Enhancing Employability - Assignment Example

Enhancing Employability Introduction This paper is divided into two sections: in the first section, I intend to select an area of business opportunity that I wish to pursue when I finish my course work at the college. After selecting an appropriate sector of business I am interested in, I am going to carry out a research study on the business skills and requirements needed in order to invest into this sector of business. Here, I will describe whether the business requires investment capital or not, and demonstrate my understanding of the requirements and processes required for this business, while reflecting on my personal skills I need in order to pursue a career in this business field. Some of the areas I will cover while researching on the business sector includes future opportunities within this field, entry opportunities into this field, expectations of clients or investors, and key knowledge, experience and skills expected of graduates planning to join the field. In the second section of the paper, I have chosen to pursue a career in small business management and administration, which falls under my course work that is Business Management and Administration. In this section, I will describe my current skills, knowledge and experiences, gained both through academic works and personal experiences, which make me believe that I can successfully operate this business. At the end of the paper, I will provide appendices of my Curriculum Vitae, Cover letter and Career Action Plan, which supports my capabilities and skills as a potential investor in this business field. Business Research Terms of Reference For the past two years as a senior student in college, I have been at a cross road thinking of an area of business I intend to get employed or invest in. After doing a research on all the business areas of my interest, I have decided that, when I finish my course work, I would like to pursue self-employment opportunities in small business management and administration. This business sector falls under my area of study which is Business Management and Administration (Longenecker & Ed, 2005 p132). I decided to choose on Business Management Opportunities because they are available everywhere in the economy. Unlike other industrial sectors that require immense capital to invest in, this sector of business comprises of small businesses, which require less amount of minimum capital in order to invest in. This means that even college student after getting through with their course work are capable of acquiring capital and investing in small businesses. Throughout my entire life, I have always wished to invest in self-employment, since it will allow me to work under my own conditions and rules. I have also wished to create a less formal working condition for fresh graduates. Additionally, I want to invest in a business sector that provides more than better services to the community. In this paper will, therefore, detail my qualifications, analyze my job skills/opportunities verses my skills, and justify my career choice. Methodology In the Business and Administration class students are always divided into small groups comprising of seven students each. Apart from discussions and assignment works, the groups are also charged with the task of coming up with available business opportunities they are interested in, at the end of the course. From the discussion groups, students are expected to list all the available business opportunities that are available in the current local and global markets, and discuss the requirements required for each job opportunity. From here, each student is also expected to select one of the business opportunities they have described in their group, and justify why he or she is interested in that area of business opportunity. From the business opportunities described in my group, I decided to choose on the self-employment opportunities available in the small business management and administration. In order to understand the requirements needed to invest in this business, I consulted with my instructor to help me justify my whether my career choice was legitimate, or not. I also contacted contracting businesses, self-employed, current graduates, and investigated business opportunities. Additionally, I went through secondary sources such as Small and Medium Enterprises’ journals, websites, company literature, reports and employment statistics (Sekaran & Bougie, 2009 p276). Main Findings General Trends in this Sector It is necessary to not that there are a number on untapped business opportunities almost in every industry all over the world. Fresh graduates and employment seekers are, therefore, advised to dig deeper so as to establish the type of business opportunities they can invest, or get employed in. Employment statistic show that almost three quarters of fresh graduates misses employment opportunities every year (DIANE Publishing Company, 1996 p8). This is because employment opportunities are currently scarce almost in every industrial sector. This is the reason why teachers and the government are currently encouraging students to evaluate themselves and take courses that will enhance the creation of job opportunities in the future. For example, the United States governments have established initiatives where youths and fresh graduates are given funds to set their