Factors paper by Gio Mendoza

Factors Paper

By: Gio Mendoza

My analysis of factors that can make or not make me an entrepreneur is conducted by looking into some of the following facets and past experiences in life.

Leadership

I have this mindset that if there is a better leader than me, I would not be willing to take up the helm. There's that inferiority complex and worry that I may not deliver the right results that I wanted to and what is expected of me. I have that fear of failure which is not a good factor to being an entrepreneur. My first experience of being a leader or as a person in charge was during my high schools days when I was elected as class president during my sophomore year. I did not really stepped forward to be a candidate in the first place, but it's too tough to quit when somebody endorsed me and all voted for me. Besides, I am not really a quitter, which is a good factor to becoming an entrepreneur. Leaders should be risk-takers. I'm not usually one who is a natural at that. I would only take a step or decision if I'm 100% sure that all possibilities are taken into account. However, such calculative nature of mine can be a positive factor to becoming an entrepreneur since one should assess all risks as much as possible. However, it is somewhat my weakness to make a judgement call if there are limited facts which may not be a good factor. When I was handed my first management job in 2003 starting up and managing our South China in Guangzhou, I had no formal education in management then. I had to rely on my own personal understanding of management which I have come to pick up from previous work experiences. I realized now that I had problem listening to others, perhaps not a good factor to becoming an entrepreneur. I always wanted others to do things my way, exactly the way I want it. I have a tendency to be stubborn which could be a good factor, though surely there are pitfalls in not listening to others. Well, a great entrepreneur like Steve Jobs was also stubborn and he always had his own way others say. I also have problems delegating work, which is not a good factor for an entrepreneur as it tends to burn them out. A good leader delegates, as they say. When I set up our direct support office here in Philippines, from the ground up, I have to work real hard. I remember even coming to office during Saturdays and Sundays in the first two years of our operation. The passion, the will to perform and achieve drives me to forget about the time I spent at work and just get things done no matter what. I tend to be workaholic, which is a good factor for becoming an entrepreneur. I really wanted to be hands-on in the business until the whole operation and people reaches sustainable level where I can back off a little and delegate some tasks one by one.

Character

My innate character is partly explained in my Enneagram Test Result I took more than two years ago, by Eclectic Energies at that website, which says I'm likely a Type 1 or The Reformer. Type 1 personality was interpreted as: "Perfectionists, responsible, fixated on improvement. People of this personality type are essentially looking to make things better, as they think nothing is ever quite good enough. Ones have a fine eye for detail. They are always aware of the flaws in themselves, others and the situations in which they find themselves. This triggers their need to improve, which can be beneficial for all concerned, but which can also prove to be burdensome to both the One and those who are on the receiving end of the One's reform efforts. Ones are serious people; they tend to be highly principled, competent and uncompromising. They follow the rules and expect others to do so as well. Because they believe so thoroughly in their convictions, they are often excellent leaders who can inspire those who follow them with their own vision of excellence. Ones are often driven and ambitious, and are sometimes workaholics. But whatever their professional involvement, they are definitely active, practical people who get things done. They are natural born organizers, list makers who finish everything on the list, the last one to leave the office, the first one to return, industrious, reliable, honest and dutiful. The relentlessness of their pursuit of the ideal can make Ones tense people who have a hard time relaxing and who unnecessarily deny themselves many of the harmless pleasures of life. They are seldom spontaneous. They have multiple interests and talents however; they are self-reliant and seldom run out of things to do. Ones are often intelligent and independent.. Ones are primarily people of action, not thought."

Interests and Skills

If I put interest in certain area, I normally focus and put lots of energies to it. My various interests are music, tech gadgets, science, machinery and audio equipment. I have passion in doing things, which is a good factor. In my childhood years, I tend to build my own toys since I am too afraid to ask my parents to buy me real toys. I like to build things, i love doing such actually. I like to dream or make my imagination work but also see my ideas become a reality which is a good factor to becoming an entrepreneur. I like fixing things and doing improvements. I have a skill for improvisation, using what I have to solve problems at hand. I like to troubleshoot. The same interests got me to enroll in engineering.  When I was hired as sales and service engineer by a local trading firm (NEIC), it gave me a much needed break to apply my troubleshooting skills on machinery that I was selling. I was hands-on and went through much difficulty at first since I only had a crash course or training on the job as the former engineer in charge of the product or department is leaving the company for a work abroad in a week's time when they ask me to take his place. I remember that I had to read all the equipment manuals late at night, when I'm on my way to work and while going to the project site. Again, I always have that passion and drive to excel which is a good factor.

