Factor Paper by Verman T. Reyes of AGSB-Regis Clark
Subject: What factors I do and do not have as a Business Entrepreneur I always wanted to be an entrepreneur when I was a kid. I would answer the phone for the clients of my dad and get some money for my service from my brothers. I remember when I bought basketball shoes when I was in gradeschool and sold them half the price when i already used them 5-6 times in our tournament to my classmates. In highscool, bought nba basketball cards as a hobby and when I get special insert cards of a famous player, I sell it in the card stores in greenhills either consignment or through card collectors directly. I remember buying 2-3 packs of upperdeck basketball cards for 300 pesos. Then when I opened one pack, I got an insert card of Michael Jordan worth $100. I sold it for P2,200 and got almost 600% return of investment. In college, i took up export management in CSB, i always wanted to trade goods domestically and internationally after I graduate. When I was in college, bought buy and sell paper and look for cheap goods that I could sell online. I remember buying a nokia gadget that lets you make your laptop have a call and text function. I sold it online through www.ebili.com.ph, that was my first experience of selling online. Since then I ventured in a lot business endeavors directly and indirectly by investing in companies. At present, I have a plant nursery business. My clients are schools, golf resort, gardeners and farmers. But despite my entrepreneur spirit which I attribute from my mom, a serial entrepreneur herself, I still lack something as an entrepreneur and by evaluating myself, i could pinpoint the things I should work or improve to be a better entrepreneur. My total score in the evaluation is 118 points out of the total 140 points. Well, though I have a high entrepreneur potential, I managed to evaluate my weaknesses as an entrepreneur. But before I discuss my weaknesses, I would like to point out my strengths. Strengths 1. Passion - I consider being passionate in business very important. I know a lot of people who venture in business without having a passion and they don't end up successful. When I venture in a business, I make sure that I am very enthusiastic about it and know everything about it. You should know your business more than your clients. You should convince your client to buy your product because they are interested with it. 2. Solution - When venturing in business, there is a reason why you are getting into that business, its either you got frustrated that nobody is offering the product or service and by accidentally creating a new idea. Whenever I venture in a business, I make sure I solve a problem of future clients or create a demand on what they might need. 3. Observe - I always observe what is needed to improve my business either consulting experts or researching. I like observing what is happening in my business because usually, the small things that matter have a great effect on your business positively or negatively. Weakness 1. Communication skills - Iam not good in speaking in front of people, I pretend to be. I am not good in pitching a business plan. I am not good at writing papers properly. And lastly I am not good at convincing clients in closing deals. 2. Networking - in business, you need to have networks to connect with other entrepreneurs. I am not really good at this, except in joining organizations like mba class and hobby group clubs. I still need to improve my netwoking skills. 3. Leadership - i was once a captain ball of my varsity team, but our team had a faction between the luzon and visayas/mindanao players. I was unsucessful in uniting the team. I guess, I am not a leader by nature but a follower. I considered myself as role player always. But somehow i need to improve my leadership skills so that people will have someone to follow in the workplace. (Leadership can be learned. I guess you just have to work on your strength. 3> |
SESSION 4 ASSIGNMENTFactor PaperIn Partial Fulfillment of the Course Requirement inENTREPRENEURSHIP
Ateneo-Regis MBA ProgramAteneo Graduate School of Business - ClarkSubmitted to:Prof. Jorge SaguinsinSubmitted by:Elizabeth Carlos-TimbolDate:March 7, 2014Ever since I was small, I always wanted to be an entrepreneur like my father. He was a businessman, who at such a young age even before turning 30 years old, he was able to establish businesses on his own or some, with partners.
Back when my siblings and I were just young kids, our parents would give us incentives during summer. For example, if we will help clean the house, our parents will give us salary each time we helped in cleaning or in gardening. When we reached highschool, if we helped in any of my dad's business, he would give us salary. Nevertheless, my parents would make it a point that we will not be the strict Chinese-type of business-minded family who is "all work and no play".My parents would make sure that we would enjoy our summers, in our childhood and teenage lives. I guess, it is one way of instilling discipline and inculcate in our minds indirectly to love the business world. My mother used to be a teacher back at a time when being a teacher was highly regarded as a very noble profession. However, as our family was getting bigger every year, reaching 14 children, my mom decided to become a full-time housewife, mother and at the same, doing business on the side without leaving our home. She would be the cashier for those people paying electricity which we were the supplier.She would be the neighbors' dollar exchange person to go to, also at a time when there were only few establishments changing dollars to pesos, something that banks were not so aggressive at that time.
