Introduction As a part of academic curriculum for Business Operation Management set by Southern Institute of Technology I am submitting this paper on self evaluation of my understanding about Business Knowledge, Personal values, beliefs, attitudes and other relevant skills which are required or will be useful in setting up my own venture after successful completion of my course. I would like to evaluate my skills vis-a-vis the requirements and demands of the venture that I have planned i:e a service firm offering domestic services in Pune (City from Maharashtra state of INDIA); www. tyourservices. com. Structure of the study As per the constraints regarding the word limit and provided evaluation parameters this paper is further divided into four sub parts whish are as described below: First part: This part gives brief introduction to the intended venture. Second part: This part will explain and evaluate the skills or characteristics covered in the provided self employment test (Appendix I) Third part: In this part I will discuss my ratings in the allied skills or characteristics Fourth part: I will put forward my findings in this part.
In this process of evaluation I would try to figure out the areas where I am lacking and in fourth and final part of this paper I will provide some suggestion for improvement in those areas. Image 1. Shows the exact structure of this paper: About my Venture This company is basically a bridge between a seller and the buyers. The main objective of this business model is to bring both of them as closer as possible. At your Service Pvt. Ltd. will serve the sellers as well buyers by acting as a connecting bridge between them. It will provide the sellers with large no of customers for their products & services and buyer with wider range of options.
The business model is very simple, it will cover the range of basic services for working couples or other such people who finds it difficult to take time out from their busy schedules for the basic household jobs such as paying bills (electricity, telephone, mobile, insurance credit card etc), House keeping jobs, Taxi at door step, travels, tickets, flower & gift deliveries etc. Company will not only provide these services to customers but will also provide the facility of alerts for the allied payment’s due dates, plus reminders for friend’s birthdays, anniversaries etc
Self Employment Test This employment test consists of set of questions framed in order to bring about the overall suitability of the participant to start his own venture. This test covers broadly the following dimensions of participant’s personality: 1)Extroversion 2)Approach 3)Flexibility 4)Creativity 5)Planning 6)Initiative 7)Independence 8)Purpose (clarity of mind about becoming Entrepreneur) 9)Emphasis (on self role in venture) 10)Determination I will explain each of the above one by one and will throw some light on the connection of each of them with starting a new venture.
Extroversion: Creativity, Innovative mindset etc were considered the main building blocks of entrepreneurship at early stages of its study but as the researchers went little more deep into it this extroversion appeared as equally important parameter. Everybody is a creative to certain extent but in order to make his/her creativity felt by outer worked one needs to extrovert to a certain extent however its not that only extrovert people can express them and their ideas but yes they definitely they do the same more frequently and somehow better than their counterparts.
Approach: One’s approach plays a vital role in running any venture successfully and its observed that the chances of success for a particular venture increases exponentially if the approach of the key decision makers involved is in accordance with the project. Certain venture needs humanist approach whereas some demands highly rational approach. There are some which can be handled with a proper mix of both. For eg. Your approach should be humanist if you are planning to start a HR consultancy whereas if you are planning to start a accounting firm you should be rational in your approach.
Flexibility: Flexibility is required not just to start any venture but also to run the same successfully. Because of the rapid changing business and social environments today one has to be flexible for an ultimate success in any filed of his life. Creativity: As discussed earlier also creativity is considered as one of the main building block of any entrepreneur but the recent studies have shown that its not the sole criterion anymore. Planning: Planning is important to beat the deadlines and to prevent the wastage of recourses involved in any kind of venture. venture can sustain without planning as well but planning can make any venture much more effective and efficient. Initiative: Extroversion and being initiative goes side by side the importance of this parameter is captured beautifully in a single line in this test “Many individuals who intend to become self-employed simply never end up in business” just because they couldn’t take the initiative. Independence: sense of independence can be one of the driving forces that lead to entrepreneurship. Various studies show that a strong need of financial independence is one of the most common characteristic of entrepreneurs worldwide.
Purpose: The purpose here reflects the outlook of the applicant towards owning a business; whether he/she is looking for independence of any sought or he/she just loves to fight out the challenges involved the process? Emphasis: This question will bring out the place for self where the applicant wants to place himself/herself in the venture. He/she can be a part of the operations and use his/her technical abilities or just want to administrate the whole venture. Determination: Now this is a very important characteristic and is much more sought after skill or characteristic to run a business successfully.
