Entrepreneurial Mindset

Topics: Business, Management, Strategic management Pages: 10 (3614 words) Published: November 12, 2011
Statement of Problem
Satellite problems: There are several satellite problems that are effecting Scott’s current situation. • Scott’s skills do not transfer well to the small business setting. This will make his business endeavour that much more difficult to achieve. •He has no immediate technical support to help him run his business since none of his family members ever owned a business. •He lacks confidence in his abilities to run his own business. •He does not know what kind of business he wants to have. •Scott feels increasingly unfulfilled with his current employment.

Primary problem: Scott Mackay wants to start his own business. He doesn’t know which strategy to follow in order to become a business owner. He therefore needs help determining his best course of action while considering the fact that that he has been successfully working at Manulife for four years. Assumptions:

Several assumptions can be made about Scott’s situation.
He lacks management skills, and this is illustrated by the fact that he is not confident about his chances and also by the fact that his skills do not translate well into a business-decision environment. •He does, however, perform very well at his job. “..he has been quite successful. He has received raises and promotions” •He also has substantial personal savings that he can access easily. “..has built up some savings during his time at Manulife Financial” •He is also seeking a new challenge, in his life, as shown in his feeling of being unfulfilled. “he has not felt truly fulfilled” •Based on the information provided, it appears that he has to decide whether to become his own boss, or keep working as an employee (not his own boss). “All of his life he has dreamed of running his own business” “He only knows that he wants to be in charge”

There are implications of the current situation involving Scott and Manulife. The implications can be divided into two sections: on the organization (Manulife) and on the personnel (Scott). Implications on the organization

The company could undergo a decrease in productivity because Scott’s state of mind could lead him to be less productive which in turn may cause a ripple effect among the employees. •Scott’s company branch will operate less effectively and efficiently, again because of Scott’s state of mind. Goals and objectives will not be met, and resources will be used in a non-optimal fashion, or just wasted. •As a highly decorated employee if Scott will become disgruntled at his position this will lead to low morale among the employees around him. •If Scott’s work becomes less effective and less efficient and as the company front face he will tarnish the company’s reputation. •The drop in efficiency and effectiveness will require the company to compensate through other employees and tactics, which will ensure a rise in operational costs.

Implications on Personnel
If Scott does not start his own business, he will feel increasingly unfulfilled. •He will also never know the thrill or the feeling of running his own business. •His skills will never be used beyond Manulife as long as he is working there. •He will never be his own boss.

He may never do anything fruitful with his savings that he has been accumulating from his work at Manulife. •He will never know if he can be successful as a business owner and his potential, ambition and enthusiasm will be wasted.

1. Status Quo
Scott remains at Manulife and doesn't start his own business. By definition status quo is a lack of change. No attempt will be made by Scott Mackay to alter his current situation. His primary source of income will not change nor will his responsibilities or personal liabilities. As he remains an employee of Manulife, the effects on the company depend on his performance which in turn depends on his sense of fulfillment.

He will never have to take the risk of losing his...
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