Module 1- My Business and I Final LK

Module 1: My Business & I

2

Table of Contents

MODULE 1: MY BUSINESS AND I........................................................................................................ 4

1. N EEDS ANALYSIS OF YOUR BUSINESS USING AN ONLINE DIAGNOSTIC TOOL ...................................... 4

2. 360-D EGREE S ELF - EVALUATION .................................................................................................... 4

3. S ETTING SMART GOALS ............................................................................................................. 11

4. S UMMARY ................................................................................................................................... 13

BIBLIOGRAPHY................................................................................................................................... 14

3

Module 1: My Business and I

Learning Outcomes :

At the end of this module, you will be able to:

 Conduct a needs analysis of the business using an online diagnostic tool  Conduct a 360-degree self-evaluation to understand your entrepreneurial aptitude  Set SMART goals for your business

1. Needs analysis of your business using an online diagnostic tool

Follow the link provided to do a needs analysis of your business online. You will need to register with a valid email address. This will help you to identify any challenges or needs you may need to consider when establishing your online business. After you have clicked on the link below click on the start button to begin the process.

Click on the link to get access to the business diagnostic tool. http://pulse.thegrowthhub.biz/#

Once you have completed the analysis, make a note of anything that has motivated you to start an online business.

You can use the results of this tools to plan starting your own online business. The first step which is to create a website.

2. 360-Degree Self-evaluation

Being successful at business requires us to understand who we are first. The better you know yourself the easier it becomes to set goals and achieve them. There has to be an alignment of your personal values and ethics with your business goals otherwise you may struggle to become an entrepreneur. In this module we take a look at the self in a very reflective way to understand what our values and ethics mean and what our sense is of right and wrong. We will then go complete a self-reflection exercise which will provide us with an insight into “who we are”. But first let’s take a look at the video below by Ashton Kutcher.

Please click on the link below to and view the You Tube video: https://youtu.be/FNXwKGZHmDc

4

Activity 3

Instructions:

1. Watch the Ashton Kutcher video as a group. 2. Discuss the questions that follow.

a) Why does success feel like hard work? b) What point is Ashton making when he talks about all the part- time jobs he had when growing up? c) According to Ashton he says: ‘Don’t live somebody else’s life but build your own’. What do you think he means by this?

Activity 4

Instructions:

a) Watch the You Tube video and discuss in a group what the key ingredients or character traits of Herman Mashaba are to make him such a successful entrepreneur.

Becoming a successful entrepreneur not only takes hard work but also other key ingredients

Please click on the link below to and view the You Tube video: https://youtu.be/ZgvFN8IqUA0

Now it’s time to do some self-introspection.

To be successful it is important to understand oneself and to be aware of ones strengths and weaknesses. It is only through a process of introspection that we are able to work on our weaknesses and maintain the strengths that we have.

5

Activity 5

Instructions:

a) Complete the self-reflection exercise to learn more about yourself. b) How much do you think you are worth? c) Read each statement and use the scale provided to give yourself a rating.

0 = not true

2 = usually true

3 = sometimes true

4 = true

1. I like myself 2. I usually think that others are better than I am 3. I usually treat myself like my own best friend 4. I am critical of myself when I make a mistake 5. I am concerned about what others think or say about me 6. I give myself credit when I do something well 7. I express my ideas easily 8. I feel confident with strangers 9. I approach life positively 10. I try new things with confidence 11. I have lots of energy 12. I do not mind losing if I know that the other person did better than I did 13. I am afraid to let others know the real me 14. I am not vulnerable to other’s opinions and comments 15. I take responsibility for the things I do that don’t work out well

16. I am open and friendly to people I interact with 17. I let others make mistakes without blaming them 18. I think for myself 19. I don’t mind being different to the rest of the group 20. I do not put other people’s needs before mine

21. I feel attractive 22. I am not boring 23. My friends really respect me

Total score

0

20

40

60

80

Low self-esteem

High self esteem

6

How do we give ourselves a “value”?

Self-esteem is a component of our self-concept or our perception of ourselves. Both are based on our interactions with other people and how they see us and treat us.

So, how I see myself and the value I give myself are based on how other people treat me and see me and not on my own core worth and value!

Self-Concept

Your core value

The Real Me

Based on interactions with other people

Isn’t that scary? That means if you tell me I’m looking good today, my self- esteem goes up. But if tomorrow you say I’m looking fat, my self- esteem will go down!

On the other hand, if my self- esteem is based on my real core value – the real me – it will stay constant and increase and grow as I learn more about my strengths and potential.

In other words, I need to learn to base my value on who I am and not on what somebody else thinks I am!

And that is why you need to answer the question :

7

Activity 6

Instructions: a) Read the statements below regarding your ‘entrepreneurial profile’. b) Indicate either ‘yes’ if the statement applies to you, or ‘no’ if the statement does not apply to you. c) You need to honest with yourself to get an accurate score. d) Each ‘yes’ score = 1 point. e) Add up all your ‘yes’ scores for each statement and write down the overall total.

YOUR ENTREPRENEURIAL PROFILE

Statement

Yes

No

Organisational Skills

I plan my activities in advance

I always manage to finish my activities in the time I have available

I always keep my appointments and stick to a schedule

TOTAL

Financial Skills

I keep records of my personal expenditure

I prepare a family budget

I never spend more than I plan

TOTAL

Business Experience

My previous work experience will assist me in running my business

I have learned about running a business from friends and family

I have good business contacts

TOTA L

Problem Solving Skills

When something goes wrong I try to work out the reason for the

problem

I can usually think of several solutions to a problem

I like learning new things

TOTAL

8

Statement

Yes

No

Perseverance and Self Discipline

When I make a commitment I do everything in my power to honour it.

