Personal Entrepreneurial Strategy

Part I. Profile of the Past

Step 1
Examine Your Personal Preferences

What gives you energy and why? These are things from either work or leisure, or both, that give
the greatest amount of personal satisfaction, sense of enjoyment, and energy.
Source of Energy Reasons
- Family - Because they always motivate me to
pursue my dreams and make our
family proud.
- Art - I can express myself through art
- Friends - They always cheer me up every time I
feel like I am a failure
- Crush - Gives me motivation to study harder

What takes away your energy, and why? These create for you the greatest amount of personal
dissatisfaction, anxiety, or discontent and take away your energy and motivation.
Source of Energy Reasons
- Studies - Whenever I feel like my efforts are not
enough to get a passing grade in our
major subject.
- Sleep - If I don’t get enough sleep I am not
productive that much for a day.
- Family - When we’re having a
misunderstanding.

Rank (from the most to the least) the items you have listed above:
Gives Energy Takes Energy
Family Sleep
Crush Studies
Friends Family
Art

Expound:

I think I’ll spend that ideal month on celebrating my Christmas in Europe. It is my dream
destination to have a break from my work field as a Certified Public Accountant in the
Philippines. I’ll still have my friends with me who are CPAs, teachers, financial executives,
lawyers and engineer. Maybe I and my parents go to abroad and visit our dream destinations. .
Also, maybe I’ll be having my husband and children. I will make beautiful memories to the rest
of my life.
Review the idea generation guide you completed in Chapter 4 and list the common attributes of
the 10 businesses that you wanted to enter and the 10 businesses that you did not:
Attributes – Would Energize Attributes – Would Turn Off
Goal-Oriented Working overload
Innovative Perfectionist
Competitive Blaming others
Cooperative Dishonesty
Balanced Laziness
Motivated Hesitant to make decisions
Interesting Refuse to delegate
Adaptable Not organized
Balance Bad marketers
Quality over Quantity Profit-oriented

Which of these attributes would give you energy and which would take it away, and why?
Attribute Give or Take Energy Reason
Working with other people
Motivated Working overload who motivates you is what
makes me to continue what I
am doing while working
overload makes me stress in
work.

I would like to start/acquire my own business someday because I would like to become
the manager of my own business – to become a boss, because I believe on my abilities and
capacities that I can be a leader of my own. Also, the job that every company’s offering is not a
life time that is why I need to generate my own source of income when I grow old and retired on
my job. I also believe that no one becomes rich of being just an employee, but being an
entrepreneur makes someone rich.

Discuss any patterns, issues, insights, and conclusions that you have emerged:

Rank the following terms of importance to you:

Important Irrelevant
Location
Geography 5 4 3 2 1
(particular area)
Community size 5 4 3 2 1
and nature
Community 5 4 3 2 1
involvement
Commuting
distance (one
way):
20 minutes or 5 4 3 2 1
less
30 minutes or 5 4 3 2 1
less
60 minutes or 5 4 3 2 1
less
More that 60 5 4 3 2 1
minutes
Lifestyle and
Work Style
Size of 5 4 3 2 1
business:
Less than $1 5 4 3 2 1
million sales or
under 5-10
employees
More than $1 5 4 3 2 1
million sales or
5-10 employees
More than $10 5 4 3 2 1
million sales or
40-50
employees
Rate of real
growth:
Fast (over 25% 5 4 3 2 1
per year)
Moderate (10% 5 4 3 2 1
to 15% per
year)
Slow (less than 5 4 3 2 1
10% per year)
Workload
(weekly)
Over 70 hours 5 4 3 2 1
55 to 60 hours 5 4 3 2 1
40 hours or less 5 4 3 2 1
Marriage 5 4 3 2 1
Family 5 4 3 2 1
Travel away
from home:
More than 60% 5 4 3 2 1
30% to 60% 5 4 3 2 1
Less than 30% 5 4 3 2 1
None 5 4 3 2 1
Standard of
Living
Tight belt/later 5 4 3 2 1
capital gains
Average/limited 5 4 3 2 1
capital gains
High/no capital 5 4 3 2 1
gains
Become very 5 4 3 2 1
rich
Personal
Development
Utilization of 5 4 3 2 1
skill and
education
Opportunity for 5 4 3 2 1
personal growth
Contribution to 5 4 3 2 1
society
Position for 5 4 3 2 1
opportunities
Generation of 5 4 3 2 1
significant
contracts,
experience, and
know-how
Status and 5 4 3 2 1
Prestige
Impact on 5 4 3 2 1
Ecology and
Environment:
Sustainability
Capital
Required
From you 5 4 3 2 1
From others 5 4 3 2 1
Other 5 4 3 2 1
Considerations

