Rank The Importance In My Entrepreneurial Journey Business Essay

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Entrepreneur means an individual start and operates a business and also taking on financial risk in order to earn profits and growth his/her business. Examples of successful entrepreneur are Steve Jobs, Bill Gates, Li Ka Shing, Lim Goh Tong and so on. The main concepts of entrepreneur are entrepreneur traits, creativity, innovation, business planning and growth management. As a success entrepreneur should have high self-motivated. Success entrepreneur should motivate herself in order to achieve her own goals. Besides that, a success entrepreneur should not afraid risk of failure although the risk of failure is high. A success entrepreneur will calculate all the risk before they make any important decision in order to reduce the risk. In addition, a success entrepreneur should also have strong leadership qualities such as strong communication skill. So, you can lead or motivated your team to achieve the goals.

Part I: Profile of the Past

STEP 1

Source of Energy

One of the sources that give me energy is play computer games. The reason of play computer games can give me energy is because play computer games can help me relax myself and also release stress. With modern technology nowadays, I can play computer games on internet with strangers from others different countries so I can know more friends from different countries.

The second source that gives me energy is play badminton. The reason of play badminton can give me energy is because play badminton can make my body more healthy. Play badminton with friends can help us to improve our relationship and it makes me fun and enjoyment when playing badminton with friends.

The third source that gives me energy is watch movie. The reason of watch movie can give me energy is because watch movie can help me relax myself. Besides that, watch movie can also boost my social skill. I can also learn more knowledge and vocabulary when I watching the movie.

The last source that gives me energy is playing Facebook. The reason of playing Facebook can give me energy is because Facebook can allow me to cheat chatting with friends. Besides that, I also can know more new friends from different countries.

Source of Energy (Leakage)

One of the sources that take away my energy is assignment. The reason of assignment can give take away my energy is because complete 1 assignment I need to do many research from internet, book and friend. It makes me lack of time to do others things such as sleep, exercise and so on.

The second source that takes away my energy is examination. The reason of examination can give take away my energy is because I need to study all the chapters before go to college take the examination. The night before the examination I can't sleep well because I afraid the examination question will too hard for me although I was study all the chapters.

Rank items that I have listed above:

The first rank of source that gives me energy is play computer games, second rank will be play Facebook, third rank will be play badminton and the last rank will be watch movie.

The first ranks of source that take away my energy is assignment and follows by examination.

In 20 to 30 years, how I spend an ideal month?

In 20 to 30 years, I would like to travel around the world to different country such as America, England, and Japan and so on with my family. I wish have a high income job so that I can enjoy rest of my life. I wish I can open my own company and hire people to work for me so that my life will be more freedom and can go travel around the world with my family. Because I am the boss of the company, I not need go back to the company every day.

The income that I wish to have is about RM30000 every month. I desired my lifestyle in 20 to 30 years is relax, stable life. In 20 to 30 years, I wish I can afford to buy a new luxury house and car. Attracts me about this ideal existence would be relax, stable life and work-free. Repels me about this ideal existence would be I should study hard and work hard so that I can earn more money to open my own company. If I no work hard to earn money I will not enough capital to open my own company and I can't make my dream come true.

Idea Generation Guide

The common attributes of the 10 businesses that I wanted to enter are:

Building Construction

Travel Agency

Computer Hardware Reseller

Insurance Agency

Investment Company

Recycling Waste Materials

Coffee House

Telecommunication

Clothing Manufacturer

Wholesale Food Manufacturer

The common attributes of the 10 businesses that I don't want to enter are:

Security Guard

Printing Service Broker

Hair salon

Internet Café

Sport Equipment

Bakery

Plumbing

Painting

Retail Furniture Manufacturer

Magazine Publisher

Top 3 businesses that I wanted to enter and reason

The most attribute would give me energy is clothing manufacturer because this business can earn a lot of profit. The reason the clothing manufacturer business can earn a lot of profit is because the market of clothing is big. All human even some of the pet also need clothing.

