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 It is because my family is the one who always
motivates and pushes me to do my best in
everything I do.
-Friends They give me drive to go to school every day.

-Basketball It is the only outlet when I’m really down.

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
-Friends When I’m having a small fight with them.

-Family When we’re having misunderstandings.

-Studies Whenever, I get failure marks and lower

grades than I expected to have.

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

In 20 to 30 years, how would you like to spend an ideal month? Include in your description your
desired lifestyle, work style, income, friends, and so forth, and a comment about what attracts
you to, and what repels you about this ideal existence.

I think I’ll spend that ideal month somewhere in Europe. I’ll still be based in the
Philippines. My ideal month is just a vacation from my business, which hopefully is a chain of
restaurants. I’ll have my same friends but maybe a couple more business tycoons and business
men. Maybe I’ll have a family also and kids, I’ll make the most out of life because at that age,
life’s already a not-so-long journey.

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
Which of these attributes would give you energy and which would take it away, and why?
Attribute Give or Take Energy Reason

Complete this sentence: “I would/would not like to start/acquire my own business someday
because…

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
Standard of living 300 1
Capital 200 4
Status and prestige 150 3
Personal development 250 2
Location 100 5

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 our restaurant as a cashier.
2. Playing basketball
3. Everything since college, because I live alone here in manila.

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

I started being involved in our restaurant since my late elementary days. I was just
curious and just want to impress other people and just help when they are in need of more man
power. When I was young, I didn’t ask for payment but when I grew a bit and felt the need for
money, I started to ask my parents for some salary.

I was a basketball player when I was in high school. We were just a really small school,
so getting in the team was really easy. I was not that good, but I know how to play. It was a fun
experience, it taught me the meaning of trust in your teammates and it taught me how to fight
back and stand up from a loss.

I am living alone here in manila since I started my college in De La Salle. At first it was
hard, even if I had roommates, I’d still search for the comfort of my own home. I do all the things
on my own, which was the first time and I’m really proud to say that I’m independent now, not
though not financially.
List and discuss your full-time work experience, including descriptions or specific tasks for which
you had responsibility, specific skills that you used, the number of people you supervised,
whether you were successful, and so forth.
I have not experienced full-time work.

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

I was involved in our restaurant due to lack of manpower. At first it was just for fun but as
consciousness grew, It was for money.

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

I learned that trust in your colleague is really important and you should know how to treat
people in a nice way. It’s not just about money, along the way it becomes personal.

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).
Public Speaking Individual
Quiz bees Individual
Basketball Team
Music Team
Math Contests Team

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

Decision making skills and the public relation skills. You need to socialize a lot to market
and build up your product.

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 mentor, also my teacher when I was elementary is an HR Department head in a

company.

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
Money Who doesn’t want it? Stress It’s really tiring

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
Summarize those factors in your history that you believe are entrepreneurial strengths or
weaknesses.
Strengths Weaknesses
Patience Personal
Perseverance Drive/ Easily losses focus
Courage Emotion

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’m a person who stops at nothing to achieve my goal. I can put everything aside if in my
right mind and right drive.
Summarize your entrepreneurial weaknesses.
Motivation is a thing that I lack. If I feel that I’m tired or like nothing’s going to happen, I
stop immediately.

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.

Marketing
Market research and
evaluation
Marketing planning
Product pricing
Sales management
Direct mail/catalog selling
Telemarketing
Customer service
Distribution management
Product management
New product planning
Operations/Production
Manufacturing
management
Inventory control
Strongest Weakest
5 4 3 2 1
5 4 3 2 1
5 4 3 2 1
5 4 3 2 1
5 4 3 2 1
5 4 3 2 1
5 4 3 2 1
5 4 3 2 1
5 4 3 2 1
5 4 3 2 1
5 4 3 2 1
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. Start now. Now or never
2. Grow up
3. Focus
4. Balance things out
5. 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 think I am really bound to be an entrepreneur, because I’m one of the outcasts who
want to be different from others. I don’t to be the one taking orders from somebody, I want to be
the boss. I’m not also a person who follows a daily routine, I want it new and fresh everyday.

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?

It fits my values because I’m a persistent person and a person who’s not afraid to fail.
I’m also a person who’s fine with a heavy workload as long as it is worth it. I want to make a
legacy of my own and not to follow anyone’s shadow.

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

I can have conflict with family and friends, because as I’ve said, I can put everything
behind if I really want something and I can disregard anything for my own cause and my own
goals in life. I can also have conflicts with my time alone.

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?

We are basically the same except that I know that I’m a more laid-back type of person.
Maybe I am at an advantage when it comes to being pressured and deciding under pressure.
I’m used to being in the pressure cooker and used to deciding impulsively.
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 need to work in a big and successful company first before putting up my own. I need to
gain experience at work and dealing with other people at work. It’s not that easy, a lot harder
than school because in school if you fail, you can retake it again but it real life I opportunity
missed and you might end up regretting your whole life.