personal business activities (Knight P, Yorke, 2004 p165). In the current local and global business markets, several small business activities, which are mostly run by young entrepreneurs, are common phenomena. From these small businesses, youths are capable of earning incomes, thus making them self-independent. It also gives them an opportunity to exercise their knowledge, skills and experiences gained from academic works and personal experiences. The government is also encouraging this initiative because it helps in counteracting the problem of employment opportunities crisis. In addition, it also benefits from the revenue earned from taxes collected from these businesses (Parke, 2004 p121). The rate at which fresh graduates are investing in personally owned small businesses is expected to rise significantly in the future. This is due to the increased number of fresh graduates coming from colleges, and increasing rate of unemployment (Harvey & Locke, 200 p15). The State government’s intentions to implement a policy which favors, and supports youths to set up their own businesses is also expect to encourage more youths to invest in small businesses. The banks and other financial institutions are also planning to support fresh graduates in establishing their own business, by offering them loans at affordable interest rates (Berkley, 2008 p392). Opportunities for recent Graduates There are a number of small business opportunities in almost all industrial sectors that have not been fully exploited. The reason being most fresh graduates, after college, prefer getting employed in leading international organization at the expense of setting up their own business activities (Pakroo, 2010 p93). In every industrial sector, there are several untapped small business opportunities, which require less capital to venture in, and the skills required are not too complicated to stop fresh graduates from running them. The following examples are some of the fast growing business opportunities that are available for fresh graduates: Transport sector Haulage and logistics is one of the sectors in the transport industry that proves to be viable. Although it is considered as a risky business, a strong strategic management team, consisting of young entrepreneurs, can break through it. Good management skill is the most significant factor required for operating the business of haulage and logistics (Canadian Council for Small Business & Entrepreneurship, 2008 p62). Outsourced bus service is also the other business opportunity that is currently growing fast in most states, in the transport industry. This type of business does not involve the regular road transport bus service, but it involves the provision of transport services to corporate and firm entities (Kumar, 2008 p158). Not all corporate organizations have enough buses, or means of a transport system for its staff and executive. Young entrepreneurs can, therefore, organize to provide buses or cars, including drivers to these organizations when needed. They are then paid on monthly bases for the use of their transport services. The other organizations they can target include colleges and schools. Most schools are unable to provide transport facilities for their students they would, therefore, rely on external logistics firms for transport services. Information and Communication Technology In today’s world, Information and Technology provide the means through which people and organization operate. People connect and interact through internet connections, both locally and internationally (Kumar, 2008 p146). Due to high demand of internet services, ICT provides lots of opportunities for interested investors. Cyber café thus provides an alternative for internet users. This investment is mainly an investment opportunity for young entrepreneurs. This business requires a small amount of capital to venture into; therefore, it can be started either on small or medium scale. Quick expansion in this business is recommendable because it is highly competitive, and customers do not like waiting for a longer time in order to be served. They prefer getting vacant computers every time they visit the cyber café. The location of the business also matters, and the best places include around learning institutions, and research institutions (Khosrowpour, 2000 p615). Investors in this sector should be able to provide speedy internet and other complementary services such as printing and scanning. Other available opportunities include education sector: seminars, schools, tutorial centers and training sector; green energy and technology: waste recycling and alternative power (Kumar, 2008 p146). Skills, Knowledge and Experience Required Small business management and administration involves organizing, planning, directing, and analyzing business functions that are required for efficient and productive business operation (English, 2006 p11). It, therefore, requires skills and knowledge in business management and administration. In addition, skills and experiences such as smart managerial skills, strong leadership qualities, strong sense and original minds of the possible are also added advantages for the efficient running of small businesses in this business sector (Gargiulo & Ed, 2006 p247). Gaining Self-employment opportunities in Small Business Management and Administration The untapped opportunities in small business management