What Factors I Do and Don't Possess that makes or do not make me a Business Entrepreneur
Introduction
In the Philippines, Entrepreneurs, particularly SMEs shares a total of 99.+% of the total business environment. Large corporations accounts only for less than 1%. This means that our economy is being fueled by these SMEs and this type of enterprise would not proliferate that much if we don't have creative and innovative entrepreneurs.
While others are already contented on a 40-hr job a week, I myself could not see myself in a long-term being stuck in such predicament. I am not saying that this kind of employment option is not good, I myself at the moment is also an employee, climbing myself to the corporate world in order to live decently. But there will be times when we realized that we could still do something more than just being a plain employee. We can all be entrepreneurs and start dreaming and working on that ambition to have our own business. I am not exempted to those who dreamed because I really want to have my own business. It is not mainly because of me not working for somebody else anymore or having a flexible schedule. Aside from the financial rewards and being my own boss, it is more of the legacy that I want to leave behind. Building business creates jobs for our fellowmen and eventually contributes to the well-being of our community, our economy and our beloved country as well. I want to make a mark in this generation that I'm into, I don't want to be a faceless nobody when I die and leave this world. I have to give something back to the ONE and our Creator who started it all.
But being an entrepreneur is not just the willingness of the person to become one. To become effective, one shall possess a different set of skills, competencies, behavior and personality. It is not something automatic; it is a product of hard work, passion, intelligence and character.
Below is an Entrepreneur Self Test that I downloaded from the internet. The assessment was developed by Rural Entrepreneurship Initiative.
This entrepreneur self test consists of three sections: motivation, capacity and support.
Motivation
Evaluate your overall motivation to start and operate your own business. Score on a 1 to 10 scale, where 10 indicate strong agreement with the statement and 1 indicates little or no agreement with the statement.
Below is my score summary:
A. Motivation
1.) First 2 questions X 10 points (max of 20 points) = 15 points
2.) Questions 3-12: 10 questions X 10 points multiplied by factor of 0.25 (max of 25 points) = 84*0.25 = 21 points
B.) Capacity
1.) Business skills: 9 questions x 10 points multiplied by a factor of 0.25 (max of 22.5 points) = 59*0.25 =
14.75 points
2.) Networking/Partnering Capacity: 6 questions X 10 points multiplied by a factor of 0.25 (max of 15 points) = 26*0.25 = 6.5 points
C. Support: 5 questions x 10 points multiplied by a factor of 0.25 (max of 12.5 points) = 40*0.25 = 10 points
Total points: 67.25 points
Score interpretation:
0 – 25 points ----- Low potential
26 – 50 points --- Some potential
51 – 75 points --- Moderate potential
76 – above points --- High potential
Based on the above assessment, I fall as an entrepreneur with moderate potential. Below are the details of the interpretation:
- I got the highest percentage point under motivation, at 36 points out of 45 (or 80%) and in terms of support, also at 80% of the maximum score.
- Under motivation, I rated myself the highest for entrepreneurial qualities such as being creative, innovative, resourceful, dynamic, hardworking and flexible. This only shows that I have the willingness to put up a business and I will really work hard to achieve this.
- Under motivation, you will see one trait there that I rated myself below 5. This is connected to being a risk-averse person. I am not the aggressive type when it comes to putting investments. This is I believe will become one of my weakness because those who have the strong will to take risks are the ones who really have the potential to grow their businesses. Just like in any money market investments, high risks yield high returns while low and medium risks also provides low and medium returns.
- In terms of capacity relating to business skills, I am above the mid-range (at 65.5% of the maximum score). I rated myself low in terms of sustaining and developing partnerships because aside from not yet starting my own business, this is one skill that I need to be able to develop myself. Partnerships not only in terms of ownership but also with the other members of the value chain: customers, suppliers and employees.
- With regards to capacity relating to networking with other organization and individuals, I rated myself at a median because I am still working my way in establishing my networks. And one effective way to establish networks is taking this mba program. Not only I get to learned from my classmates but also because we are connected with different industries which enables us to connect with them together with their other partners (suppliers and customers). Professors will also serve as networks for aspiring entrepreneurs like me.
- In terms of support, I rated myself high because I am sure that my family and friends will support my planned business ventures. Since I am not yet sure if the community will support my business, I rated myself at the median (score of 5).
Over-all, I rates as an entrepreneur with moderate potential. I will definitely work my way up in order to qualify as a high potential entrepreneur. With the weaknesses I have noted above, building my entrepreneurial skills and competencies by taking up MBA will surely help me achieve my goals.
3 . The I am the best discourse could have been incorporated and made this a a 4 paper.
Source:
- Entrepreneur Self Test by Rural Entrepreneurship Initiative
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Tuesday, December 6, 2011
Factors Paper by ALT, Str Regis
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