Factors Paper - Cristhel Molina - Spentrep

Hi Sir,

As with the same case of the dry cooking, I have been sending my factors paper to the wrong email for the past 2 weeks. Please see factors paper below.

Regards,

Cristhel

<Please go over the syllabus well.>

Cristhel Elizabeth A. Molina                                                         January 20, 2014

SPEntrep – Individual Paper 1

Factors for Business Entrepreneurs

What factors I do/ don't posses that make/ do not make me a Business entrepreneur?

            The article written by smarta.com presents the different characteristics that make an entrepreneur. It listed 10 key factors that an entrepreneur manifests: determination, confidence, action-oriented, passion, ability to see the brighter future, people person, risk-taker, not afraid of failure, opportunity-spotter, and financial thinker. In another article written by smallbusiness.chron.com, it sites the six factors of an entrepreneur in business. It states that planning; perseverance, risk management, enthusiasm and belief, levelheaded approach, and relishing challenges are the key components in entrepreneurship. Now, which of these factors do I see in myself and which one do I lack?

Factors Paper by Trizza Rushel V. Castro

What factors I do / don't posses that make / do not make me a Business Entrep (not more than 3 pages). You can do a self assessment available from the internet. Do a thorough self analysis.

Before writing this paper, I tried a self assessment test in the Internet for readiness on becoming an Entrepreneur. This is the result:

50 Item Entrepreneuralism Questionnaire Results

Personality Trait	Low   Fairly-low    Average    Fairly-high  High	Score
Achievement Striving	llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll	44
Industriousness	lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll	34
Passion	lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll	33
Taking control	lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll	38
Creativity	lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll	34

The link used is http://www.psychometrictest.org.uk/entrepreneur-test/. Achievement Striving is a person's internal motivation to achieve outstanding results and their propensity to work hard towards goals. Industriousness is a person's level of persistence, resistance to stress and self discipline. Passion refers to an individual's emotional intensity, enthusiasm and emotion-based decision making. Taking control is related to the psychological theory of "locus of control", the extent to which individuals believe they can control events that affect them. Creativeness is the use of imagination to develop and implement original and innovative ideas.

At a very young age, I was already exposed to businesses and entrepreneurs. My parents owned a "Carinderia" when was a kid, we also experienced a franchise of Triumph (a lingerie shop), and now, at present my father is managing a closed lending corporation. My mom, on the other hand, is presently working with the Department of Trade and Industry and they routinely organize trade fairs (where new products are introduced). From there, I had the chance to be involved in their activities and I was amazed of the new ideas created. In college, I took up Business Administration, obviously also exposed to trade fairs and other business activities. It goes to show that in terms of knowledge and awareness, I am somehow trained and experienced to be an entrepreneur.

Surprisingly, I possess some attitudes and habits that entrepreneurs have. Maybe because of the exposure I had when I was still a kid. I love discovering new things and when someone would come up to me and share an idea, I become proud and excited on how it will realizably turn out-the feature and purpose. From then on, I feel that I am always curious and in search for discovery.

I am a leader and that means I need to direct but I also need to follow. I also need to follow my subordinates because they too can create new ideas or new ways that can attain our goals. I am a follower. I don't mind working with someone else besides, it will be more helpful for me because someone is there to support and criticize my work. Through that person, I will gain more knowledge and experiences. I will learn something new.

 I am not afraid to take risks and I like to have that feeling of being challenged in taking new projects or overcoming problems. "If you will not act now, when will be the right time?" What if that opportunity passed?

I can handle stress and I also like cramming. I can still work effectively even in stressful situations especially if there are only few hours left before deadline.

When problems arise, I believe that there are other alternatives or if not, there will always be a contingency plan. I see good solutions in every problem. Everything is possible.

As a person, I want to be recognized on what I have done well. I want to be appreciated. Most of the time, people only criticize your wrong ways and decisions. Sometimes, I become more motivated if people also criticize the good work I have done.

For me, action is very important. No matter what people say I always find a way to prove that my ideas make sense. I become persistent. The action must be executed well.

I have the capability of imagining things and how I can make it work. Most of the time, I am already owning the situation because I am confident enough that the situation will turn out the way I imagined it to be.

I always give my best and my full confidence on a certain project given to me especially if its in my area of competency but if I failed, I will look at is as an opportunity to improve or learn. Like an artist said "Failure is only the opportunity again, only this time, more wisely"

Leading people is not easy especially in motivating them to do the action but the important thing is the effort I make in giving them the motivation they need.

