The Personal Entrepreneurial Strategy Business Essay
|✅ Paper Type: Free Essay||✅ Subject: Business|
|✅ Wordcount: 3440 words||✅ Published: 1st Jan 2015|
What is entrepreneurship. Entrepreneurship is the process brought by entrepreneur of seeking the new opportunities, undertaking innovations and transforming them into marketable goods or services. Entrepreneurs use their talent in the recourses and work it out. They dare to take risks to start a new business and create a new market. Normally, entrepreneurs have the passion to create a new goods or service that satisfy customers’ need and be the business owner.
Entrepreneurs are such the important persons who have the central role in all economic activity nowadays. This is because it’s entrepreneurial, creativity, innovation and energy that drive growth and opportunity in existing and new markets. They are able to seek opportunities to profit by satisfying customers’ needs and enrich people live.
Entrepreneurs are optimistic because they are willing to take the risk for their recourses to gain the profit and believe that it can success in the future. In addition, they must always update themselves everyday and get new information in order to fulfill customers’ needs and counter competition. Otherwise, they will be rejected by the market for not adapting the new trend.
Furthermore, entrepreneurs are also good in selling their goods and services against the competition. They can attract the customers by introducing the uniqueness and difference of their products and services compared to other competitors. Before that, they must have done some research for customers’ needs and offer their products and services in attractive ways than other competitors.
A successful entrepreneur can be a market leader as well as a trend setter. There are some successful entrepreneurs such as Tony Fernandes who introduced AirAsia, low cost airline with the tagline “Now everyone can fly”, Steve Jobs who is the co-founder of Apple, introduced new trend of personal computer and smartphone like Mac, iPhone, iPod etc, Mark Zuckerberg who launched Facebook, the popular social networking website connecting people around the world.
Profile of the Past
There are two types of energy. One is positive energy which can brings you the greatest amount of personal satisfaction and sense of enjoyment. And, another negative energy that gives you the greatest amount of personal dissatisfaction, anxiety, discourages and discontent.
The first source of energy is the interest on the things. If these are the things that I am interested, I will have energy to put more effort and passion to do it. Secondly, family’s love and support also can give me energy. With family’s support, I will be highly motivated to do the things. Besides that, my family will also be happy for what I am doing. Lastly, good environment is also one of the important thing that can give me energy. With the good condition of environment such as good teammates, good working place etc, I will be motivated and enjoy doing the things.
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On the other hand, there are some sources of energy can also beat me down when I was not strong enough. Difficulties faced are the hardest for me to overcome it. I will lose the courage to finish the tasks while facing some problems and difficulties that make me feel anxiety. The second source of energy can take away my energy is the pressure. Pressure may make me discontinue and give up doing the things that I might have halfway done. Finally, bad environment of the working place is also one of the source of energy can brings me dissatisfaction. I will be lack of motivation on doing the things in a bad environment that cause me unhappy and poor performance.
I am appreciated for having this course. It helps me to think out what I will become in the future. In 20 to 30 years, I would like to have a high quality of lifestyle with a condominium and a car. I wish I can be an entrepreneur in Information Technology field. Of course I need to have saving for my future plan in order to spend money wisely. I hope that my friends around me could have good attitude and good lifestyle but not involved in bad habits, crime and illegal activities. A flight of ambition can make me to get an ideal lifestyle. What can beat me down is lack of interest on the things which can make me no courage to achieve the goals.
What is idea generation? Idea generation is to generate ideas for new ventures. An old German proverb says, “Every beginning is hard”. Before you begin, think creatively and you will be surprised that the number of interesting ideas you can think of.
There are some ideas I have generated. I hope that I could build a business that allows people to take order for beverage or dessert from the website. Besides that, I wish to create a bus system, which can generate customers’ bill to their house with the total amount of money they spend in per month. Customers can just scan with the bus card instead of taking out the money from the wallet which may consume a lot of times when there are many customers. We may generate a lecturer reservation system that helps student to reserve a particular time slot of lecturer for consultation.
There are common attributes of business I wanted to enter. Firstly, the interest of the job scope can energise me to enter the company. Furthermore, the high income can also motivate me to get the job. A good environment is also important for me to focus on doing the business. I also wanted to enter a growing company especially international company compared to local company. There are some common attributes of business I did not want to enter such as no interest with the business. Low income also can affect me to produce to low quality of job performance. I didn’t want to enter a business with bad environment because I might distract with bad or dirty environment which makes me uncomfortable to doing the job.
I would like to start my own business someday because it brings me a greatest amount of satisfaction by managing well my own company. It may hard to start a business at the beginning. But if you never give up and overcome the problems when facing difficulties, you will earn a lot of profit when your company grows well in the market. I will be the boss to order employees to perform the daily tasks instead of taking order from upper manager. When the company earns profit, the revenue will goes to me rather than take regular salary.
To start a business, I must spend my money wisely in my entrepreneurial journey. I would spend the most money at location part of my business. This is because a strategy location can get a lot of customers easily in order to increase the sales. Secondly, I would allocate more money at lifestyle and work style to control the size of business, rate of real growth, workload and so on. Next, I will allocate the money at personal development to gain knowledge in doing business. Standard of living will be the fourth item I will place to become a rich businesswomen. Finally, I will spend the same amount of money at impact on ecology and environment, status and prestige and capital required.
