability to efficiently absorb these nutrients, making it the most effective mood and brain enhancer on the market. You can feel assured that your money is well spent on this product, knowing that it is the most researched micronutrient product in history for improving mood.

Q Vitalize is an herbal and amino acid blend designed for optimal energy and vitality. This carefully calculated blend works in the body synergistically, creating a greater result than if each ingredient were taken on its own.  It provides a feeling of healthy energy and makes you feel awake, alert, and alive.

Q10+ is designed to assist in a healthy aging process. It is comprised of three main components: CoEnzyme Q10, Lysine, and Arginine. Together, this ideal combination reduces free radical damage, boosts immunity, and activates collagen formation.

Q Biotics is a probiotic like no other probiotic. It is becoming more mainstream knowledge that certain “good bacteria” is essential to maintain healthy digestion and support a well-functioning immune system. However, most probiotic pills cannot withstand the torment from human stomach acid, which breaks them down before they have a chance to be absorbed into the body.  Q Biotics, unlike all other probiotics, is coated in a moisture-activated gelatin shell. This shell allows the valuable bacteria to remain unharmed until it can safely reach the lower GI tract. This process is designed to steadily discharge the bacteria over a 12-hour period for optimal absorption.

Each of these revolutionary products is a part of the Qssentials  package, and Q 96 is also available for individual purchase. As an entrepreneur, I know that when great products are backed by a great team, the sky is the limit. I am thrilled to work with such an exciting company.

Like most companies and individuals, my company, Zylun set some annual goals and objectives at the beginning of 2012.  The struggle is that these goals are achieved over a long period of time and take the cooperation and effort of over a hundred employees in two continents.  I don’t have all of the answers but we are well on our way to achieving most of these goals.  Here are a few of the key success factors that have made this possible.

• Consistency in the Little Things Leads to Excellence
• Focus, dedication and discipline are needed on a daily basis
• Buy-in from all departments and all levels of the company
• Break up the longer term goals into monthly and weekly goals
• Have each department (Sales, Operations, Finance, IT, Marketing) set their own goals and metrics focused on reaching the organizational goal
• Post the goals everywhere (on walls, meeting agendas, intranet, break room, etc)
• Metrics-measure and report progress
• Review the goals and progress towards achieving in every company meeting
• Have each employee analyze their daily routine to make sure it is in line with the goals
• Peer Accountability
• Create or tweak company processes to help achieve goals

I hope that our experiences over the last year will be able to help you achieve your professional and personal goals in the future.  If you have anything you have found successful in achieving your goals please submit a comment.

I have a couple of quick disclaimers to this blog post.  First, my blog editor/cousin Eric is now off to Law School at Harvard (hopefully the quality of writing does not drop too much).  Second, this post is not meant to be political but rather philosophical.

I am very grateful to live in America and am a strong supporter of democracy, capitalism, and the constitution.  Having lived, traveled, and done business in various parts of the world I know that our laws, regulations, and enforcement all work to facilitate our ability to build successful businesses.  Without the existence and enforcement of rights, laws and regulations businesses cannot flourish i.e. property ownership, contracts, employee rights, etc.  Lack of proper government involvement often leads to monopoly, black markets, and a struggling economy.

The difficult question is how much regulation and taxes are the optimal amount to allow growth in a free market economy.  We know absolute government control and no government control are both bad solutions.  By increasing government regulation and taxes the government is in essence saying they know how to run a business and understand markets better than business people do. The increased cost to running a business as a result of government makes many of our products and services too expensive to compete in the global market.  I don’t know the optimal mix, but less is more in this situation.   Obviously some industries need more regulation than other, like banking.  I think government should regulate/enforce property ownership, contracts, employee rights, environmental, and national security issues and beyond that the markets/supply and demand can govern.

It has always baffled me why business schools (both undergrad and graduate) avoid courses and training on sales.  In my years running and investing in businesses sales has been the most crucial element to success.  When I looked at making an investment in a business I would focus on the team’s ability to execute, particularly its sales team and strategy.  The company’s ability to sell is obviously a key factor to success.  Most business schools have majors for Finance, Marketing, Supply Chain, HR, Strategy, Entrepreneurship, and general management.  How many do you see with programs in Sales?  Not many.

I think most academics raise their nose at sales because they don’t see sales as data, systems, and process driven, therefore, not worthy of study.  I think Sales is misunderstood.  The best salespeople and sales teams are successful because of the factors below:

• They are data and results driven
• They adhere to strict systems and process
• They study market and sales data to set strategy
• They understand human nature and the buying process

Good sales results do not come naturally or by accident, they come through study and application of principles and processes over an extended period of time just like becoming expert at any other activity in life.  The key is both study and application.  I wonder if most academics avoid teaching sales because the application part of sales is difficult in traditional academic settings.  I think it would be extremely valuable to students looking for jobs and corporations hiring to have business schools give more emphasis on sales and find a way to implement both the study and application of sales theory in their programs.

As an Adjunct Professor at Brigham Young University’s Marriott School, I taught a course on financing new ventures.  Most of the students came into the class thinking about creating the next venture-backed, tech IPO and that this is the type of business that an “Entrepreneur” would build.  They thought that entrepreneurs are high risk/high reward seekers with new and innovative ideas. Many grappled with the false dichotomy of taking a corporate Fortune 500 job or “being an entrepreneur.”  These choices are actually not mutually exclusive.  I think we need to broaden our definition of entrepreneurship and of what it means to be entrepreneurial..  I am currently a part owner of three entrepreneurial ventures and the active CEO of one: Zylun, an offshore outsourcing firm; Oxzen, an internet marketing company; and pestnet.com, an authority on everything pest control related.  None of these businesses will be the next hot tech IPO, but they are all great, profitable, entrepreneurial ventures where I can be creative and solve pain in the market.