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

It’s a big help knowing that you have what it takes, and incase that you’re not fit, it gives
you the chance to adjust your behavior so that you can fit in and be an entrepreneur with the
right personality/

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?

I know that pursuing my dreams will give me motivation, because it’s for a simple fact
that I want to make a name for myself and be a good businessman. This gives me more than
enough motivation and energy to push hard and to wake up every day to pursue my goals. It’s
also for my family who was there to support me from the beginning.

What other issues or questions have been raised for you at this point that you would like
answered?

Is it all worth it? Knowing that some of the richest people in the world did not really finish
schooling. Is it a path to take? Because at this moment, there are too many competitors out
there already, this makes the chance of succeeding smaller.

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?

The opportunity to create my own restaurant and the opportunity to branch out. New
skills are really important especially in the food industry because changes are really fast and
trends always change. Team members and mentors are really important, because they are your
helping hand in the business and the mentor is the one whom you seek the advice of when
you’re not sure about your decisions in life. As for the resources, it is the most important, without
it, you can’t create anything.

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. Be a businessman 2. Have a family 3. Be a successful individual

4. No regrets in life 5. Still standing strong 6. Have my own big
company

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 La Salle. 2. Pass my practicum. 3. Have a happy college life

3. Be a well-rounded person 4. Get a hold of my life. 6. Start living healthily

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.

I would like to fix any rifts I had with all the people I met along the way. The first thing
that I would do is approach all my friends and maybe throw a party as a thankful gesture for
them always being there for me. I would spend it by just being with the people I love and just
bond with them for the last time and be happy with them. Create memories that will last there
forever.

Step 4
List, in Six Minutes, Your Real Goals and the Goals You Would Like to Accomplish Over
Your Lifetime.
 1. Put up my own business. 2. Be financially independent. 3. Have a happy
family. 4. Be a good individual. 5. Be rich. 6. Live healthily. 7. Be a successful
businessman. 8. Graduate in DLSU

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

I’ll still have the same goals and the same process of attaining them because I really
want these things.

Step 6
Rank Your Goals According to Priority.

1st- Get a hold of my life 2nd- Pass my practicum 3rd-Graduate in DLSU

th
4 -Start my own business 5th-Have my family 6th- Be a healthy individual
7th-Be a successful businessman.

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.

I may lose my focus and drive along the way and fail in some aspects of my top 3 goals which
concentrate on finishing school. That’s the biggest problem or inconsistency in my life, knowing
myself I’m a moody person and I put my emotions before anything.

Step 8
Decide and State How You Will Eliminate Any important Problems, Obstacles,
Inconsistencies, and So Forth.

I can maybe change as a person and be a better individual and try to control my
emotions rather that my emotions taking care of my. All the problem lies inside of me, so maybe
changing to be a better person is the key.
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
Get a hold of my life Self searching and When the time comes 1st
know myself more that I’m already a
focused and a person
with meaning and
purpose
Pass Practicum Study harder and be Having a good 2nd
serious about studies business proposal
and a good team to
build around with
Graduate in DLSU Be serious about Graduation 3rd
college and
understand it’s
importance

Step 10
Rank Task/Action Steps in Terms of Priority.
To identify high-priority items, it is helpful to make a copy of your list and cross off any activities
or task that cannot be completed, or at least begun, in the next 7 days, and identify the single
most important goal, the next important, and so forth.

My only important goal for now is to get a hold of my life. It may sound easy but I’ve been trying
to do that for a long time and I still fail.

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
Get a hold of my life Start to know myself Be serious within the 1st- only for now
more and live next seven days
healthily. Put
emotions aside and
think first.

Step 12
Make a List of Problems, Obstacles, Inconsistencies, and So Forth.
Relationships will be the biggest one. I’m a person who keeps relationships seriously
and I can’t afford to lose them. Sometimes it’s also relationships which destroys me because I
tend to put them in front of anything. The only inconsistency possible is me, knowing that I’m a
moody person and tend to change mind and heart so easily
Step 13
Decide How You Will Eliminate Any Important Problems, Obstacles, Inconsistencies, and
So Forth, and Adjust the List in Step 12.

Just by thinking right, I can succeed in anything. I should also change for the better
and understand that everything constantly changes. Nothing’s permanent and changes are
always occurring so I should start getting used to them. I should be a better person a more
patient and more open-minded person

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

I need help in knowing myself more. My short-term goal doesn’t need too much
resources and it’s a lot of risk to change as a person because I don’t know because even if I
change for the better, Will I like the better me?