Project 3: Personal Business Plan

Fundamentals of Entrepreneurship and Innovation

Zayed University

Name:
ID:
Section:
1. Vision and Opportunity
Goals and objectives play a vital ole in determining the success of a person and directs
a path to the individual to follow and achieve one’s dreams. These goals and objective
that takes us to success are backed by a vision for the future. The vision defines the
goals and paths to ultimately see the vision in reality at some point in life and this is
the thing that motivates us to struggle. Like many of my fellows, I have a vision too
which drives me through difficult times. My vision is to be a successful business person
leading the business industry and I want to inspire the future generation to become
entrepreneurs and create limitless opportunities. And my mission in life is to create
possibilities and opportunities for everyone I meet and encourage them to take
advantage of these life changing opportunities and I aspire to accomplish this by
creating a successful business that will provide and encourage everyone.
In order to fulfill my vison and mission, I need to set a path for myself that will take me
towards success. For this purpose, I have set the following goals in my life:
 My first goal after graduation is to complete my higher studies which will
enhance my knowledge.
 Secondly, I want to gain experience of business through working in a business
environment and acquire professional development.
 I also want to establish my own clothing business.
My choices are guided by these three questions:
 How can I get the required resources for starting my business?
 How do I want to establish my business and make it successful?
 How can I positively impact the lives of people with my business and create
opportunities for them?

These questions will help me in making the best decisions resulting in my success.

The three career choices I have selected for myself are become an CEO or business
leadership or a business innovator. All of these career choices perfectly align with my
goals and my vision in their own ways. Being a CEO will directly align me with
establishing my own company and business. And by becoming a member of business
leadership, I will be having the opportunity to gain professional knowledge and
development which is required for establishing and running a successful business.
And being a business innovator, I will be able to achieve my goal of creating
 opportunities by devising new businesses and new strategies that will help the people.
If I get any of the opportunity, I will be to get one step closer to achieve my goals and
impact the lives of the connected people positively.

2. Marketing and Implementation Strategy

Marketing positioning statement describes the vision and goals to the audience. In my
case the audience is the people of UAE. My marketing statement is as follow:
I am unique individual with special abilities to understand the needs of modern
business and creating lucrative opportunities for the people of UAE.
The most compelling value that I will be offering to the people is enabling common
people to take advantage of opportunities and create businesses for themselves. My
business will bring positive value to the people of UAE. The thing that set me apart
from my fellows and other people in UAE is that I have a vision of creating a business
that will not only help me but will act as medium for creating opportunities for other
people as well and thus impacting their lives.
3. Risks and Mitigation

I have a different definition of success from most of the people. To me, the meaning
of success in life is to achieve ultimate satisfaction through your work and my
satisfaction circulates around changing the lives of people and making them enable to
make the best of their life.

The three main risks and external factors that can negatively impact my success and
effect my goals are listed as follow:

1. The first external factor is failure in acquisition of resources for establishing my

business.

2. Another risk is the changing political scenarios in the middle east that can affect the
business environment and thus resulting in damage to my goals.

3. The high influx of foreign companies and brands can impact my local business
environment.

Contingency Plan
In practical life a lot of things do get along with our plan and we have to adjust and
adopt to those changes. I have prepared a contingency plan to deal with unexpected
scenarios in my plan.

1. If I fail to get the required resources for establishing my business by myself, I will
turn towards local investors who are willing to partner up.

2. If the political conditions become unfavorable, I will design my business to have a

global and sustainable model that can be applied anywhere in any situations.

3. If the competition overcomes me, I will switch to a sustainable business model that
offers unique services.

Failures are essentials of a success story. Jack Ma, founder of Ali Baba, faced
hundreds of failures before he became successful and build his own business. I once
faced a complete failure when I tried to set up a stall on the beach. From this failure I
learned that for any business to establish, you first need to understand the concepts
of supply and demand. Furthermore, I also learned that a survey is required on the
need of the product. Due to these hard-learned lessons, I will be able to establish a
new business for myself and avoid these mistakes.

4. Ethics
Ethics are the moral values and principles of any system that keeps everything in
check. Ethics are my priority in conducting any activity. The ethical that I utmost care
about and follow them in my personal and professional life are honesty, loyalty, respect
and keeping my words. I follow honesty everywhere. Sometimes its not in the best
interest to be completely honest but I still prefer it. Being loyal to whatever I am
attached and giving respect to others and their opinions or ethnicity is on the top as it
creates a refreshing environment. Also, I like to be man of my words and once a
commitment is made it must be fulfilled even if I have to suffer loss. All these can be
summarized by saying that I will prefer to follow ethics before anything else.
My mentors are:

1. ……………….: because he is honest with his work and encourages others to do the
same.
2. ……………….: because he is always encouraging and motivatring everyone to
struggle and get the best of our lives.
Summary Positioning statement:
“Visionary entrepreneur, changing lives, creating opportunities”