Graduating from the Bachelor of Business (Entrepreneurship)

2010 has been one of the most rewarding years of my life.  I have finished my formal schooling for the time beingand am starting to get things on autopilot to ensure the next phase of my life is very prosperous.  I have learned a lot about people and business in the last twelve months, and have faced a number of my own assumptions in the process.

Here are some of the things I have learned and loved in 2010.

Favourite reads of 2010: The Black Swan, Zorba the Greek and The Handbook of Style

The first two of these books has revolutionised the way I think about aspects of my life. The last one has dramatically improved my sense of style.

No one ever went broke by working

I have seen a number of entrepreneurs go back to employment this year while times are tough (myself included).  Employment is not a bad thing (despite the hatred of working for someone else in a number of entrepreneurial circles).  One of the benefits of being an entrepreneur is the ability to be lean and flexible, allowing the ability to work for someone else if necessary.

Emergency funds are lifesavers

Scott Pape (the Barefoot Investor) says $2,000 is an ideal amount, but I think $3,000 is better as a minimum, as this can buy a replacement car, washing machine, cover necessary expenses for a few months, etc.

I am better off repaying debt than investing

Many people I know claim HECS is an exception to this rule but given that additional payments of $1,000 will give you an extra $100 off the debt (i.e. a 10% discount), it is a better return than the stock market.

Do something physical daily, regardless of how small 

What gets measured gets managed

This is especially important with food intake, exercise and expenses. Record these things daily. Build this habit into your life.

Set smaller goals

I have found that I tend to be a lot more realistic and motivated when making goals for three months maximum. This habit has seen me accomplishing a number of items on my goal list (i.e. learning to swim, buying a Macbook Pro, saving an emergency fund, finishing my degree, etc.) as well as putting me in position to reach future goals and other opportunities.  

Useful Bible Quotes

Ecclesiastes 7:8 'The end of a matter is better than the beginning, and patience is better than pride.' 

Proverbs 12:9 'Better to be a nobody and yet have a servant than pretend to be somebody and have no food.'

That's it. I hope 2010 has been a prosperous year for you and that 2011 is even better still.

Happy New Year everyone!