I’m not put off by boring tasks; thinking of my goal keeps me

motivated.

I don’t easily get discouraged by difficulty situations or problems.

TOTAL

Interpersonal Skills

When I work in a team, I listen to other people’s opinions and try to

accommodate them.

When I work in a team, I’m not afraid to express my opinions, even if

others don’t agree with me.

I get on well with all kinds of people

TOTAL

Family and Lifestyle

My family supports my projects

I will be able to balance my home life and business venture

My business plans fit with my lifestyle

TOTAL

Self- Confident and positive attitude

I know my strong points and my weaknesses

When I take on a project, I’m usually optimistic and enthusiastic

I always try to improve on my achievements.

TOTAL

ADD UP ALL YOUR TOTALS:

9

TOTAL SCORE

EVALUATION OF ENTREPRENEURIAL POTENTIAL

20-24

Excellent -You are a born entrepreneur. If you are not already running a business, what are you waiting for? Good - You already have some of the characteristics of a successful entrepreneur. There are areas you will need to work on. Average - You can plan to improve your skills but there is a lot of work ahead of you. Low - Your answers indicate that being entrepreneur is not for you. You may be better off in a secure job.

14-23

9-13

0-8

This activity has been reproduced from the original source (Services SETA, 2018)

10

3. Setting SMART goals

What makes a good goal? There are five things you should look for in setting goals:

Goals should be specific.

S

Goals must be measurable.

M A R

Goals must be achievable .

Goals must be realistic.

Goals must be time-bound.

T

These are known as SMART goals. They should be clear and detailed so that everyone knows what you are trying to do.

Target

SMART Specific

Is it SMART?

… at least ten orders …

Based on last month’s sales figures, the team set

Measurable Achievable

… ten orders …

… the team set … ten orders … Based on last month’s figures …

a target of at least ten orders each per day.

Realistic

Timebound

… per day …

In the example above, it is clear what the sales team is aiming to achieve. The goal is designed so that they hit the sales objective (of ten orders). This will only be achieved if the current level of orders is maintained.

This could translate into the amount of traffic you want to direct to your website or social media platform.

It is not enough to set goals; you need to achieve them too. This means you must know if you have achieved them. This is what measurable means. Measurable goals are goals that you will know if you have hit or not. Measurable goals are goals that you will know if you’ve hit them or not.

11

Activity 7

Instructions:

1. Work with a partner. 2. Read each of the goals below. 3. Decide which goals are measurable or not and indicate why some are not measurable. 4. You can make a note of your answers.

Goals:

a) Improve customer satisfaction. b) Complete one week’s production with no rejects.

c) Service 40 vehicles per week. d) Recruit only well-motivated staff. e) Answer all call outs promptly.

Although improving customer service, answering all call outs promptly and recruiting well- motivated staff are worthwhile goals, they are very difficult to measure. This makes them poor as goals. If the business has a system for measuring customer service regularly, the smallest increase will count as improvement. ‘Promptly’ can mean different things to different people, as can ‘well-motivated’. You would never know if you hit your goals. On the other hand, having ‘no rejects’ and ‘servicing 40 vehicles per week’ are both measurable. Having goals increases your motivation to achieve them. These goals must be realistic, and not too easy to achieve. The best goals are those that stretch people but not to breaking point. They take people a little further than they have gone before. Keep this in mind when identifying your own goals for your business. You need to know when your goal is going to be achieved. Being measurable, you need to know when to measure them. Setting a time in which to do this will help you to know when you are going to revise the targets and set new ones. You can set your goals for a week, a month, or a quarter (three months). Initially, avoid setting goals for longer than this as they start to lose their effect, especially if you haven’t been measuring whether you have achieved them or not.

Goals motivate people but only if they can see what needs to be achieved. Set them too far ahead and they lose their ability to motivate.

So, when setting your goals remember to keep them SMART – specific, measurable, achievable, realistic, and time-bound.

12

Activity 8

Instructions:

a) Read the case study below. b) Answer the questions that follow.

Pauline has just been appointed as the manager of a new company (Yogi’s Farms) that supplied yoghurt to supermarkets and other retailers. Pauline has seen how the market is growing for yoghurt and has decided they need to enter the market more aggressively. Pauline calls her team leaders together to talk about the strategic objectives they have set. They have two years to become profitable and in three years’ time they must have at least 15% of the market for their brand of yoghurt.  To be selected by a national supermarket chain to supply the yoghurt, under the Yogi Farm brand name.  To supply at least 5% of the total yoghurt market.  To achieve sales of R2 million. Fikile leads the team that buys the fruit to be used in the yoghurts. She goes back to her team and discusses the objectives. They agree they need to set themselves some targets to enable them to contribute to these objectives. They suggest their targets include:  Identify at least 10 new suppliers of fruit in the next three months to enable them to maintain supply (they currently have 26 suppliers).  Prepare to double the storage capacity of frozen fruit by the end of the Summer (it is now June). For the coming year, the team has three operational objectives:

Questions:

1. Do these team targets seem SMART? Why? Why not? 2. Are these targets likely to contribute to achieving the team’s objectives? Explain your answer.

4. Summary

In this module we have gone online and identified potential opportunities to grow an online business using an online diagnostic tool. This will have helped you to identify any strengths, weaknesses, and opportunities for going online.

You have conducted a self-evaluation and identified if you truly have an entrepreneurial spirit.

We have looked at setting SMART goals for your business. Keep in mind you can also set SMART goals for yourself.

13

Bibliography

Services SETA. (2018). New Venture Creation, Level 2. In New Venture Creation, Level 2.

14