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Showing posts with label Michael Ligayo. Show all posts
Showing posts with label Michael Ligayo. Show all posts
Friday, June 8, 2012
Special Report by Michael Ligayo at SlideShare - Process Improvement
Friday, April 13, 2012
Monday, April 2, 2012
Factors Paper: Michael Ligayo
Prof. Jorge,
Below is my Factors Paper.
Regards,
Michael Ligayo
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FACTORS OF AN ENTREPRENEUR
(A SELF-ASSESSMENT)
A lot of reading materials, both published and those on the Internet, states that being entrepreneur is truly a challenge. Some materials would even go further to say that it is not for the faint-hearted or mentally weak. It requires a specific set of skills and characteristics that a person should have in order to become successful. The objective of this paper is to assess and match my personal skills and characteristics against those required to become an entrepreneur. Which skills do I already possess? Which skills do I still need to develop? The discussion below enumerates and gives a short description of each skill and characteristic and an assessment against my own personal skills and characteristics.
Entrepreneurial Skills I Have
1. Passion and Commitment
This is probably the most important characteristic a person should have in order to become a successful entrepreneur. This will be the main driver of the entrepreneur to battle the challenges that he will be facing ahead. Without the passion and the commitment, the entrepreneur would not be able successfully win over all the problems that will be facing. Literally and figurative linked to this characteristic is a person's high energy. Truly, if a person is committed or passionate about something, it is most likely that his energy would follow.
I consider myself to be a highly passionate and committed person. This is shown on all the tasks and activities that I do both personal and with work. I put more than 100% percent of my time and effort. Of course, there will always be a consideration of what the task and endeavor is. But once I know I like it, then, the passion and commitment comes naturally.
2. Creative Thinking and Innovation
Second to passion and commitment, a person should be innovative and creative to become an entrepreneur. This is whether he is developing a new product or he is solving issues and problems of an existing business, a creative mind will always be a necessity. This is also particularly important especially when dealing with the usually limited resources that an entrepreneur has. The key word at the moment is "thinking outside the box".
Thinking outside the box is probably one of my strongest points. I have been trained over time to innovate and thinking of creative solutions to problems and issues. The limited resources that I work with in my job brought this about.
3. Curiosity and Eagerness to Learn
To become an entrepreneur, you need to learn a lot. While the business is on going, you need to learn a lot. This is one of the things that you cannot get away from. Learning will be your best friend for it will be one of the strongest tools for survival, growth and success.
Taking the MBA at my own initiative is probably my strongest evidence of being eager to learn. This is not only for getting the degree rather on the learning. My own professors would normally comment at how diligent I am at my work and that truly, I am one of those students who do not only go looking at getting the degree but at the amount of learning.
4. Forward-Looking and Being a Visionary
The Internet sources that I found only talks about a person being forward-looking and looks into the future to become an entrepreneur. But I take it once step further by adding the word "visionary". I think more than forward-looking or a simple orientation towards into the future; an entrepreneur should also be a visionary. I believe this is the combination of being forward-looking and being innovative. He must be ambitious.
I consider myself to be a visionary. I have a lot of ideas that are to some extent bigger than I am. I have a clear vision of what I want and what I would like to happen.
5. Self-Responsible and Time-Conscious
Being an entrepreneur, one handles his own time and resources. He is, to a certain extent, free to do whatever he wants at his own time and at his own resources. However, while there can be considered to be much freedom, there are also a lot of responsibility involved. One has to be responsible in spending his valuable time and resources. Furthermore, he has to be in handling himself and in the success of his business. This obviously will also translate to the success of the people who work for him.
From the time I was studying in Grade School, my mom has taught how to be responsible. She has given me lectures after lectures that I need to be responsible in my own actions and in the endeavors I start with. She taught me how to be responsible in my own studies and eventually, at work. This is probably the most important lesson that my mom has taught me.
6. Achievement-Oriented
Because an entrepreneur has to be ambitious, he has to be able to measure his success only by the achievements that he has made. He cannot count the effort and the time that he has spent in order to achieve his goals. What is important for him is whether or not he has achieved it or not.
Probably because of the culture of the companies I have worked, I have developed this characteristic of being achievement-oriented. Personally, a lot of times, the effort and the time would no longer matter. It would only be the final goal that would count it all.
7. Determined
With minimal amount of resources, entrepreneurs need to work long hours, everyday for an indefinite period of time. This requires him to be very determined to be able to endure the amount of tasks that he needs to complete. Further, being determined would help him fight the challenges that he will be faced with.
I consider myself to be a highly determined person. Whether the task is easy or extremely difficult, I always make sure that I finish them no matter what it takes – some even to the extent of sacrificing leisure time.
