Personal Business Plan Project 3: Individual Worth 40% Due Week 15 Part A: Written Report 10% Part B: Presentation 30% Learning Outcome Addressed 1. Students will appreciate how to connect design thinking, innovation, and entrepreneurship to their own career development and paths. LO 6 Introduction For this project, students will write a Personal Business Plan (PBP) and highlight how entrepreneurship and innovation could play a role in their personal and career paths. The entrepreneurial process is at its core concerned with “the pursuit of opportunity without regard to the resources already under control.” This process is as applicable to your career as it is to start a company. The goal of this assignment is to identify where you want to be and how you will get there. Do not worry about your current resources. Think entrepreneurially! Your personal business plan should include a long-term vision statement, the “external” opportunities that exist, your “Internal” (personal) strengths, and a strategy for yourself and your life over the next three to five years. In addition, please share at least one “failure” from your past and what you learned from it in terms of maximizing your potential for the future. The assignment should consist of about one page (up to 600 words) that summarizes as many of the areas below as possible, as well as the one “failure” wherever you feel it best fits. To sum up this assignment, an oral presentation will be due in week 15 in order to back up understanding and allow students a chance to justify their choices and further discuss their Personal Business Plan. Part A: Written Report – Worth 100 marks Consider the following topic areas and questions as you work on your Personal Business Plan Report. 1. Vision and Opportunity • What are your goals (career and/or educational) after you leave your university? • What are your purpose, your values, and your mission? List the 3 key questions that guide your choices. These should be essential questions that serve as touchstones to direct your life and work. For instance, how can I have an impact? What do I love? What do I fear? What engages my passions? How do I want to be remembered? The answers to these questions may well change over time, but when the questions themselves are fundamental they tend to last a lifetime. • What are the market and opportunity that align with your goals? Don’t restrict yourself to matters of career or work; think more broadly about your opportunities to make a difference. 2. Marketing and Implementation Strategy • Create your market positioning statement. This may be directed at a hypothetical employer, industry, organization, or the world at large. • What compelling value will you offer to your employers and society? • How will you differentiate from other UAE students? How about from the broader populace? 3. Risks and Mitigation • What are the key milestones and checkpoints in your plan? • How will you measure/determine if you have successfully attained these milestones? How do you define success? • What external factors might affect your attaining success? (Positively or adversely) • Develop contingency and risk mitigation strategies. • Entrepreneurship is not all about personal financial gain. It concerns crafting a lifelong plan to make a positive impact on society. Character does matter. Failure is OK; unethical behavior is not. True wealth requires the creation of enduring value, which requires integrity and ethics. • How do you plan to practice ethical principles in your daily actions? • If you could assemble any three people to advise and mentor you, who would they be? They may be alive or dead, family or world leaders, friends or strangers. Why would you choose each? Is it their wisdom, their accomplishments, their words, their creativity, their character, their heroic deeds………..? • Similar to popular “six-word memoir” exercise, please summarize your PBP in 6 words (e.g., “humanist engineer, global citizen, caring teacher”). Grade Scale Unacceptable 0 – 59 Minimum requirements 60– 64 Satisfactory 65-74 Above requirements 75-84 Outstanding 85-100 Errors so significant that the work is not passing quality Significant errors, information mostly unclear or incorrect Most information is correct and well-presented, with few errors Largely free of errors, and demonstrates critical thought with well-explained coverage of all topics. Clear, well-explained, error-free work demonstrating critical thinking, with clear evidence of independent work and authentic research. Grading Rubric Report Contents Comments Marks Awarded Vision and Opportunity • The student clearly defines at least 3 of their career and/or educational goals after graduating. • The student discusses in detail their purpose, their values, and their mission. Also, lists the 3 key questions that guide their choices. These are essential questions that serve as touchstones to direct the student’s life and work. • The student provides at least 3 examples from the current job market and opportunities available to them. This must align with the student’s goals, taking into consideration their opportunities to make a difference. /20 Marketing and Implementation Strategy • The student has created their market positioning statement, directed at a hypothetical employer, industry, organization, or the world at large. • The student clearly describes the compelling value that they will offer to their potential employers and society. • The student defines how they will differentiate from other UAE students or from the broader populace. /20 Risks and Mitigation • The student clearly identifies the key milestones and checkpoints in their plan. In addition to describing how they will measure, or determine if they have successfully attained these milestones, and explain how they define success. • External factors that might affect attaining success are clearly mentioned (Positively or adversely). • The student has developed 3 contingency and risk mitigation strategies. /20 Ethics • The student identifies how they plan to practice ethical principles in their daily actions. • The student mentions their choice of mentors in addition to