IA03: Create a Personal Business Plan
Personal Business Plan
Mission Statement
To engage with the community, lead others, and continue to grow the industry of information technology.
Business Environment
What economic forces influence the supply and demand of opportunities in your industry?
Employment, inflation rate, interest rate, fiscal and monetary policies are all economic forces that influence the supply and demand. Production, marketing and distribution are affected by these forces.
To engage with the community, lead others, and continue to grow the industry of information technology.
Business Environment
What economic forces influence the supply and demand of opportunities in your industry?
Employment, inflation rate, interest rate, fiscal and monetary policies are all economic forces that influence the supply and demand. Production, marketing and distribution are affected by these forces.
I will be competing in the information technology industry as a computer and information research scientist since I am a data analytics major. The technology industry is rapidly growing, some report 15% to 35% growth. The wages are good, with a median $55 an hour, or $114,520 annually. There’s currently about 28,000 employees, and a projected 2,500 job openings. Top industries for computer and information research scientists include professional, scientific, and technical services.
Economic forces that could influence supply and demand of opportunities include employment, inflation rate, interest rate, fiscal and monetary policies, production, marketing and so on.
Entrepreneurship and Strategy
When it comes to promoting and selling Product Me, I think one of the biggest challenges will be the startup aspect. Marketing a new product requires time and money, and to be successful we have to convince consumers they need Product Me. Our main consumers will be other companies with needs for computer and information research technology. Also, it might be a challenge to retain our buyers, because they might need us for one project and then be done. However, we want to maintain a relationship with them and continue to provide our services.
A potential strategy I would consider, would be to reach out to businesses locally who I think could best use my product. One way to gain their attention, could be a trial run. This way I can show them what my startup company is capable of providing them. From there, we could begin a new project that would be the start of a relationship with that company. And then from there, we can use these local businesses as testimonials and references. I think targeting businesses with a need for information research technology, where we could obviously help advance their company would be another strategy.
Management
As a general manager, I do best planning long term goals but breaking them into time chunks, as well as task chunks. For example, if I see a project taking a year to complete, I am going to plan by month and also by assigning parts of the project to different workforces. I am an organized person, and I work well with other organized people, but I can also do well with last minute projects and challenges. My directing style is more of a one on one or small group style. I would rather talk to people individually and learn their style, than to talk to a room full of people. I’d like to say I’d manage people based on outcomes and results, but I am also huge on human interaction. If they work well, and I admire their effort even if they aren’t doing as well as their lazy neighbor, I am more likely to spend more time developing the hard worker. I motivate myself by making it a challenge to complete it efficiently, almost to see if I can do it. I generally am attracted to industries that have a lot of group projects to divide into sizable individual work. I like to set really crazy goals, knowing that I will never be satisfied by what I actually achieve, but I just enjoy the challenge. I work pretty well in small teams, because I like the creativity that a group of individuals brings. I am also decent at communicating what needs to be communicated, but I won’t go overboard with worrying bosses about problems I can handle on my own.
Marketing
If you can’t tell already, I am best at working with smaller groups, so my promotion style is similar. I’d rather market to a small group effectively and have them spread the word through reviews and talk, than to spend all my money on advertisements. Our target market of potential customers for Product Me would mostly be other companies who are looking for information technology, but I would still rely on word of mouth. My marketing mix would consist of my product which would be engineered uniquely for each customer as it is created for their information needs. This enables me to create exactly what my consumer needs. Since I want a more individual approach, I would also come to companies addresses to meet with them and discuss projects to seem mobile. Pricing would be flexible depending on the project, but most companies should want to invest in it no matter the cost, because it would be a long-term solution and tool. I think if its marketed as a technological advancement, it would be hard for companies to turn away a progressive tool. In terms of digital marketing skills, Company Me could use it to promote testimonials and previous projects. For the business to pop up in google searches, our marketing team will have to work to create a search optimized website with strong keywords.
Accounting and Finance
Assets:
· Cash = $10,000
· Inventory = $8,000
· Building = $100,000
Liabilities:
· Amount used for trial projects = $20,000
· Loans = $50,000
Owner’s Equity:
Earnings = $18,000
Total Assets = $118,000
Total L + OE = $88,000
To manage my investments at Company Me, I would pay a lot of attention to the information technology industry in general, watch stocks, continue growing relations with current and possible investors. Take advantage and learn from times when investment in the Company is high or low. I would create my financial plan based on building an income and profits, in order to repay debts and continue to grow profit post repayment. I would have to look at past income as well as predicting future amounts to plan whether to invest a portion into new projects, or to save up and gather information and investors for a more expensive and time-consuming project. All while maintaining monthly debts, rent, bills and so forth for Company Me.
Information Systems and Operations
Since Company Me specializes in information technology, it could easily implement its own strategies to optimize productivity. Company Me would collect data on both employees and consumers, from here we can use information from both to refine our processes such as what employees have the most success with which types of projects. If one employee does best producing technology for a consumer looking at inventory, then we would continue to give inventory/product related projects to this employee. We would also want to use it for making internal decisions especially in regard to planning, objectives and overseeing/coordinating company activity. I would want to use a transaction processing system to keep track of all activities either financial or nonfinancial with a large focus on customer data. I would also want an executive information system to keep track of objectives and performance targets, and also to see where weaknesses and potential profitability might be. For management of certain company sectors, I would use a management information system, to help visualize sales, decisions, timelines, and so on.
Drucker, P. F. (2005). Managing Oneself. Harvard Business Review, 83(1), 100-109.
