The concept of entrepreneur is about entrepreneurship create a new business with the risk and uncertainty to be faced. Entrepreneurship is the one who found new idea and market the idea into a sold able products or services. They are the one who dare to dream and willing to try to make their dream become true.
I am Ng CheeHeng who graduate the Diploma level 2012 year. And now being continues my Advance Diploma level. The course which I taking is Internet Technology under the School of Arts and Science.
After finish the Personal Entrepreneurial Strategy in attachment 5, this attachment is trying to help me to gather the useful data, and also trying to learn and understand personal myself.
My Personal Preferences
From the data that gather of Personal Entrepreneurial Strategy, I found that what kind of energy that can make me more personal satisfaction, more enjoyment. There are 3 energy source which can make me more personal satisfaction. Which is games, movie and gathering with friends. Reason why choose this three source as my energy because them can take me relax temporarily while facing the stress from college stuff and workings.
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By the way, I also realize that some of energy affect my personal situation, sometimes it affect me anxiety or discontent in period of time. First leakage energy source is lack internet service. Its because its affect me cannot research the information, entertainments and also socialize with my friends. Second is college stuff such as theory subject, its because cause me spent a lot of time to concentrate, and feel bored with learning uninterested subject. Finally is about the future career, its cause me worry cannot get the deal career.
Be glad have chance to learning the Entrepreneurship subject in this semester. This subject have give me a lot of idea and knowledge of how can become a successful entrepreneur. It's make me should careful thoughts about my future life. It no guarantee I can be entrepreneur in future but it's make me have this decision to being entrepreneur.
With finished a set of test or quiz that occur in Personal Entrepreneurial Strategy, I realize myself still have a lot of weak point need to be improve, especially the financial concept. In business world, every business man or entrepreneur have goods in monetary concept, its help them to manage their firm's funds flow efficient. Such as accurate calculating the balance between benefits and costs. And also analysis and cut down the unnecessary cost to invest in unprofitable project.
So to improve my monetary concept, I serious consider and evaluation my consumption habits. Consider before take action to consume. Research and learned some websites, forums which can provide a good example of consumption habits. It's a good beginning to make me to spend the money wisely.
And also, in 20 to 30 years, I plan my lifestyle as business lifestyle, busy but plenitude. Work style when as employee plan the working hour balancing, business travel until become investor. About the income, working as employee, more than RM3000, after become investor will get from bonus. Other than that, I more attract in working the interested job, related IT stuff such as programmer, webpage designer, mobile application developer. And also hope have business travels, it give me the opportunities can travel different country to learning their country cultures, meet new friends, also have opportunities to increase interpersonal relationships to help in business. Finally, the thing that repels me is doubt myself, such as skill, potential that worry whether can get the ideal job.
My Idea Generation
After consider and evaluation, in the below are showing 10 type of business that have opportunities and consider in my personal entrepreneurial strategy.
Hotel Service / Management
Besides than, they are some common attributes of the businesses I wanted to enter and the also some attributes businesses I did not:
Attributes- Would Energise
Leadership- is a support skill to trying to influence surrounding in each of employee that can seek the assist and support them in the achievement of a common task. In other meaning is organizing a group of people to achieve a common goal. With this attributes its help me to guide and encourage the employee have motivate to meet the firm's goals because with clearly understand the mission and vision to achieve the goals.
Always on Time
Marked to Standard
Time management - is good for help me have a regularly working time hour, all the important schedule and task can be complete in time. To avoid procrastinating schedule and task.
Professional image- combination of good attitude and appearance, Be assertive in complete the task, avoid overly dominating. Appear as confident in ability to complete the task.
Listening - be listen the feedback, comment from manager who have richly experience in operation of the business and evaluation. By the way, also concern the customer need and requirement.
Attributes- Would Turn Off
Lifeless circumstance / atmosphere - influence the employee working unpleasant.
Lack leadership- influence employee facing more problem, issue to achieve the goals because fuzzy understand the mission and vision. Its also effect the employee motivate.
No teamwork - procrastinating the important procedures, task. Difficult or postpone to achieve the goals. Reduce the efficient of working flow.
Bad communication - communicate or sharing the ideas to others with unsuitable method. Effect the decision making process. By the way, unfriendly communicate with other are occur more conflict and reduce the professional image.
I would acquire my own business someday because no one willing become employee forever include me, every mankind wish can make a brilliant and eminent thing in their fields. And I hope I can do well in my business fields, now I have determinations, just to seize the opportunity only.
