Entrepreneurship is definitely not the path everyone can follow. The presented paper focuses on the analysis of my skills and abilities that could be used in the world of entrepreneurship.
Am I an entrepreneur or potential entrepreneur? Why and/or why not?
I am a potential entrepreneur. Currently, I have some experience related to the establishment of new venture in real world as I was involved in the management of my family business. My goal is to launch a consultant management business in the future; however, after I get my masters degree, I will find a job in a consultant management business in China to gain some experience.
What are my talents and capabilities and are they consistent with pursuing an entrepreneurial career? What do I seem to do better than most of the people that I know around me?
Reflecting on my capabilities and abilities, I should state that I have some talents that are highly appreciated in the world of entrepreneurship. For example, I have undergone various experiences involving a team, and therefore nowadays I can manage the team of any kind. It is rather important to know how to organize people, share responsibilities, assign orders and determine one's personality type immediately after meeting a person. I should stress that in this regard, I often apply the theory of psychology, as it provides the information as to the main personality types. In my opinion, the capability of insuring the effective performance of the team is crucial for the leader of organization of any size. Among my friends and relatives, I can point at only few people who have some hints of this talent. Apparently, some people usually desire more to be organized by someone, while the others are afraid of the responsibilities that are closely associated with the widened competencies and powers to which a team leader is assigned. In general, people try to restrain and avoid being in charge of others. In fact, the strong skill with regard to team management is developed in the course of applying it. Usually, it is not costly if one considers money issue. However, it requires a lot of energy, efforts, time and personal output in order to insure that the team will work productively. Sometimes, it is really hard to find a common ground for two conflicting members who, for example, were born in countries which are at war. Thus, the development of this skill might be rather intriguing and challenging.
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I am also aware of the way of tackling the incidents. Undoubtedly, accidents occur rarely; however, it does not mean that one should not be prepared for that. The reason is that a proper response to the tragedy might save one's life. I have developed this skill while participating in specifically oriented training as well as life situations which have taught me how to behave when emergency occurs. Needless to say, it is hard to master these skills, as some people could have in-born fear of the injured bodies, blood, and catastrophes, among others. Thus, in critical cases, they can even panic and create additional barriers, preventing others from being rescued. In my opinion, this skill is closely related to the ability to react immediately to any challenges that arise; thus, this skill can be used in business operations when uncertainty rules and one needs to be extremely flexible. Currently, I am not focused on marshalling resources for continuous development of this skill; however, I plan to attend some training that will refresh my knowledge.
What are my passions in life and how do they fit with pursuing an entrepreneurial career?
I am deeply passionate about management and consulting. Additionally, I am interested in the way different industries function. Moreover, I highly appreciate making new contacts, as it sometimes serves as a source for inspiration and motivation to reach more challenging goals. Bearing in mind the above-mentioned information, I consider myself to have developed communication skills and lively interest in managing and consulting as well as in existing and emerging industries which will create a competitive advantage for my business.
Are there weaknesses about myself that I will need to compensate for in entrepreneurship?
Time is a treasure that is given to all people in equal portions. In fact, all people have 24 hours per day, and no one is left with less or more time. Thus, the way one uses it severely impacts on their lives. Apparently, a person can either waste it or spend it while learning something new. Therefore, I have a few habits to combat in order to become a successful entrepreneur. The most negative one involves time management as I frequently miss the deadline for the fulfillment of the assignment or arriving to the meeting. Moreover, it is rather hard for me to work under pressure and in conditions when I have to perform a few tasks or manage several projects simultaneously. It requires total concentration and the ability to stay focused and tuned after dozens of working hours. Additionally, each project requires some amount of creativeness or critical thinking which is a rather challenging task to be performed at the end of the working day (Clifton & Badal, n.d.). Therefore, I should currently focus on the techniques with the help of which I will organize my time in a more effective way.
Am I better suited for entrepreneurship as a sole proprietor? As a member of a startup team? As an employee in a corporate setting? As in buying a franchise?
