Overview: In order to complete my personal assessment, I must: 1. Analyze my personality, past experiences, desires, strengths, weaknesses, opportunities and threats to accurately assess my ability to succeed as an entrepreneur; 2. Select the types of endeavors that I can easily embrace, and research the market and opportunity for success in these ventures based upon customer target markets, technologies, and industries that I think would be an appropriate and realistic fit for me; 3. Identify the team members and talent I will require in order to succeed. . Evaluate my own talents and deficiencies, my threshold for assuming risk, my ability to finance the endeavor, and the passion and determination I will require for success. Key Personality Traits of Entrepreneurial Success: While many self driven entrepreneurs are born with energy and desire of creation, I strongly believe that having an entrepreneurial spirit in any business endeavor requires several key personality traits on the part of the leader including: • Self-confidence • Independence • Opportunity obsession • Commitment and determination A desire to lead • Risk tolerance • Creativity • Strong organizational skills • Vision • Honesty and integrity In also believe that in order for a business to succeed key leadership qualities required are: • An ability to see beyond the obvious • Loyalty to my clients and team • Surrounding myself with the talent I lack These traits can only be acquired, however through honest and realistic self-evaluation. It is for this reason that an entrepreneur must identify appropriate talent, and also be willing to develop a strong and dedicated management team.
In obtaining few years of my”on the job experience“I acquired several professional traits that I think would make me a powerhouse in my field and not only make me asset to my venture, but also a significant contributor to the team I would potentially develop and bring together. An evaluation of my own strengths is as follows: 1. Communication – I have the ability to communicate with a variety of people, including senior management, and demonstrate effective interpersonal skills. I have received feedback through numerous letters of commendation about my ability to provide clear and accurate information verbally and in writing. . Achievement Focus – I have continued to display a commitment to improving results and identifying opportunities for improvement. 3. Analysis and Decision-Making – I have a highly developed ability to critically analyze complex information and arrive at effective decisions. 4. Self-Management – I have always managed my workload effectively and am always able to meet project commitments. 5. Organization – I have strong organizational skills and have always shown an attention to detail. 6.
Finance, Accounting and Technology – I have extensive and highly developed experience in finance, accounting, and technology. 7. Passion, Risk and Determination – I am able to calculate the cost of starting the business, seek an optimal capital structure, secure the funding, and ensure the ability of the business to make money. Weaknesses: So, while the above characteristics will certainly help me to succeed, I also have weaknesses, which will require me to develop and surround myself with a strong, loyal and dependable management team. I view this weakness particularly in the area of sales and marketing.
While I am able to analyze and create effective strategic plans and goals, I am uncomfortable in the role of a salesperson. Therefore, a key member of my team would be a Sales Director, who would also be able to train other key sales staff. I would also want this person to be creative, rather than analytical, and have the ability to generate new and innovative ideas that will help position the company for success. This individual will be my trusted partner and will assist me in making key management and marketing, creative, and sales decisions.
My Current Situation/Identification of Business Opportunities: I have received a professional bachelor degree in Finance, specializing in banking and insurance, where I have gained excellent theoretical and practical knowledge in finance analysis, management, accounting, statistics, and technology. Currently I am studying at XXX University to obtain MBA in International Banking and Finance. My expectation is that with an MBA, my strengths will position me to pursue a broader scope of practice within other fields than audit, and in a variety of settings beyond the financial services with which I am most familiar.
Because of rapid economic growth in XXX over the past years has increased the fear of major business failure, risk has become an overwhelmingly dominant business topic. As a result, top managers are now focusing on risk management in their companies. As each business entity struggles with its own set of needs and circumstances, the need and flexibility to address this continuously changing and volatile economic environment, would be extremely challenging and fulfilling to me. Threats:
My lack of experience in creating my own business certainly poses a potential threat; however, I am determined to succeed and determined to surround myself with a team that possesses the strengths that I lack. I am confident that my strengths will outweigh my weaknesses if I am willing to do this. I also think that my commitment to maintaining loyalty to those that will be part of my management team will help us all to succeed together. I realize that this is an endeavor that will take a willingness to learn, grow and work together and appreciate one another.
While I will certainly lead in the areas in which I am strong, I believe in accountability to myself and to my team, and we will all ultimately be rewarded for our efforts. Assembling an Effective Team: I will require the following team members to round out my own deficiencies: 1. Sales – A person who is people-oriented, who understands the product, and cares about the customer. This person will also be able to train other sales staff as we grow and develop our business, and will be experienced at lead generation.
This person will also be able to provide me with sales reports, and will be able to work closely with Marketing in creating effective sales tools. 2. Marketing – This person will help with outreach and marketing to assist with creative ideas and identify potential customers. This individual will be highly creative, and will work with Sales to develop effective marketing materials and goals. 3. Accounting – This person will work under me. Although I personally have experience in Accounting my key strength is in finance, and I will oversee this department.
This person will serve as the CFO and will be able to oversee a staff of other accountants as we grow. Summary: I view myself as a risk-taker, a hard-worker, who exhibits the tenacity to succeed. At the same time, I am a highly analytical person. I understand that success will not happen overnight. I understand that it will require a great deal of work on all of our parts. While I value the ability to sell, market and create, I believe that my analytical and evaluative nature will allow me to make sound decisions.
I also realize that I may require the assistance of a financial advisor along with my accountant to evaluate opportunities as they present themselves. If we all do our homework, and if we all communicate clearly and effectively with one another, and I am able to cultivate a strong team, I believe that the result will be a thriving and effective business that will benefit the country of XXX. ———————–  3 Key Leadership Qualities Important for Success, Linda Business, Technorati, October 16, 2009.