In any business planning, goal setting etc are what can be taught but in order to achieve the ultimate success one has to have a strong determination to win or succeed and it is what comes from within or inherited. Self Evaluation My score in this employment test was quite satisfactory and is shown in figure 1 in the beginning of this paper (Introduction). Though the result shows the green flag to my ability to run my own business but at the same time a few grey areas in my personality (related to entrepreneurship) were also highlighted by this test in the final section of the study I will comment on how I can improve myself in those areas.
Ahead is the explanation of my score in the test or the SELF EVALUATION. Extroversion: I managed to score a bare average of 4 in this skill, I admit whole heartedly that I am a bit introvert and need to learn this skill to be more social. I have selected a II tire city from India to start my business and in such a culture where professional and personal relations and attributes overlaps each other; extroversion plays a vital role. for this particular skill I give myself a thumb down Approach: I scored excellent 9 in approach which is very much suitable for the business I have planned.
For a domestic service providing firm a rational approach is required as it is managed with relatively lesser staff and mostly depends upon market research which further depends largely upon proven facts & figures. Hence in approach I give my self well deserving thumb up Flexibility: I scored a decent 5 in flexibility but I think I must have scored little higher in this as my business being customer driven model asks for highest order of flexibility. give my self a thumb down here and will look for the ways to improve my flexibility Creativity: My score in creativity is 6 which is considered above average but I am not agreed with this illustration as I am taken as a very creative person in my known circle. In any case the business model that I have selected doesn’t demands much of creativity as it is supply driven model and creativity is of more importance where you have to work more upon demand creation hence I will give myself well deserving thumb up for creativity.
Planning: I have scored perfect 10 in planning and it was quite expected as well. As stated below that this model is a customer driven (demand) and there is scarcity of resources hence very effective and efficient planning if required for this venture. A score of 10 is a perfect match here hence I give myself again a well deserving thumb up Initiative: A score of perfect 10 for initiative is quit justified and in very much in lines with the allied business model. As the venture I have planned is totally a new idea and unique offering.
This venture needs a well calculated risk and for that I must be ready to take bold initiatives and hence a score of 10 a perfect match over here. So once again a well deserving thumb up for me Independence: My score is 4 for independence. I belong to a relatively liberal family from a conservative society hence I do have a little sense of independence but not to the extent which is required to run this venture more efficiently. I certainly loose some points over here and will try to improve on it.
Obviously thumb down for me this time Purpose: An average score of 5 is what considered as ideal for this type of business model. This will lead to a perfect work life balance hence perfect thumb up for purpose Emphasis: Score of 8 shows very clear emphasis on general management and it is pretty justified as this particular venture doesn’t ask for any particular technical or functional specialty hence being a sole investor I should concentrate more on the general management and overall performance measurement hence one more thumb up for me Determination: Above average score of 9 reflects the firm determination I have.
As mentioned in the earlier part of the study, firm determination is required to transform all your plans from talks to reality and hence a pretty high score on this particular skill lays the foundation stone of my venture and soon I will start the same, amen! Another thumb up for me Conclusion The overall result of my self evaluation process is summed up below in Table 1
Suggestions: The outcome of the self employment test is pretty satisfying and it allows me to take my action plan of allied venture to next stage of execution. However this test helps me to figure out a few grey areas of my personality where I need some improvement, these areas are Extroversion, Flexibility and Initiative. I can’t ignore the importance of these skills in starting and running any business successfully.
I have taken these outcomes of the test very seriously and in order to cope up with these I would suggest the following to myself: 1)Increase my social circle by joining a few social clubs, networking sites. 2)Attend more public & private gatherings and give yourself a proper exposure. 3)Read more motivational stuff and if possible take some time out for meditation to build up some inner strength. 4) If possible I will join some professional workshops on Extroversion, flexibility and initiative. )I will try to start doing volunteering jobs for some community care center. Bibliography www. wikipedia. com www. valuebasedmanagment. com www. jstor. org www. businessmajors. about. com http://www. irelandinformationguide. com/images/c/c7/Raja. gif Books Leith Oliver & John English, Fourth Edition 2006, The Small Business Book, New Zealand, Bridget Williams Books, New Zealand Stephen P Robbins, Organizational Behavior, 2005, New-Delhi: Prentice-Hall of India Pvt Ltd.