I have worked for three companies. The first company I entered was Home Recipe Restaurant when I was 15 years old. I found the job in a shopping complex because I wanted to spend my holidays to earn some money after having PMR examination. At first I worked as a waitress who in charge of taking orders for customers, serving and clearing the food and beverage. After a period of time, I occupied as cashier who handled the payment. I worked for 12 hours each day for almost 2 months in the restaurant. I had learnt the communicate skill with customers. During the weekends, the restaurant took a lot of orders from customers that might affect the speed of cooking food. This was because there were only two chefs in the kitchen and each food need to cook it one by one. I had to conmfort customers with my communicate skill so that they would not get angry.
The second job was a part time banquet server at Eastern & Oriental Hotel. My friend introduced me to work when I was 16 years old. I used to set up and ensure the setting of tables completely before the event started. During the event, I served the foods and beverages to guests with the number of table assigned by the manager. Besides that, fulfill what a guest needs is also one of our responsibilities such as refill the red wine when it was almost finish. I spent my weekend to work to gain extra money. I have ever worked for festival like Christmas day and New Year day to earn higher income. I worked for this hotel for almost 2 years. An addition thing I had learnt from being a banquet server was managing people. Usually, there were two people assigned to in charge four tables. I faced a problem before where every banquet server was busy serving food to guests and my teammate was smoking in the toilet. That time I served four tables of guests myself without him. From that onwards, I managed people without getting any trouble.
The latest job I had was a customer support at Senphoenix Network. This is my brother’s company and I worked as a part timer when I was 17 years old after the SPM examination. This is the company that offers e-commerce shopping cart software and website customization to customers. When I was having semester break during diploma life, I would go my brother’s company and work for him. I was assigned to learn with Adobe Photoshop, HTML and CSS when I was zero knowledge for IT field. I had also learnt how to set up an e-commerce template for customer. Then, I managed to support and maintain customers’ websites and apply my communicate skill to reply daily email.
During my diploma life, I joined Community Sociology because I wanted to have a different life instead of studying every day. Our aim was to help children and make them happy in rural area. The biggest project was to organize a camp for children in a rural area. My position was an assistant leader of counseling to comfort children during the camp. I managed to comfort a kid while he was being bitten by other child. Besides that, I was assigned to design and create their name cards and booklets. I have applied my design skill using Adobe Photoshop in creating the name cards instead of hand drawing. In addition, we went to the nearby housing area for community service. We helped them to clear the unnecessary grass in their vase and wash their floor. I enjoyed helping villagers with my teammates during the community service.
There are many success entrepreneurs in the world. The business hero that I have admired is Tan Sri Anthony Francis Fernandes, better known as Tony Fernandes. He is a Malaysia Indian entrepreneur and owned Tune Air Sdn. Bhd. He can become such a popular entrepreneur because he introduced the Malaysia largest low cost airline, AirAsia with the slogan of “Now everyone can fly”.
Tony Fernandes was born on April 30, 1964 in Kuala Lumpur. At the age of 12, he left Malaysia to study at Epsom College in Surrey, England. He also completed his studies from the London School of Economics in the year of 1987. From 1987 to 1989, he worked as an auditor in Virgin Atlantic and became the financial controller for Richard Branson’s Virgin Records. In 1991, He officially admitted as Associate Member of the Association of Chartered Certified Accountants (ACCA). Now he is one of the Institute of Chartered Accountants in England and Wales (ICAEW). From 1992 to 2001, he started in the Warner Music and became the South East Asian regional vice-president. After that, he left the company and plan to run a budget no-frills airline. From these points I can see that he is a person willing to learn and dare to dream to make his dream come true.
However, life is ups and downs. Malaysian government rejected his application to run a low-cost airline for a license. In 2001, Tony Fernandes met up with Prime Minister, Tun Dr. Mahathir Mohamad. He was advised to buy an existing airline instead of running a new business. AirAsia was launched in 1993 and owned by a government- owned conglomerate, DRB-Hicom. At that time, AirAsia was a heavily-indebted airline. He took the risk to mortgage his home and bought the company with two ageing Boeing 737 jets and $11 million in debt. After the September 11 attacks of 2001, business did not go smooth but he never gave up. He managed to turn AirAsia into a profitable airline within two years. Now, AirAisa can be so successful that operates scheduled domestic and international flights spanning 25 countries.
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I am admired Tony Fernandes because not everyone could take risk to mortgage his home and buy a heavily-indebted airline. Besides that, he never gave up on his business when he faced the difficulties. He managed to generate a new idea and make everyone possible to fly with a affordable price and yet AirAsia is able to earn profit without losing money.
Profile of the Present
Your Own Strengths and Weaknesses
No one is prefect because everyone has their own strengths and weaknesses. My strengths are work hard on the things I am interesting. I will try my best to put effort on it to get good result. I am willing to sacrifice to my sleep hour and entertainment hour, just to make it done. It can be one of my weaknesses too. This is because I will not have the courage to do it when it comes with not interested on that thing.
