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This assignment can be divided into five main parts. Profile of the past is the first part of this assignment. In this first part, I will explain the sources of energy that give me the greatest sense of enjoyment, personal satisfaction and dissatisfaction, anxiety, discontent and so forth. Other than describing the energy, I also listed out the attributes that motivate and discourage me to enter the business. I will also describe my personal history such as the jobs that I did before. Lastly, I will reveal my business hero that has been acting as role model in my future life.
In the second part, I will focus on the profile from the present that is related to my strengths and weaknesses. My personal strengths and weaknesses can be determined after answering the questions that related to our attitudes and behaviors.
The third part is about getting feedbacks from my friends about my personal attitude and behaviors. The following part of this assignment is about assessing my personal entrepreneurial strategy.
In the last part in this assignment, I will set the short term goal, long term goal, as well as final goal that I need to accomplish when I reach the age of 70. Apart from that, the goals need to be accomplished in the next four years. Other than accomplishing goals, I will describe the possible problems, obstacles, inconsistencies and the methods to solve these problems.
2.0 Profile of the Past
2.1 Personal Preferences
The few sources of energy that gives me the greatest amount of enjoyment, personal satisfaction are shown below:
Listening music is one of the ways to release stress. Music such as sentimental, classical and other types of music that is soothing to the ears can create certain frequencies and wave lengths that are able to relax the brain, hence helps in thinking and focusing in something one is doing.
Travelling is another activity that gives me the great amount of enjoyment. Learning and understanding other countries' cultures are not only interesting, but also will increase my knowledge about their cultural differences. Besides that, taking a break and go travelling in a totally new environment could completely put off my stress while meeting new people, breathing new air and seeing the wonderful environment that I never see before.
Reading magazines such as National Geographic, Times and Readers Digest increase my awareness on current information like fashion, interesting places for travelling, and so forth. Some of the articles bring motivation in my life that helps in my relationship with people, studies and many important aspects of my life.
Shopping is the best and fastest way to take a break from my stress. Staying in a city, there are many easily accessible shopping malls that I can go to. I gain happiness when I get to purchase my favorite products especially in lower prices. Sometimes, it is satisfying by just having 'windows shopping', walking around and seeing things only. The cold air-conditioned environment and beautiful decorations in the malls are something that I could enjoy too.
Nonetheless, there are a few source of energy (Leakage) that makes me have dissatisfaction, anxiety; discontent. The leakages are as follows:
Personal financial problems is an obstacles to almost all source of energy because all of them require monetary costs if I would like to have them. Therefore, my positive source of energy is affected by these leakages which eventually bring all these negative feelings to me.
Disagreement and conflict among family members is another source make me anxiety and discontent. Family members are important in my life and it deeply affects my emotions when conflicts happen.
Downfall in academic achievement could affected my emotion and make me unhappy. Because I admit I am the person who place academic results at the important level. As students personal point, academic result is a ticket which can help us get the better working environment, working experience and knowledge.
2.1.3 Ranking for sources of energy
The sources I will give energy had ranking are shown below:
Travelling (2) Listening music (3) Shopping (4) Reading magazine
The sources I will take energy had ranking are shown below:
Personal financial problems (2) Disagreement among family members
(3) Downfall in academic achievement
In the 20 to 30 years, I want to become a successful entrepreneur and public listed my company on stock exchanges around the world. Due to this situation, I believe that I have an opportunity to have better luxury life style such as buying those branded and luxury products, staying in luxury residential, driving luxury cars and become Top 100 entrepreneur in the world.
Apart from that, I hope that I will able works in anywhere and anytime and does not required necessary working 8 hours of a day and income have been more then billion per year.
Disagreement and conflict among family members is the main source that make me repel my idea existence because some of my senior family think the sentence "Every beginning is hard". Due to this sentence, my senior family will think it may have high percentage of risk- taking propensities and uncertainty of income when become an entrepreneurs in the beginning stage.
Financial problem can also consider another source that make me repel my idea existence because to start my own business, it required some financial resources to support daily activities of the business.