People know that change is the only constant thing in this world. I am a person who is open to change and if I need to make sacrifices for that change, I will be ready. In the business world, everything is fast pace and I should be part of that fast ride.

It is okay to be ambitious and I am proud to be one. I am hungry for something new-innovation, new ideas, new discoveries. This ambition will remain an ambition if I will not find a way to achieve it. And I must achieve in the right and ethical way. 3.5

 

"Seize the Opportunity"

Trizza Rushel V. Castro

 Entrepreneurship, MBA

Factors Paper by Grace Agustin

Factors Paper by Grace Agustin
January 14, 2014

Listed below are some of the factors of a successful entrepreneur, to be successful does not mean to have all these qualities but rather a combination of these can help build and grow a successful business.

Factors I do possess to be a Business Entrepreneur:

a.    Knowledge.  It can be taught and learned.  An entrepreneur has to have knowledge on business issues for business they start.  I may not have the knowledge right now but I think through researching, reading, and listening to successful entrepreneurs will surely give me some ideas and insights.

b.    Intelligence.  Intelligent enough to manage all possible situations and be able to give right solutions on the problem.

c.    Patience & persistence.  There are things that cannot be done perfectly on the first try.  I am patient to try it again and not to easily give up on something.

d.    Teamwork.  I can be a good player in a group.  An entrepreneur not only can lead others but also a team player to achieve success in the business.  An entrepreneur cannot do all the works alone; he/she will need somebody to achieve something.

e.    Self-confidence.  Self-confidence to start and manage my own business.

f.     Calculated risk.  Any business and endeavor has a risk, but having enough knowledge, study, preparation, plan and proper implementation. A risky business can become a calculated risk.

g.    Honesty and Integrity.  In doing business, profit is not everything.  We must consider that in doing so, we are not abusing anybody.  We were able to deliver what are the right and ethical business standards.

h.    Luck.  Luck really is not a real factor to be an entrepreneur.  But it's a real luck that we are "lucky" having the right situation in a right place in a right time.  For me it's not luck but I call it "favor", given that the intention is good through prayers luck can be a favor.  I remember somebody saying that "Work as hard as you can as if there is no God" and "Pray as hard as you can as if you cannot do the work".

Factors I do not possess to be a Business Entrepreneur:

a.    Willingness to take action.  This is one of the most important factors to be an entrepreneur.  Actions are something that leads entrepreneurs to success.  It is true that it may be the most important factor but unfortunately it's the one lacking on me.  I know that being an entrepreneur; I should take action on what is in my mind.  The world today has many ideas envelope in each individuals mind, but the courage on who will do it take credit of that idea.  I am willing to take action, but I think I am afraid and lack the initiative to do it.  I have it all in my mind but I always need a push on my back in order to do it.  I think I have to improve on this factor if a wanted to be an entrepreneur.

b.    Creativity.  I don't have enough creative thoughts to be unique but I think with the help of others, the needed creativity in the business can be achieved.  If I cannot be the originator of that creativity, then get somebody to do it!

c.    Skills & Talents.  Skills I might not have right now, but skills can be acquired with time and practice.  Talent is something inborn in an entrepreneur, but sometimes talent can be replaced with right knowledge.

d.    Experience.  Experience can be an added factor to be an entrepreneur; it is something that will increase business potential energy.  Previous experiences may help in building a successful business.  I do not have entrepreneurial experiences right now; I think having or lacking of it can be both advantageous and disadvantageous as an entrepreneur.  Knowing how to position myself and being smart-aggressive is a counter of my being inexperienced.

e.    Connections.  The more connections mean the more possibilities for building a successful business.  Through socialization, networking, social networking, connections can be achieved.

           

            The factors mentioned above are not complete, there are still more and more that needed to be a business entrepreneur.  For me the idea here is to know your strengths and weaknesses, work on it, my weaknesses might turn-out to be my strengths or the other way around.  There is no finish line on being an entrepreneur, I just have to begin on being one and then undergo the process to be an entrepreneur.

Factors Paper by Rocky Gabatin

Rocky Gabatin

SPENTREP – S09

Prof. Jorge Saguinsin, MBA

Factors Paper:

What factors I do / don't posses that make / do not make me a Business Entrep (not more than 3 pages). You can do a self assessment available from the internet. Do a thorough self analysis.