Summary/Conclusion

I believe that every person can be an entrepreneur if one wishes to be. Entrepreneurs are made. Though I have several negative factors, but these can be overcome and I have seen myself improve on them over the years. I am convinced that I have enough good factors or qualities which I can build upon in order to become a successful entrepreneur when the right time comes.  3

Factors Paper by Akeel Dalisay

I am resending my Factors Paper as I sent it as a mail attachment last Monday.

Akeel D. Dalisay

Junior Valuation Assistant

China Banking Corporation

AKEEL ZEAN D. DALISAY

ENTREP S10

FACTORS PAPER

            Does someone like me have the qualities to be an entrepreneur?  Going into a business is not a new issue or dilemma these days.  Some people got tired of climbing the "corporate ladder", others simply wanted to be a Boss of their own companies to get hold of their own time and spent more time with their families.  I, also, once thought to be a businessman someday.  If asked what business will I establish?  A question that remains unanswered.  Given the resources and acquired knowledge, will I be as successful as those iconic tycoons who started from scratch?  Do I have what it takes to an entrepreneur?  What other qualities do I need to be one?  If I do posses such qualities, are they enough or needs to be polished to qualify as an "Entrepreneur"?

            Searching for answers, I took an online survey entitled "Entrepreneurial Self-Assessment Survey" from www.wrdf.org to try to find out the qualities needed as an entrepreneur.  The following are the characteristics of an entrepreneur according to the survey, together with a self-analysis whether I do or do not posses each of the characteristics.  The analysis was based on how I see myself as a person in relation to my work and graduate school performances.

• Works hard

      There's no problem for me working hard.  I work as a Real Estate Appraiser and am used to working on-filed and being piled up with pending reports.  I am a consistent top three in terms of productivity based on volume of reports and its complexities.  I hate pending workloads.  Every time I'll be assigned to another account, I make sure that the previous accounts were already done.  At times, I also stay in the office for another hour or two to finish my reports, without filing overtime.

      With my graduate school studies, I also make sure that all requirements (papers, reports) were all completed, be it was submitted on-time or late.

      There's a problem, however, with my work and school habits.  I usually cram during incoming deadlines.  Many of my reports or papers were made a day or night before the submission.  Although I usually make it through, those reports could have been done if I did it during my spare times, instead of going out or playing video games and watching movies.

• Wants financial success

      Everyone wants financial success, of course.  Who wants to suffer financial disabilities?  Financial success will also tell me how good I am doing with my business.

• Has Family Support

      Neither of my parents has been into business.  My wife was into shoe business during her college days.  Despite their experience, or lack of it, I feel that I will have their full support.  However, the extent of their support may depend on the size of the business that I want to establish.  With my acquired knowledge from school and work, they just have to believe in me and be positive with my venture, to avoid stress and to be more focused on the needs of the enterprise.

• Is Energetic

      Being an entrepreneur requires longer working hours.  Working hard might be insufficient if you can't go beyond your normal working hours.  I believe I have the enough energy to work longer beyond the conventional 8-hour a day working time.

• Has an Internal "Locus of Control'

      Inner sense of responsibility is part of being an entrepreneur.  At times, I also experience failures in work and school; and I sometimes put the blame on other people for it, but later on, I'll realize that there's no one to blame except me.  I did the job, it is my responsibility to look for alternatives or to create ways to finish it correctly.  Good thing is, I don't blame luck or other consequences for my failure.  The product of my work is based on how I did it.

• Takes Risks

      Entrepreneurs are willing to take risks, and so do I.  However, my willingness to take risks depends on its anticipated results.  Will the damage be grave enough in case I failed, compared to not taking the risk?  If I take the risk, how much benefit will I gain?  Is the benefit better than not taking the risk?  These are my usual questions during the times when I need to come up with a decision involving risks.  I weigh both sides, anticipate possible outcomes, and review other alternatives.

