What factors do / don't I possess that make / do not make me a Business Entrepreneur?
By R090206
In doing a self assessment, I used "Go Forth Institute" questions as my guide. They divided the factors associated with success in business into four: Human, Psychological, Sociological and Financial Factors.
In the Human Factor, these are the knowledge and abilities we develop through education, training and experience. It is also subdivided into five areas: Technical Skills, Business Skills, Education, Experience and Wisdom/Judgment.
My strength in Technical Skills lies mostly on my computer knowledge. I scored high on my computer and Math skills. I also have extensive experience on team work, internet research, synthesizing information and diagnosing computer problems. However, I severely lack experience on Telephone survey or face-to-face research, negotiating, Laboratory Skills, and fundraising activity.
Business Skills. It is in this part that I realize what I lack regarding skills and experience in topics such as Money Management, Marketing, Operations Management and Managing a Business. A person with strong business skills has a higher probability of success. Having work as an IT since I graduated from college, I have an idea on how these systems work. I created some of them. But I lack personal experience on using these systems on my own. As these are skills, I know that these can be learned.
Education. In research, there seems to be an association with business and education. A good education increases our confidence and self-esteem, and ability to interpret information which makes us aware of business opportunity in our day to day lives. Having finished my degree as a Geodetic Engineer in the University of the Philippines, I believe that we are trained to be critical in our thinking and aware to what is happening in our environment. Taking up post-graduate studies in Ateneo increased my awareness to those things even further.
Management Experience. I have management and technical experience regarding my line of work. I have been able to manage as many as twenty persons as a team leader. I have also been part of a steering committee while I was in college. However, I don't have entrepreneurial management experience.
Wisdom and Judgment. Wisdom is the gift of insight. It is the summation of all our experience. It enables us to determine what should be done in a particular scenario. In taking the test, I can see that I have enough experience to be successful in it. I'm fine in making mistakes and make sure I learn from them. However, I need to work on my views of people who share a different opinion than me.
The next factor is the Psychological Capital. These refer to the mindset or the attitudes, traits and characteristics associated with success.
Passion. I almost scored perfect on this one. I love my work, I don't even consider it work but something I do for fun. I'm an optimistic person and see an opportunity in every misfortune that may come. I know that nothing can stand in my way to success.
Faith and Commitment. I have to say that I have faith in what I do. I value other people's opinion but I trust myself in doing the right thing. I always keep my commitments as much as I can. And even though the odds are against me, I have faith in myself and I don't fear failure.
Tolerance of Risk and Uncertainty. I believe that my business decisions are the best I can make with what information I have. I love doing something spontaneously. However, a stable income is important to me. Knowing when my next paycheque and how much is it comforts me. I think I need to work on my risk tolerance with regards to business. Being an entrepreneur, risk and uncertainty is always part of the equation.
Adaptability. With regards to my work, I am very adaptable. I have no problem with changing plans and schedule. I can improvise whenever there are obstacles to my goal. A good example is this paper I'm creating right now. Since there is a power outage due to the typhoon, I decided to create it on my celphone instead. With respect to business, entrepreneur should always be able to sense any change in the market. Change is the only constant thing in this world. Failure to recognize it and adapt will lead to the collapse of your business.
Leadership. I enjoy working with people. I wouldn't say I'm a natural born leader but I can cope up. I setup goals and help others in the best way possible to achieve them. I always envision the future and find ways for me and my team to get there. My low point on being a leader is I'm sometimes irritated when someone is slacking off and doing their part. Most successful entrepreneur has a way to influence people. Being a good leader is important as the entrepreneur sets the vision where the company will go.
Drive and Determination. I am a hard working individual. I believe we have to grab every opportunity we have. When I envision my goal, I really don't get discouraged easily. Entrepreneurs have a lot of challenges to overcome. Having the drive to continue and being motivated separates a successful entrepreneur to a normal person.
Energy. As I mentioned above, I don't get depressed with my mistakes. I use it as a driving force on what to do next. Envisioning success is where I get my energy from. Starting a business will take up a lot of energy. Knowing where to get your energy especially in your lowest point helps in your drive and determination, it also serves as an inspiration to people around you who may have exhausted their own energy.
The next factor is the Sociological Capital. It refers to the network one may have which can help in his endeavor. Research has shown that a successful entrepreneur has a link to a strong social network. It has been theorized that the person may have access to information and experiences pre-venture stage.
Family. I have a very supportive spouse. My parents once had a business so I can ask for their opinions on these kinds of matters. My in-laws have businesses right now. I believe my Family Network is one of my greatest strength and can contribute to my success as an entrepreneur.
Social. I have friends which are entrepreneur. Some of them encourage me to start something and offer their help. Studying business even increased my network of friends.
Professional and Recreational Network. I've worked with four companies since I graduated so I can say that I know a lot of professionals in my industry. I also play basketball and even have my own a band which helps in enlarging my network.
Entreneurial Role Models. My family had a business before. So I can say that they are one of my role model as I've seen what it takes to put up a business. I have a close friend which started from scratch but is now enjoying life as an entrepreneur. I also know entrepreneurs in my target industry which can help me in my startup.
Supporting Network. I have to say I score low on this one. I don't know any lawyers, bookkeeper, banker, corporate insurance agent and personally know suppliers in the industry.
Last factor would be the Financial Capital. As of now, I can say I can start a small to medium size business with my current assets and credit line.
As I analyze the four factors, I can say that I have what it takes to be an Entrepreneur. I may score low on some but I know I can improve on these points. I welcome the challenges of being an entrepreneur and know that it will be my path to success! 3.5
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