The reason why I decided to venture into business all by myself is certainly not because I am not capable to work effectively in a group, neither because I am too egoistic nor because I inflict a conflict within the previous group I had. As a matter of fact, I feel the same amount of pressure and responsibility now that I am engaged in business as a sole proprietor as compared back when I was still a part of the partnership of Soyworks.
The main reason why I decided to take risk and carry on business operation on my own is because I wanted to learn more about the business arena- which I believe can only be attained through having a deep personal focus. Being in a group lessens the degree of business risk especially if the partners that you are with are your friends and your comfort zones. A partner has limited power to decide for the group not unless such power has been rightfully given and/or all the partners agreed that a certain strategy is very much ready for implementation and execution. This complex structure of partnership hinders us students from having a full grasp of business realities- with the presence of constraints as to long lapse of time in decision making, and failure to observe authority and power.
Being a sole proprietor manufacturing utility and decorative candles, I was able to realize more things about running a business. Being tagged as the “captain of my own ship’, I am in charged of all aspects of business including production, financial and marketing aspects. All decision I make has a significant impact in the business as a whole because I am responsible to lead the business towards profit realization (short-run) and continuous growth (long-run).
In the course of managing the business for the first four consecutive months, I learned that the nature of my business which is manufacturing is not as easy as others may think it is. I am concerned with the production schemes which are a very vital aspect in any manufacturing firms. Constraints as to time of production, maximization of the use of available raw materials to achieve higher number of units at lesser cost, inadequate supplies, inventory systems and labor requirements are a few of the problems that are needed to be addressed consistently.
The first month was not easy. I had to face problems as to acquiring the raw materials, securing technology and equipment, settling manpower requirements, furnishing business plan and some legal documents in the business name registration, soliciting approval of the department to partake in the proposal, and of course ensuring the availability of funds for the start-up capital.
I can say that I learned a lot of things now that I am alone taking the overall control of the firm. I learned to manage my time more efficiently, to properly deal with people (both with my workers and my distribution networks/consumers), and to implement strategies that would make a significant positive results for the firm. I also learned the importance of being responsive not just to customer orders but also with regards to making solutions to unexpected problems that may arise. In addition, I learned the importance of having synergy within the firm and the significant effect of taking part in the business operation.
These learning give me a more subtle approach in taking risks in business. It gives me confidence by lessening the fear of failure and by giving me a clear and optimistic foresight of the possible pitfalls that might be a hindrance in the business operation. Knowing my responsibilities and imploring the right approach gives me a greater chance to take action towards success. And that is my burning passion, my motivation and heartfelt desire.
The main reason why I decided to take risk and carry on business operation on my own is because I wanted to learn more about the business arena- which I believe can only be attained through having a deep personal focus. Being in a group lessens the degree of business risk especially if the partners that you are with are your friends and your comfort zones. A partner has limited power to decide for the group not unless such power has been rightfully given and/or all the partners agreed that a certain strategy is very much ready for implementation and execution. This complex structure of partnership hinders us students from having a full grasp of business realities- with the presence of constraints as to long lapse of time in decision making, and failure to observe authority and power.
Being a sole proprietor manufacturing utility and decorative candles, I was able to realize more things about running a business. Being tagged as the “captain of my own ship’, I am in charged of all aspects of business including production, financial and marketing aspects. All decision I make has a significant impact in the business as a whole because I am responsible to lead the business towards profit realization (short-run) and continuous growth (long-run).
In the course of managing the business for the first four consecutive months, I learned that the nature of my business which is manufacturing is not as easy as others may think it is. I am concerned with the production schemes which are a very vital aspect in any manufacturing firms. Constraints as to time of production, maximization of the use of available raw materials to achieve higher number of units at lesser cost, inadequate supplies, inventory systems and labor requirements are a few of the problems that are needed to be addressed consistently.
The first month was not easy. I had to face problems as to acquiring the raw materials, securing technology and equipment, settling manpower requirements, furnishing business plan and some legal documents in the business name registration, soliciting approval of the department to partake in the proposal, and of course ensuring the availability of funds for the start-up capital.
I can say that I learned a lot of things now that I am alone taking the overall control of the firm. I learned to manage my time more efficiently, to properly deal with people (both with my workers and my distribution networks/consumers), and to implement strategies that would make a significant positive results for the firm. I also learned the importance of being responsive not just to customer orders but also with regards to making solutions to unexpected problems that may arise. In addition, I learned the importance of having synergy within the firm and the significant effect of taking part in the business operation.
These learning give me a more subtle approach in taking risks in business. It gives me confidence by lessening the fear of failure and by giving me a clear and optimistic foresight of the possible pitfalls that might be a hindrance in the business operation. Knowing my responsibilities and imploring the right approach gives me a greater chance to take action towards success. And that is my burning passion, my motivation and heartfelt desire.
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