Now I imagine myself had $1000 to ranked the items ( Location, Lifestyle and Work Style, Standard of living, Personal Development, Status and Prestige, Impact on Ecology and Environment, Capital required )
First, I spent $300 to choose the location, its ensure I can operate my business in suitable location because different location have different lifestyle, work style, economic , government , treat and so on. These situations can affect my business success or failure. For the community distance, 20 minutes or less is important to can quickly contact and meeting with my customer.
Second I spent $200 on building my firm's status and prestige, Is good to allow more potential investor to invest my firm, increase my firm's capital flow. And also let more customer get attention. Increase the firm's reputation.
Third I spent $200 on Lifestyle and Work Style. At work style part, I manage the size of firm expand till more than $10 million sales and have 200 employee above. Employee workload balance, fast and moderate rate of real growth. At lifestyle part, will spent time to gathering with family, marriage and travel away from home.
Forth is I spent $100 on Standard of Living. Invest more on business market to increase the sales. Firth is I spent $100 on Capital required to expand my business. Attract more potential shareholder to expand firm's capital. Sixth is I spent $ on personal development, evaluation and improve myself such as attitude, knowledge of business, spiritual and so on. Lastly is I spent $100 on Impact on Ecology and Environment, this situation is indicate the external information such as competitor, global finance, natural disasters that are have opportunities influence my market value , analysis them and found the solution.
My Personal History
As desired to earning the money, I have experienced do part-time job before. Because have this opportunities, I gain temporarily financial support and also gain the some experience.
The motivate that affect me have thought to do part-time is earning the pocket money during the leisure time, this is common thought that motivate us to do the part-time job. Other than that, part-time also can gain the experience and knowledge than did not occur in textbook. It a good practice that have chance to adapt the circle of business before go to get the job. Normally the experience that gaining is how to serve the customer, learning patience when facing vexatious customer, solve problem with efficient depend the situation and so on. By the way, its also can evaluation self and improve the weakness such as attitude, thought, interpersonal relationship and so on. Sometimes I also reading the Philosophy book, great person Biography. By getting the knowledge from them and utilize in my career.
From this opportunities, I have learning that some characteristic that can help me in my career. And it also can apply to life as an entrepreneur.
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It allow entrepreneur have confidence and determination to starting her/his business.
Value of achievement over money
Its allow entrepreneur have intense with desire to make the money
Skill at organizing
Its allow entrepreneur can arrangement and placing the right persons(employee) to the suitable job
As become the entrepreneur to started a business, usually will start their business that interested. So after the evaluation, I found that I interested in catering business. The reason is because the foods are need for people and can make the reliable profit. And also trend of technology, traditional business able to transform in e-business. It have opportunities that can expand my business efficient and provide the service such as allow customer to make a reservation via online, make advertisement via social media such as Facebook, Twitter, Blogger and so on. And those website are free so I can directly reduce the cost in advertisement and also can attract the customer.
Other than that, it have risky when invest started a new business, if manage no well will make business failure. To avoid this kind of situation, I usually no start the computer service business. Because no interested and hard to make the reliable profit. Is no make sure the always have a customer request for service computer. And the investment cost more higher.
In conclusion, based on some factor and experience, I found that entrepreneurial have strengths and weaknesses.
Good communicate with other people enthusiasm
Always communicate with public people, to let entrepreneur can easy share their idea and thought. Treat people as enthusiasm can provide them with impression with a good image.
Learn from mistakes
Be brave to face the failure situation, such as business failure, impossible goal. Analysis the problem, evaluation and enforce self will no face the same mistake again.
Always set a goal
Analysis and check whether the goal can be achieve before start to proceed. And also verify whether goal can bring the benefit to firm, how risky and mission when achieve the goal.
Often perceived as infallible
Over confidence and have success experience before effect the entrepreneur thought that everything is be alright and confirm success when using his/her own entrepreneurial skill.
When start the business, entrepreneur try hard to manage their business because they don't want their business failure. They hope their business can be success, can be expand. So affect them need spent a lot of time and mental on their business.
Afraid of changes
Some firm use the traditional entrepreneurial method to manage their business. They believe the way they used is suit for they business style. So it's hard to encourage them to used the new idea and thought instead the traditional entrepreneurial method to manage the business.
My Role Model
Everyone admired their hero, either is singer, artist, scientist and so on. In business world also have many hero that can allow us to admire. After the consideration to identify my business hero. I found that Mark Zuckerberg is my role model in my life.
