Submitted by:
Ermel M. Retuta
MBA MM, SPENTREP
Self Analysis as a Business Entrepreneur
A Factors Papers
Business Opportunity
Successful businesses start with an idea that serves a purpose and seizing an opportunity to create a value out of a product or service.
Opportunity identification has never been an easy task as not everyone would know when opportunity knocks. It takes insight, experience and even luck for one to identify that an opportunity is present. Once an opportunity is identified it can be used to develop personal business concepts.
My observation is that opportunities are vague ideas about making a potential profit and business concepts are more elaborate and specific corresponding to the said opportunity. A business concept is subjective and depends on the person who saw the opportunity and how he translated it to a business concept. This sets the differentiation among existing businesses having the same product lines.
Entrepreneurial Talent
Skills are the things that we learn and acquire through experiences or even attending a formal school. Talent however are the things that are natural or innate abilities a person has since the time he was born.
Entrepreneurial talent combined with skills, which is a function of observable characteristics, most likely determines the outcome of one as to becoming a successful entrepreneur.
Talented individuals have more chance to grow and develop their business ventures. Skilled individuals know the risks involved surrounding the business. Talent is not the only prerequisite; risk identification is another one. One should know when to play aggressive or be on the safe end of the business in order to survive and compete.
Some study shows that the young people who are risk-oriented are more inclined to start as an entrepreneur compared to others.
My Personal Reasons in engaging in Entrepreneurship
"To increase my income".
This is the most common reason of every entrepreneur as they engage in business. This has been my goal too as I venture entrepreneurship. I was able to read and learn from successful individuals that it is not enough that we work as an employee to become financially independent. I believe I have the skill and motivation to put up and manage a business in order to increase my source of income.
"To be my own boss"
I'm enjoying the perks of being an employee especially if you love what you are doing and you have a good boss. Though there are times when I think that I can run a business on my own and be a boss myself. I must admit that I have my own fears in starting a new venture all by myself but with careful study and planning, I believe that I can also be successful.
"To be able to use my past experience and training"
There are times when I think that I've learned enough and trained enough as a manager and I believe that I can take advantage of the skills that I acquired to my advantage by putting up my own business. While everyday is a continuous learning phase, I believe that there are things that you'll just have to learn and experience once you are in it. The experience is different if you're making decision for someone else and making decision that would have an impact with your own business.
"To prove I can do it"
Many are aspiring to become an entrepreneur but not all become successful in the end. I would like to challenge myself that I have the vision to succeed and I know I can do it. It will not be easy and there are no guarantees, but with the right attitude in facing challenges, I know I can do it.
"For my own satisfaction and growth"
Being successful in a business provides an individual satisfaction that one can't earn by just merely being an employee. This is the greatest goal that I always dreamed of apart from other reasons in putting up a business. I admired the successful business and I always dreamed that in the future I can be one of them.
"To become financially independent"
While being an employee somehow provides job security, it does not necessarily guarantee that we can always have the job that we want or demands the amount of salary that we need to sustain our desired lifestyle. Engaging in a successful business should provide the leverage of becoming financially independent in the future.
"To gain personal freedom"
I know that time will come when we I will be tired of an eight hours of work and find that waking up early in the morning doing the same things over and over again are quite exhaustive.
"To have fun"
At the end of the day, more than looking after the profits of the business I would still look back on the reason why I engage in this business. And the reason is that I love doing it and I'm having fun. It's important for me to love what I'm doing thus I'll always be motivated from doing it.
I consider the following as important to become successful:
Good management skills
I believe that I have the enough and necessary experience to manage a business as I've been on the management field for some quite a few years. For me the most important thing that I think I have is people skills and my ability to influence other people or team member to reach a goal.
Charisma
I know that this is important in the business world. This is something that I have to develop as I'm not really a sociable person. Perhaps I can attend seminars or trainings so I can develop this.
Satisfactory government support
This is something beyond my control but I find important to become successful. In our government system, that more you stay honest and straight, the more chance that you won't survive. Take for example the filing of the necessary permits. In order for your paper to be approved or even be released early, you would need to bribe or even give gifts to the government personnel. I hope that this would change; otherwise, we'll be compelled to go with the flow or suffer the consequences if you go against it.
Appropriate training
I believe that I still need to attend trainings in order for me to be equipped in whatever business venture that I will pursue in the future. It is important that I know the ins and outs of the business and not just rely on the staff or personels. This will aid me to make sound decisions for the business.
Access to capital
As for now, still don't have enough capital to start a small business. Though, I know that there are a lot of ways on how to get capital like loans from bank and others, I'm still building my financial portfolio to build my passive income first and later on engage on active investments like putting up a business.
Support of family and friends
My family is always supportive of my plans and decisions. I find this important that they understand my goals so that they will also understand my actions
Marketing Skills
I still need to improve on this area as I'm not really a sociable person. I can attend meetings or seminars so I can acquire this skill.
Hard work
I'm a hardworking person. I also believe in leading by example, thus if I would like my people to be hardworking they need to see it from me as well.
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