Entrepreneurial Mindset
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”
Implications:
There are implications of the current situation involving Scott and Manulife. The implications can be divided into two sections: on the
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”
Implications:
There are implications of the current situation involving Scott and Manulife. The implications can be divided into two sections: on the