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Entrepreneur refer to one who create a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunity and gather necessary resources to capitalize them. It is not easy to become a successful entrepreneur as it required a lot of skill, knowledge and experience to shape them to become a successful entrepreneur. An entrepreneur should have passion on what he or she doing, willing to scarify their time to do a lot of hard work for their business, responsible, confident and able to face the risk and uncertainty.
In this assignment, I will complete the Personal Entrepreneurial Strategy exercise which is design to help us to understand our own entrepreneurial strategy. This exercises helps me to gather data, evaluates the data and craft a personal entrepreneurial strategy.
Part I: Profile of the Past
There are many things can give me energy. First, learn programming. I enjoy the moment when I coding, it make me brainstorm and think of different way to solve the programming problem. Although I am not talented in programming, but it is great to practices and learn it. The happiness and satisfaction that I get after solving a programming problem motivated me to continue on learning programming. The next things that give me energy are eating. I enjoy every moment when I eating. I would like to try out all the different food from different country and after trying on the particular dish, I will think is there any place that serve the same food and taste great than this? And this always motivated me to search for delicious food and the process of craving the food satisfy me. Besides that, I like to listen to music and sing. I like to study and understand the lyric of the song because some song can bring positive message to us. When I feel stress, singing is one of the ways to relax myself because it is like transfer all the negative emotion out and after singing I will feel good. Lastly, watching movie gave me energy. Others that filling the leisure time and relaxing, watching movie make me brainstorm too. I feel I will gain something after watching a meaningful movie since some movies really bring positive value and important lesson to us.
There are things that take away my energy. First at all, I think is traffic congestion. I enjoy driving but do not like traffic jam. I think it is wasting my precious time and it made me feel anxious. I can spend my time doing a lot of meaningful things in one hour rather than stuck in the traffic jam. Besides that, sometime noisy environment make me feel upset. I need a silent atmosphere when I am doing my work for instance, coding. I need high concentration when I doing my work especially those works that required a lot of brainstorming and too noisy environment will make me lost focus. Lastly, bad planning took away my energy. I do not like to have too pack schedule, it was too rushing and make me feel stress. For instance, travels with travel agency always dissatisfy me because the schedule is to pack and rush especially during holiday.
For things that give me energy, I would give the highest rank to listen to music and singing. Besides that, eating will be my second choice. Next, coding satisfied me and fulfilled my craved on programming knowledge. Lastly, watching movie is the last sources that give me energy. While for the things that take away my energy, noisy environment have the highest rank because I really need high level of concentrate with doing my work. The following will be traffic jam and lastly will be the bad planning.
In 20 to 30 years, I hope I can enjoy my life with a healthy body, travel around the world, have a fixed income at least RM7000 per month, working time flexible, have a lot of bonus and holiday. What attracted me about this ideal existence is the freedom and flexible work hours with the high income, and I can spend time to enjoy my life with my dearest friend and family and what repel me is my current ability and knowledge are not enough and not qualified to reach that state yet.
If I involved myself in an entrepreneurship, I think I would enter to business who related to Information Technology and Information System because that is my profession. Others than that, I also wish to enter to the business related to food and beverage, banking and financial, consultant services, telecommunication, and music industry. While for the business I do not wish to enter are insurance, construction, manufactured and production, media, publisher and medical.
According to the idea generation guide above, the common attribute of the business that would energise me to enter is:-
High profit margin.
We do business for profit, imagine we spend high cost on the set up the business but end up we earn low profit, the low return on investment is an example of unsuccessful business.
Government policy is very important for a company carry out their business. I will enter to the business that is legitimate for sure, and not bound to special rules and regulation of the government. For instance, I will not enter to the business that required high taxation.
I would enter to the business that has limited liability because I am not the risk taker and if the company faced difficulty and has debts that it cannot pay, I will not be held responsible for those debts.
I would like to enter to the business that can carry out social responsibility because I think it is important to make contribute to the social. There is a sentence in Mandarin â€œFrom the society and for the societyâ€ which means that we should remember to give back what we have taken from the society. Besides that, social responsibility will help to a business to gain good reputation.