Imagine you had $1,000 with which to buy the items that you ranked on the previous page.
Indicate below how you would allocate the money. For example, the item that is most important
should receive the greatest amount. You may spend nothing on some items; you may spend
equal amounts on some, and so forth. Once you have allocated $1,000, rank the items in order
of importance, the most important being number 1.

Item Share of $1,000 Rank

Personal Development 250 1
Capital 300 2
Standard of Living 250 3
Status and Prestige 200 4

Step 2
Examine Your Personal History
List activities (1) that have provided you financial support in the past (e.g., a part-time or full-
time job, a paper route), (2) that have contributed to your well-being (e.g., financing your
education or a hobby) and (3) that you have done on your own (e.g., building something).

1. Part-time job in the Municipal Hall

2. Art
3. Prepare all the requirements needed
Discuss why you became involved in each of the activities above and what specifically
influenced each of your decisions.

I was really bored in our house every summer vacation and I wanted to earn money on
my own. So I look for a part-time job for the students on the internet and I saw an
announcement from the page of our Municipal Hall. They are offering a job which is equivalent
to the wages of regular employee. I tried to submit all the requirements needed and I was
qualified. I worked there as an encoder and office assistant.

My heart was so broken that time. I look for the other stuffs to entertain myself and to
take away all the sadness. I tried different things and I discovered myself of doing an art. It is
what satisfies me whenever I am doing something beautiful. And that started my calligraphy
journey wherein there are people who are asking me to do something for them.

I am applying to different scholarships and I wanted to learn how to prepare all the
papers needed by myself. I don’t want to bother my parents and ask them to do it for me.

Discuss why you became involved in each of the employment situations above and what
specifically influenced each of your decisions.

I was involved in working in our Municipal Hall because I want to experience the real life
in the office and to earn extra income to support my studies.

Discuss what you have learned about yourself, about employment, about managing
people, and about making money.

I have learned to work with different people, help my co-employee to their tasks and do
the tasks assigned to me.

List and discuss other activities, such as sports, in which you have participated and
indicate whether each activity was individual (e.g., chess or tennis) or team (e.g.,
football).
Quiz Bee Individual
Jingle Contests Team
Cheer dance Competition Team
Volleyball Team

What lessons and insights emerged, and how will these apply to life as an entrepreneur?

Critical thinking and Work as a team. Being an entrepreneur needs to become a wise
and smart thinkers to develop products. Working with the team will help the goals to achieve.
Among those individuals who have influenced you most, do any own and operate their
own business or engage independently in a profession (e.g., certified public
accountant)?

Yes, my mother, she is engaged in business since we were kids and she has a lot of
different strategies to earn more customers.

If you have ever started a business of any kind or worked in a small company, list the
things you liked most and those you liked least, and why.
Like Most Reason Like Least Reason
Profit To make my small Stress It is stressful to
company become manage on your own.
larger.

If you have ever worked for a larger company (over 500 employees or about $50 to $60
million in sales), list the things that you liked most and those that you liked least about
your work, and why.
Like Most Reason Like Least Reason
Employees Unity It wouldn’t be possible Taxes The more you earn
without the hard work the more taxes you
of every employee will pay.

Summarize those factors in your history that you believe are entrepreneurial strengths or
weaknesses.
Strengths Weaknesses
Leadership Emotion
Courage Personal
Industrious Easily losses focus

Part II: Profile of the Present:

Where You Are

Step 1
Examine Your “Entrepreneurial Mind”
Examine your attitudes, behaviors, and know-how. Rank yourself (on a scale of 5 to 1)