In conclusion, to make my desired lifestyle, work style and income happen within 20 to 30 years, I believe that I should have better problem solving skills to solve those conflicts occurs among my family members and persuade them the advantages become an entrepreneur.
Besides that, improve my personal communication skills is a method can solve the financial problem before I start my own business because it can help me find more suitable business partner before start my business.
2.2 Idea Generation
In first part of the idea generation, I will summarise 10 attributes that would energise me enter a business and 10 attributes would discourage me to enter a business.
10 attributes that would energise me enter the build my own business (Food and beverage restaurant) can be described in following which included high profit margin, growth of number of population , focus on market need, quality control, motivation, interest , self employment, passion, financial independent and freedom of speech.
Food and beverage business is one type of business which are high profit margin and low production cost. Due to this situation, I can start my own business even through with little financial support. Self employment also knows as attribute that motivate me to enter the business because I need to have flexible working hour, dramatically income and financial independent.
10 attributes that discourage me to build my business are shown as below, which included high risk taker, require additional skill and knowledge, economy unstable, family obligation, debt, indecision, hard to gain competitive advantages, stress, inadequate resources and healthy problem.
Hard to gain more competitive advantages can be describing in the current market that exist too many competitors and with have high reputation in the market. Due to this problem, if I enter to the business, it makes my business hard to sustain and harder gain better competitive advantages among the competitors.
Stress also known as the attribute that discourage me to enter the business because when in the beginning stage of new business, it may exist large amount of stress with the reasons monthly income is uncertainty, long hours of hard work and others.
Rank the following in terms of importance to you in your entrepreneurial journey. Refer to appendix 9.1
After listed the attributed that would energise and discourage me enter the business, I can conclude that I would like to start my own business in someday because this is one of method can help me generate more money in the shorter time rather than long period time of working to get the consistency salary. The reasons that I would like start my own business are as show as below:
First reason is to increase the quality of living style and then enjoy the luxury life. Second reason is to have financial independent so that I can do the things that bring advantages to me for instance buying the luxury items, invest the real state property, do some charities work to social and so forth.
Lastly, I would like to make an impossible thing to happen possibility and let my personal history well know by everyone around the world, and act me as example of roles model for the next generation.
2.3 Personal History
Before become full timer of TARC students I already have the one and half years working experience act as sales executive. Due to this working experience, I realized that if I work as sales executive for long term of period, it make me hard to fulfil my dream life. So I decided to quit this position then continue further study in TARC College to gain more additional knowledge. In TARC College with the duration three years, I also did some part time jobs such as acts as event crew for the PC fair in order to provide me some financial support and decrease burden of my parents.
Gain some working experience before become TARC college student, which let me gain some advantages such as:
Advantage in financial can be describing in I used my saving to paid the college tuition fees and other daily expenses rather than use my parents money.
Advantage in mature mental compare with others can be describe due to I have few years working experience for sure my personal thinking will be more mature compare with others person who are same ages with me and never have working experience before.
Skill of handle unexpected events occurs can be explain when I works as events crew, for sure they must occur many unexpected thing such as complaint by visitors and exhibitor of the events. Act as an events crew, our mission is to make sure the progress and activities of the events are running smoothly and without any complaint that received by the visitors and exhibitor.
Due to have few years working experience, it already influenced in each of decision that I have make, because every time I make the decision, I will think properly and make sure the outcome can give me some positive impacts.
Besides that, I also learned about myself, self-employment, employment, making money, managing people after having few years work experience.
The things I have learned from myself is having more patience especially those work need high level of patient such as problem solving.
Self-employment is start up own business and start being works for itself instead of working from an employer and obtain consistent amount of salary. Self employed knows as a business owner who owns a business company and control all the cash flow of the business.
Employment is an opportunity to offer an employee to understand and learn the business details of the organisation. But then, I am very lucky to be recruited in the company act as sales executive. From there, I have learned the skills how to manage the business, problem solving skills communication skills and others relevant skills.
Managing People is a person that supervises lower level position employees in the business to contribute something's that is related to the business. For me, I have an opportunity to become a supervisor of sales executive to supervise other persons to make sure them contribute some benefits toward business.