Mark Zuckerberg born in 1984, May 14 inÂ White Plains, New York. He was raised Jewish. He is a computer programmer and also a internet entrepreneur. He is a co-founders of Facebook, a social network website. He is a chairman and CEO of Facebook,Inc.
In began, he writing the software as his hobby in middle school. In the help of his father and his tutor (David Newman), a software developer, his advance in his programming skill and be praise by Newman. Newman call him a prodigy. Due his father is a dentist and operate the dental practice from their home, he create the software call "ZuckNet" to allow the computers be communicate between their house and his father dental office each other.
In high school, Mark Zuckerberg study in Harvard college, he take a computer science and psychology academic. In sophomore year, ( second year of study at high schoolÂ or university) . he built the notorious software program call FaceMash, this application allowed the student in the college network can vote on the relative attractiveness of other students and select the best appearance person from the choice of picture. Purpose of he built it is for fun, after a weekend the site that Mark Zuckerberg is shut down because popularity and overwhelmed Harvard's network switches. He responsible to make apologized to public because of his ignorance action.
With help of his friends, he launched Facebook from his dormitory room. From beginning, he took his project to other campuses nationwide. He purpose is allow the student can communicate with each other in college or universities internal website. With success and popularity of Facebook, Mark Zuckerberg become the youngest billionaire at the age of 23.
Mark Zuckerberg have a dream, he desired allow the students can getting communicate with each other in Harvard's university internal website. But due university won't do something, he dropout and start began his project.
By the way Mark Zuckerberg is think big, his friends expected his project is only for college purpose, Mark Zuckerberg envisioned his project is for worldwide and can change the way of people communicate and staying in touch. Public analyzed Facebook as a million dollar project but Mark Zuckerberg envisioned a billion dollar company.
Other than that, Mark Zuckerberg believe himself, he believe he can do it, he realize to build the successful business cannot thrusting responsibility to other people. He believe that he have potential to start the business and have ability to manage the business successful.
The area I most to admired is he is a accidental billionaire. Usually the entrepreneur start business for earning money. But Mark Zuckerberg start the business for himself and colleagues, he try to used this chance to create the platform to allow the worldwide people can share the information. He want to changes the way of mankind communicate.
Lastly, I learn something from my role model, he diligent contribute on his business without complain. When he dropped out of college to concentrate his project, he taking a risk. By facing the Google competitor, he taking risk. He brave to take risk with any situation and action.
characteristics of Mark Zuckerberg influenced me. I learn diligent to achieve the goal once I take action. even what kind of goal such as task, assignment, resolution also need diligent then only can be achieve. I also learn to take risk bravely, there have mission and risk before achieve the goal. No entrepreneur become successful without taking the risk. So it's a good chance to make me self-belief have confident and brave to take a risk.
My Strengths and Weaknesses
Be start to become the entrepreneur, it's the chance to have examine my attitudes, behaviors and know-how. These result can be showing and summaries my entrepreneurial strengths and entrepreneurial weakness .it's the good practice to allow me evaluation myself.
About the Entrepreneurial Mind test. About my entrepreneurial strengths, I am
nonconventional, open minded, lateral thinking person. I self learning the new generation stuff via online, learn educational and make friends with open minded. Its influenced me have lateral thinking, rational to solve the problem with using conventional way. Its good for me can accept the new idea and thought that can help me improve my current business.
After than that, I also am good in consider the risky before take action. Its good for me can manage the business more success. Because I always be calculate the risk, mission before start to achieve the goal. But seem every goal have risk and mission and its impossible to avoid before achieve. So I always analysis the risk may be facing, effect of risk, level of risk. And found the suitable way to solving, avoid and minimize the risk before take action.
By the way, I also realize I have some entrepreneurial weakness. First I weak in willingness to sacrifices. Because with have bad experience and influenced by TV drama. Sometime I doubt sacrifice will no gain the benefit and accredited. Although sacrifice can get the benefit or achieve the goal, but sometime it's no worked.
Other than that, I also no good in tolerance of stress and conflict, Weak resist the stress and conflict when facing the problem alone, its effect me cannot calm down to solve the problem. So I need found someone solve the problem together.
Entrepreneurial Role Requirements
When come in this self test, I evaluation myself and determine my strengths an weakness. For strengths, I have strong with ethics and integrity in childhood, Influenced me convinced as be mankind should be have ethics as fundamental requirements. Always be consider take action whether is ethics, And also convinced as business man should have integrity as fundamental requirements. So I always treat customer integrity.