Strongest Weakest
Commitment and
Determination
Decisiveness 5 4 3 2 1
Tenacity 5 4 3 2 1
Discipline 5 4 3 2 1
Persistence in 5 4 3 2 1
solving problems
Willingness to 5 4 3 2 1
sacrifice
Total immersion 5 4 3 2 1
Opportunity
Obsession
Having knowledge 5 4 3 2 1
of customers’
needs
Being market 5 4 3 2 1
driven
Obsession with 5 4 3 2 1
value creation and
enhancement
Tolerance of
Risk, Ambiguity,
and Uncertainty
Calculated risk 5 4 3 2 1
taker
Risk minimizer 5 4 3 2 1
Risk sharer 5 4 3 2 1
Tolerance of 5 4 3 2 1
uncertainty and
lack of structure
Tolerance of 5 4 3 2 1
stress and conflict
Ability to resolve 5 4 3 2 1
problems and
integrate solutions
Creativity, Self-
Reliance, and
Ability to Adapt
Nonconventional, 5 4 3 2 1
open-minded,
lateral thinker
Restlessness with 5 4 3 2 1
status quo
Ability to adapt 5 4 3 2 1
Lack of fear or 5 4 3 2 1
failure
Ability to 5 4 3 2 1
conceptualize and
to “sweat details”
(helicopter mind)
Motivation to
Excel
Goal and results 5 4 3 2 1
orientation
Drive to achieve 5 4 3 2 1
and grow (self-
imposed)
Low need for 5 4 3 2 1
status and power
Ability to be 5 4 3 2 1
interpersonally
supporting (versus
competitive)
Awareness of 5 4 3 2 1
weakness (and
strengths)
Leadership
Being self-starter 5 4 3 2 1
Having internal 5 4 3 2 1
locus of control
Having integrity 5 4 3 2 1
and reliability
Having patience 5 4 3 2 1
Being team builder 5 4 3 2 1
and hero maker

Summarize your entrepreneurial strengths.

I have leadership skills that I can use to start my own business and determination to
pursue or meet the goal of the business.

Summarize your entrepreneurial weaknesses.

Tolerance of Risk is my weakness. I want everything that I planned to achieved knowing

that there are still factors to consider that might affect the capability in obtaining the goal of the
business.

Step 2
Examine Entrepreneurial Role Requirements
Rank where you fit in the following roles.

Strongest Weakest
Accommodation
to Venture
Extent to which 5 4 3 2 1
career and venture
are No. 1 priority
Stress
The cost of 5 4 3 2 1
accommodation
Values
Extent to which 5 4 3 2 1
conventional
values are held
Ethics and 5 4 3 2 1
Integrity
Step 3
Examine Your Management Competencies
Rank your skills and competencies below.

Strongest Weakest
Marketing
Market research and 5 4 3 2 1
evaluation
Marketing planning 5 4 3 2 1
Product pricing 5 4 3 2 1
Sales management 5 4 3 2 1
Direct mail/catalog selling 5 4 3 2 1
Telemarketing 5 4 3 2 1
Customer service 5 4 3 2 1
Distribution management 5 4 3 2 1
Product management 5 4 3 2 1
New product planning 5 4 3 2 1
Operations/Production
Manufacturing 5 4 3 2 1
management
Inventory control 5 4 3 2 1
Cost analysis and control 5 4 3 2 1
Quality control 5 4 3 2 1
Production scheduling and 5 4 3 2 1
flow
Purchasing 5 4 3 2 1
Job evaluation 5 4 3 2 1
Finance
Accounting 5 4 3 2 1
Capital budgeting 5 4 3 2 1
Cash flow management 5 4 3 2 1
Credit and collection 5 4 3 2 1
management
Managing relations with 5 4 3 2 1
financial sources
Short-term financing 5 4 3 2 1
Public and private offerings 5 4 3 2 1
Administration
Problem solving 5 4 3 2 1
Communicators 5 4 3 2 1
Planning 5 4 3 2 1
Decision making 5 4 3 2 1
Project management 5 4 3 2 1
Negotiating 5 4 3 2 1
Personnel administration 5 4 3 2 1
Management information 5 4 3 2 1
systems
Computer/IT/www 5 4 3 2 1
Interpersonal/Team
Leadership/vision/influence 5 4 3 2 1
Helping and coaching 5 4 3 2 1
Marketing
Feedback 5 4 3 2 1
Conflict management 5 4 3 2 1
Team work and people 5 4 3 2 1
management
Law
Corporations 5 4 3 2 1
Contracts 5 4 3 2 1
Taxes 5 4 3 2 1
Securities 5 4 3 2 1
Intellectual property rights 5 4 3 2 1
and patents
Real estate law 5 4 3 2 1
Bankruptcy 5 4 3 2 1
Unique Skills 5 4 3 2 1

Step 4
Based on an Analysis of the Information Given in Steps 1-3, indicate the Items You
Would Add to a “Do” List.