justifying why they choose each. • Based on the “six-word memoir” exercises, the student summarizes their PBP in 6 words that are applicable and relevant. /20 Format • Formatting is clear, used times new roman font, size 12, spacing is 1.5. Header and footer include student name, ID, and course details. Citation and referencing must be included in an attached page. /20 Total Grade /100 Part B: Oral Presentation – Worth 100 marks. An oral presentation will be scheduled for week 15, allowing the student to further explain and defend their Personal Business Plan report. • Teacher teaching the course can assess his/her own students. • Each student will be assessed by class faculty. • Video/voice recording of the assessment is a good practice that all colleges should consider. It helps moderation, or addressing any potential issues later. • PowerPoint/Prezi can be a used as visual aid during the presentation. • Submission of the Personal Business Plan prior to the scheduled presentation is encouraged. Assessment 3 –Personal Business Plan Presentation – 30% Organization and Visuals Presentation is organized with a clear introduction, body and conclusion, with appropriate visual aids. Visual aid used is clear, lacks spelling mistakes, looks professional, and applies to content. Presentation is organized, but needs more structure. Visual aids used could use some editing and improvement. Presentation lacks organization or structure. Visual aids used were not of any use or relevance. 20 18 16 14 12 10 8 6 4 2 Vision and Opportunity The student demonstrates a clear vision of their career and/or educational goals after graduating from HCT, and discusses in detail their purpose, their values, and their mission. In addition to listing the 3 key questions that guide their choices. The student thoroughly describes the market and opportunity that align with their goals taking into consideration their opportunities to make a difference. Student includes a long-term vision statement highlighting “external” opportunities that exist. The student demonstrates a clear vision of their career and/or educational goals after graduating from HCT, but does not discuss in detail their purpose, their values, and their mission. The 3 key questions that guide their choices are presented, but the student fails to expand. The student describes the market and opportunity that align with their goals, but fails to expand or identify critical factors. Some form of a vision statement and external opportunity is mentioned. The student does not demonstrate a clear vision of their career and/or educational goals after graduating from HCT, and does not discuss in detail their purpose, their values, and their mission. The 3 key questions that guide their choices are not presented. The student is unable to describe the market and opportunity that align with their goals. Student didn’t mention vision statement or “external” opportunities. 20 18 16 14 12 10 8 6 4 2 Marketing and Implementation Strategy The student has created their market positioning statement, directed at a hypothetical employer, industry, organization, or the world at large. The student clearly describes the compelling value that they will offer to their potential employers and society. The student defines how they will differentiate from other UAE students or from the broader populace. The student created their market positioning statement, directed at a hypothetical employer, industry, organization, or the world at large. The student does not clearly describe the value that they will offer to their potential employers and society, and does not define how they will differentiate from other students’ competition. The student did not mention their market positioning statement, and does not describe the value that they will offer to their potential employers and society. The student does not define how they will differentiate from other UAE students or from the broader populace. 20 18 16 14 12 10 8 6 4 2 Risk and Mitigation The student clearly identifies the key milestones and checkpoints in their plan. In addition to describing how they will measure, or determine if they have successfully attained these milestones, and explain how they define success. External factors that might affect attaining success are clearly mentioned. The student has developed contingency and risk mitigation strategies. The student partially identifies the milestones and checkpoints in their plan. The student does not describe how they will measure, or determine if they have successfully attained these milestones, and explain how they define success. External factors that might affect attaining success are briefly mentioned. The student has broad and general contingency and risk mitigation strategies. The student does not identify the milestones and checkpoints in their plan. The student does not describe how they will measure, or determine if they have successfully attained these milestones, and does not explain how they define success. External factors that might affect attaining success are overlooked. The student has no contingency and risk mitigation strategies. 20 18 16 14 12 10 8 6 4 2 Failure Student shared a valid failure experience from their past and shared what they learned in terms of maximizing their future potential. Student shared valid failure experience, but did not provide specific reference to learning from their failure. Limited reasons were provided at maximizing their potential for the future. No failure experience identified. Inappropriate or inadequate responses. 10 9 8 7 6 5 4 3 2 1 Presentation Skills Student is not reading, has clear eye contact, and is clearly prepared. When asked, student is able to explain any part of the whole presentation. Presentation is between 4 to 5 minutes. Student made eye contact every now and then, but needs more preparation. Presentation is more than 5 minutes. Student was not prepared and lacked self-confidence. Presentation is less than 4 minutes. 