Money is an important thing that helps human to sustain itself. Act as sales executive, it help me have better understanding and influenced my mind the ways to making money in the shorter period of time. For example, one of the method is requires starting up my own business being myself as the boss and introduces products and services which can increase quality lifestyle of peoples.
Furthermore, the activities I have participated from the previous are cash flow games created by Robert Kiyosaki.
The lessons and insights emerged from the cash flow games; I believe that being myself as entrepreneur is a better ways to generate more capital in the shorter period of time. Apart from that, I also learn to becoming an entrepreneur so that I have benefit of financial independent and doing the things that can bring benefits toward me such as invest in the real estate , stock, saving plan and others.
Due to this lesson and insights, I believe become an entrepreneur must have better knowledge, management skills, problem solving skills, critical thinking and so forth. Become an entrepreneur, we have some characteristics for example always alertness to the changes of the environments, evaluate what are the strength, weaknesses, opportunity, threat of the business.
2.4 Role Model
Business hero that I have admired is Steve Jobs. Steve Jobs was born on February 24, 1955. He knows as a successful entrepreneur and the one of the founder of Apple Inc.
In year 1971, Steve Jobs enrolled at Homestead High School. After finished high school, he continues study at Reed College in Portland, Oregon and him dropped out of college after six months with the reason lacking direction. In year 1974, he works with Atari and act as video game designer.
In 1976, when Steve Jobs was just 21, he and Wozniak started Apple Computers. Due to the financial problems of starting business he sold his Volkswagen bus in order to started Apple Computers.
After Steve Jobs found Apple Inc, he introduced many technology products and services which included iPod, iPod, iPhone, Mac book and so forth. Other than introduced technology products, he also developed his own operating systems platform to gain the competitive advantages among the direct competitors. Due to serious health problems, On October 5, 2011, Apple Inc. announced that co-founder Steve Jobs had died and was 56 years old.
Steve jobs have characteristic or positive traits are shown below:
"Focus, Focus and Focus" can be describing should not try doing the multiple things in the business and focus more time on the single product or services. For instance, Apple founder focused on a few big products that will help him generate more money rather than create thousands of small ones.
"Magical thinking, Reality distortion field". According to Einstein state "Imagine more important than knowledge." These sentences have been apply in Steven Jobs because he entered his reality distortion field and change the quality of life style of human. For example, he introduces "SIRI" into his products to reduce the effort when human communicate with the machine.
Areas that make me admired to Steven Paul Job, he is a person has a dare to dream, take risk and make an impossible thing to happen possibility. One of the good example is he introduced Apple unique operating systems (IOS) that others competitors are not able to imitate, due to this Apple took over the competitive advantages toward other direct competitors and becoming the leader in the current technology market.
Other than that, he also takes care of his employees. For instance, he provided good benefits toward his employee because Steve Jobs realized being a good leader we must have a good team. So that they only able put their blood, sweat and tears into Apple Inc.
The characteristics of Steve Jobs that can be apply in my life when:
First, I am too focus on create thousands of small products rather than dew big products or services.
Second, I do not have dare to think big such as let everyone around the world knows my products and services and others situation.
Third, I am too focusing on the career and forget the important values of friends and family members.
The things that I learned from Steve Jobs role model is never give up until the end even failure occurs many times and must have a dare to dream, dare to take risks and make an impossible thing to happen possibility. Besides that, I also learned to love more friends and family and focus on the employees of the company because employees are the person who can help you manage all those things as well as put their blood, sweat and tears into the company.
3.0 Profile of the Present (Refer to appendix 9.2)
3.1Your Own Strengths and Weaknesses
In this parts, I will describe my personal strengths and weaknesses after examine my personal behaviour and attitude. This consist six main parts to examine my personal behaviour and attitude which including commitment and determination, opportunity obsession, tolerance of risk, ambiguity and uncertainty, creativity, self reliance and ability to adapt, motivation to excel and leadership.