     Using an online "Entrepreneur Self-Test (see Appendix)," there were 5 factors considered in order to assess my entrepreneurial potential. These were motivation, capacity related to business skills, capacity related to networking and partnership, support from family and friends, and support from the community. Out of the possible score of 100, I scored 81.25 which was considered as "High Potential." This result was not very surprising for me because I always wanted to start my own business.

     In terms of motivation, I never doubted myself when it comes to putting up a business. Although there were times as I grew up that I swung back and forth between several business ideas, I was also motivated and certain to build my own business. In fact, I recall myself saying to myself and to others when I was younger that I will never be satisfied being an employee for the rest of my life. I knew that I needed something more; I knew that I can be an entrepreneur.

     Under the motivation section, there was one factor in which I scored myself low—"creative." I can be honest that I am a work-in-progress in terms of creativity. I cannot cite any instance where I can say that I made a breakthrough about something. Despite this, I can recall several occurrences where I demonstrated resourcefulness; I believe that resourcefulness is part of being creative. Yet again, creativity is coming up with something out of nothing; I still have to achieve that feat for me to be confident to say that I am creative enough.

     My capacity related to business skills, I believe, is adequate and is continuously improving as I mature. A huge parcel of this is attributed to my education. I can say that both my undergraduate degree in Psychology and my current pursuing of MBA are a good combination in being a good entrepreneur or businessman. After all, business is chiefly run by people (link to psychology) and tools (link to MBA). In addition, I grew fond of reading books related to both psychology and business. In a span of only 5 years, I realized that I have read a lot of leadership books to fill an entire bookshelf. Not to mention that I also have been acquiring and reading e-books regularly.

     I must admit that my capacity related to networking and partnership can still be improved. I am innately an introverted person who goes out of my shell every now and then. I am not an extroverted person who is sometimes reflective. I understand that networking and partnership is crucial in any business, so I need to learn to be more comfortable dealing with people from all walks of life. My experience in middle management in my current employment gives me a good opportunity to hone this characteristic.

     When it comes to support from family and friends, I can say that I have more support from my closest friends than from my family. I could say that both my parents are risk averse, so they cannot fully support me in my business ventures. However, my friends have always been pushing and motivating me to start as soon as I can because they believe that I will excel at it. I remember telling one of my friends that I am finally setting up my business this year, and he said "Bakit ngayon lang?" (Why only now?). For me, this kind of support enables me to push myself harder and work smarter as I go along.

Appendix

Factors Paper by Terence S. Uygongco

Engr. Terence S. Uygongco

Factors Paper

Entrepreneur - AGSB ILOILO

As i am pondering on how to do my factors paper, i chance upon the Business Development Bank of Canada (BDC) self assessment test (as recommended by the syllabus of Prof Saguinsin).  At the onset i already have an inkling of how my entrepreneur potential would be but just the same, i read the instruction and it clearly says that i cannot answer 2 or 3 for the assessment to be effective.   So i answered it as truthfully as i could…

The Assessment Results:

Motivations - i like power or control in everything i do.  I want everything to be as what i projected it to be thus my motivation factor is more on the power.  My self-sufficiency or freedom is quite low and it would seem that i cannot on my own without some interaction.

Aptitudes - my self confidence as an entrepreneur is quite low while my determination is high, it is my lack of confidence and imagination that bring down my aptitude skills.

Attitudes - My perception to act upon one's destiny is high and it means that i could take it upon myself if i want something to succeed or not.

The result were not surprising:

I am a very pessimistic person and somehow i think you need to be the very opposite of my attitude to be a successful entrepreneur.  I always think of doomsday scenario and what if failures thus i always end up not being able to snowball the ideas.  

Now i need to read this article…

9 Ways to Become an Optimist

Pam's Factors Paper - AGSB UI

Born to both Chinese Filipinos businesspersons parents, it's difficult to understand why I am not a businesswoman myself especially considering I finished a degree in no other than Management in college.

My Dad has always encouraged (if not required) us to work in a Corporate setting prior to setting up our own businesses or joining the family business after college graduation. I guess that is both a good and bad thing. It is good because according to entrepreneurs.about.com, 98% of entrepreneurs ranked prior work experience as an important factor. With over seven years of solid work experience doing both Recruitment and Marketing, I believe I easily have points in this success factor for entrepreneurs. It is a bad thing, on the other hand, because I never really found the guts to leave the secure confines of the Corporate world. I guess I still am a little too risk averse for an entrepreneur.

Another factor that is cited by the same site is lessons from failures. I believe my over seven years of work experience has granted me enough failures to learn from.