10 9 8 7 6 5 4 3 2 1 Total Grade /100 Personal Business Plan Report Vision and Opportunity My Goals After I leave university, my long-term career goals are to engage in entrepreneurship and being able to create jobs for most people. It is because I believe that my entrepreneurship skills are important due to the ability to understand how to innovate and manage my ideas well. The management of the entrepreneurship ventures needs proper education and understanding of the various courses. For example, it is difficult to become a successful entrepreneur without the financial knowledge and managerial skills. Having taken the entrepreneurship course, I was able to get knowledge and information about the key elements in promoting effective management of the business. In spite of all, I am keen on advancing on my education in the next three years. I will register for a Master’s degree program and a Ph.D. program. The educational advancement initiatives will give me the academic experience critical in promoting entrepreneurship and business management and leadership. The advancement of the education will help in gaining academic knowledge to work in part-time university lecturer role and responsibilities. As a Ph.D. holder, I will be able to work in the university to teach the undergraduate students as a part-time role. Therefore, after completing my university education, I will engage in an entrepreneurial career as well as advanced my education level. My Purpose, Values, and Mission In determining my purpose, values, and mission in life, the three key questions that affect my life and work includes how I can have an impact on the society? What entails my passions? And how do I want to be remembered? Based on the questions, my mission in life is creating opportunities for other people within the society for them to flourish. My focus to come up with a success entrepreneurial venture will be critical in opening numerous opportunities for job creation. Having the knowledge about entrepreneurship, it was simple and motivating to take part in the venture to employ many people in the society. My purpose was to follow my passion in venturing in business. From my childhood, I have always wanted to do business activities. The passion for engaging in business was borrowed from my parents who were successful entrepreneurs and were able to create numerous jobs in the society. It is critical to growing my objectives and purpose in business. My values will be to promote respect, integrity, and honesty in their actions. In the business world, most entrepreneurs and stakeholders do not have proper values including integrity and respect. I will want to be remembered as a respectable and integrity person in the future. The values are critical in improving my business actions and responsibility to promote my personal growth. Market and Opportunities In the economy, there are numerous grants and financial products and services that help in providing funding for the business venture. I will rely on the financial services available in the economy to promote the development and growth of my business. The access to financial products and services strongly aligns with my goals to become a successful entrepreneur. Also, the population in the nation is growing with a large number of young populations that is likely to create a huge market for my product and services offerings. Setting my goals depended on the numerous entrepreneurial opportunities as well as the development of the education sector in the economy. From the expanding university education, I will be able to work as a part-time lecturer as well as expanding my business ideas and success. As a result, the market and opportunities for expanding my entrepreneurial venture was adequate and thus, I hope to succeed. Marketing and Implementation Strategy Market Positioning Statement For the current world society, I have the resilience and intellectual capacity needed to perform and be productive in the different sectors of the world. The entrepreneurship knowledge obtained presents a capacity to promote the overall branding of my goals in the entrepreneurship field. Value to the Society Depending on my personal and academic achievements, I know I will offer some compelling values to the society. I will also help the business to grow using my entrepreneurship skills. I will give them the areas of focus and the efforts needed to improve the growth of the organization. For example, I will encourage the business within the society on the importance of using innovation and technology to spur growth in the long run. It is because I will come with an external perspective to react to the various issues affecting the society. An external view on the issues facing the business is critical in presenting potential solutions for the success of the businesses. My advanced knowledge will also give out the potential strategic options for the businesses. The strategic alternatives will be obtained from the assessment of the gaps in the market. With the information, I will develop a comprehensive strategy to expand on the areas of weaknesses. The strategy will also help to assess the performance of the existing business to ensure on the right track for success. Thus, I will bring a knowledge of creating relevant strategies that support the long-term growth of the business creating additional opportunities for the citizens. I also understand my responsibilities, and I am always keen to prioritize my responsibilities to achieve success in the long term period. I also believe in a proactive approach to dealing with issues within the society. My proactive model will help to react to major flaws and challenges affecting the business. Through my knowledge, I will seek to develop a proactive long-term focus aimed at eradicating all potential barriers and dealing with future challenges in the society. I believe I have the potential to promote growth and expansions of business, which will turn grow the society. Most importantly, I will help the society by giving strong perceptions on continuous improvement in the organizations. I will value by showing the businesses how to develop a comprehensive strategy that would promote change and development within the organizations. It meets providing intellectual information and capacity for the businesses to consistent