Personal Business Plan The entrepreneurial process is at its core concerned with

Question

Personal Business Plan 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 starting 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 500-1000 words in bullet points or prose that summarizes as many of the areas below as possible, as well as the one "failure"

Explanation / Answer

The Personal Business Plan states the personal goals and objectives and stating step by step process of how the mission is to be achieved through prioritising, breaking down work into smaller components, and ensuring to do right work at right time while managing the personal relations with society and family.

I am looking to start my own consulting business. Being an International Business professional, I decide to start working for myself and start a small consulting firm initially with the help of some of my friends. I am confident on my knowledge on International Business issues and this is my strength which keeping me motivate to start my own business. My plan is to be specific in giving expert advice on International Business and Trade Framework, Export and import laws, Business marketing and promotional tools. The place where I live is an export hub and huge demand exists for professionals who give quality consultation on international Business strategies and therefore a lot of external opportunities exists for such business. Thus, my long term vision is to be expert in this area and provide quality advice at affordable cost for people and businesses looking to start an export business or struggling in their businesses.

Initially, my plan is to start the work from small office I am looking to establish at own home only because of lack of funds and then with time look for expansion. Friends are also encouraging me and helping me in the marketing of my business through social media, local newspaper advertisement, etc. I will go easily, in the initial two focus is on building my customer base, through effective consultation and I will try to give advice on both business and personal level to manage the business operations to establish good business and personal terms. Also, in the starting two years the cost of consulting is to be kept reasonable so that small businesses can afford and slowly after two years when good number of clients are in connection then proper segmented pricing will be done which will separate for different segment of clients. I am very confident on my area except one fear which I had from my past on trusting people easily. I had bad experiences of people who cheated me taking advantage of my trust at work place and exploit me on monetary terms. Thus, it is important for me to intelligently work and keep aside the personal connections at work place. At last, I will focus on my strengths and try to manage best my work both at business and personal level.

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