Furthermore, I have self discipline. I will make a schedule for days in order to carry out the task. For example, before the due date of the assignment is coming soon. I will force myself to start working on it so that I have more time to make this assignment better. Then, it will not delay the due date. Besides that, some of the things I will not get involved such as crime, illegal activities, smoking, clubbing etc. This is because I don’t want to make the mistakes that I will regret for it, and also make my family, friends disappointed on me.
I also have the ability of adapting to a new environment. Depends on the condition of environment, I will adapt to it in order to survive. We cannot always stick to old lifestyle just because these are something that we are familiar with and used to it. I may need some times to adapt to a new environment. After that, I can get used to it. For instance, I came from Penang and I may not get used to Kuala Lumpur lifestyle. I took some times to adapt it and now I love to live in a big city with the convenient facilities like LRT, many choices of products and services that Penang does not have.
One of my weaknesses is fear of failure. This contains many factors that make me afraid of failure. The first factor is I give myself too much of pressure and expectation. Besides that, my family gives me money to further study in Advanced Diploma in Internet Technology cum Bachelor of Science Degree. I don’t want to disappoint my family because their money is hard to earn. Therefore, I will try my best on doing everything to ensure that I will not fail.
Sometimes, I cannot decide myself on what should I do when they come with many choices. I would take longer time to think the consequence of choosing this path. This may because I afraid of make wrong decision that make me regret it. I will doubt and ask for my friends’ opinion and suggestion for reference before any decision made.
Putting All Together
Not everyone can become entrepreneur because it needs to insist for what you have been stand for. It is hard to start a new business at the beginning because the company is still new in the market and no one knows it. The first few months or even years the company may not gain profit. At this stage, you may need to apply loan from bank, borrow money from family or friends to support your company expenses. Then, utilize the money in investing your company such as hire qualified employees, do advertisement and promotion, expand your business and so forth. You may need to sacrifice your entertainment hours or family hours to do research for what customers’ needs, enhance the existing products or services products and upgrade yourself. Besides that, you also have to be total immersion to managing your business. You must be quick to get new information and apply it to your business. Otherwise, some important information you may miss up. A heavy workload is also one of requirements entrepreneurs deal with. You have to busy with respond to customer emails, marketing plan, manage employees and so forth. It is impossible for one person does it all at the same because an entrepreneur is still a human. Therefore, you may need to let someone else to do the menial work and concentrate on the big picture. An entrepreneur also needs to be long term commitment in his business in order to gain profits on the venture. Start a new business that relates to activities that you are interested. It will help you to commit more in your business that you enjoy in. Moreover, capital resources are also one of important things that entrepreneurs need to commit with. Huge resources are needed when the business is starting. Do not give up and solve the financial problem, you will gain profit in return at last. A dynamic team also can help entrepreneurs success in the business. When you are surrounding by the creative and intelligent people, it will influent your state of mind. Entrepreneurs are not heroes, they also need intelligent teammates to increase the productivity and the speed of business growth.
Personal Entrepreneurial Strategy
After complete my studies in Advanced Diploma in Internet Technology cum Bachelor of Science Degree, I want to get a job first. After get the working experiences, I wish I could build a company with providing software to customers. The software can be an application or a system for business purpose. Customers can provide the requirements of the system, and we will try our best to fulfill their needs. It may consume some times to produce the application. The final product will be very unique because it is only customized to the customers. I hope that my company can be impressive to people. When people needs a program for business purpose, the first company they consider is mine.
I must overcome my weaknesses such as fear of failure and hesitation before starting a new business. If I do not overcome it, I may fail on my entrepreneurial journey. Never afraid of failure, stand again where you fall, and work it out. There are many courage books can be found in book stone and I should read more on it.
I want to be a success, well known entrepreneur in IT field at the age of 30. When the business is stable in the market, I would rest and let my employees doing the job. I want to travel around the world with my lover or my own. This may because my curiosity makes me to experience the different culture, people, and environment of the counties. I am willing to learn new language to connect with the people and adapt to other counties.
Besides that, I wish I can spend more time with my family. My parents work hard and earn money for me to get degree certificate. When I study in other state, the time speeding with family will getting lesser and lesser. If I started new business, I will take longer time to immerge for maintaining my company. Therefore, I wish to accompany my family with the quality time.
I would like to take opportunity to thank for giving me this chance to learn this subject. Thanks Mr. Aric Low and Mr. Tan for the guidance. It makes me know what I should do for my future. Set the goals and achieve them.
Entrepreneurs are not born, but they are made. To be a success entrepreneur, one must the intelligent and creative mind. Notice for what customers needs and use innovative mind to start a business. Use the strengths to overcome the weaknesses of the company in order to attract more customers and increase the sales of products and services. One must have to passion on doing their business. Otherwise, he/she cannot stand longer for his job due to lack of motivation.
I wish I can be a popular businesswoman at the age of 30, and take the rest of life to experience and explore other new things that I have not done it before.
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