FACETS Framework and Entrepreneurial Skills Audit - Assignment Example

 FACETS Framework And Entrepreneurial Skills Audit Entrepreneurial capability is the ability to identify opportunities and turn them into profitable business ideas. Different people have different capabilities and it depends with how one is able to identify and develop these capabilities so as to be termed as an entrepreneur. When evaluating entrepreneurial indicators in a person, FACETS framework can be used so as to know where the individual really lies. This is a framework that is used to identify one’s focus, his ability to take advantage of new opportunities in the market, creativity, ego; both inner and outer, team work relation, social capabilities and enabler. This framework was used to analyze my personal abilities and the results indicated that I had entrepreneurial skills when it came to focus, advantage, team, outer ego, and enabler. I had enterprising capabilities on creativity and social relations with other people. SWOT analysis is used to analyze the strengths, weaknesses, opportunities and threats that are there in the economy and that may help a person from achieving his/her goals. Strengths are those areas where on has an advantage over others such that he can better than them in given fields. One may be a better team leader and with good innovation skills that can help them come up with ideas and thereby mobilize the people to work towards the achievement of those goals but have the weakness in leadership. This kind of a person should find ways of maximizing on the strengths to overcome this weakness. From the framework, I found out that I could I have many strengths that I can use in the achievement of my entrepreneurial capabilities. Opportunities are those chances that come up in the economy and always work in the positive direction of the organization. Threats are the bad things that are present in the economy and work to pull back the enterprise and prevent it from reaching its full potential, for example, competition and substitute products in the market or price differentiation by other entities. The opportunities should be taken once they come up so that in case of threats, the opportunities will cover up for them. From the assessment, I realized that I had the ability to focus ahead and I could identify with ease entrepreneurial activities that came up in the economy and thus I could do well if only I found something to awaken my outer ego. From the FACETS framework, the entrepreneur score are also taken and my capabilities were evaluated which indicated that I had entrepreneurial capabilities when it came to team entrepreneur and entrepreneur enabler while I had real potential in basic entrepreneur and social entrepreneur. According to the framework, the basic entrepreneur is got from the focus, advantage, creativity and ego skills which are the basic factors a person should possess to be termed as an entrepreneur or not. When an individual is not able to portray these characters, then there are no entrepreneurial characteristics that are associated with the person. Team entrepreneurial scores shows that I am in line with both my basic and team score factors. This means that I should be able to maximize on my strengths in creating and maintaining effective teams that will work towards the success of my enterprise. This, according to my own audit means that I can be able cover for my weaknesses by use of this strength and find ways through which I can be able to stand on my own despite the weaknesses. Social and basic entrepreneur scores which means that one can work with so much ease in a profit oriented business and at the same time maintaining close social relationships with the workers and the community at large. For a business to be successful, one should consider the people who are close to the business besides focusing on the profits. This can be split into beliefs and values and the purpose that one holds for the business. My strength on the beliefs will stand to benefit the business especially if I believe in the professionalism and business ethics, which I do, as well as equality on all employees irrespective of what they believe in. According to the FACETS framework, basic and enabler entrepreneur ability helps one to choose others to be entrepreneurial or do it on his own. According to the SWOT analysis, this is a great opportunity that I have to improve myself and it is strength in its own. While am not exceptionally creative, I can deliver good results if I concentrate in what I am doing. This is evident from my creativity, advantage and focus analysis which shows that my degree of focus was higher as compared to that of advantage and creativity. When I am focused, it means that I can take advantage of the opportunities that come my way and maximize on them thereby considering my strengths and getting the best from them at the expense of my weaknesses and the threats that could be there in the market. Ego is what reflects a person’s temperament which determines the will to exploit the talents and capabilities that are within him. Ego also determines one’s willingness to help and nurture that which he considers right and important in the attainment of the general objectives that one has in life. According to FACETS framework, my inner ego overrides my outer ego which translates to mean that I am self motivated and I am keener to achieve my ambitions and desires. It also means that I can make a big difference in life if I could focus on my strengths and find a way of suppressing the weaknesses that could be holding me back. It is also important that I find a way of developing my outer ego, for example, by starting an enterprise and running it so as to make a difference and turn my dreams to be true. When talent and temperament are at a balance, it means that one is at a position to nurture his natural strengths which translates to mean that their ego could bring power and passion to them, advantage and focus talents. With good advantage and focus talents, better appeal can be made to other stakeholders who are connected to the business in one way or another, for example, customers and investors. Despite there being many good traits in an individual that make him a good entrepreneur, there are some traits that can make his capabilities to water down if not taken seriously because they are naturally present in everybody. According to the SWOT analysis and FACETS framework, these diluters have a huge implication especially on my commitment and my general view of entrepreneurship. The diluters include creativity which is generally concerned with being passive about change, advantage, meaning that one is afraid to do things alone and he is always asking other people to help him chase opportunities that he can achieve alone, lack of focus about what one want, inner ego being bruised and thus starting to enjoy a comfort zone, accepting others to lead as you follow due to undeveloped outer ego and working alone due to lack of team work and the zeal to help others. Lack of sharing with other people about what you know can make a person to always believe that he knows the right thing but in real sense he believes in the wrong thing. After self assessing my skills and definition characters I realized that I was satisfactory in most of the areas and I had some level of confidence that I could do well given a chance to work in an enterprise with excellent self motivation ability, office skills and communication. With these skills, I am confident that I can make a good entrepreneur if only I take time to realize the opportunities that come up and take them fast, the threats that are there and working towards shielding myself against them to reduce negative impact against me, maximize on my strengths and find a way of working around to weaknesses to make them work to my advantage as an entrepreneur. This way, I will be able to make a difference in the work that I do and I can work towards changing the lives of others around me as from the framework, I have a great ability as an entrepreneur. Read More