First entry to the market
If can be the first market entrant will be a great opportunity because there are no competitor yet, and we can earn the profit for awhile. However, there will be the market follower for sure and that is why the continuous improvement is very important for a business.
I will more prefer to enter to the business which environmental friendly, that is why I will not like to involved in manufactured industry because it more tend to cause pollution. Although sometime it cannot be avoided but we should try out best to protect our environment.
All business exists because there is a need. We fulfil customer need, create value to them and we earn profit from them. If we just simply start a business without any market research, the chances of failure are high.
Low risk and high return
I am not a risk taker, therefore I will not enter to those business which involves extremely high investment. All the risk must be calculated before invested and in business perspective, we always find a way to cut cost and gain high profit.
I will involve myself in business that uses Information technology and Information System to assist the business. This is because I am a profession on IT and IS, and I know how important and efficient it can help the business.
I will interest to enter to business which is stable such as bank. Stable in growth for a business is ideal because it will not have extreme figure. The profit increase in incrementally or remain consistent are more preferable compare to those business which gain profit tremendously and after the peak, lost tremendously.
I would not like to start my own business someday because it required a lot of involvement and long hours of hard work. Besides that, the business is completely responsible by me and I am the one who undertake all the risk and lost. Moreover, becoming a boss will faced high level of stress from stakeholder. However, if I involved in an entrepreneurship in the future, I wish to own a medium-size company, which have the moderate growth rate per year and have around 55 to 60 hours of workload weekly. In the business perspective, location of the business is important as it can affect the profit gained of the business. Besides that, the demographic or population of the area are also important because for instance, it is impossible we set up our business in the middle of forest. There is only a need when there are people. For the lifestyle, I wish not to have marriage in the coming 10 years because I like freedom and I know it clearly how important is commitment and that is why I wish to have fully prepare and plan wisely for everything before decided to do anything. I am willing to travel away from home up to half years because I think travel around can meet more people, learn from others and gain some experience from expertise around the world. For the standard of living, I wish I can be rich if I start up my own business. Lastly, in my entrepreneur journey, interest and passion are very important for me, because with interest and passion, we can do anything to achieve our goal and persist with it. In short, I will not start my own business easily since it required a lot of involvement and bare all the risk unless I really passionate on that field and the business can satisfied me and make me feel happy.
I have less working experience. In the past, I work for my tuition teacher, help her teaches primary school student and guide them on their homework. From this job, I learnt to be patience because I have to deal with kids. Besides, I had work for my friendâ€™s aunt in The Mines book fair during the school holiday. It is 11 days event and start from 9 am until 10pm. Once reach the exhibition hall, we need to set up the booth, do all the preparation and moves all the books from the stock room to our booth and arrange it properly. I remember it was very tired because basically I need stand for long hours and also walk around to distribute the flyer. I was selling the educational book from Dong Zong published, therefore I meet a lot of parents with their child came for buying book. What challenges me was some parent asked me to introduce some book that suitable for their children. I have to remember all the book series and their price. Basically my job scope is just selling the book, collect money, take the books from stockroom and stock counting. In this job, I gained experience on managed stock, count, record, update the stock level. Besides, I learnt some skill on selling and promote. That time I work part time job because I want to earn some extra pocket money for entertainment such as watching movie, karaoke and shopping.
I am not active in sport activities but what I will not forget is I was involved myself in foot drill. I am a commander of foot drill team at Red Crescent Society in secondary school. It was a great experience and probably it is a most memorable moment in my past secondary school life. I am proud to be the commander of the team and able to lead my member to join competition. From foot drill, it trained me become more responsible and it shaped me to become a persistent person as I do not give up easily on everything, and I also learnt how to become a leader. Besides that, It made me understand how important are team work, because in foot drill, it need corporate from all members. Other than commander, I am one of the committee in Chinese language society. Basically, I just assist my chairman in planning all the weekly activity and event such as Chinese New Year celebration ceremony, Mid-Autumn celebration week and so on. In short, from these activities I participated, I learnt to be good leader, having a good attitude, working in team and confident with what I do. Besides, I also learnt planning and communicate skill and the most important I learnt to be responsible to our task or job given.
