Self-Employment Business Plan of Computer Retail Business in the Field of IT - Coursework Example

Enhancing Employability Table of Contents Introduction 3 Section Business Research 3 Methodology 5 Main Findings 6 General Trends in IT Sector 6 Opportunities for Recent Graduates 8 The Skill, Knowledge and Experience Required 9 Self-Employment Opportunity in IT 9 Section 2- Personal Analysis 10 Gap Analysis 11 Section 3- Conclusion 11 12 Section 4 – References 13 Bibliography 16 Section 5- Appendices 17 Career Action Plan 17 Cover Letter 18 Curriculum Vitae (CV) 20 Information on Current Business Opportunity 22 Introduction The report deals with development of a self-employment business plan of computer retail business in the field of Information Technology. The report will be conducted in two phases, one is research in business area and personal analysis being the other. The business research section will analyze the trends and the opportunities of retailing business in the USA. Both primary as well as secondary data has been used for this research. The personal analysis section of this report will analyze the gap in the required skills with that of the present skills and knowledge; therefore it would also focus on the developmental requirements in order to be successful. The personal analysis comprises of self-reflection for understanding own strengths, weaknesses, threats and areas of opportunities. Finally, this report will provide a career planning for the requirement of requisite skills and knowledge. Section 1- Business Research The Information Technology (IT) sector is one of the highest progressing sectors globally in terms of computer and internet utilization. The global transactions on IT had touched almost 2.4 trillion USD in the year 2008 compared to 2.2 trillion USD in 2007. The USA is considered as one of the biggest spenders on IT product internationally. In the year 2008, the IT sector in the USA had accounted for expenses of almost 810 billion USD. The following graph will describe the spending on IT internationally during 2002–2008: Source: (Investment Support and Promotion Agency, 2010). Terms of Reference The possible influence of IT in employment creation is both direct as well as indirect. Directly, IT sector can create new employment opportunities and indirectly, the implementation of IT by other industries help to enlarge the assortment of services and as a result inspire the evolution of IT sector. The indirect influence of IT is much bigger compared to direct influence. In the USA, it is expected that for each employment generated in the IT industry, at least ten further IT oriented employment can be developed in other industries where IT has been implemented. Though the use of IT eradicates certain specific labor intensive employments, it can generate far more employment opportunities. Several businesses such as computer training, research and development among others are directly related with IT industry (Jacobs, 2008). According to a study of National Research Council of the USA, it had been found that IT has an inspiring effect on the development of service industry. The fastest growing sectors of service industry such as education, financial services, health services and insurance sectors among others are expanded with the help of adaptation of IT. IT provides benefits towards generation of employment and enhances skill level. Several evidences specify that IT supports towards the development of labor and overall skill advancement in the workstation (Jacobs, 2008). Methodology The research for IT business will be conducted on the basis of secondary data and primary data. The main focus of this research will be to understand the condition of IT industry in the USA and to analyze the self-employment opportunity in this sector. In order to conduct the research, firstly, information regarding IT sector trends such as computer sales and revenues in the USA will be collected, number of employments generated by the IT sector will be analyzed and ultimately the data will be segmented for creating a fruitful finding of the research. These data will help to understand the condition of IT sector and its prospects for employment for graduates or self-employment. For collecting the primary data, current graduates and self-employed people will be approached separately in order to examine the business opportunities (Kothari, 2008). Main Findings General Trends in IT Sector The growth of self employment has increased considerably in the IT sector of USA. In the USA, computer technology is used more aggressively throughout the whole economy and industrial sectors (U.S. Department of State, n.d.). In 1984, only a proportion of households had computer. Since 2000, the rate of using computer has become quite significant throughout the nation. The access of computer among the children has also increased in recent years. In the year 1993, almost 32% of children had access to computer in house and 61% at school, but by 2003 about 76% of children had computer in their homes and the proportion of computer in school had increased to 83%. In the year 2003, almost 70 million people in the USA had one or more computers. This figure depicted 56% increase compared to 2001 (Day & et. al., 2005). In the year 2008, the total number of people using computers was almost 264.1 million which represents 21.19% of total computer penetration worldwide. The following table will describe the ranking of nations: Source: (Pearson Education, Inc, 2009). In term of sales, the USA had shown continuous growth since 1975 and is expected to increase in near future. In the year 2000, the total revenue generated from computer sales in the USA was almost 86.9 billion USD and it is expected that by 2020 it will be in between 95 billion USD to 100 billion USD. The following table will describe the trend of revenue from computer sales in the USA: Year Revenue (in billion USD) 1975 0.05 1980 1.5 1985 17.2 1990 24.5 1995 56.8 2000 86.9 2005 90.5 2010 84 2020 95-100 Source: (eTForecasts, n.d.). Opportunities for Recent Graduates Opportunities for graduates in IT sector are relatively high. The