EXERCISE

PERSONAL PROFILE MBA Concentration in Entrepreneurship Department of Entrepreneurship Oklahoma State University Personal Information Name: Expected Date of Graduation: School Address: ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________ School Telephone: E-mail Address: Permanent Address: ______________________________________________ ______________________________________________ ______________________________________________ _______________________________________________ Permanent Phone: MBA Program: _______________________________________________ ___ full-time ___ part-time ___ distance Date of Application for the Concentration: ____________________________ Dream  Believe  Create PERSONAL STATEMENT REGARDING THE CONCENTRATION MBA Concentration in Entrepreneurship Department of Entrepreneurship Oklahoma State University Please provide a 1-page statement regarding what entrepreneurship means to you, how this Concentration relates to your overall goals for your MBA experience, and why the Concentration is important to your future professional success. Dream  Believe  Create PERSONAL ENTREPRENEURIAL STRATEGY MBA Concentration in Entrepreneurship Oklahoma State University Name: ____________________________________ 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 you the greatest amount of personal satisfaction, sense of enjoyment, and energy. Source of Energy 1. 2. 1. 2. Reason  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 Depletion * Reason 1. 2. 1. 2.  Think of 3 businesses you would like to be a part of and 3 you would not. List the common attributes of the 3 businesses you would like to enter and the 3 you would not. Attributes of… Businesses I Would Like to be Part of Businesses I Would not Want to Join 1. 1. 2. 2. 3. 3. * adapted from Professor Jefftry Timmons.  Complete the following sentence: “I would/would not like to start/acquire my own business someday because . . . “  Rank the following in terms of importance to you when it comes to your future: Important 5 4 Location: Geography (particular area) Community size and nature Work Environment & Work Style: Size of Business: Less than $1 million sales or Under 20 employees More than $1 million sales or Over 20 employees More than $10 million sales and Over 200 employees Rate of real business growth: Fast (over 25%/year) Moderate (10% to 15%/year) Slow (Less than 10%/year) Your weekly work load: Over 70 hours 55 to 60 hours 3 Irrelevant 2 1 40 hours or less Lifestyle: Marriage Family Standard of Living: Which of the following is most important (check one): ____ make a large monthly salary ____ sacrifice on salary, but down the road make a large capital gain from the value of my equity in my venture appreciating _____ become extremely wealthy  Imagine you had $1,000 with which to “buy” the items in the table below. Indicate 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 the $1,000, rank the items in order of importance. (the most important being number 1) Item Location where you live Lifestyle (marriage, family) Work environment Standard of living Personal development Status and prestige Community involvement Other considerations Share of $1,000 Rank (1-8) Step 2: EXAMINE YOUR PERSONAL HISTORY  List significant activities (1) that have provided you financial support in the past (e.g., a part-time or full-time business, a paper route, etc.), (2) substantive things you have done that 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).  List your full-time work experience, including specific tasks for which you had responsibility, and specific skills you have used.  List other activities, such as sports and the arts, in which you have participated; and indicate whether each activity was individual (e.g., chess or tennis) or team oriented (e.g., football).  From your work experiences and other activities in which you’ve been involved, what have you learned about yourself, about people, and about making money?  If you have ever been fired from or quit either a full-time or part-time job, indicate the job, why you were fired or quit, what you have learned and what difference this experience has made.  Who are the people in life that have influenced you the most and how have they influenced you?  Summarize those factors in your history that you believe are entrepreneurial strengths or weaknesses. Strengths Weaknesses PART II – PROFILE OF THE PRESENT Step 1: EXAMINE YOUR “ENTREPRENEURIAL MIND.” THAT IS, EXAMINE YOUR ATTITUDES, BEHAVIORS, AND KNOW-HOW  Rank yourself below Stronger 5 4 Decisiveness Discipline Persistence in solving problems Willingness to sacrifice Total immersion Calculated risk-taker Tolerance of uncertainty and lack of structure Tolerance of stress and conflict Ability to resolve problems and integrate solutions Non-conventional, lateral thinker Restlessness with status quo Ability to adapt Lack of fear of failure Ability to conceptualize Goal and results orientation Drive to achieve and grow (self-imposed standards) Low need for status and power Ability to be interpersonally supporting (vs. Competitive) Awareness of weaknesses Having perspective and sense of humor Weaker 2 1 3 Stronger 5 4 Being self-starter Having internal locus of control Having integrity and reliability Having patience Being team builder and hero maker 3 Weaker 2 1 Step 2: EXAMINE YOUR MANAGEMENT COMPETENCIES  Rank your skills and competencies below Stronger 5 4 Market research and evaluation Customer service Operations/Manufacturing management Accounting Cash flow management Communication New product or service development Planning Decision-making Project management Negotiating Management information systems Leadership/vision/influence Helping and coaching Managing conflict 3 Weaker 2 1 Step 3: BASED ON AN ANALYSIS OF THE INFORMATION GIVEN IN STEPS 1-2, INDICATE THE ITEMS YOU WOULD PUT ON A “TO DO” LIST Part III – PROFILE OF THE FUTURE Step 1: ASSESS YOUR ENTREPRENEURIAL STRATEGY  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?  What specific conflicts do you anticipate between your aims and values and the demands of entrepreneurship?  Thinking ahead 5 to 10 years, or more, and assuming that you would want to launch or acquire a higher potential venture, what “chunks” of experience do you need to accumulate? Step 2: THINK AHEAD: GOALS SHOULD BE SPECIFIC AND CONCRETE, MEASURABLE, REALISTIC AND ATTAINBLE.  List, in three minutes, your goals to be accomplished by the time you are 70.  List, in three minutes, your goals to be accomplished over the next 5 years.  If you had just one year to live, what’s the most important thing you would want to accomplish in that year?