The things I like the most for being start a business is I can being my own boss and lead people. Besides, I can make any decision related to my business without consideration or discussion with business partner. While, what I like least for starting a business is the need of high involvement and faced with high risk. It is time consuming, and fatigued to conduct a business and as a boss, I need to face all the challenges and undertake the risk.
On the other side, what I like the most work for a large company is I can get high income and more considerable incentive and bonus. While, the reason I do not like to work for a large company is the low personal development. Large company can trained me well but in the end I may be only an ordinary employee in the company because there are high competitions among employee in order to get higher position. Besides, there are always communication gap between departments in big company. It is obvious for the sales and production department.
In short, from my personal history, I think leadership, teamwork and positive attitudes will be my entrepreneurial strength while my entrepreneurial weakness will be lack of experience and low financial support.
Entrepreneur that I admire and inspired me is the chief executive officer of Phison Electronic Corporation, Mr. Pua Khein Seng. He born on 15 June 1974, at sekinchan, Malaysia. He been educated in Malaysia until 1993, he set off to Taiwan and he managed to get his bachelor honor major in electrical control engineering at Chiao Tung University, Taiwan. He was plan to back to Malaysia and working at here, however, he has been offered master program by Chiao Tung University and after graduating from this master program, he start to work. In November 2000, he with his ex-course mates set up a company named Phison Electronic Corporation which focusing on the Universal Serial Bus (USB) technology. At that moment, he is 27 years old and he is confident that the USB market will be huge in the world. However, he does not know anything about marketing and selling, therefore they sought partner who help them distribute their products. They managed to sell the idea to Toshiba and Toshiba help them distribute their idea in the globe market. After one year, Toshiba has become the largest inventor in pen drive industry.
I am admired him because I can see some positive traits from him. Mr. Pua state that entrepreneur should have positive thinking in a positive manner. I am agreed with him as I am able to identify this from him. Besides that, he is independent, confident and hardworking. Importantly, he is not fuss. He said being an entrepreneur can be counted or sensitive to figures but not fuss. Sometimes, business has to lose in order to gains something more valued. I most salute for his attitude. He always thinks positive even when he faced a lot of challenges. For example, he was sued by his senior when he set up his own company and forced to compensate RM4500 thousands. During that time, his company just start up and they have not much financial support. In such situation, he still keep positive minded and never give up. His attitudes inspired me and encourage me to stay positive and be persists in life.
Part II: Profile of the Present
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In the aspect of personal commitment and determination, I am discipline as I always do what I should do and complete my task on time. Moreover, I am willing to sacrifice my time to do what I should complete and immersed into it. We have to pay fully attention on what we doing in order to achieve succeed. For the opportunity obsession, I think I have knowledge on customerâ€™s needs as I like to obverse things around me. I have idea what customers need and I will improve or enhance the services to create value to customer. Next, I am tolerance of stress. Basically, I faced stress everyday and I am able to stand with it. When we do what we should to and try our best to do it, stress will gone. Therefore, stress actually is just a problem that created by ourselves. When we solve the problem, there will not be stress. I am able to manage the conflict and that is why I am always a mediator among my friend. Moreover, I am not conventional in thinking. I always open minded and willing to accept any different opinion from others. With open minded, I am easily adapted to new environment and new things. I always motivate myself when completing my task. For me, the process is more important than the goal because every process we can learn something new. Besides that, I am aware with my strength and weakness. As an entrepreneur, having perspective is important because it help us to plan our business, what we are suppose to do to achieve our goal or fulfil the customer needs. I am definitely has sense of humor as I can see I am always bring joy to my friend. Lastly, I am responsible and reliable.