8. Versatile, Independent and Responsive to Change
An entrepreneur would most probably have a small amount of work force and would still be adjusting to the climate where he is. This means that, while the business is at entrepreneurial stage, there will be a lot of changes that needs to be addressed. The entrepreneur should possess dynamism and versatility and independence in order to survive these changes. For example, he can be the marketing guy one day and the financial the other. He would even be lucky enough if he can make the distinction between the two in a few hours. Thus, an entrepreneur has to show a significant amount of flexibility.
I consider versatility and dynamism to be one of my strongest points. Over the years that I have been working, I have shown that I can manage to take care of several responsibilities, put on different hats in one day and still survive with flying colors. I have survived through a lot of organizational changes and still managed to keep my pace.
9. Resourceful
Whether its financial or labor or even a simple finding a resolution to an existing problem, one has to exemplify a great amount of resourcefulness to become a successful entrepreneur. For example, if his new personnel committed a mistake with a customer, the entrepreneur should find a way to get back the pissed-off customer. Similarly, the entrepreneur should be able to find sources of funds in case he does not have enough. All these require him to possess high resourcefulness.
I think I am a resourceful person. This is evident on the activities that I do, both at work and in my personal life. I do everything and anything just to be able to get the resources I need, be it money, manpower or even time.
10. Self-Confident
They always say, "no guts, no glory". This might be considered a cliché but it always applies to an entrepreneur. Without self-belief and self-confidence, one would not even dare become an entrepreneur – plain and simple. I would leave it at this on my assessment of how self-confident I am. I think this is not something that to be assessed by me rather by the people around me.
11. Others Characteristics
There are a lot of other skills and characteristics that an entrepreneur should possess. While they cannot be considered to be less important, they are quite self-explanatory. Further, it is not only entrepreneurs who should possess these, but everyone else, though maybe an entrepreneur requires to have these at a higher degree. These characteristics are:
· Professionalism
· Efficient
· Persistent
· Competitive
· Learning from Failure
· Good Communicator
· Natural Leader
I consider myself to possess all of these characteristics. These did not come easy rather they have been molded through my years of experience, both personal and at work. The evidences are simply the feedback I receive every day from friends, co-workers and classmates.
Entrepreneurial Skills I Still Need To Develop
1. Risk-Taker and Optimism
Entrepreneurship involves change and change always involves risk. Once a person embarks on an entrepreneurial activity, whether in a new business or an existing one, he is engaging into some form of business change. He has to be able to take the risk and be positive that he will be able to come out of it successfully.
I think this is something that I still need develop. Usually, I get to a point that I get frustrated on things resulting to pessimism. This also translates to my fear of taking too much risk. I usually would like to stay on what is sure and takes a lot of precaution to ensure that I don't expose myself to too much risk.
2. Careful About Money
With minimal resources, it is quite obvious that an entrepreneur should be careful at handling his money. This is especially with the fact that almost all activities in business involve monetary requirements. I need to enhance this skill because I have a lot of tendency to do all out on one endeavor alone. I think I also need to start budgeting, thereby, involving a lot of planning in my financial resources.
3. Good Health
With all the activities required to an entrepreneur, it is not doubt that he has to have good health in order to do all the activities. Obviously, with my weight and family history on health, I need to gear towards healthy living. This is not only in my goal to becoming an entrepreneur but my overall being as well.
4. Internal Locus of Control
Entrepreneurs don't believe in luck. They always believe that the success of their business lies within themselves and that every thing is within their control. This is something that I still need to develop. I still believe that there are some people who were lucky enough to be in the right place, at the right time and with the right resources to make it.
5. Networking
A lot of people might not agree but getting a lot of connections and networks is beneficial to an entrepreneur. For example, he can get new business ideas or customer (and of course, feedback), if he has wide a network. In addition, he might also be able to get better deals if he is able to get it from his connections.
This is one thing I am currently working on. While I have a lot of friends and acquaintances, there is a limitation in terms of the network since most of people I know belong to the same industry or sector. This limits my "network".
6. Diligent Record-Keeper
Enormous amount of data will have to be collected and processed by the entrepreneur. This all starts by the records that he has to keep – from simple invoices to projections. While I believe I am an organized person, I usually keep too much data. An example is the amount of email I keep. In fact, I never deleted an email. This makes it difficult to retrieve information because of the number of records that I have to dig through. To a certain extent, I consider myself to be on the other side of the spectrum, such that rather than keeping very few, I keep too much.
Conclusion
I came across this article / test from the Harvard Business Review Blog Network. Daniel Isenberg, a professor of Management Practice in Babson Global, created this. It is a very simple test composed of 20 questions and if you answered at least 17 questions with a "yes", you can considered to be highly potential entrepreneur. I would like to use this test to quantitatively identify my being potential in being an entrepreneur.