US Bureau of Labor Statistics depicted that the number of opportunities for computer programmers and engineers will increase from 1998 to 2008 in the IT sector. In the year 2008, the total employment in computer sector of USA amounted to almost 1,247,000. Organizations that operate in this industry also employ several additional employees for performing activities like research and development and manufacturing among others. Almost 34.5% of jobs in IT industry were related with professional occupations and sales related occupation accounted for only 3.5% (U.S. Bureau of Labor Statistics, 2011). By gathering the data from primary research, it had been observed that majority of graduates go for professional occupation (40%), and 25% of graduates are into executive jobs, 30% graduates go for production occupation and only 5% go for self-employment in IT sector. The data also suggests that in self-employment opportunity majority of graduates prefer retailing, café, and web designing businesses. The Skill, Knowledge and Experience Required For professional occupation in IT sector the least requirement is a bachelor degree in the field of computer science, computer programming or any other similar technical field. Some high profile jobs also require master degrees such as system analyst where graduates need better knowledge and experience in programming and related aspects. The management or self-employed occupation in IT field requires significant technical knowledge. As technology is changing constantly and is being upgraded with new versions and new devices, therefore it is obligatory for graduates to have a basic understanding and technical knowledge in utilization and operation of various technical devices. This can help to stay up-to-date with new modern technology in the field of IT (U.S. Department of Labor, 2004). Self-Employment Opportunity in IT The technical ability in the area of IT such as maintaining the corporate website along with proficiency in using applications such as HTML and Microsoft Office will be useful for employment in the IT sector. Besides, the language skills and interpersonal skills will also be helpful for communicating effectively with the clients and people in order to maintain positive relationships (Gower, 1998). Section 2- Personal Analysis My major attributes are being independent, willingness to accomplish tasks, attentive, responsive in any kind of situation, communicative, energetic and socially responsible. The specialized skills that I possess are technical skill in the field of IT. I am mostly recognized by people due to my technological ability. Not only I have good knowledge in computer and internet, I also possess enough experience in consolidating corporate website and developing the contents, using applications such as Photoshop, MS Office, Adobe Acrobat and HTML, and know-how about the different electronic devices as well as using them efficiently. The major motivator in my work life is challenging and self-governing assignments. I enjoy functioning with people and staying nearby them, but I am not very much team focused. Compared to team work, I prefer democratic cooperation rather than obscure jobs. My specialty in the field of profession is that I do not want to depend on other persons for accomplishing a job. The other strength that I possess is regarding taking risks. I am not afraid to conduct innovative approaches and making difficult decisions. I always search for new ideas and do not limit myself in regular circles. I have good learning ability. I possess two major characteristics in learning which are futuristic and reflector. Not only I learn new things but also try to apply them in real world (Extended DISC International, 1999). My major weakness involves attempts to complete tasks quickly and trying to get free from the burden of work, which at times results in faults and mistakes. At times, I get nervous to present my ideas in front of other people. The fear of speaking in front of public often harms my passion about work. I respond quickly to any situation, therefore at times overlook to inform about any changes or major decisions. It becomes too hard for me to adjust with new environment and new group of people. I take much time compared to my other colleagues to mix with people. The major threat I faced in my professional life was risk of losing my position in the workplace. Any person who is stronger in the field of interpersonal skill or technical skill generates threat for me to compete effectively. Work with high pressure also causes threat for me to meet up with the requirements appropriately in timely manner. The changes of demand in workplace at times create doubts against my self-confidence. Gap Analysis For developing a retail business of computer accessories and devices in the field of IT, the major gap identified is the communication with the clients. In terms of technical knowledge, I have adequate skills and experiences to conduct business in the IT sector. I can handle almost every computer accessory easily and effectively. The developmental areas identified in the research are: Client management skills Knowledge about using accounting application Hesitation to speak in front of public Managerial skills to accomplish task through people, and Marketing skill Section 3- Conclusion The assignment provides deep insight about required skills in conducting the retail business in IT sector and the gap of my skills. I had realized during the research that besides the technical skills the other skills such as managerial and interpersonal is significant for enhancing the employability. In order to succeed in self-employment, there is need to have great understanding on industrial trends and prospects. In order to develop myself in the deficiencies identified, I will develop a career action plan with appropriate manner which will help me to overcome the weaknesses and accomplish my goals. Section 4 – References Day, J. C. & et. al., 2005. Computer and Internet Use in the United States: 2003. Current Population Reports. [Online] Available at: http://www.census.gov/prod/2005pubs/p23-208.pdf [Accessed January 