develop and growth new ideas. My ability to add compelling value aligns with my goals to promote business sustainability and the creation of opportunities for many citizens in the country. With the growth of the businesses, it will be possible to create additional job opportunities for people in the society. I believe I have an instrumental role and play a crucial role in achieving my societal goals. Differences with other UAE students and Other Populace I differentiate from other UAE students due to my strong ability to stimulate my vision and inspire other people in the society. As an entrepreneurship student, I can develop a clear vision and inspire other people to a long term success. Unlike most UAE students, I also possess a high level of energy and motivation required to achieve high results within the society. Most UAE students lack the belief and vision to develop ideas into visionary business ventures. However, I have gained the ability to develop a vision and inspire people around me into working on the projections. Lastly, most of the UAE students lack the innovative and academic knowledge to become a success in the competitive international markets. I believe I have the international knowledge to compete well in a global setting in the world. Compared with other wider populace, I will usually make decisions based on my values rather than the beliefs. I usually believe in my values, and thus, I can be able to come up with a proper response to the various problems in my life. In contrast, most people rely on their beliefs and the external influences to make their decisions. I believe decision making should be based on personal conviction and believe in certain things in life. My values go beyond my experiences and contexts in life. Thus, all tough and strategic decisions I make will be based on my values rather than my beliefs and experiences. In addition, I believe in value based leadership, unlike other populace that is keen on developing bureaucratic leadership within the organization. My approach in valued based leadership focuses on principled leadership that relies on the core values and promoting integrity in the society. Finally, I believe in my resilience when faced with significant challenges within the business environment and the society as a whole. Through my life, I have faced numerous challenges that required my mental strength to overcome. Most people, when faced with challenges, are not able to overcome and show tolerance to push for success. Therefore, I have the necessary mental strength and capability to confront all challenges within the society. Risks and Mitigation Key Milestones and Checkpoints My key milestones and checkpoints will include both short term and long term goals. The short term goals will include growing my personal brand in the next three months and expanding community outreach of the entrepreneurship in the UAE society in the next eight months. Growing my personal brand will help the recognition of my efforts and entrepreneurship to a large population in the society. The short term milestones are important in ensuring that am on track to grow my long term objectives and milestones within the society. In the long term period, I will seek to grow my entrepreneurship venture in technology to employee more than 500 people in the society. The milestone will be important in shaping my short term efforts and activities towards achieving the long-term objective which is critical in my life and the society as well. Apart from growing my entrepreneurship venture, I seek to complete my Masters and Ph.D. educational programs in the next six years. It would be through my proactive long-term focus aimed at eradicating all potential barriers and dealing with future challenges in the society. Both the short term and long term milestones are important in my personal business plan as it shapes my activities. Measurement of My Success To determine if I have successfully attained my milestones will rely on the various measurements including self-evaluation, benchmarking, and feedback from other people. I usually define success as the ability to make progress and impact on the lives of other people in the society. Through self-evaluation, I will be able to observe how I have performed based on the set goals and milestones in my plan. I will rate myself with the ability to achieve my goals within the set timelines. For example, the ability to develop a community outreach program within the next eight months will be critical. Also, my efforts to set up a success entrepreneurial venture will be critical in opening numerous opportunities for job creation. The rating of my progression into the plans will assist in measuring my progress. If I have developed the community outreach program within the eight months, I will know that I have achieved my key milestones. Benchmarking is also a critical aspect of determining my ability to attain my goals. If I compare myself with other people, more successful entrepreneurs in the UAE, I will be able to know whether I have attained my goals. The benchmark of close rivals will be necessary for understanding my ability to attain my goals. It is critical to understand how businesses and individuals are performing in the society. Finally, I will rely on the feedback from other people to evaluate my performance. For example, I could develop a survey with my milestones and ask the respondents to rate my performance. Such measure will help me to understand my ability to perform on the set goals which is critical. Thus, the three aspects of benchmarking, self-evaluation, and feedback of other people will be useful in measuring my ability to attain my milestones. External Factors that Might Affect Me Attaining Success Some of the external factors that affected my attaining of success included the access to strong institutions, demographic and cultural changes, changes in federal laws and limiting beliefs. The government had made efforts to invest in the development of strong institutions. Most institutions in the region were well equipped to promote service delivery and productivity in the economy. The investments of the