No.
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Question
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My Answer
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1
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I don't like being told what to do by people who are less capable than I am.
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No
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2
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I like challenging myself.
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Yes
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3
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I like to win.
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Yes
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4
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I like being my own boss.
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Yes
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5
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I always look for new and better ways to do things.
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Yes
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6
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I like to question conventional wisdom.
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Yes
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7
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I like to get people together in order to get things done.
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Yes
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8
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People get excited by my ideas.
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Yes
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9
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I am rarely satisfied or complacent.
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Yes
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10
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I can't sit still.
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No
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11
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I can usually work my way out of a difficult situation.
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Yes
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12
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I would rather fail at my own thing than succeed at someone else's.
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Yes
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13
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Whenever there is problem, I am ready to jump right in.
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Yes
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14
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I think old dogs can learn – even intent – new tricks.
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No
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15
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Members of my family run their own businesses.
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Yes
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16
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I have friends who run their own businesses.
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Yes
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17
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I worked after school and during vacations when I was growing up.
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No
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18
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I get an adrenaline rush from selling things.
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Yes
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19
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I am exhilarated by achieving results.
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Yes
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20
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I could have written a better test than Isenberg.
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Yes
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I got a score of 16 in test. It looks like that while I am not yet really there to becoming an entrepreneur, I am already nearing that stage. This is also evident on the skills and characteristics discussed on the body of this paper. It is very important to note that I still need to develop certain skills and characteristics to actually reach that stage.
To finally close this, I will capture the closing statement from the article of Daniel Isenberg. "I want to get rich" is not on the list of questions. All else being equal (and all else is rarely equal in the real world), on the average, people who set up their own businesses don't make more money, although a few do succeed in grabbing the brass ring. But the "psychic benefits" — the challenge, autonomy, recognition, excitement, and creativity — make it all worthwhile. 4.0
References:
Learning Agreement: Michael Ligayo
Prof. Jorge,
Below is my Personal Data and Learning Agreement.
Regards,
Michael Ligayo
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Personal Data – Learning Agreement
Student Data:
Name:
Michael T. Ligayo
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Cellphone No:
09178010366
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Email Address: michael_ligayo@yahoo.com
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Business Address:
Visteon Philippines, Inc.
#3 American Road, Greenfield Autopark, Sta. Rosa, Laguna
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Current Position:
Supplier Quality Engineer
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Residence Address: B9 L14 Bay Garden Homes, Sto. Domingo, Bay, Laguna 4033
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Educational Attainment:
School
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Year
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Course
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Honors
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Post Graduate
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Ateneo Graduate School of Business
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2009 - Present
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Master in Business Administration – Standard Program
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Not Applicable
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Undergraduate
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University of the Philippines – Los Baños
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2002 - 2007
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BS Chemical Engineering
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Thesis was called for posters at the National Academy of Science and Technology
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Special Skills:
Public Speaking, Manufacturing Skills such as Lean Manufacturing, Quality Control Tools and many others, Personnel and Operations Management
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Hobbies:
Reading, Surfing the Net
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Work Experience:
Company
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Position / Responsibility
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Period
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Achievement
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Visteon Phils. Inc.
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Quality Engineer
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2007 – Present
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- Significantly decreased the Supplier PPM
- Upgraded production and quality systems
- Developed and implemented initiatives that greatly improved quality of final products
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Photocircuits Phils. Inc.
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Training Specialist
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2003 – 2007
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- Handled major accounts and significantly increased customer satisfactions
- Overhauled the training program of the company
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Business / Enterprise Experience:
Aside from being in the Ateneo Graduate School of Business, I have been exposed to various aspects of business in my previous and current company, particularly Human Resources, Operations and Finance. Probably, the only aspect of business that I don't have much exposure to is Marketing.
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Business Plan Topic in Mind:
Training and Recruitment Center for Maids
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Notable Achievements:
When I took a part-time teaching job at a local school right after graduating, while waiting for the board exam, I became a motivation / inspiration for a student. He originally did not plan to go to college but after me, talking to me and becoming friends with me, my experiences inspired him. He strived hard to go to the same school I went to in college but failed. He got up again and became a scholar at another school.
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Failures (if any?):
Cliché as it may sound, I never considered anything as a failure. If something is not achieved based on what I expected, I always charge it to experience.
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Dark Secrets (if any?):
I believe my life is an open book. What you see is what you get. Thus, I don't have any dark secrets.