After done answering personal behavior and attitude ranking, I realized that I have some strengths are shown below:
I believe that I have these strength persistence solving problems because I will find the better solution no matter how long time are require to solve the problems. For example as computer science students, I believed that I have this characteristic because it plays an important role which can help me make the program more efficient and free of errors.
Besides that, one of my goal need achieve in my future is to build own restaurant and introduce those special, delicious and unique food and beverage toward customers. Due to have this goal, I believe I have the advantages such as being market driven.
I believe I have the advantages of patient. These characteristics know as is the most important characteristics to become are successful entrepreneur. Patience can be describing in term of solving unexpected conflicts and problems among the business partner, friends, family and so forth. Due to have few years of working experience I believed that I have this advantages because act as sales executive, it required higher level of patience in order to influence customer buying products or services from you rather than other competitors.
A person must have of sense of awareness of weaknesses so that he or she can have more mature thinking. After that, I resigned sales executive position I choose continue further study at TARC College in order gain more knowledge such as skill of language ability, additional knowledge, better communication skill and so forth.
Nonetheless, there are a few weaknesses for myself. The weaknesses are as follows:
I believed I am the person who has low tolerance of stress and conflict. This is because I will not able managing my stress in proper ways and it deeply affects my emotion. So that I required to do some exercise to release my stress such as jogging, travelling, and shopping and so forth.
Communication is a basic skill to communicate with others person around the world. I admit I am the person who does not have strongly communication skills. So, in order to improve my communication I need attending some courses, seminar to improve my skills of communication.
Furthermore, I do not have the knowledge of law such as corporation's laws, contract law, calculation of the taxation, real estate law, copyright law and others. So, I need do more research and attending some course to improve my knowledge about rule and regulation of the country.
In conclusion, attend some extra courses such as stress management, communication skill, seminar which can help against my personality weaknesses.
4.0 Putting It All Together
The feedbacks that I had received informally from my friends, parents are shown below:
First feedback I had received I have leadership skills. For example I will able to lead my group members or partner when during assignment.
Second feedback is about having a mind become entrepreneur. This is more important characteristics when becoming an entrepreneur.
Third feedback I have received is about patience. Patience can be describe in term when doing something especially programming subject assignment because it require high level of patient because it required time to solve the errors and fix the bugs.
My entrepreneurial strategies are shown follows:
After getting Degree from TARC College, I plan to continue study to get my Master. Then becoming working adults for the IT filed company for the duration around three to six years to increase my personal knowledge such as skills of communication, leadership, problem solving and others relevant skills.
After resign from the position, I think I will have enough financial resources to build my own food and beverage business and in this time I will apply all my relevant knowledge and skills to the business and make the business more successfully and gain better reputation, competitive advantages and so forth. Once my businesses are stable and have good reputation and gain competitive advantages in the market, I will start franchises my business toward other people around the world.
The requirements to become an entrepreneur are needed characteristics such as sacrifices, total immersion, heavy workload and long term commitment. I think I have met those characterises because I willing to sacrifices the time required when starting my own business and total immersion to the business in order make my business more successfully.
The conflicts that I am anticipate between my aims and values and demand of entrepreneurship because become an entrepreneur it required some financial resources to operate the business and additional skills and knowledge such as language capability leadership skills, communication skills, problem solving skill and so forth.
The "chunks " of experience that I would like to accumulate which included skills of financial management, communication, planning and leadership, decision making , conflict management skill and others.
I believed that I will proceed with the current venture opportunity because that is an opportunity for me to changing my current life style, working hours and make me more have financial independent.
The extra experiences I need to acquire are having characteristics decisiveness and tenacity so that I am not easily give up even through happen disagreement among business partners.
The second experience I need to acquire is having better communication skills. Better communication skills are important to me because it can help me express my ideas in more correct way.
5.0 Thinking Ahead: Personal Entrepreneurial Strategy
The goal to be accomplished by the time accomplish when I reach the age of seventy can be divided into short term, long term and final goal.
My personal short term goal is continue my Master after graduate from TARC College. Purposes of continue study is to improved my personal knowledge, better communication skill and others relevant skills.