About my weakness, I found that I have strongly in state of open-minded. I have no tolerance and agree to follow the conventional values.
Examine Management Competencies
As become entrepreneur, is necessary to evaluation self ability. After taking the test in every fields. I found that I getting the average on each fields.
About the marketing fields, I ranking all the skill between stronger and average level because I interested and have confidence can do well.
About the operation and production fields, I ranking between average and lower level. It is because I have no interested and cannot manage and control the inventory.
About the finance fields, I ranking my skill in weakest level. It is because lack of knowledge to manage the money flow properly.
About the Administration and Interpersonal team fields, I ranking in average level, all activities I can handle as well.
About the Law fields, I rank myself in between average and weaker level. It because I have opportunities to learned law in college. So I know fundamental of some specific law rule such as copyright, contract, defamation, infringement.
After finished the test and evaluation, I indicate some items that I would add in to my "Do" Lists.
Improve myself, make me have more strengths to advantages for me in future career or current situation.
Learn finance knowledge to improve my financial concept.
Putting It All Together
Become the entrepreneur is a risky career, although many people try to start their own business, but usually they lack of some important condition such as clearly vision, budget, weak resist to take risk, luck and so on, lack of one condition may make them failure. So be prepare well once to start built the own business.
In my opinion, once to start to built the own business, be take serious to manage it, set the clearly goal, be hard work, be smart while invest or employ people to manage your business. Even help with professional employee to manage your business but cannot thrusting the responsibility to them. Else will fuzzy the operation of the business.
Requirements of entrepreneurship - especially the sacrifices, total immersion, heavy workload and long term commitment - fit with your own aims, values and motivations?
As become a entrepreneur, sometime need sacrifices to manage the business, usually among of entrepreneur scarifies the time gathering with family, parents and leisure activities. Heavy workload confirm will be experience once start the business. Long term commitment is a pathway to firmly the business. heavy workload and long term commitment are only fit my aim but only disagree with scarifies.
By the way, some conflict and problem may anticipate between my aim and values and demands of entrepreneurship. About my aim and values, I need be encourage to motivate to achieve my aim and values because in lack of confident myself, and also sometimes need a luck. About the demand of entrepreneurship, I lack capital and funds to start my own business.
Thinking Ahead: Personal Entrepreneurial Strategy
Once the time I am 70, I set a few goal to achieve them. First is invest the money on real estate.
In 70 years old I no sure I still healthy and no sure have energy as younger. Invest on house or shop for rental. Getting the reliable profit from rent and spent it.
By the way, i plan some goal to accomplished over next four years. First goal is personal development, try hard to improve any weakness, learn more knowledge related entrepreneurial skill in leisure time. Once graduate and found the ideal job, diligent and be responsible on any task and work. And the same time, trying to found the opportunities to start the business.
Assume I only left one year to live. But I have good healthy in the temporarily but would no able can get the life insurance or does not have additional large sum of money. I think I will spend a lot of time to gathering with my family, friends and colleague. Give them some advice to enlightening them. And also be always optimism influenced surround people. Retirement my job and give opportunities people to continue my position.
List, in Six Minutes, Your Real Goals and the Goals You Would Like to Accomplish Over Your Lifetime.
As want to achieve to goal, I separate two type of goal: Real goal and Goal would like to accomplish
Marriage - common sense of everyone to desired found the companion to accompany together.
Travel - desired to learn and experience the different countries' culture, lifestyle, language and so on.
Goals would like to accomplish
Getting the ideal career- work with interested job before I start regret and unpleasant on my decision.
Become More lively and Optimism - Try influenced surround people to make them pleasant.
Build confident - Brave to take risk to achieve the goal, persuade myself I can do it.
Getting ideal career, personal development and start the business is my top three goal that I concentrate. But I face some problem before achieve them, first problem is worried myself cannot get the ideal career. Intense of competitive with other will influenced me have no potential and opportunities to get my ideal career. Second is no try hard to improve my personal skill, even have thought and determination but sometime lazy to improve it. Final is start the own business, once getting the ideal career or job with stable such as high salary and good position, its hard to change my determination and reject take risk to start my own business.
To trying solves my current problem, I found my friends, parents, colleague to become my adviserï¼Œremind, and encourage me to achieve the goal.
In my conclusion, is always the hardest to become the entrepreneur in beginning. After review the result, I found that I need improve my skills if no will be failure become entrepreneur. Be diligent once to achieve the goal and no give up.