Part 1- Your profile of the past
- Step I: Do an examination on your preferences
These are what make you have the energy. These could be things from either leisure or work that gives you personal satisfaction, energy and sense of enjoyment. On the other hand, look for what takes away your personal energy and why? They include things that create personal dissatisfaction, discontent, anxiety, motivation and draw away your energy. After listing the items, rank them from most to the least (Timmons et al, 2007).
You should then describe how you would like to spend your ideal month in 20-30 years. The description should factor the desired work style, lifestyle, friends, income among others, and make a comment on what attracts or repels you on the ideal existence. Collins et al, 1992) adds that you should then list the desired attributes of the business you want to join and the attributes of the businesses you do not want to join. Furthermore, you should also discuss any issues, patterns, conclusions and insights that have come up.
According to Wickham (2006), the factors to be considered during the descriptions are location, work style, lifestyle, standard of living, personal development, prestige and status.
- Step II: Do an examination on your history
Floyd (2005) suggests that you should make a list of the activities that:
- In the past have provided financial support such as full time or part time businesses
- Have contributed to your well being
- You have done on your own such as creating something
You should then discuss why you got involved in the listed activities and what influenced each of your decisions specifically, what you learned about self employment, yourself and managing money and people. Timmons et al (2007) points out that you should discuss your work experience under full time basis, besides giving a description of the specific tasks you were responsible, skills you applied, the number of people you were in charge of and you success status.
Moreover, discuss why you were involved in the employments listed and what influenced your decisions specifically, the lessons you learned about yourself, managing of people, about employment and on making money.
Collins et al (1992) suggest that you should also discuss also other activities you have participated in such as sports. What were the lessons learned and what is their applicability to an entrepreneur’s life? Furthermore, if you have ever quitted, relocated jobs or got fired in any job, indicate with the reasons, the circumstances and the lessons learned with the differences made.
Similarly, among your mentors who have mostly influenced you, do any of them operate a personal business or run independent professions? How do you view their roles and them? And how have they influenced you? Finally, discuss what you learned from them and also about self employment and what appeal or repel you such as their reward, risks, entry strategies and tradeoffs.
- Part 2: Present profile
- Step I: Do an examination on your entrepreneurial mind.
Examine your knowhow, behaviors and attitudes. Wickham (2006) suggest that you should rank yourself as either strongest or weakest in determination and commitment, opportunity obsession, tolerance of ambiguity, risk and uncertainty, self reliance, creativity, adaptability, motivation to excel and leadership
- Step II: Do an examination on the requirements on entrepreneurial role
Rank yourself where you fit as either strongest or weakest in the following roles: accommodation to venture, stress, values, ethics and integrity.
- Step III: Do an examination on your management competencies
Rank your competencies and skills as either weakest or strongest; marketing, operations or productions, finance, administration, interpersonal or team and law.
- Part3: Get constructive feedback
This part is an organized way to get constructive feedback by getting evaluation from a designated person from your answers for questions in part one and two. The stage is optional and if you choose not to get, move to part four.
- Part4: putting all together
- step I:
Reflect on the previous responses and feedback you have received informally or solicited. Such as form friends, class discussions and parents
- Step II: do assessment on your entrepreneurial strategy
- What have you factored in about you and entrepreneurship?
- How do your aims fit entrepreneurship requirements especially the heavy work load, total immersion, sacrifices and long term commitment?
- What anticipation on specific conflicts do you expect between your values and aims and the entrepreneurship demands?
- Compare your fit and entrepreneurial mind with your management competencies and entrepreneurial role demands with other entrepreneurs you know
- What are assessment implications of your entrepreneurial strategy whether you should venture into the opportunity?
Timmons, J. A., & Spinelli, S. (2007). New venture creation: Entrepreneurship for the 21st century. Boston, Mass: McGraw-Hill/Irwin.
Collins, J. C., & Lazier, W. C. (1992). Beyond entrepreneurship: Turning your business into an enduring great company. Englewood Cliffs, NJ: Prentice Hall.
Wickham, P. A. (2006). Strategic entrepreneurship. Harlow, England: Financial Times Prentice Hall.
Floyd, S. W. (2005). Innovating strategy process. Malden, MA: BlackweLl Pub.