• Sacrifices Employment Benefits

      This is one characteristic I don't see myself to possess.  Am I willing to give up my career in exchange for an unpredictable personal business outcome?  For now, I don't think so.  I always ask myself, "What if my business fails?  My corporate career will just be wasted for nothing."  Compared to a personal business, regular employment will give me a sure pay check every 15^th and 30^th of the month, while my business might not.

• Has a Need to Achieve

      Why did I take my MBA degree?  I took MBA to have a huge advantage over my competitors in climbing the "corporate ladder".  And what's next after MBA?  Look for a job with better compensation and position is one, but I also wanted to pursue a PhD degree, why?  Self-fulfilment; just the thought of me doing things other people don't make me happy.  Having a PhD is a dream for me.  It might not land be a half-a-million pay check every 15^th of the month, yet the self-fulfilment it will give me will be priceless.

• Has Business Experience

      My parents never had their own business.  Some of my close relatives have.  I never had a business venture myself.  Another characteristic I don't possess to be an entrepreneur.  But I believe my education will help me, as well as my experience in the corporate world.  And besides, many successful entrepreneurs did have a business experience before their successful ventures.

• Is Independent

      I am an independent person.  I am not dependent on other people for my needs.  I make my own decisions, and am responsible for my actions.  I can live alone, I can work alone, I can do things without asking for help.

• Has a Self-employed Parent as a Role Model

      Although my parents don't have business experience, I believe that the life lessons learned from home will be of great help.  Yet, a self-employed parent can teach me the basic dos and don'ts in a business.

• Has Self-confidence

      This is another quality I possess; I don't always believe in myself.  I am a pessimistic person, I always anticipate the negatives.

• Has Integrity

      Ethics will always be part of a business.  There are times where I question the ethics behind certain business decisions.  I guess when faced with a business decision involving ethical issues, I might not be able to respond.  Ethical issues are usually the reason for major revamp of some companies, where they have to comply with regulations involving ethics and the community.

• Has Determination

      This quality is almost equivalent to self-confidence.  The more you believe in yourself, the more you wanted to achieve.  Yes, I am not self-confident always, but when I work, I am always determined to bring the best result.

• Adapts to Change

      "The only constant thing is change." People change, industries change, and everything changes.  Am I good in adapting to changes?  I guess, but it won't come quick and easy.  It will take me time to recover and to adapt to abrupt changes.

• Has a Good Network of Professionals

      I don't have hundreds or thousands of acquaintances who are businessmen, yet I know a few.  They can help me through their advice and experience in guiding me in my venture.  Sa wakas....4

Factors Paper - Albert Bryan Abelido

For me to be able to assess the factors that will make me or will not make me a successful business entrepreneur, I made use of the Entrepreneurial Potential Self-Assessment by the Business Development Bank of Canada as found on their website.

The results were as follows:

 

The results obtained revealed that generally my motivations, aptitudes and attitudes are somewhat below the obtained average by the entrepreneurs.

My Motivations:

I'm the type person who loves challenges and always up for anything that will push me to the limits. I view challenges as opportunities for me to shine brighter and for me to be publicly recognized. I love the feeling of being able to influence other people to do action even if it's something that they're not 100% comfortable. They just rely on the trust that I have invested to move things forward. However, sometimes too much stress makes me less effective especially if there's just too much in my plate. Though I normally ask for help, it takes awhile before I reach for one. I'm sometimes put in panic mode especially when deadlines are about to approach already. 

I have always high regard for myself. I have received negative comments on how I do things from mentors, peers and even my family, but never did I recall that I had doubts with what I'm capable of. If things don't come as it should be, I always acknowledge my participation on its failure but I don't consider myself as such.

My Aptitudes:

I'm very enthusiastic on new things, new learnings, and new challenges. I'm capable on how we can make things work. I have always believed that I can do anything possible as long as I put my heart and mind on it. I also rely on my instincts but those instincts are driven by how I have approached or others approached on certain situations.

However, in as much as I wanted to accomplish more, there are certain priorities that fall behind. Some things I tend to take for granted that deters my excitement to finish it. And it's because I see another opportunity to grab.

My Attitudes:

I always try to learn lessons from my failures. It's easy for me to pick myself up and move on. I have always believed that I'm born to become a winner and failures are there to prepare me for something bigger ahead. However, there are some sacrifices I cannot take especially if it's something that will take my time away from my love ones.

