Dear Mr Saguinsin,
Resending the Factors Paper, sir. Thank you.
THE FACTORS PAPER
ENTREPRENEURSHIP
PROFESSOR JORGE SAGUINSIN
Submitted by R110083
The last discussion in class was very interesting as it challenged the class to ponder whether a successful entrepreneur is born, made or lucky. Is there a gene one gets through progeny that explains why there are businesses ably passed on from one generation to the next? Companies in the Philippines like the Ayala Group, Araneta, Aboitiz, et al… have been around for several generations growing and expanding in scope and size each time. But what does that say of rags-to-riches stories of Andrew Tan, Tan Caktiong, and of course, not to miss Manny V. Pangilinan? Or perhaps, it was not gene nor a nurturing of character but luck that played the greatest role in making these individuals successful?
After much pondering… with of course narrowly thinking of our group's position, at first, and then later trying to anticipate counter arguments from the other groups… I have come to the conclusion that successful entrepreneurs are all three. They are born with a minimum potential to become one, must have the right environment to nurture and develop this potential and finally, with these two combined quickly see and seize the opportunity to invariably comes their way and just run with it.
Going through several self-assessment tests on the internet have allowed me to appreciate the basic qualities that are commonly found in entrepreneurs. These tests include those found on the following links:
The tests basically asks the test-taker to examine himself and answer the following questions (honestly of course!) in order to both gauge potential for successful entrepreneurship but also to make him understand the characteristics demanded of one.
Are you a self-starter? Self-motivation is key. Being an entrepreneur means being my own boss. And so it will be entirely up to me to develop projects, organize my time, and follow through on details. My answer: YES.
How well do you get along with different personalities? At the heart of it all, an entrepreneur is a sales person. He must be able to engage his customers or potential to buy in to his idea, his service or his product. A persuasive character, coupled with strong empathy for what his stakeholders need is key. This is because business owners need to develop mutually beneficial relationships with a variety of people including customers, vendors, staff, bankers, and professionals such as lawyers, accountants, or consultants. Can I deal with a demanding client, an unreliable vendor, or a cranky receptionist if my business interests demand it? My answer: YES.
How good am I at making decisions? Business owners are required to make decisions constantly - often quickly, independently, and under pressure. And so at the top of the chain is the business owner at whose table the buck stops. He may of course delegate this task but at the end of the day, even that is a decision he makes and must stand by and suffer for. My answer: YES. Nevertheless, I must admit that my decisions are often made after careful study and analysis of as many variables as I can gather. Not always a given in a business situation as delay in decision making sometimes have tremendous costs for the business.
Do I have the physical and emotional stamina to run a business? If being an employee requires good physcial health, more so for the businessperson. More hours are necessarily put in. It is a 24/7 concern… for forever. Business ownership can be exciting, but it's also a lot of work – physical, mental, psychological, emotional. Can I face six or seven 12-hour workdays every week? My answer: YES. I engage in regular physical activities to maintain a minimum physical stamina as it is also required in my present line of work as workshop facilitator. But if anything is to be worth anything, the work itself is my play, and I must work play hard as I work hard.
How well do I plan and organize? Business is a very risky venture. This cannot be overemphasized. But there are ways of mitigating these risks and one of th best ways is by planning. Research indicates that poor planning is responsible for most business failures. Good organization of financials, inventory, schedules, and production can help me avoid many pitfalls. My answer: YES. I am confident in my abilities at planning and organizing and strategizing. I must be honest though in admitting that the best of my plans sometimes never see the light of day. Or perhaps, better to say, may still see the light of day. Is it lack of confidence? Lack of time? Or lack of priority being in a relatively comfortable place?
How well do you get along with different personalities? At the heart of it all, an entrepreneur is a sales person. He must be able to engage his customers or potential to buy in to his idea, his service or his product. A persuasive character, coupled with strong empathy for what his stakeholders need is key. This is because business owners need to develop mutually beneficial relationships with a variety of people including customers, vendors, staff, bankers, and professionals such as lawyers, accountants, or consultants. Can I deal with a demanding client, an unreliable vendor, or a cranky receptionist if my business interests demand it? My answer: YES.
How good am I at making decisions? Business owners are required to make decisions constantly - often quickly, independently, and under pressure. And so at the top of the chain is the business owner at whose table the buck stops. He may of course delegate this task but at the end of the day, even that is a decision he makes and must stand by and suffer for. My answer: YES. Nevertheless, I must admit that my decisions are often made after careful study and analysis of as many variables as I can gather. Not always a given in a business situation as delay in decision making sometimes have tremendous costs for the business.
Do I have the physical and emotional stamina to run a business? If being an employee requires good physcial health, more so for the businessperson. More hours are necessarily put in. It is a 24/7 concern… for forever. Business ownership can be exciting, but it's also a lot of work – physical, mental, psychological, emotional. Can I face six or seven 12-hour workdays every week? My answer: YES. I engage in regular physical activities to maintain a minimum physical stamina as it is also required in my present line of work as workshop facilitator. But if anything is to be worth anything, the work itself is my play, and I must work play hard as I work hard.
How well do I plan and organize? Business is a very risky venture. This cannot be overemphasized. But there are ways of mitigating these risks and one of th best ways is by planning. Research indicates that poor planning is responsible for most business failures. Good organization of financials, inventory, schedules, and production can help me avoid many pitfalls. My answer: YES. I am confident in my abilities at planning and organizing and strategizing. I must be honest though in admitting that the best of my plans sometimes never see the light of day. Or perhaps, better to say, may still see the light of day. Is it lack of confidence? Lack of time? Or lack of priority being in a relatively comfortable place?
How will the business affect my family? The first few years of business startup can be hard on family life. It's important for family members to know what to expect and for me to be able to trust that they will support me during this time. There also may be financial difficulties until the business becomes profitable, which could take months or years. I may have to adjust to a lower standard of living or put family assets at risk in the short-term. Perhaps it would also be prudent to ask, how will the family affect my business? It may be easy and tempting to isolate one from the other but the reality is (and I have personal experience to speak of), a business enterprise is 24/7 and so is the family. There is a huge potential for conflict in as much as there is a huge potential for synergy. A business, while demanding, allows for making my own decisions that will not relegate family concerns. It is in fact, empowering. My answer: POSITIVELY.
In summary, I am optimistic in my potential to be a successful entrepreneur, I have and will continue to develop the necessary qualities of passion, competence and integrity and finally, I have and I will continue to look out for entrepreneurial opportunities… see the luck where it lays and capitalize on it.
3.0 Thanks for sending.Jorge
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