Another factor that is mentioned is luck. I believe this is something I am patiently waiting for. I have been in many serendipitous situations before; and I believe the Universe is still working on aligning the stars for my entry to the business world.

Personal and professional networks is also an important factor according to the site. I have been working on building my network in Iloilo City since I got back from four years of college in Manila. My current job allows me to do exactly just that—being in-charge of Marketing and Branding for the biggest BPO Company in Iloilo City, I have worked with vendors that I believe will be very helpful when I put up the business that I have dreamt of. Also, I have consciously made the effort to join other civic organizations to ensure that I add to my network too.

Availability of capital is also important. Over the past seven years of work, I have always made it a point to save a reasonable portion of my monthly earnings so that when the stars finally align for me, I would have the capital to fund my dream.

Ability to take risks is also another factor to successful entrepreneurship. I believe this is where I can still improve. One of the reasons I still have not put up my own business is because I am very risk averse.

Another factor is business management skills. I believe my undergraduate degree (including the experience I had from setting up our own business as part of our requirements for graduation then), my exposure to business from a very young age (my parents required us to tend our family hardware business on the weekends off from school), my MBA degree, my management of my Recruitment and Marketing team in my current job—these have equipped me with the management skills necessary to be a successful entrepreneur. I believe the same experiences have also equipped me with the market and industry knowledge needed to be successful.

However, what I consider the most important factor of being a successful entrepreneur is the heart—the passion to be an entrepreneur.

At a very young age, my Dad explained to me a small poster he had in his office of a saying—"Choose a job you love and you will never have to work a day in your life." Since then, I have struggled to live by that. I am very careful with the business I will venture into because I know that I will have to love it enough to spend countless sleepless nights and sacrifice many good, worry-less days with families and friends.  

More than anything else, I believe it is the heart that makes one truly a successful entrepreneur. 3

--

Pamela Joy L. Go
+63 917 6250701


Have a little faith.

Factors paper second version from Zhao Yanan

Good afternoon sir

Last week I sent one version factors paper about myself analysis Entrep,I think it is not good ,so I do again ,please double check, thank you very much.

I use the internet to do myself assessment, through it I can see that General profile is almost close to score of entrepreneurs.

<![if !supportLists]>l  <![endif]>Motivations part, it is higher, because I am an outgoing person, I always doing something seriously. In office, when we face difficult situation, I will think about at least 2or 3 solutions to solve the problem. I like to lead others, and I prefer my own boss, so the power/control appeal score is very high. When I take project, I like challenge myself, even though most of time not successful, however, too much appeals to be a little sufficiency. It is not good.

<![if !supportLists]>l  <![endif]>Aptitudes part: I always give the best myself what I do, I believe it is one of the important aptitudes, for me, everything is possible if I believe I can do it. One time ,we have meeting in SOFITEL, but the price is higher than we expect, so I go to hotel to negotiate with them face to face around four hours, and email to them more than ten times, Finally ,they agree the price we gave .It can be seen that I am perseverance .But when I working in stressful condition. I am not good at relax quickly. If I want be the entrepreneur, I should have good resistance to stress.

<![if !supportLists]>l  <![endif]>Attitudes part: I am enthusiasm. So most of time I can influence others to give decision. I don’t want to be an armchair strategist, I like focus on practice rather than only say something.

So I think if I want to be a real entrepreneur, motivations, aptitude and attitudes, all of them are important, I should improve all the time. I have to be an optimist to be an entrepreneur.   3

My result:

General profile	156
Motivations	61
Aptitudes	60
Attitudes	35

Your motivations

Motivation factors determine behavior. They are the underlying reasons that induce someone to act.

Motivation	61
Need for achievement / success	14
Power / control appeal	20
Need for challenges / ambition	18
Self-sufficiency / freedom	9

Your aptitudes

Aptitudes are natural inclinations, competencies, abilities. Certain aptitudes predispose someone to be an entrepreneur.

Aptitudes	60
Perseverance / Determination	14
Self-confidence / Enthusiasm	13
Tolerance towards ambiguity / Resistance to stress	15
Creativity / Imagination	18

Your attitudes

Attitudes are made up of perceptions, our feelings about something. They are judgments we make, ways we look at thing

Attitudes	35
Perception to act upon one's destiny	19
Action oriented	16

Factors Paper of Ed Vargas

Edgar D. Vargas                                                 Entrepreneurship                            Prof. Jorge Saguinsin

Factors Paper

What factors I do/don't posses that make/do not make me a Business Entrepreneur?