The second attribute would give me energy is recycling waste materials because no need so much capability to start this business and can earn a lot of profit from waste materials. I can hire people to collect the waste material from each house and recycle it to make a new product. After that, we can sell the product back to them in order to earn profit. Besides that, recycle the waste material can also reduce the pollution such as air pollution, water pollution and so on.

The third attribute would give me energy is building construction. Nowadays the price of 1 building is getting higher and higher. So, I can earn many profits from selling a building.

Top 3 businesses that I don't wanted to enter and reason

The most attribute would take away my energy is hair salon and painting because I not interested in this business and it can't earn much profits that I want. The second attribute would take away my energy is magazine publisher. Nowadays the people can watch magazine through internet. So no much people will buy a magazine to see.

I would like to start/acquire my own business someday

I would like to start/acquire my own business someday because my lifestyle will become more flexible. For example, if I got my own business or company I can manage my own time accompany my family. So that, I can bring my family go travel around the world and this will improve our relationship between me and my family. Because of working hours, many people can't manage their time to accompany their family so they can't have a sweet warm home. Besides of flexible of lifestyle, I can earn more income compare to work in other people company as an employee. As an employee will not share in any of profits that company earn because employee can only take the same salary every month. Furthermore, when I have my own business I can control my own destiny. I can have my choices and get to make my own decision because I am the one in control the company. In addition, when I have my own business I can buy a dream car and house stay with my family happily.

There are many advantage to owning an own business but there are also risks that should be evaluated. For example, a financial risk is involved and I can face a lot of stress when running my own business.

Because of that, I will assess my strengths and weaknesses to understand myself before start my own business. Besides that, I will determine start up cast to see whether I have enough capability to start this business or not. I will also research the marketplace to evaluate the competition and consider how my business will be succeeded. Lastly I will also outline my business goals before I start my own business. So, I can reduce the probability of failures.

Rank the importance in my entrepreneurial journey:

The importance to me in my entrepreneurial journey include location, lifestyle and work style, standard of living, personal development, status and prestige, impact on ecology and environment, capital. I feel the most important things in my entrepreneurial journey are the location. Location consists of geography, community size and nature, involvement and distance.

If you operate the business in far away from the town, no people will go there buy product from you.

The size of business I hope can more than $1 million sales or 20 employees. I will rate the real growth of my business moderate which is about 10% - 15% per year. For the workload I will rank about 40 hours or less per week. I feel marriage is important and I will take care of my family. I will travel away from home about 30% to 60%.

I wish I can become very rich and I can have my status and prestige in Malaysia. The generation of significant contacts, experience and know-how is important in personal development. The capital required is important even is from me and from others.

If I had $1,000 I will allocate the money and rank the items in order of importance like this:

Item

Share of $1,000

Rank

Location

100

6

Lifestyle and Work Style

200

1

Standard of Living

200

2

Personal Development

100

4

Status and Prestige

200

5

Impact on Ecology and Environment

7

Capital required

200

3

Other Considerations (Please state)

STEP 2

Examine Your Personal History.

One of the activities that have provided my financial support in the past is do part time job which is do a promoter selling clothes in one supermarket. I do this part time job after my SPM examination. I can spend my time when I working as a part time job at the same time can earn some interest in holidays. I learn in my part time job is how to communicate with customer well. For example, if the customers ask you a question u should reply them politely.

The activity that I have participated and indicate is play badminton. Play badminton can make my body healthier and play badminton with friends can help us to improve our relationship and it makes me fun and enjoyment when playing badminton with friends.

As an entrepreneur, they must always think many good ideas that can use in their business to earn profits. Besides that, as an entrepreneur should not be afraid to take risk and must be confident to make any decision. Others than that, as an entrepreneur should know how to manage their time and also resource very well.