government on the economy motivated my efforts to grow my venture without any major challenges. The positive changes in the demographic and culture were also useful. I observed a more diverse culture and demographic critical in the development of a productive population for the businesses. Most people in UAE lacks the strong belief on the usefulness of innovation and technology to improve success in the society. Thus, I faced challenges in making people to adopt technology in the society. The reluctance to accept technology is one of the major challenges in the society that limited my success. However, the people are changing their attitude towards technology and are the recognition the benefits of technology in the society. In spite of all, I enjoyed the positive changes in the federal laws and regulations in the society. The government had developed positive laws and regulations aimed at encouraging entrepreneurial success in the society. For example, some laws provided incentives for technology startup with the ability on the lives of the people. Thus, I benefited from the positive change in the regulations and laws in the society. Contingency and Risk Mitigation Strategies In my personal plan, I will various risks that might my ability to achieve my goals and success. The contingency and risk mitigation strategies to prevent such uncertainties will include assessing the results and making the potential changes, auditing my plan regularly, and informing other people about responsibilities about my plan. The three strategies are important in my attaining of personal goals includes the assessment of the outcome and making corrections. The making of corrections will help in reducing the risks of poor performance and low success. The audit of the plan regularly is also extremely crucial in understanding the specific issues those impacts on the productivity of the certain areas. The audit is necessary for reducing the contingency concerns in the plan. Finally, the coordination with other people and informing them about their responsibilities and roles is useful. It will help in promoting coordinated efforts to achieve my personal milestones and goals. Ethics In my entrepreneurship, I plan to practice ethical principles and actions in my daily operations. For example, I will not engage in corrupt actions even if they will bring returns on my business venture. I will depend on the values that include integrity, honesty, and respect for all people. As a corporate citizen, I believe that the have the responsibility to improve the integrity and ethical practices within the society. Thus, I will be focused and motivated to act within the ethical guidelines. In my daily actions, I will follow the guiding ethical principles and code of conduct for business professionals within the society. For years, there is proper code of conduct, but corporations ignore the ethical conduct looking for profitability for their businesses which are unethical. I also want to develop a brand that reflects ethical practice and conduct within the society. It is because I want the people and the stakeholders to recognize my brand, as an ethical venture which is focused on business sustainability without moral concerns in the operations. Most importantly, I am seeking to remain objective and open to the ideas of the various people irrespective of their ethnic and religious background. The approach will help in engaging the different people to enhance the success of my goals in the long term. Ethical conduct requires persons to respect the ideas of the various people in the society. Finally, I will not take part in actions that could lead to the malicious harm of other people. The discipline will help me in acting with self-control to avoid the violations of the key ethical guidelines within the organization. Thus, I am devoted to ethical conduct and actions within my efforts to achieve my personal goals. Three People to Mentor Me If you could assemble three people to advise and mentor me, they would include my mother, President Barrack Obama, and Mother Teresa. Firstly, I would choose my mother because of her reliance and motivation to raise me through a difficult life. My mother faced opposition while taking me through school. However, she never gave up in motivating to pursue my dreams in my life. Also, I believe she wants the best in my life. Seeking her advice about general life aspects will be critical. She would give me the positive energy needed to pursue my milestones in the society. Her ability to push me in achieving my academic success was overwhelming, and thus, I would continuously look for her wise advice. Secondly, I believe President Barrack Obama is one of the most revolutionary and inspiring leaders in the world in the modern era. The U.S president has been on the forefront of encouraging countries to embrace globalization and recognize the importance of technology in promoting economic growth and expansion. I would seek his advice due to his ability to lead the United States to the worst economic depression in the U.S history. He was wise in coming up with proper regulation to ensure the stability of the financial sector in the country. Most importantly, he has run his forging policy through a diplomatic approach that seeks to encourage different nations. Thus, I would enjoy his mentorship in growing my career and leading people in my venture. Lastly, I would love to have the advice of Mother Teresa. Throughout her history, Mother Teresa was keen to bring about lasting impact on the lives of people in India and across the world. I want to have a significant impact on the lives of the people within the society. Thus, her advice would enable me to achieve success in my goals. Mother Teresa has been recognized for her works in helping the vulnerable people in the society. Her humanitarian spirit surprises many, as she had a strong commitment towards changing the lives of the people. Therefore, the mentorship of the three people will be important in inspiring my goals in life. Summary of my PBP: Visionary, innovative, corporate citizen, and entrepreneur ~~~For this or similar assignment papers~~~