Greg Watson, a professor and retired entrepreneur, defined entrepreneurship in his blog as "a process through which individuals identify opportunities, allocate resources and create value."[1] He further described entrepreneurial success as "the ability of an entrepreneur to see these opportunities in the marketplace, initiate change (or take advantage of change) and create value through solutions."[2]
I have long admired entrepreneurs for their ability to make a difference, to serve a need and to be their own boss. I have so much respect for individuals like John Gokongwei and Henry Sy who from modest beginnings transformed their business into large-scale multibillion peso enterprises through their passion, perseverance, dedication and innovation.
Although I am working for a multinational company at present, I would like to see myself become my own boss in the near future and establish a business that will serve to meet a value or an opportunity in the marketplace. I would like to see myself with a thriving business that is able to make a difference in people's lives. As such, part of the goals and aspirations that I have identified for myself is to become a successful entrepreneur one day.
As I continue to explore this direction, I think of the many individuals who have attempted to become entrepreneurs and what comes to mind are the success stories of the founders of Yellow Cab, Mang Inasal and Tribu who started with barely enough capital and yet have become well known brands with great following among its customers. At the same time, however, I also think of the many other individuals who were equally passionate and enthusiastic at the onset and yet for some reason or another failed at their attempt to become successful entrepreneurs.
As I begin to understand what entrepreneurship is all about and what it entails, a very opportune activity in class is to begin this attempt with a good understanding of oneself through the personal mastery exercise. This exercise encouraged me to become be fully aware of the traits and characteristics that I posses to help me become a business entrepreneur as well as the factors that I do not possess which may prevent be from becoming successful. It has allowed me to be cognizant of how entrepreneurial I am now and what I can do to become more entrepreneurial.
I leveraged on three self-assessments from the internet to help me become familiar with the traits and characteristics that I possess to help me become an entrepreneur. Results of the self-assessments indicate that I share many key attributes of entrepreneurs enabling me to have the profile for entrepreneurship. The results generally talked about how I can succeed on my own and how I should continue to investigate or give serious consideration on becoming an entrepreneur.
As I examined myself further, I looked into comparing myself against the motivation, aptitude and attitude expected of an entrepreneur. The Business Development Bank of Canada identified 3 motivating factors for people to want to become entrepreneurs. These are the need for achievement, the need to influence and the need for autonomy.
The result of my self-assessment indicates that my score on motivation exceeded the mean score of entrepreneurs. This means that from a motivation stand point, the reasons that call me to action are attuned to what successful entrepreneurs lean towards. I have a strong need for achievement and challenge. I see obstacles as sources of opportunities and I take a great sense of accomplishment in transforming uncertainty into situations that can be managed. I pursue all measures to meet my goals and to attain any set objectives. I find satisfaction in being able to influence people and make an impact on the course of events, particularly in areas where I am able to turn things around. Albeit scoring less than the mean score of entrepreneurs, I find myself to have a strong need to become independent, to become my own boss and to pursue dreams and aspirations.
Another area of the assessment looked into competencies and abilities that make a person more inclined to become an entrepreneur. These aptitudes focused on perseverance, self assurance, creativity and tolerance for ambiguity. I particularly scored high on perseverance and tolerance for ambiguity. I am the type of person who is able to follow through on commitments despite the obstacles. I see any endeavor through its completion regardless of any setbacks or problems that can be encountered. I have learned to become more comfortable with ambiguity and to become better able to deal with stressors.
My noted areas of improvement would be on the area of self-assurance and creativity. I need to be able to trust my instincts more. I am quite hesitant to make decisions, especially if I know that the odds for a mistake are high. I need to be able to develop more willingness to take calculated risks and to be able to harness my imagination and creativity to identify opportunities in the market.
The last area of the assessment focused on the necessary attitudes that an entrepreneur must have. As in motivation, the result of my self-assessment indicates that my score on attitude exceeded the mean score of entrepreneurs. The questions on attitude focused on two things: attitude toward failure and being action oriented. My results indicate that I am able to see failure as an opportunity to learn from my mistakes, to pick myself up and to better myself in the process. I see destiny as something that I can act on and control rather than not being able to influence the unknown and the future in any way. I am action oriented in that I want to get things done; I follow through on commitments and am results-oriented. I am the type of person who will not remain complacent and who needs to be able to find ways to continuously improve myself and the projects or endeavors that I involve myself in.
Overall, I learned that I possess certain characteristics and traits that somehow predispose me to become an entrepreneur. In the same manner, it has helped me become familiar with certain areas that I need to focus on and harness to be able to turn them into areas of strength. As these are just predispositions, whether it is an area of strength or area of improvement, actions still need to be done to channel these factors to be aligned with the actions and subsequent outcomes needed to become a successful entrepreneur.
On another note, the personal mastery exercise has allowed me to be affirmed in that, although the road to entrepreneurship entails a lot of passion, hard work, innovation and dedication, my aspiration to be an entrepreneur can indeed become a reality.
References:
Business Development Bank of Canada - http://www.potentielentrepreneur.ca
Canadian Foundation for Economic Education - http://www.mvp.cfee.org
Entrepreneurship, Education and Ethics - http://www.gregwatson.com
Top Web Entrepreneurs Plan It - http://www.top-web-entrepreneurs-plan-it.com
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