The things I liked the most and liked least (small company)

The things I liked the most that worked in a small company is my life will be more freedom because in small company will dint have so much work compared to large company. The thing that I liked least in a small company is my salary will be lower than work in large company. Besides that, working in small company can learn much knowledge compared to large company.

The things I liked the most and liked least (large company)

The things I liked the most that worked in a large company is the boss will give me high salary every month. So that, I can save the money and start operate my own business. Besides that, I like to work in good working environment. If the environment is not good, I can't concentrate to work. In additional, I can learn a lot of knowledge in large company. For example, how they manage they business, how the system work in large company. The things that I liked least in a large company is work in large company my life will no freedom. Because works in large company sure have a lot of works need to do so my life will because very busy.

Entrepreneurial strengths and weaknesses

The strengths of an entrepreneurial is they will always think more idea and also set own realistic goals. Besides that, they will always focus on positive things and accept changes and uses them to motivate themselves. They will always self-motivate and manages their time and resources very well.

The weakness of an entrepreneurial is they can't work well with others people. Besides that, they only depend outside forces to be motivated.

My "Business Hero"

The "Business Hero" that I admired in my life is Steve Jobs. He was the co-founder and CEO of Apple and Formerly Pixar. He was born in San Francisco, California to Joanne Simpson and a Syrian father. In 2004s, he was diagnosed with a pancreas neuroendocrine tumour. In 2011 August 24, he resigned as CEO of Apple. On October 5, 2011, he passed away.

The positive traits and characteristics of Steve Jobs are he has critical thinking, reality distortion field; connect technology with feeling and experience; perfectionist; highly determined; care deeply about small detail; good management skills.

I admired Steve Jobs most in technology areas because he was changed the world by producing the Apple product. Because of him the technology nowadays was getting advance and advance.

Steve Jobs influenced me is about the technology. I describe him as a "legendary" because he has improved the technology in the world. The most serious problem he has faced is he diagnosed with a pancreas neuroendocrine tumour in 2004s but he also work hard until 2011 august 24 only resigned as CEO of Apple. Unfortunately, he was passed away in October 5, 2011.

I have learned from Steve Jobs are he apply creativity and innovation in technology, integrate tech with humanity, care deeply about small detail and also good management skills.

Part II: Profile of the Present:

STEP 1

About the commitment and determination, I think myself not so decisiveness but got strong discipline. I am strong persistence in solving problems and also willingness to sacrifice. About the opportunity obsession, I will strong having knowledge of customers' need, being market driven and also obsession with value creation and enhancement. I will calculate the risk before make decision. So, I can strongly minimise the risk that I take. I have ability to resolve problems and integrate solutions. Besides that, I also am a non-conventional, open minded and lateral thinking people. I am strong ability to adapt things and lack of fear of failure. Under motivation to excel, I will motivated by goal and results orientation and I will drive to achieve and grow. Besides that, I am strong ability to be interpersonally supporting and also aware the weaknesses and strengths. I am strong being self-starter, having internal locus of control, having integrity and reliability and also having patience.

My entrepreneurial strength is I will learn from mistake. For example, I do some mistake and I will learn from it and won't repeat the same mistake again.

My entrepreneurial weakness is my communication skill is not so good. I feel hard to build a good relationship with teammate.

STEP 2

I would strongly extent to which career and venture are No. 1 priority, the cost of accommodation, and extent to which conventional values and held and ethics and integrity.

Strengths

I think my strengths will be calculating all the risk before make some important decision in order to reduce the probability of failures. Besides that, I will learn from my own mistake. For example, I do some mistake and I will learn from it and won't repeat the same mistake again. Furthermore, I got patient to make the thing done perfectly. I will not so fast to give up something that I want.

Weaknesses

I think my weaknesses will be communication skill is not so good. I feel hard to build a good relationship with teammate.