1. Passionate
2. Focus
3. Be disciplined

Part IV: Putting It All Together

Step 1
Reflect on Your Previous Responses and the Feedback That You Have Solicited or Have
Received Informally (from Class Discussions with Friends, Parents, Etc.)

Step 2
Assess Your Entrepreneurial Strategy.

What have you concluded at this point about entrepreneurship and you?

I can conclude that entrepreneurship is a thing that I am capable of. I have the traits of
being a successful entrepreneur such as leadership skills, competitiveness, creativity and
interpersonal character. I want to become the mind of my own business because I don’t want to
become an employee forever.
How do the requirements of entrepreneurship-especially the sacrifices, total immersion,
heavy workload, and long-term commitment-fit with your own aims, values, and
motivations?

I am industrious and passionate person when it comes to my goals. I am also a

courageous person, who has the ability to create and try new things that could benefit the entire
business. I wanted to become well-known or those people who became successful in the field of
business.

What specific conflicts do you anticipate between your aims and values and the
demands of entrepreneurship?

I can have conflict with the other people. I am the person who always thinks of what
other people might say about me. I am afraid of those negative comments that they might say
when I failed on something that I am really passionate about. Because with their opinion, I think
that is what must be done accordingly.

How would you compare your entrepreneurial mind, your fit with entrepreneurial role
demands, your management competencies, and so forth, with those of other people you
know who have pursued or are pursuing and entrepreneurial career?

Everyone is capable of being an entrepreneur as long as they have the important traits
that an entrepreneur must have. But for me, one of my advantages is being able to persuade
more people because I am really good at socializing with the others.

Think ahead 5 to 10 years or more, and assume that you would want to launch or acquire
a higher potential venture. What “chunks” of experience and know-how do you need to
accumulate?

I think I need to gain more information and experiences by working with the other bigger
companies. With this, I will learn the strategies on how to manage a business well. Before
establishing my own business, gathering more information and strategies will help my entire
career to achieve success.

What are the implications of this assessment of your entrepreneurial strategy in terms of
whether you should proceed with your current venture opportunity?

It is a big help for those starters to assess themselves whether they are qualify or not on
being an entrepreneur. It let everyone to make adventure within them such as identify their own
strengths and weaknesses so that they will be able to adjust to be fit in.

What is it about the specific opportunity you want to pursue that will provide you with
sustained energy and motivation? How do you know this?

Pursuing what my heart really wants and through this, I know that success will follow.
This gives me motivation to strive harder because I believe that everything that I do as of this
moment will pays off later on.
What other issues or questions have been raised for you at this point that you would like
answered?

Am I going to be one of them? I know that there are a lot of successful people who are
well-known in the field of business. Knowing this fact, I think of maybe when I entered the
business world, maybe I will just be rejected by the other people because they already knew
that there is something better than my products.

What opportunities would you most want to be in a position to create/pursue in 5 to 10

years? What are the implications for new skills, know-how, mentors, team members, and
resources?

I want to create my own store of my calligraphy artworks. That is perfect to give as a gift
on friends or family. New skills and ideas in creating master pieces that will amaze every
customer who will look at every art. Accepting commissions from customers will boost my
earnings. Team members and mentors are not really necessary for this kind of business
because it is an art - it is all about my own creativity.

Part V: Thinking Ahead

Part V considers the crafting of your personal entrepreneurial strategy. Remember, goals should
be specific and concrete, measurable, and, except where indicated below, realistic and
attainable.

Step 1
List, in Three Minutes, Your Goals to be Accomplished by the Time You Are 70.

1. Have my own family 4. Build my own business

2. Tour my parents to different countries 5. Living in my dream house
3. Become an artist and CPA 6. Successful in life

Step 2
List, in Three Minutes, Your Goals to be Accomplished Over the Next Seven Years. (If
You Are an Undergraduate, Use the Next 4 Years).