12, 2012]. eTForecasts, No Date. PC Market Segments. Worldwide PC Market. [Online] Available at: http://www.etforecasts.com/products/ES_pcww1203.htm [Accessed January 12, 2012]. Extended DISC International, 1999. Extended DISC Personal Analysis Report. Sample Sam. [Online] Available at: http://www.bestatselling.com/images/documents/sample_report.pdf [Accessed January 12, 2012]. Gower, D., 1998. The Booming Market for Programmers. Statistics Canada. [Online] Available at: http://www.statcan.gc.ca/studies-etudes/75-001/archive/e-pdf/3823-eng.pdf [Accessed January 12, 2012]. Investment Support and Promotion Agency, 2010. Turkish Information and Communication Technologies Industry. Republic of Turkey Prime Ministry. [Online] Available at: http://www.invest.gov.tr/en-US/infocenter/publications/Documents/ICT.INDUSTRY.pdf [Accessed January 12, 2012]. Jacobs, G., 2008. Projections for America’s IT Industry. Employment Potential in The IT Industry. [Online] Available at: http://www.motherservice.org/Essays/Employment%20Potential%20in%20IT%20Industry.htm [Accessed January 12, 2012]. Kothari, C. R., 2008. Research Methodology: Methods and Techniques. New Age International. Pearson Education, Inc, 2009. Top 15 Countries in PCs-in-Use. Computers, Internet, and Technology. [Online] Available at: http://www.infoplease.com/ipa/A0880489.html [Accessed January 12, 2012]. U.S. Department of State, No Date. Labor in America: The Workers Role. Chapter 9. [Online] Available at: http://usa.usembassy.de/etexts/oecon/chap9.htm [Accessed January 12, 2012]. U.S. Department of Labor, 2004. High Growth Industry Profile Information Technology. Employment and Training Administration. [Online] Available at: http://63.88.32.17/brg/Indprof/IT_profile.cfm [Accessed January 12, 2012]. U.S. Bureau of Labor Statistics, 2011. Computer and Electronic Product Manufacturing. Career Guide to Industries, 2010-11 Edition. [Online] Available at: http://www.bls.gov/oco/cg/cgs010.htm [Accessed January 12, 2012]. Bibliography Carlsson, B. & Paulsson, T., No Date. Information and Communication Technology (ICT) Sector Developments in European and United States Metro Areas. Jönköping International Business School. [Online] Available at: http://www.snee.org/filer/papers/322.pdf [Accessed January 12, 2012]. Guffey, M. E. & Almonte, R., 2009. Essentials of Business Communication. Cengage Learning. Levitt, J. G. & Harwood, L., 2009. Your Career: How to Make It Happen. Cengage Learning. The University of Nottingham, No date. Sample CVs. Centre career Development. [Online] Available at: http://www.nottingham.ac.uk/shared/shared_careers/pdf/app-Sample_CVs.pdf [Accessed January 12, 2012]. Section 5- Appendices Career Action Plan Career Issue Action Plan Time Required Client Management Skill Improve human relation skill Open yourself Provide support to people Increase relation with others through sharing ideas Constant Development Using Accounting Application Take online accounting courses Read accounting books and solve problems 4 months Hesitation to Speak in Front of Public Take a crash course in verbal communication 3 months Managerial skill Take management training Leadership development skill training 5 months Marketing Skill Enhance negotiation power Develop self confidence Take every business opportunity Enhance knowledge by studying various aspects of marketing 3.5 months Cover Letter Date: To, ----------------- -------------- Subject: Cover letter for application of retail computer business Dear Sir, As an assistant manager and IT analyst, I am seeking to develop a business of retail computer accessories and devices in USA as a part of my career planning. With wide technical experience, knowledge in setting up meeting, organizing company website, capability in handing major computer applications, and good communication skills, I am very much confident about meeting my goals and becoming success in the business field. I have the opportunity to expand the business and I can apply my own personal skills for the development and management of any issue. I have provided my CV as an enclosure for your evaluation. My major strengths are: Technical skill Know-how about the different electronic devices as well as their functions Fluency in speaking major languages Risk taking attitude Good learning skill and Decision making capability Therefore, I consider that my qualification and knowledge can create value for the business and I would appreciate the opportunity to meet and to discuss the matter with you. Sincerely, Umar Farouk Mansoor. Enclosure: CV Curriculum Vitae (CV) UMAR FAROUK MANSOOR Home Address: 66 Parkhouse Court, Hatfield, Hertfordshire. AL10 9QZ Telephone: 07405717115 Email Address: umarwali02@yahoo.com Education September 2010 to Present University of Hertfordshire, Hatfield Degree BA Business Administration Module Include Management, Business Studies, Economics, Language September 2009 to June 2010 Global College, Abuja Degree International Degree Foundation Programme Module Include Business Management, Computer, IT September 2002 to June 2008 Capital Science Academy, Abuja Degree High School Diploma/GCSE Module Include Science, Mathematics, Psychology, History, Sociology Work Experience June 2009 to September 2010 Special Assistant/IT Analysts Team Spirit Limited Abuja, Nigeria Learning Point Managing meetings Managing events Organizing corporate website Familiarizing with full time operation Other Skills Technical Skills Microsoft Office, Adobe Acrobat Photoshop, HTML Language Skills Good Communication Skill Proficiency in English, Hausa, French Arabic and Fulani Activities Sports, Travelling, Music, Films, Story Books References Mr. ABC Designation Signature ------------------------------- Date: Information on Current Business Opportunity Increased use of computer in the USA since 2000 Amplified sales revenue of computer in the USA market Higher spending on IT instruments globally along with the USA Constant utilization of computer in other sectors Higher demand of IT products in industry, academics and home Less major players in IT retail business in the USA Fair competition in the IT industry Read More