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Reflecting on business types as well as my future opportunities, I made my choice in favor of sole proprietorship. In fact, sole proprietorship appeals to me due to some reasons. First of all, on the contrary to an employee, a sole entrepreneur enjoys more freedom at work and everyday life. Hereby, they choose where, when and with whom to cooperate. Secondly, sole proprietorship as a type of business is not subjected to numerous regulations and orders. Thus, in terms of entrepreneurial freedom, this form is also of great benefit for those who can take risks and responsibilities in order to gain more. Sole entrepreneurship grants maximum privacy and allows one to control all the profits and make critical decisions without considerations of others. Finally, it is always possible to switch to another legal structure later if needed. I plan to establish my own venture, contact with several persons to invest my business and provide them with dividends on a regular basis. I would definitely apply for help to the business consultants as they are aware of any pitfalls that could be on the way to successful entrepreneurship. Additionally, I plan to put in force highly motivating techniques as well as to introduce a flexible system of benefits that will meet the expectations of the employees. In such a way, I am going to attract the best talents that operate in my field.
Is there a particular business or industry that is best for me to pursue?
Business and management consulting is the industry that I really want to pursue, as it is rather desirable due to its capabilities to optimize performance in any aspect of the organization. In fact, it helps to promote profitable growth, create new business models and raise competitiveness. Moreover, business and management consultants are of great help when it concerns the management of transformations through the organizational changes. Using analytics, they also improve the workforce. Thus, basically a business consultant is a magician who creates the miracle out of the limited resources the company possesses through their optimized and balanced use and application. Additionally, I am familiar with logistics, Commercial Vehicles market (Heavy Trucks), and hotel industries, as my family runs a business in this sphere. In the future, I will perhaps focus specifically on the provision of consulting services for the companies operating in this market area.
Based on my individual skills and capabilities, what type of business am I most likely to carve out a unique niche that will earn me a competitive advantage?
Consultant management business is the niche I am going to occupy after graduation. I am eager to learn from scratch or learn in detail some of the issues, and I am eager to know different areas. Furthermore, I find it a rather lively activity to resolve problems in the management team. Currently, I plan to enroll in the human resources management programs which will theoretically support the insights into human management gained during my practical experiences. Reflecting on personal skills and capabilities, I should stress that I am rather inquisitive, as it is not hard for me to accept new things and to rock the boat. While resolving the tasks or problems, I often try to look beyond the problem and to discover the reasons that have actually caused it. In my opinion, the decision which lies on the surface is not always the right one. Although it might be the easiest one, it might not resolve the problem and lead to the more significant implications for the person in question and for business as a whole.
Is entrepreneurship for me? Why or why not?
I strongly believe that entrepreneurship suits me the best. According to the results of the entrepreneurial spirit determining tests, I can try myself in this particular field (The Entrepreneur Test, n.d.). I consider that entrepreneurship is the most suitable way for realization of my ambitions and earning money. I have already discovered my passion, which is the crucial component of any receipt for success in the field of entrepreneurship. In fact, this passion drives me and fills me with energy to perform better as well as to discover new ways for developing the project and my own career. I fully understand that money is actually not the main reason why I chose entrepreneurship as the occupation in life. Perhaps, someone feels devastated and emotionally lost after tackling numerous personal and professional problems that often occur within the company and which are often left to be resolved by the managers. Communication could also be challenging for some employees. However, I enjoy talking, and therefore I can work a considerable amount of hours while having a conversation on the telephone. Moreover, I am rather flexible; thus, I can adjust to any requirements and working conditions. Sometimes, it takes longer to accommodate, but still I am capable of accepting changes and properly responding to them. In regard to changes, I would like to note that I am keen on them. Probably, people always endeavor to avoid them, as they are afraid of the unknown. However, it is definitely not the case with me. I see it as another challenge for me which just needs proper response. Additionally, certain skills and abilities could not be just learned or mastered in the university, college or with the help of tutor (Buckingham, 2007). Instead, they are to be developed during the problem-solving process which is the daily routine in any organization.
I will graduate this May, and I have been already admitted to the New York University Human Resource Management Program (Masters degree) as well as to the Georgetown University Human Resource Management Program (Masters degree). Additionally, I plan to obtain a master's degree in Applied Economics. My academic aspirations show my deep interest in the subject and prove my greatest passion to learn how to facilitate cooperation among one team and how to insure everyone is satisfied in the workplace. Communication with diverse people provides me with inspiration. However, I consider that little could be learned from the books and abstract ideas. Interpersonal interaction is often the most memorable and teachable experience which influences ones beliefs and values which in turn shape ones perceptions of the reality as well as their deeds. Finally, I am willing to take risks which are inevitable in entrepreneurship.