1. Graduate in undergrad
2. Pass the CPALE
3. Work in KPMG or any large accounting firms

Step 3
List, in Three Minutes, the Goals You Would Like to Accomplish If You Have Exactly One
Year from Today to Live. Assume You Would Enjoy Good Health in the Interim But Would
Not Be Able To Acquire Any More Life Insurance or Borrow and Additional Large Sum of
Money for a “Final Fling.” Assume Further That You Could Spend That Last Year of Your
Life Doing Whatever You Want to Do.
1. Travel in Europe
2. Throwing a party to my family and friends and be thankful for having them
3. Ask for forgiveness to those people I made mistakes
4. Donate the half of my heirs to orphanages

Step 4
List, in Six Minutes, Your Real Goals and the Goals You Would Like to Accomplish Over
Your Lifetime.

1. Become rich 5. Happy family

2. Study and Graduate in DLSU 6. Build my own business
3. Become CPA / CMA 7. Successful in life
4. Travel in different countries

Step 5
Discuss the List from Step 4 with Another Person and Then Refine and Clarify Your Goal
Statements.

I really want all these things to happen and so I still have the same goals at same
process to achieve all of these.

Step 6
Rank Your Goals According to Priority.

1st - Successful in life 5th - Travel in different countries

2nd - Become CPA / CMA 6th - Build my own business
3rd - Study and Graduate in DLSU 7th - Become rich
4th - Happy Family

Step 7
Concentrate on the Top 3 Goals and Make a List of Problems, Obstacles,
Inconsistencies, and So Forth, That You Will Encounter in Trying to Reach These Goals.

The top 3 goals focus on becoming the best version or my ideal self. There are many
bumps along the way the journey such as being out of focus, easily stress out and lastly,
inconsistency. I am very passionate person when it comes to my dreams but sometimes I tend
to be lazy to work and fall asleep.
Step 8
Decide and State How You Will Eliminate Any important Problems, Obstacles,
Inconsistencies, and So Forth.

All people can be a better version of themselves by changing their perspectives through
looking for the main goal, the benefits or the satisfaction that I might get if I accomplished the
specific goal. Controlling my emotions while working with my goals.

Step 9
For Your 3 Goals. Write Down All the Tasks or Action Steps You Need to Take to Help
You Attain Each Goal and indicate How Results Will Be Measured.
It is helpful to organize the goals in order of priority
Goal Task/Action Step Measurement Rank
Successful in life Look for motivations or a Understandingthe 1st
person I admire the most purpose in life
Become CPA / CMA Study smarter Pass all the subjects 2nd
needed to get the
certification
Study and Graduate in DLSU Work hard and know the Graduation 3rd
benefits of studying
Masteral/Doctoral degree

Step 10
Rank Task/Action Steps in Terms of Priority.

As of the moment, my important goal is to become successful in life after I finished my

Accountancy degree. By achieving this goal, it pays off all my hardships and hard work of my
parents throughout my journey. If ever I failed, I will never give up quickly. I want to payback all
the sacrifices that my parents made for me and my siblings.

Step 11
Establish Dates and Durations (and, If Possible, a Place) for Task/Action Steps to Begin.
Organize task/action steps according to priority. If possible, the date should be during the next 7
days.
Goal Task/Action Step Measurement Rank
Focusing on my goals Become positive for
Successful in life and learning my the present academic 1st
strengths and year
weaknesses.

Step 12
Make a List of Problems, Obstacles, Inconsistencies, and So Forth.

For me, I think it is having negativity in such things. I fear of being not enough, fear
of being a failure into something I know that I am really good at. Also, I think of what other
people think about me that could hinders me in doing my goals and objectives.
Step 13
Decide How You Will Eliminate Any Important Problems, Obstacles, Inconsistencies, and
So Forth, and Adjust the List in Step 12.

Instead of thinking of such negative results, try to look on the good side and benefits
of the specific goal to avoid such anxious emotions. Always prepare whatever the result would
be and try to solve it with the best of your ability. Also, I will believe in my own capabilities to
become successful I wanted to.

Step 14
Identify Risks Involved and Resources and Other Help Needed.

The risk involved in my long-term goal is negativity and anxiousness that is why I
need help specifically on knowing myself - my strengths and weaknesses for to be able to cope
up with the problems involved in achieving my goals.