I came from a poor family, my father was an ordinary laborer and my mother was a plain housewife having only finished 2nd year college and high school respectively. Life was difficult in the 70s and with four mouths to feed, mother would often times borrow from the neighborhood sari-sari store or borrow money from relatives just to make both ends meet.  In fairness to my parents, we never skip a meal though and they made sure that we all attended school.  In order to augment the family's income mother would occasionally accept laundry jobs from well-off neighbors or cook ''kakanin"or "kalamay" or prepare "lutong bahay" that we would sell to our neighbors. You may consider these episodes as my first venture to selling and early exposure to entrepreneurship. Our parents taught us also the value of having an education and graduating from college would be our passport to a better life.

Having gone through life's difficulties while growing up, motivated me to set lofty goals and ambitions for my self, achieve them and succeed. Since my parents can only afford public school, I made sure that I will not only pass but I must belong to the top ten of the class. As a result, I graduated first honorable mention in high school and took a rather difficult course in college. I took up Electrical Engineering at the Mapua Institute of Technology, graduated and thereafter, immediately passed the board.  I made sure also that I get employed by one of top companies in the country.  I got hired by Meralco, set a goal that I would someday become a manager.  I got motivated even more to succeed in my career when I got married and got two sons. I have to make sure that I provide them the best in life and send them to the best schools to ensure an even better future for them.

Being the eldest of four siblings, I am a natural leader. When my father went abroad as a seaman because his job at that time was no longer enough to sustain a growing family and send us to school, I was tasked to help my mother look after my brother and sisters while he was abroad.  As a good leader, I led by example such that we all graduated from college. The same leadership quality I brought in leading my co-workers and team mates and in raising my own family.

As a student a persevered to be on top of the class and my determination was rewarded by graduating with honors in high school. The same perseverance and determination I carried when I got employed up to now when I became an operations manager and currently taking an MBA course in Ateneo to prepare for a senior position in the company and equipped myself for my ultimate goal of running my own business.

My self-confidence and enthusiasm towards work made me rose from the ranks, from being a junior engineer to my present position. In my 25 years in Meralco, my tour of duty in a particular office averages only three years.  After that, I either apply for a higher position or apply to another office where I can further develop my competence and management skills.

 I would volunteer to be a member task forces or newly formed organizations where I can practice my creativity and show my imagination. It was from these special assignments and newly created offices that I developed my tolerance towards uncertainty and a positive outlook towards failure. For me, failures are successes turned upside down when you learn from it and use them as an opportunity to improve better.

In my years of working with Meralco I looked for more challenging jobs and for that I would say that I am also a risk taker. In doing so, I also learned to cope with stress and consider it as part of the territory. In fact, it was in stressful situations that my mettle was tested.

I believed that one should be the master of his own destiny, the captain of his ship. If we don't control our own future then others will. This was the reason why I held several positions in Meralco because when I see an opportunity for development in my career, I don't hesitate to give it a try and grab them.  If that is being ambitious, I guess I really am.

If we set a goal or objective we should be ready to act on it, otherwise that will remain a dream. When I was small, I dreamt of one day succeeding in life. I imagined myself having the comforts of life – my own house, my own car; the respect and admiration of family, relatives and friends. I did something about my dreams – studied hard and work hard. I still believe that old-fashioned hard work is still one of the key to success.

When I set a particular goal, stay focused and make sure that my actions are according to plan. However, I don't forget also to enjoy life while staying on course.  I guess life would be a breeze if you enjoy what you're doing.

Having gone through life's challenges and my working experiences, I believe I have what it takes to be a business entrepreneur.

In summary, I believe I possess the motivational factors to make me a business entrepreneur.  I have the longing for achievement and desire to succeed in whatever undertaking.  I like to lead and the associated power and control appeals to me. Challenges and risks get me going.  I want the freedom to create and succeed on my own.

I possess the abilities of a potential entrepreneur such as perseverance and determination.  I have the self-confidence and enthusiasm to try new things. I take calculated risk and a positive attitude towards failure. As an engineer by training and profession, I am creative and imaginative.

My attitudes towards life of being the master of your own destiny, having a vision, setting your goals and working hard to achieve them will make me a good business entrepreneur.

I want also to make a difference in the life of others no matter how small as my way of giving back for the many blessings I received from God by becoming an entrepreneur that will give opportunities to better the life of others.

The foregoing factors were validated when I took the self-assessment to test my entrepreneurial potential where I scored above average in all the factors in motivation, aptitudes and attitudes. 3.5