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SELF-ANALYSIS: (Where Am I Now?) (Related to Entrepreneurship)
Strengths
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Weaknesses
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Habits
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Continuous eagerness to learn and finding something new
Wanting to start something new all the time and not being contended at what I currently have
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Too much shopping and lack of control on money
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Attitudes
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Passion and Commitment
Forward-Looking and Being a Visionary
Self-Responsible and Time-Conscious
Achievement-Oriented
Determined
Versatile, Independent, Responsive to Change
Resourceful
Self-Confident
Professional
Efficient
Persistent
Competitive
Learning from Failure
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Easily gets frustrated and hot-tempered especially on desperate times
Risk-Taker and Optimism
Good Health
Internal Locus of Control
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Skills
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Coordination
Creating Thinking and Innovation
Good Communicator
Natural Leader
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Networking
Diligent Record-Keeper
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Knowledge
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Handling of an existing business – planning, leading, organizing, controlling
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How to start a business – what do I need to do first, what are the things that I need to learn
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WHERE AM I GOING?
Personal Vision Statement:
To become a successful member of society doing more for the society rather than the society doing more for me.
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Personal Mission Statement:
To increase my value as a person and as a member of the society by developing myself, ensuring that I will continuously stay productive and returning all that I can to the community I belong to.
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Desired Material Reward in the Next 5 Years (SMART):
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What (position, annual salary, perks, cars, house, wealth)?
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How to Get There?
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Who Will Help You Get There?
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Year 1
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New Car
Start a new business
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Save and invest, get a better paying job and possible sidelines or start a new business
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My parents
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Year 2
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Have at least PhP3million in my bank account
Start travelling outside the country at least 2x a year
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Save and invest, get a better paying job and possible sidelines or start a new business
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My parents
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Year 3
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New House Built on Existing Lot
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Save and invest, get a better paying job and possible sidelines or start a new business
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My parents
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Year 4
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Have at least PhP10million in my bank account
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Save and invest, get a better paying job and possible sidelines or start a new business
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My parents
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Year 5
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Build a self-sustaining community composed of what society considers as "outcasts" – old people, disable, members of the 3rd sex, children, women
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Save and invest, get a better paying job and possible sidelines or start a new business
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My parents, friends and colleagues
People who are concerned
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What will be the value, if any, of the subject to your profession?
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What grade do you expect? 4.0 Let us start learning
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How will you get the grade that you expect? Plain and simple, work hard for it. It is not an easy subject and I believe that the only way to get through this challenge is to work hard.
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I undertake to abide by this learning agreement.
Michael T. Ligayo
Students' Printed Name / Signature
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April 2, 2012
Date
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House Rules
1. Please come on time. If you are late for more than 30 minutes, you will treat the class. If you are late for more than 1 hour you are marked late. Assignments are also t be submitted on time.
2. Please switch your phone to silent mode. If your phone rings, you will treat the class. Focus and participation is expected while in class. Please avoid twitting or doing your or other social media activity during class hours. You may be asked to leave the class. Nota Bene.
3. NU12 and Factors Paper may be emailed to a blogspot address that shall be given in the class. However, the learning agreement and the business plan shall be submitted in hardcopy form. For the business plan, you are enjoined to submit the required partial outpuot so that you may be properly guided mentored on building the business plan.
4. The powerpoint slides can be viewed / downloaded from slideshare. You may view them ahead of time or review them as the need arises. The link is: http://www.slideshare.net/profjorge_entrep.
5. Submission of other assignments:
a. All special reports are to be delivered in class using powerpoint or video. No hardcopy is needed. However, the soft copy shall be uploaded at slideshare, and the URL emailed to the professor.
b. All group reports shall be presented orally to the class. All except the crimes soft copy shall be emailed to the professor and / or sent t the professor blog. The professor shall post at the blog acceptable assignments and the grade might be indicated at the blog. If you don't see your assignment at the blog, you have to redo your assignment. Please include the following tags: your name, entrepreneurship at Ateneo, AGSB, profjorge.entrep.
c. The final business plan is due 30 days after the end of the semester. This is all ready an extended deadline because before business plan were submitted at the end of the quarter. The business plan shall be submitted in hardcopy. The 4.00 paper may be left behind as exemplars. They shall be graded as 70% as to completeness and compliance to the suggested format, and 30% on the innovativeness and uniqueness of the product of the business, business model or product or service.
6. Please read the syllabus very well. As graduate students, you are mature and responsible individuals. We shall designate a class secretary, whose duty will be to make sure that timelines are met and the reporters are properly scheduled. No "akala" or questions regarding what is written here, if missed by the student shall be entertained.
7. Please take note that any changes in this syllabus, or non-conformance to this will require approval from the authorities.
8. In reading this, this means you have understood and will do what is required herein.
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