For the entrepreneur weaknesses, I think as an entrepreneur, decision making skill is important because it involved decision making every day and the decision always can affect the business. I am not a good decision maker as I always unable to make a decision. I am indecisive and always hesitate when making decision. Besides, I am not a risk taker. I will try to minimise all the risk in my business and I am not willing to do or invest anything that having high risk because I fear of failure. Moreover, I am easy satisfied. I always feel I am satisfied with status quo and I think this is the weakness because entrepreneur should not easy satisfy with what they have in order to gain more improvement. Lastly, I am not patience to everything. It is depend on the worthiness. For instance, I persist on doing practises for my subject or coding even I unable to solve the problem because it is worth and I can learn from the practise, but it is impossible for me to be patience when I stuck in traffic jam because it is meaningless and I gain nothing from that other than wasting my time.
Refer to attachment
In short, I should train myself to be more patience and learn to be a calculated risk taker. Moreover, it is important for me to be more decisive. I should try to be brave and confident to make decision. Besides, I need to put more effort on the finance area by do more research about finance and learn how to manage accounting and financial resource. Next, I will improve myself on the operation or production maybe by working experience. Lastly, I am weak in law. I plan to read more law book and try to research on some law issues as legal and law is quite important for business.
Part IV: Putting It All Together
Entrepreneurial and I is not related so far because I am not prepared well to involve in entrepreneurship. I may have some traits that entrepreneur should have, but for me, entrepreneurship is not only about these physical things, it related to others factor such as the environment, location, business partner, timing, market trend, business strategy, capital and so on. Those requirements of entrepreneurship for instance willing to sacrifices and commitment fit with my motivation. I would like to be a person who fulfils all the requirement of being an entrepreneur but it not means that I want to create a business. As a mention above, there are a lot of external factors that will influence entrepreneurial activity. Start up a business need capital and therefore it is obstacle for me. I will finish my study, go to work to gain experience and save money first after that I only will consider to start up my own business. Besides, comparing myself to those successful entrepreneurs and my business hero, I still not qualified to become an entrepreneur. They have a lot of experience, and they are so persist and positive thinking. Comparatively, I still need put more effort to make myself more perfect before become an entrepreneur. In future, if I want to launch or acquire a venture, I think I need to understand what the business is about, all the details of the business such as the background, the financial status of the business, customer range, the growth rate of the business, business strategy and so on. It is important to know all the information in details before we acquire a business. This assessment made me more understand myself and know what my strength and weakness in different area. Besides, it made me consider over and over again whether I should start up my business in the future.
Part V: Thinking Ahead
By the time when I am 70, I hope I can be rich and still have fixed income every month. I may own a company but I do not want to manage myself. Besides, I hope I am healthy and spend my time with my family. I hope I can contribute to society by having a charity foundation that helps child or olds that need my helps. Next, I wish I still able to travel around the world at least two times in a year. Lastly, I hope to enjoy anything in my life and not regret to what I had done in the previous years. In the next four years, I hope I have monthly income at least RM3500 per month and saving at least RM 200 per month. Besides, I hope I can learn different language and learn to play guitar. If I only have one year to live, I will continue do whatever I am doing as long as I am still living. Other than that, I think I will do short term invest, if earn money than I can have more money to enjoy my life, but if lost, is ok because money is not that important since I only have one year to live. I will spend extra time to enjoy my life, travel with love one and write letter to everyone that I care about to explain clearly why I am leave. Lastly, I will do anything that I want to do and most important is be happy.
My short term goal will be graduated from college and get a job related to information system. Now, I will concentrate on my study first, and probably I will pursue my study at foreign county in the future. After working for few years, if I prepared well and there is an opportunity, I may start up my business. At the same time, I wish I meet my soul mate. It is important to have a person that can growth with you and support you. For the obstacles to reach goals, I think it will be lack of experience and psychological not ready for entrepreneurship yet. Besides, having a good attitude also important because it decided who we are and where we go and what can we achieve. What I can do to overcome those obstacles will be train myself more confident, gain more experience from others and insist on my goal.