Vision and Mission: Money – it is the only non-living thing I know that has the ability to “dictate”. However, no matter how much money one has, we will never be truly happy. My purpose in life is to use what I am good at – being a shopaholic – and using it to improve the lives of others through education.
Short-term vision (<10 years):
To do what I’m good at by opening my own retail clothing store but ensure that I set aside some profit from every piece of clothing sold in order to open a school and teach myself someday. Skills I can capitalize on: communication, math (being “sharp”) and accounting skills
TODAY AND TOMORROW: Who I am Today vs. Who I will become Tomorrow TODAY @ 24 TOMORROW @ 44
TODAY AND TOMORROW: Who I am Today vs. Who I will become Tomorrow Today, I am investing in my MBA degree because the skills such as accounting skills, communication skills, and marketing skills that I learn in AGSB will help me manage my future business.
TODAY AND TOMORROW: Who I am Today vs. Who I will become Tomorrow One important fact to note is that a shop-a-holicmay only be good at one side of the puzzle: picking the clothes. However, a shop owner has to know everything from HR (treating employees) to Marketing Research, to Information Technology (payroll system) and others. Hence, I am using my MBA degree to help me transform from a shop-a-holic into a shop-owner.
It’s called “Investing in Myself”: Investing in something that you like and making it your source of livelihood means taking on HIGH RISKS… But is it only financial risk? Do we sacrifice any roles in the process? The Risks and How to use them to my advantage
The Liquidity Risk: The Risk that education will be too costly for me The Risk that the business will involve me to incur greater than anticipated expenses The Solution: Work & Study, Be an Achiever & get a Scholarship Role: A Multi-tasker: Working & Studying Role: Being an Achiever
5 Steps to Opening my Own Retail Store. . . The transition from a Sharp Shop-a-holic to a Shop-owner! STEP ONE: Acquire experience in the field One of the limitations of “classroom education” is that it can teach us only so much. The first step to success involves actually experiencing what you are getting into.
How to actually account for sales
How to market products – “Packaging is a crucial part of the process”
How to do payroll
Dealing with employees – “Patience is a virtue”
Working numerous hours and numerous days a week – “No pain, no gain”
“Not every situation, regardless of how similar the business is will be the same.” I need to be SHARP and think about the situation before I act on them.