Employment by major industry sector. (2017, October 24). Retrieved April 15, 2018, from https://www.bls.gov/emp/ep_table_201.htm
Granville, K. (n.d.). How to Manage Your Career. Retrieved April 15, 2018, from https://www.nytimes.com/guides/business/manage-your-career?smid=fb-nytimes&smtyp=pay&smvar=guides
National Center for O*NET Development. Computer and Information Research Scientists. 15-1111.00. Retrieved April 20, 2018, from https://www.onetonline.org/link/summary/15-1111.00
Economic forces that could influence supply and demand of opportunities include employment, inflation rate, interest rate, fiscal and monetary policies, production, marketing and so on.
Entrepreneurship and Strategy
When it comes to promoting and selling Product Me, I think one of the biggest challenges will be the startup aspect. Marketing a new product requires time and money, and to be successful we have to convince consumers they need Product Me. Our main consumers will be other companies with needs for computer and information research technology. Also, it might be a challenge to retain our buyers, because they might need us for one project and then be done. However, we want to maintain a relationship with them and continue to provide our services.
A potential strategy I would consider, would be to reach out to businesses locally who I think could best use my product. One way to gain their attention, could be a trial run. This way I can show them what my startup company is capable of providing them. From there, we could begin a new project that would be the start of a relationship with that company. And then from there, we can use these local businesses as testimonials and references. I think targeting businesses with a need for information research technology, where we could obviously help advance their company would be another strategy.
Management
As a general manager, I do best planning long term goals but breaking them into time chunks, as well as task chunks. For example, if I see a project taking a year to complete, I am going to plan by month and also by assigning parts of the project to different workforces. I am an organized person, and I work well with other organized people, but I can also do well with last minute projects and challenges. My directing style is more of a one on one or small group style. I would rather talk to people individually and learn their style, than to talk to a room full of people. I’d like to say I’d manage people based on outcomes and results, but I am also huge on human interaction. If they work well, and I admire their effort even if they aren’t doing as well as their lazy neighbor, I am more likely to spend more time developing the hard worker. I motivate myself by making it a challenge to complete it efficiently, almost to see if I can do it. I generally am attracted to industries that have a lot of group projects to divide into sizable individual work. I like to set really crazy goals, knowing that I will never be satisfied by what I actually achieve, but I just enjoy the challenge. I work pretty well in small teams, because I like the creativity that a group of individuals brings. I am also decent at communicating what needs to be communicated, but I won’t go overboard with worrying bosses about problems I can handle on my own.
Marketing
If you can’t tell already, I am best at working with smaller groups, so my promotion style is similar. I’d rather market to a small group effectively and have them spread the word through reviews and talk, than to spend all my money on advertisements. Our target market of potential customers for Product Me would mostly be other companies who are looking for information technology, but I would still rely on word of mouth. My marketing mix would consist of my product which would be engineered uniquely for each customer as it is created for their information needs. This enables me to create exactly what my consumer needs. Since I want a more individual approach, I would also come to companies addresses to meet with them and discuss projects to seem mobile. Pricing would be flexible depending on the project, but most companies should want to invest in it no matter the cost, because it would be a long-term solution and tool. I think if its marketed as a technological advancement, it would be hard for companies to turn away a progressive tool. In terms of digital marketing skills, Company Me could use it to promote testimonials and previous projects. For the business to pop up in google searches, our marketing team will have to work to create a search optimized website with strong keywords.
Accounting and Finance
Assets:
· Cash = $10,000
· Inventory = $8,000
· Building = $100,000
Liabilities:
· Amount used for trial projects = $20,000
· Loans = $50,000
Owner’s Equity:
Earnings = $18,000
Total Assets = $118,000
Total L + OE = $88,000
To manage my investments at Company Me, I would pay a lot of attention to the information technology industry in general, watch stocks, continue growing relations with current and possible investors. Take advantage and learn from times when investment in the Company is high or low. I would create my financial plan based on building an income and profits, in order to repay debts and continue to grow profit post repayment. I would have to look at past income as well as predicting future amounts to plan whether to invest a portion into new projects, or to save up and gather information and investors for a more expensive and time-consuming project. All while maintaining monthly debts, rent, bills and so forth for Company Me.
Information Systems and Operations
Since Company Me specializes in information technology, it could easily implement its own strategies to optimize productivity. Company Me would collect data on both employees and consumers, from here we can use information from both to refine our processes such as what employees have the most success with which types of projects. If one employee does best producing technology for a consumer looking at inventory, then we would continue to give inventory/product related projects to this employee. We would also want to use it for making internal decisions especially in regard to planning, objectives and overseeing/coordinating company activity. I would want to use a transaction processing system to keep track of all activities either financial or nonfinancial with a large focus on customer data. I would also want an executive information system to keep track of objectives and performance targets, and also to see where weaknesses and potential profitability might be. For management of certain company sectors, I would use a management information system, to help visualize sales, decisions, timelines, and so on.
Works Cited
Employment by major industry sector. (2017, October 24). Retrieved April 15, 2018, from https://www.bls.gov/emp/ep_table_201.htm
Granville, K. (n.d.). How to Manage Your Career. Retrieved April 15, 2018, from https://www.nytimes.com/guides/business/manage-your-career?smid=fb-nytimes&smtyp=pay&smvar=guides
National Center for O*NET Development. Computer and Information Research Scientists. 15-1111.00. Retrieved April 20, 2018, from https://www.onetonline.org/link/summary/15-1111.00
Staff, N. (2017, May 3). Job Outlook: The Majors and Degrees Most in Demand. Retrieved April 15, 2018, from http://www.naceweb.org/job-market/trends-and-predictions/job-outlook-the-degrees-and-majors-most-in-demand/
Top Jobs. (2018, January 06). Retrieved April 15, 2018, from http://isjobindex.com/top-jobs/
Top Jobs. (2018, January 06). Retrieved April 15, 2018, from http://isjobindex.com/top-jobs/
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