I like to lead others. I enjoy situations where I have the final say. However, once someone breaks my trust, it takes time before such can be restored.  3

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The blog does not accept attached file. 

Ermel Retuta: Factors Paper

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.

4

Factors Paper - Submitted September 9,2013 by Martin Revilla

Ramon Martin P. Revilla                                                       Professor Jorge Saguinsin

MBA Standard                                                                       SP Entrepreneurship S10

Ateneo Graduate School of Business                                   September 9, 2013

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.

I am currently working as a Medical and Sales Representative at HI-Eisai Pharmaceutical Inc.  As a sales person for more than 10 years, I met different types of clients Medical Practitioners (MD, Pharmacists, Purchaser's) and colleagues with several types of personalities.  This made me more flexible of handling customer concerns and needs, understand different situations even with beleaguered details, innovate on things to successfully deliver the numbers needed by my company and learn to use patience as a virtue.

I do posses several factors that make me a good Entrepreneur, first I always think of efficiency at all aspects – this will lead to a good output performance it may be for product or service.  Being efficient for work can lead to positive result; it can give your peers/clients that image of credibility and trust that leads to a good working environment that will also produce solid rapport building. Efficiency will erase obstacles that will hurdle success, by having proper discipline of doing it the right way it can even provide greater opportunities.

I do believe in Utilitarianism that a person is entitled with fair treatment and justice, that's why I have a strong sense of ethical background, this made me develop a wide understanding on things happening with my environment, I will not easily agree on things without digging and analyzing it further, this gave me a positive relation with my peers.  Being innovative and a person who thinks of a new concept and looking at new ways on how to solve several problems and thinking of new ways on how to be sustainable.  This is what I usually do as a sales person and part of marketing world, it is said that a good marketer always performs at its best when pressure arises and when it is needed. Don't be satisfied and be contented of your performance, be enthusiastic and achieve more.

Strong virtue of leadership, having this quality invokes peers to be inspired on what you do, leading by example and being a reliable person can give them inspiration of following your purpose and goals.  Leadership plays a vital part of being a good Entrepreneur, it will measure the business success by developing personal experience and sharing thoughts and ideas on how to dwell with problems, and it can measure success by learning through mistakes. In order for you to be a good leader, you need to show them how to survive adversities.

 I am a person with a wide network, studying MBA not only provides me with learning's and applications on how to be a good Entrepreneur someday, I am somewhat lucky that I am part of an institution with a wide range of professional network, no Entrepreneur is an island, knowing people is critical and extending a hand to others involve opportunities.  Earn some karma credits and you'll find the path much easier when you need a hand.

Money management, a successful entrepreneur knows how to manage his money. From the very beginning, it takes dedication and self-control not to make a wrong financial decision or prematurely spend company money, especially in a lone venture.  As an employee, I personally gauge on how to handle simple decisions regarding money transactions, it will not differ significantly for corporate management but if you have the proper discipline of managing your finances, you can be a good Entrepreneur.

Some business people say you need to be a risk taker in order for you to be a good Entrepreneur, I don't believe on that.  I am not that kind of person; I usually plan things ahead and with purpose.  Risk taking is somewhat testing your luck in many ways not only in business, why would I try having that risk if I can develop or plan for a better strategy.  With proper research and target segment, risk would not be on my vocabulary.

Right now the only thing that I can think of quality I don't posses as a good Entrepreneur is lack of business knowledge and experience. Learning from school and applying its theory's somewhat helps in start up Entrepreneurship, but, experiencing problems personally and dealing with it will boost your knowledge on handling different situations.

I think what is important, be passionate on what you do to produce good output, innovation and creativity is good but with proper execution of concepts, maintain focus at all aspects and be integrated with your team, have integrity on what you do and give back to your stakeholders that will lead to harmonious and better working environment. 

As a company employee, I always think of ways on how to improve the cycle of life.  I don't want to depend on salary given on the 15^th and 30^th payroll for I do think this is the reason why Filipinos remain poor.  Even if you have high salary and work your whole life as Managers, one thing is for sure, we will all retire and even if we benefited of high retirement pay it will only go to medication fees for you acquired stress and disease from years of service which will affect your monetary savings.  Entrepreneurship is the key for good economy and poverty solution, it will also give legacy to a person and pass it to his/her Family, just think of what business that will drive your passion and success will follow.  3.5