and administration seem extremely difficult to identify. However, with appropriate knowledge in business management and administration skills, it is possible to carry out research, both from primary and secondary sources, in order to identify business opportunities that are viable in the market (Storey, 1994 p160). Before engaging in any small or medium business activity, it is essential to consider the type of risks that are involved in that business, how you will respond to these risks, understanding customers views and preferences, ability to network and future status of that business activity (Storey, 1994 p161). Personal Analysis My personality test in tenth grade revealed that I am an ENFP (Extroverted, Intuitive, Feeling, and Perceiving) personality type (Mitchellette, 2008 p64). ENFP personality individuals are full of new ideas and enthusiasm. Confident, spontaneous, optimistic and creative ENFP’s have a strong sense and original minds of the possible I certainly agree with this result because I have a strong sense and enthusiasm of the possible. With my strong personality, I believe my skills will enable me prosper in my career choice by giving me aspects on different subjects, and different opinions on other peoples’ situations (Mitchellette, 2008 p64). Gap Analysis The Fear of life after college is the main threat towards my future career plans. In addition, due to lack of experience in running a small business enterprise, I believe the literature knowledge and skills in risk management may not work efficiently when applied in handling risks. In addition, I believe I will be worried rather than excited when uncertainties arise from this business. I am not sure how I will efficiently handle competition, economic fluctuations and market dynamics. I, therefore, need to consult with self-employed entrepreneurs in this field, so as to get valid information on how they respond to market changes and risks. Moreover, I still need to do further research on risk management skills, and adjustments to changing market so as to prepare myself for the risks and uncertainties from the business. Conclusion Selecting a career of interest is an immensely challenging task that requires thorough research and consultation with professionals. Fresh graduates after university prefer getting employed in fully established firms at the expense of setting up their own business activities. There are several small and medium business opportunities that are available in almost all industrial sectors. As a Business Management and Administration Student, am planning to pursue a career as a self-employed entrepreneur in the small business management and administration sector. This is after I did a thorough research on the business viability and requirements. I realized my skills such as strong management skills, strong leadership qualities, strong sense and original minds of the possible, are some of the key requirements needed to operate this business. Having completed this assignment, I have learnt that there are a number of untapped small business opportunities that are available in all industrial sectors for the fresh graduates to explore. All they need is to equip themselves with the relevant knowledge, skills and experience, and a small amount of capital to invest in these small businesses. A well drafted career action plan is necessary since it provides guidelines on what is supposed to be done. It is, therefore, necessary to follow and fulfill every action outlined in the career action plan. References Berkley J. D. Leadership Handbook of Management and Administration. North Dartmouth: Baker Books, 2008. Canadian Council for Small Business & Entrepreneurship. "Small Business and Entrepreneurship." Journal of Small Business and Entrepreneurship, 2008: 62. DIANE Publishing Company. Small Business: Information on SBA's Small Business Investment Company Programs. Darby: DIANE Publishing Company, 1996. English J. W. How to organise and operate a small business in Australia. NSW: Allen & Unwin, 2006. Gargiulo T. L. & Ed. Building Business Acumen for Trainers: Skills to Empower the Learning Function. New York: John Wiley & Sons, 2006. Harvey L, Locke W. Enhancing employability, recognising diversity: missing links between higher education and the world of work : main report. London: Universities UK, 2002. Khosrowpour M. Challenges of information technology management in the 21st century: 2000 Information Resources Management Association International Conference, Anchorage, Alaska, USA, May 21-24, 2000. California: Idea Group Inc (IGI), 2000. Knight P, Yorke M. Learning, curriculum and employability in higher education. New York: Routledge, 2004. Kumar S. A. Small Business and Entrepreneurship. London: I. K. International Pvt Ltd, 2008. Longenecker J. G. & Ed. Small business management: an entrepreneurial emphasis. New York: Cengage Learning, 2005. Mitchellette R. J. Entrepreneurial Decision Making. London: Xlibris Corporation, 2008. Pakroo P. The Small Business Start-Up Kit: A Step-By-Step Legal Guide. California: Nolo, 2010. Parker C. S. The economics of self-employment and entrepreneurship. Cambridge: Cambridge University Press, 2004. Sekaran U, Bougie R,. Research Methods for Business: A Skill Building Approach. New York: John Wiley and Sons, 2009. Storey D. J. Understanding the small business sector. New York: Cengage Learning EMEA, 1994. Read More