My long term gaol become works as system engineer for the international company with the salary range around 4K-4.5K after graduate from master. It will give me gain more working experience before start my own business. After my own business is stable, I will start franchise my business around the world.
My personal final goals are achieve financial freedom. It can be achieve by having luxury life style such as having luxury products, stay in luxury residential, and drive luxury cars.
Besides that, I also want become successful entrepreneur and my business locate at anywhere around the world and let everyone know by personal history and act me as a roles model for the next generation.
I also want establish one non-profit charity organisation toward the social and helps those people which are needed for our helping.
The Goals I would like to accomplish if You Have Exactly One Year from Today continue my Master after graduate from TARC College.
The real goal I would like to accomplish over my lifetimes completes my Master in science major in business information system. Second goal is start my own business and franchise the business around the world. Third goal is let everyone around the world no matter who they are also know my personal history and act me as a role model to them.
We can say that every single goal have problems, obstacles and inconsistencies when we are trying to achieve. In my personal view, the top three goals I would like to achieve in my lifetimes are shown below:
First goal completes my Master in science major in business information system. Problem that I may encounter is I may not enough financial to support when continue the Master. So, I will eliminate the financial problem by do some part time such as part time tutor in the university to support the necessary expenses.
Second goal start my own business and franchise my business around the world. The problem that I may encounter I may not have sufficient financial resources when the time to start the business. So I will eliminate the problems by writing the business plan to find potential investor to invest my business.
Third goal is establish charity organisation toward social. The problem I many encounter is I may not have extra time to manage the organisation. So, I will try to manage my time in more proper ways, in order establish the organisation.
If possible, with the duration three years in Malaysia with the date from 24/2/2020 until 24/2/2023 I would like to start up my own business and start franchise my business around the world. The problems that I may be encounter included personal financial problems, disagreement among family members, conflict between the partners and others.
The solution to solve my personal financial problem is borrowing loan either from government and/or bank; sell those expensive products such as cars. But the risk of the financial problems can be view by the loan has reject from the government and/or bank for approve the loan.
The solution to solve the disagreement among family member is having better communicate with family member; explain to them about my personal ideas in proper way. The risk can be view by family members strongly disagree when I am starting to build my own business because the sentence "Every beginning is harder".
The solution to solve conflict between the partners is having better communication and interaction with partners before start doing every single works, because communication is the ways can reduce number of conflict and disagreement among partners.
In conclusion, I believe I have the entrepreneurship characteristics and become the successful entrepreneur for the next 10- 15 years.
So become Entrepreneur have their strengths and weaknesses. The strengths of become an entrepreneur are make a difference, enjoyable every single works have done and so forth.
The weaknesses of entrepreneurs are uncertainty income, long hours and hard work and others. Long hours and hard works can be described in the sentences "Every beginning is hard". In order to make the business more successful, it are required long hours of hard works.
Since become an entrepreneur have many weaknesses, but it also cannot be a factors discourage me become an entrepreneur and build my own food and beverage business, because I would like change my current life style and become Top 100 entrepreneur around the world and act me as the roles model.
7.0 Self Reflection
First of all, I would like to thanks TARC College offered ABDM4223 Entrepreneurship subject to their students.
After done this Personal Entrepreneurial Strategy exercise I believe that I have the mind want become an entrepreneur and start my own business in the future. From part I, I have greater understand about personal personality such as the sources make me have greatest amount of personal satisfaction and dissatisfaction.
From the idea generation part, I am more understood the attribute that motivate and discourage me enter the business. I also understand employees are main source that make
From part II, I have better understand my personal strength and weaknesses through one exercise. In this exercise, I know well that my strengths are fulfilling the requirement to become an entrepreneur in the future.
Besides that, I would like thank Law Tze Yong, the person that gives feedback about my personal. Due to the comment I had received from her, I know well my personal characteristics from their view point.
From Part IV and V, I have setting some goals I need to be achieved in the short term period, long term period as well as my final goals. Due to this situation, I more understand what my future and work hard to achieve those goals.
Lastly, I believe I have the potential become an entrepreneur in the future.