Who owns the ice house? (Chapter 5 & Lesson 5)

Being resourceful
1. Resourcefulness is the ability to overcome difficulties and solve problems using the resources you have available.
2. An entrepreneurial mindset is resourceful
  1. The key of becoming resourceful is having goals.
  2. They have a "can do" attitude combined with the determination to start where they are.
    1. Uncle Cleve was a man with a resourceful mindset that empowered him to make the most of what he had.
      1. We do not need lot of resources that we do not have, we need to start with what we already have
Investing vs. Spending resources
1. Invest
  1. Entrepreneurs invest resources
    1. Cleve used to be very careful in how he was spending and investing his resources
2. Spend
  1. Entrepreneurs do not spend resources
Independent, Yet willing to ask for help
1. Resourceful people are able to find solutions by their own
2. Entrepreneurs realize that bold independence is only parto of a resourceful mindset.
  1. Resourceful people recognise that they need support and knowledge from others
    1. Cliff recognised that even when he must have to find solution to his problem by his own, he needs other people to support him and share his ideas.
Time as a resource
1. Entrepreneurs realize that time is a precious resource not to be wasted
  1. Uncle Cleve was judicious in how he spent his time
2. We must organise and invest our time
People as a resource
1. Mentoring: People with a growth mindset are willing to help others grow.
2. Asking for help: We need the advice and knowledge of others
3. People are resource that can help us to achieve our goals
4. Entrepreneurs prioritize building relationships and interpersonal networks
  1. They need to maintain relationships with customers, employees, suppliers, and even competitors .
5. Cleve was very careful about those with whom he associated
Money as a resource
1. Money vs. Wealth
  1. Money: What we use to buy things
    1. Managing money is a skill we gain through study and practice
    2. Income: "The money that comes in"
    3. Expense: The money we spend to maintain a lifestyle or operate business
    4. Asset: Something you own that has monetary value
    5. Liability: Debts or the amount of money you own
      1. Equity: The total value of your assets minus the total amount of liabilities.
    6. Credit can be a helpful tool when used correctly
    7. Cleve was judicious in how he spent his money
  2. Wealth: Accumulation of material things
    1. For Uncle Cleve was a type of freedom because he was able to pursue his interests.
      1. Cleve was not motivated by a desire to appear wealthy
    2. For many individuals, wealth brings a sense of security
    3. The motivation to become wealthy is different from the motivation to appear wealthy
      1. In many cases, our desire for social status among our peers is at odds with our desire for freedom
2. When we understand the difference between spending and investing we are able to use money as a resource
Waiting for the dividends
1. Even when we invest all our resources, dividends are rarely inmediate
  1. We have to be patient and control our desire for instantaneous results
    1. Uncle Cleve was patient with the results of his ideas because he knows that dividends are not inmediate

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Who owns the ice house? (Chapter 5 & Lesson 5)

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