STEP 3

In marketing I am strongly in market research, evaluation, market planning, product pricing, sales management, distribution management, product management and also new product planning. In operation/production I am strongly in manufacturing management, inventory control, cost analysis and control, quality control, production scheduling and flow. In finance I am strongly in capital budgeting, cash flow management, credit and collection management. In administration, I strongly in problem solving, planning, decision making, project management and computer/IT/www. In interpersonal/team I strong in leadership/vision/influence and also helping and coaching. In marketing I strong in feedback and conflict management. In law, I strong in corporation, contracts taxes and securities. Lastly, I also strong in unique skills.

STEP 4

I would add the "Do" list in market research and evaluation before selling some product in the market. Besides that, I will also do market planning to plan how the product or business can sell to the market. I will also do the product pricing to set the reasonable price to each product that sell in the market.

Part IV: Putting It All Together

I feel that I still can't be an entrepreneur because I still not fulfil the minimum requirement and characterises as an entrepreneur should have. If want to be a success entrepreneur should have enough time, enough money as a capital, creativity to think an idea and so on.

Every entrepreneur should sacrifice their time and money, put total immersion to make a business successfully growth. Besides that, as a success entrepreneur workload will be very heavy and need have a long term commitment. Although my aim, values and motivation fit with the requirement of entrepreneur but some of characterises of entrepreneur I dint have such as time and money.

Every entrepreneur will have more creativity mind, innovation, good in business planning and also growth management. Every human will do mistake, as a success entrepreneur will learn from their mistake. They will not do the same mistake again next time.

If I launch or acquire a potential venture in 5 to 10 year or more, I will learn more and gain some experience and knowledge from my job first. After that, I will think about what the business or product is more valuable in the market. Besides that, I will do more research and plan my business about how I operate my business. In addition, I will also estimate cost and benefit. So that, I can calculate the risk in order to reduce the probability of failure.

The major entrepreneurial strengths are self-motivated, not afraid risk of failure although the risk of failure is high, strong leadership qualities and so on. The major entrepreneurial weaknesses are depends outside forces to be motivated, does not keep track of progress, does not develop the habit of working well with people.

Part V: Thinking Ahead

My goals to be accomplished by the time you are 70 would be successful entrepreneur in Malaysia. I wish I can have a big company and operate my own business.

My goals to be accomplished over the next four year would be knowledgeable, experienced people in order to operate a success business in future.

The goals I would like to accomplish if I have exactly one year to live would be I will do many charity to those who need to money if I am rich. Besides that, I will travel around the world with my family because I love them so much.

The goals I would like to accomplish if I have exactly one year to live would be I will do many charity to those who need to money if I am rich. Besides that, I will travel around the world with my family because I love them so much.

My first goal would be a success entrepreneur and operate a well-known business in the world. Second goal would be a richest man in the world. Lastly, I wish I can have my own family and live happily together.

The problems that make me can't reach goals would be lack of experience to do a business, no enough money and time to sacrifice.

After graduate, I will learn more and gain some experience and knowledge from my job. After that, I will start thinking about what the business or product is more valuable in the market. Besides that, I will do more research and plan my business about how I operate my business. In addition, I will also estimate cost and benefit. So that, I can calculate the risk in order to reduce the probability of failure. I will also learn how to manage my time effectively so that I can overcome the second problem.

The first priority gold is I have my own family and live happily together. I will learn how to manage my time effectively so that I got time to accompany my family. The second and third gold would be a success entrepreneur and operate a well-known business in the world and also be a richest man in the world. The second priority goal would be a success entrepreneur and operate a well-known business in the world. The last priority would be a richest man in the world.

Conclusion

As a conclusion, if want to do a success entrepreneur should be creativity, innovation, self-motivated, time management. Besides that, if face problem while start or operating the business you should not easily give up and also willing to learn from mistake if you u do some mistake. As a success entrepreneur should not calculate all the risk before they make any important decision and not afraid risk of failure. Entrepreneur should also have leadership qualities so that can lead your teammate to operate the business with you. Besides that, as an entrepreneur should also accompany family in order to have a warming home.

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