Getting high scores, reaping awards and achievement is no longer a surprise to me. I have always been competitive in nature and you could see that in my aggressiveness, so much so that I was actively engaged in sports from elementary to college, being consistently a varsitarian that represented my school in inter-school competitions and winning, too.As a student, I am quite the industrious, Type A kind. I really work hard even I could afford to just simply sit back and relax. But I didn't do it that way, I was hungry to explore and experience a lot of things, which basically got me involved in a lot of academic and extra-curricular activities that my day would start as early as 4am, training for either the swimming or basketball team and spend the rest of the day in the classroom or in various student organizations one of which I was the founding chairperson (Ley La Salle).Looking back now, all these experiences honed my leadership and people skills that one cannot simply learn within the confines of a classroom. So when I finished college, it was already innate in me to work in multiple jobs that multi-tasking is but second nature to me. I can work very well under pressure and would like get things done fast and efficient, and hating it when things are not done the right away, as I know it causes others' work to get delayed as well.
I was wondering why I got low score in passion. I am passionate with things I voluntarily get myself involved in. As my personal mantra "Ready, Fire, Aim!" goes, I never stop not until I get to achieve my aim. I would "ready" and "fire" because of my entrepreneurial spirit, such that I would start the business even some things are not yet perfect. Because I believe that no matter how you prepare for everything, you can't perfect something until you see the flaws and you don't get to see the flaws until you start it. When I start things, I get passionate about it, that is why I get angry within reason, when things are not done accordingly as planned.Taking control is something I put premium on. Because in any company, there has to be a leader who would always give the go signal, pretty much as what an entrepreneur would: taking the risk already and at the same time, ready to take the blame should some things fail or does not necessarily go as planned. And I don't agree in the saying that one will take the credit in yourself for positive results and if negative results, you will blame external factors. That is exactly why the role of a leader is difficult as he or she is the risk-taker and takes full charge of everything.
Creativity wise, I am always innovative especially in systems and procedures which are needed in every new business in order to jumpstart its operations. There is a huge difference between being a boss and being a leader . I am, by nature, a leader and not a boss. As that famous quote by E. M. Kelly goes, "The difference between a boss and a leader: a boss says, 'Go!' -a leader says, 'Let's go!'."Being action and results-oriented, I'd rather do something productive instead of just talking, find solutions than magnify the problem on hand. It annoys me when things are just purely plans and people talk theoretically as if they are the most intelligent and experienced beings on the planet, wherein I fact they haven't proven anything. One has to be credible first based on a proven track record.
Based on Timmons Model, I am team player as I let people shine and give them proper credit to whom it is due. This is the only time I take the back seat. I only become visible when problem arises. Otherwise I'll let my people going about their jobs. Even as I keep exploring many business pursuits as a form of adventure for myself, I also have my share of failures and losses, but not enough to demoralize me. I start at with minimum exposure while I'm trying to learn the new business. When things are getting ready, that is the time I shift to next gear to aggressiveness. Otherwise, if I don't see any potential or future, I'll close it but I don't easily give up. I'll maximize things first as I always see opportunity for every disaster that comes along.I am the type who seeks new business opportunities from an existing business, hence its expansion becomes a chain or at least related. For example, in many establishments we operate, we hire the services of a security agency for a good deal of money. Why not put up your own security agency and earn this good deal of money by being a supplier to some of your own demands?In the real world, being streetsmart trumps being bookish. I go for common sense. I have acquired businesses who are losing and turn them around into profitable ones.
One has to be diversified in business because there are businesses than can easily be duplicated, like the bottled water industry. Twenty years ago, bottled water is only popular in European countries. Fast forward ten years, it become a permanent fad, and water refilling stations mushroomed everywhere. That is why you now have to be fast in implementing ahead of others, especially where technology is involved..
While I was going through the "Introduction to Entrepreneurship" slides, I remember my term paper regarding "The Economic Impact of Small and Medium Scale Enterprises". It has many similarities in my views . It's what inspires my advocacy of "Go Negosyo" where you create jobs and livelihood to contribute to our country's economy and proclaim with full conviction in your heart that your country is indeed your business.
By the time I turn 50 six years from now, I aim to be billionaire! That is my "20/20 Vision". 4APPENDIX50 Item Entrepreneuralism Questionnaire Results
Personality Trait
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Low Fairly-low Average Fairly-high High
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Score
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Achievement Striving
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36
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Industriousness
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29
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Passion
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35
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Taking control
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34
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Creativity
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33
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