Being a graduate in management, I am looking for a glorious career in the area of management. The industry where I wish to start working and make it as a stepping stone for my future is beauty and fashion. Soon after graduating in my B.A. in Management, I wish to join in a firm in the beauty industry like a spa or beauty store. I will learn all the intricacies involved in the management of firm in the beauty industry and grow up the corporate ladder to be a junior manager and later a mid-level manager. Once I gain enough experience and accumulate enough finances for starting on my own, I wish to start my own entrepreneurial venture in the same field of beauty and fashion. I hope that all the experience that I gain by working with another company will help in growing my own business smoothly. Below are the goal analysis, personal analysis, opportunity analysis, and long range career planning of future career plans.
Goal analysis refers to the technique of analysing a goal with the objective of identifying the sequence of operations and decisions that are required for achieving it (Dick 115). Goal analysis starts with identifying the goal statement and identifying the sequence of major steps that are required for achieving it. My long term goal in life is to set up my own business and grow it into one of the leading firms in the industry. I believe that my background education in the field of education will provide me with all the required support in achieving my career goals in life. My personal interests make me to select the beauty and fashion industry for my career. I would like work in a small start-up organization (preferably and spa or a beauty store) and acquire all the required knowledge in succeeding in my future career. Working a start-up firm rather than a big established firm that can offer me required job security will help me in growing from the bottom and understand the intricacies involved in running a new business. I would also like to work in an organization where the junior management is allowed to take some key decisions regarding the running of the firm. In the initial days of my career, more importance will be given to honing my skills in the desired field rather than making plenty of money. However, accumulating the required money that I need for starting my own business will be a key financial objective in the initial days of my career. I would choose to start my career in a two-tier city rather than in a major city like New York so that I can keep a tab on my living expenses and save some money for my future.
I would love to work for long hours in the initial days of my career so that I can get accustomed to the gruelling initial days as an entrepreneur. If necessary I would like to relocate myself to a town suggested by firm. I would also like to spend time travelling during my job depending upon the requirements of the job. All these qualities will help me in future endeavours as a successful entrepreneur.
Personal analysis refers to the technique of analysing one’s assets and liabilities so that it can be accurately determined whether a person can succeed in a given task or not. I am a person of above average intelligence who is capable of properly understanding the situation and come out with solutions to a given problem. In spite of my inability in succeeding in a career in sciences and research, I think I am well-endowed for a career in the area of management where arriving at a solution depending upon the situation is more crucial for solving a problem. More than my intelligence it is the qualities of patience and perseverance that would help in growing as a successful entrepreneur. Given a complex situation, I have the ability to keep on trying towards arriving at a solution despite a significant number of failures in the initial stages. Development of required career skills should begin early in life and so was the case with me (Magnuson & Starr 2).
I also rate myself to be an extremely hardworking person capable of working to solve an issue for long hours. A number of start-ups companies look out for a person who has the traits like intelligence and problem solving capability. Despite my little or no experience in the beauty and fashion industry, I hope that I would be able to gain them in the quickest possible time. The experience of being a member of the academic training teams and in working with an organization as an intern made by realize my capabilities in handling office politics and in maintaining cordial relations with my co-workers. I also have an unusual skill of analysing what the opposite persons is thinking about me and the situation surrounding an issue. All these personal traits would help me in my initial career and in my long-term entrepreneurial endeavours.
Globally the beauty and fashion industry is one of the most promising industries. The industry was relatively not impacted by the financial crisis of 2008 as people generally cannot stop spending on beauty and fashion despite a temporary fall in their income levels. The industry has grown at a rate of 3.3 percent in the year 2010 and was projected to grow at the rate of 8.5 percent for the year 2014 (Franchise Help). The high growth prospects of the industry make it a tantalizing option for new start-ups to entry the industry and grow quickly.
One of the trends that have gained momentum due to the financial crisis in the USA and other developed countries is the demand for mass-market products (Euromonitor International). Demand for the mass-market products has grown in USA the incomes of people have taken a hit due to the financial crisis. This unique trend in the fashion industry resulted in a fall in the sales of the products of luxury brands. However, it also provides an good opportunity for start-up firms and budding entrepreneurs with limited resources to come out with their own range of mass-market product firms that can capture a significant market share quickly. High demand for mass-market beauty and fashion products makes me to select a start-up that deals in such kinds of products. Demand for mass-market brands is bound to be higher in smaller cities and towns where I wish to start my entrepreneurial venture in future rather than in mega cities. Given the current industry situation and the high growth prospects for the industry in future, the prospects of success for a new firm are higher than in the other industries.
Long-Range Career Planning
A good career plan takes the long-term view while laying a strong foundation for the short term survival (Otte & Kahnweiler 1). As mentioned above my key career objective is to start my career as a management trainee and get the required experience that will enable to start my own business in the future. The long-term objective of my working life is to establish as a leading entrepreneur in the beauty and fashion industry. Towards achieving this goal, I would like to climb the ladder from the level of a management trainee to that of a junior and middle-level manager. My intermediate goal in my career is to grow to the level of a middle-level manager in the organization where I would join. Being a middle-level manager gives me exposure in handling the day to day operations of the firm and in managing work teams. My short-term goals in the organization where I will be joining as a management trainee would be to quickly understand the organization and the industry first hand so that I can quickly start building all the required skills that will help me in fulfilling my entrepreneurial aspirations.
I would like to work in a start-up for a period not exceeding five to seven years. Once I start my entrepreneurial venture, I expect to establish it in the market within a period of three to five years. My final long-term goal is to grow my venture into the leadership in a period of 20 to 25 years.
Euromonitor. Beauty and personal care in the US, 2014. Web. 29 Nov. 2014. http://www.euromonitor.com/beauty-and-personal-care-in-the-us/report.
Dick, Walter et al. The Systematic Design of Instructions. New Jersey: Pearson, 2009. Print.
Franchise Help. Beauty Industry Analysis 2014 – Cost & Trends, 2014. Web. 29 Nov. 2014. https://www.franchisehelp.com/industry-reports/beauty-industry-report/.
Magnuson, Carolyn, & Starr, Marion. “How Early is Too Early to Begin Life Career Planning? The Importance of the Elementary School Years.” Journal of Career Development 27.2 (2000): 8-101. Print.
Otte, Fred, & Kahnweiler, William. “Long-Range Career Planning During Turbulent Times.” Business Horizons 38.1 (1995): 2-7. Print.