ENTREP S20 - Factors Paper

Factors Paper by Arlo Cristobal

My grandparents own a small sari-sari store. I think that's about it when it comes to entrepreneurs in our heritage. My father worked for the government and my mother in a local private company. Both of them have plans in putting up a business but never really pushed through with their plans. Their excuse is always security. Initially, they didn't want to leave their jobs because I was still in school. When I graduated, they still didn't want to retire because my brothers are still in school. Both of them, in my opinion, have solid business plans backed-up with years of experience in their respective industries. What they lack is the ability to take big risks.

Character

My personality is different. As a young professional, I don't really feel pressured to have that sense of security in terms of my future. I know that's wrong in a lot of aspects but my point is my current position allows me to take risks. I have the desire and passion to go places without worrying about set-backs and failures. I have the initiative to grow my minute wealth, and my vision towards the future is still at its most optimistic. I can also say that I am resilient since I'm pursuing my MBA career.

What I lack at the moment is the initiative to start my own business. I believe MBA is a start, but I also believe that I should have done so much more by now. Hopefully, this class could help me jump-start my ambition of putting-up my own enterprise.

People Skills

People skills could be one of my weak points in becoming an entrepreneur. I have always considered myself as an introvert. The good thing about this is that I'm constantly working on it and my client engagement at work has been a good opportunity to practice my communication skills.

In terms of negotiation skills, I really don't have much experience on it other than trying to negotiate project timelines at work. These negotiations are usually backed by standard procedures so there's really no solid decision making activities involved.

My strong point in people relations, in my opinion, stems from my upbringing. My grandmother only finished grade 6, my father used to catch fish to sustain his college education and my mother was only able to finish college because of her scholarship. I witnessed my parent's perseverance to give us a better life. They always taught me to be humble and to never forget my roots. In addition to that, my mother is quite religious so making unethical choices is never really tolerated in our family.

Creativity

What I lack in people skills, in my opinion, is compensated by my creativity. I'm not an artist in any sense, but I'm confident with my innovation skills. I always find interesting ways to accomplish things, take automation for example.

Another trait that I have developed earlier in school was my analytical skills. I took high school in a science high school and then took Physics in college. I believe those experiences helped me with my problem solving capabilities.

Those two skills combine would help me seize opportunities in business. Part of being an entrepreneur is to be innovative in approaching business and being able to think your way through problems encountered along the way.

Business Knowledge

Last but definitely not the least important would be business knowledge. Unlike the other factors, this can be learned and developed through experience. Basic skills such as organization skills and business-specific knowledge are important in understanding and growing a business. On the other hand, Accounting, financial and economic knowledge would help you make effective and profitable business decisions.

Assessment

Based on an online test that I took, they gave me a score of 80% in assessing my skills as an entrepreneur. My strong points, as mentioned above, are my innovation and problem solving skills. I do, however, need to have a sound plan and a clear vision of what I would want to attain. The test also mentioned that I should surround myself with people that can help and support me, such as mentors, advisors, peers, associates, etc. All these skills, combined with a keen eye, would help me identify and seize opportunities in business. And with the help of the people around me, I believe I have the tools and the potential to become an entrepreneur. 3.5