When I think of entrepreneurs and their mindset the following attributes come to mind:

• Problem solver
• Innovative
• Visionary
• Creative
• Leadership
• Brave/Courageous
• Hard working
• Smart
• Embraces the Risk/Reward tradeoff
• Optimistic

True entrepreneurs apply these talents and mindsets in many types of businesses and industries— this is the essence of entrepreneurship.  The business itself could really be anything: it could be the hot, venture-backed tech company in Silicon Valley, but it also could be starting a small bootstrapped retail store, running a franchise location, managing an intrepreneurial project at a big company, taking over the family business, taking a traditional brick and mortar business online, or buying a small business.  Most of the entrepreneurship in the US happens at small obscure companies on every street corner across the country. These ventures may never make the owners wealthy, but this entrepreneurial spirit is one of the things that drive our economy and make our country great.

I read a brief article this morning titled, “True Secret to Success.”  It reminded me how important Gratitude is to our success, happiness, and optimism in life.  Significant personal and professional successes, life events, tragedies, and holidays (like Thanksgiving) remind us to show our gratitude.  But the real key to happiness is showing our gratitude daily.  Over the last few years both in business and personal settings, I have had people recommend that I write a daily gratitude journal.  I figured I ought to give it a try since I have always kept a daily journal.  Every day at the top of my entry I simply write the first three things that come to my mind that I am grateful for.  The list often includes my wife, children, family, God, Jesus Christ, friends, health, freedom, America, opportunity, time, nature, business success, etc.  No matter how bad the day before was or how stressful the current day may be, I always have many things to be grateful for, and when I identify even a few of those things each day, I feel optimistic about the day ahead.  I have found so much fulfillment in this daily exercise that each Monday as we start the week, our entire family sits down together and we each list the three things we are most grateful for.  Gratitude can be expressed in other ways as well. For those who are religious, daily prayer is an opportunity to show gratitude to God, the source of all things we have to be grateful for.   Whether it be through a gratitude journal, daily prayer, or daily meditation, I know that showing daily gratitude in all areas of our lives is a “True Secret to Success.”

Every day we hear about networking.  Whether it’s through Facebook, Linkedin, Google+, Twitter, or more traditional face to face networking, we almost all do it. But why?  There is obvious social, personal, and business value to networking, but I want to focus on business.  To me, a network has zero value unless it is actionable.  What do I mean by actionable? An actionable network is one that you can go to with confidence when you need a job, promotion, advice, friendship, or recommendation.  I truly believe that it is the quality of our relationships—not the quantity—that will set our network apart.   So, how do you build and obtain value from an actionable network?  Many of the things I will discuss are common sense, age-old truths (such as do unto others as you would have them do unto you), or come from well-known books (such as How to win friends and influence people).

Give First, Give More

-To build an actionable network, you must go in with the mindset that you are going to give more than you receive.  Don’t be a leech; you will quickly suck the value of your network dry.

-What can you give? Time, Knowledge, Money, Empathy, Hard work, Contacts, Jobs, Recommendations

Respect your network

-Respect their Time-Remember that everyone in your network has their own problems and responsibilities.  Don’t waste their time and always give something in return

-Respect their Privacy-Your network should be treated like a prized possession.  Be careful who you share your network with, and protect your key contacts from leeches.

Regular, Relevant contact

-The meaning of regular may differ for each connection in your network.  I have a core group of contacts I make sure to talk with every month, but with most of my contacts, I reach out quarterly or semi-annually

-Relevant contact could include sending an article or link related to their business/industry, birthday and Christmas letter, response to their requests, introductions to members of your network, lunch, or golf.

-Don’t reach out only when you need something

Build your Value to the Network

-People will want to connect with you as you become more valuable to the network and are an actionable player in those networks.  The following will help you increase your value to the network:

-See 1 and 2 above

-Expanding your Professional Experience

-Character/Absolute Integrity

-Hard work, performance, execution

-Education

-Bring your Actionable Network to the table

Be Bold

-Once you have built an Actionable Network, you can have the confidence to reach out to them when you are in need

In the process of starting multiple companies, teaching a financing new ventures class at BYU, advising entrepreneurs, and investing in startups, I have often encountered the question of whether to bootstrap or raise capital from the outset.  The answer to this question is often a matter of opinion, and I am heavily biased towards bootstrapping as long as you can.  The funny thing is that as much as this topic is debated, it is usually a moot point because many companies can’t raise money and have to bootstrap.  The reality is that most companies will never raise a penny of venture capital or go public, not because the business is bad, but because it may not have the potential for a 10x+ return, scale fast enough, or is not in a sexy industry.  I’ll admit that there are times when raising money is essential to get to market quickly, grab market share, expand globally, or build/upgrade the management team, but even in these scenarios, the bootstrapping mindset can still exist.

I like the bootstrapping mentality because it helps the company develop discipline, create culture, and value every dollar, and keeps ownership and control with the founders.  Even if you ultimately raise outside capital, bootstrapping as long as you can is crucial to maximizing your valuation.  I have fond memories of the early days of Zylun—sharing a basement office with another company, with 3 employees working out of the storage closet.  That experience and those stories have molded our company’s culture to focus on ROI of everything we do, question every dollar spent, and focus on profit not just revenue.  Because we worked so hard in the early days of our business to instill the bootstrapping mentality, our US team and Philippines team are constantly focused on increasing the bottom line and allocating company resources to their best use.  When in doubt, Bootstrap.