Chapter 1 : Aspirations
I have two career aspirations that build on one another. My first aspiration is to run a small company. At this stage in my personal life the ideal situation is to avoid Start-Ups. I prefer a small standalone business or an independent business unit within a larger company.
I also want to be a proficient long term investor in financial markets, real estate and private equity investing.
I arrived at these career aspirations from both a professional and personal point of view. First, I believe following this path will allow me to be financially independent and non-reliant on a government or corporation to take care of me or my family as I get older. My perception is that today relying on others for the future is risk heavy. As I become financially independent I will be able to retire early (earlier) and spend more time with my family.
My strongest driving passion is to prepare my children for success as they get older. I want to leave a legacy for my children. I want to be able to teach them and give them the benefit of learning from my success and failures throughout life so they can be independent also. My mission and a strong part of why I am driven today is to give my children access to opportunities I never had growing up.
These aspirations are aligned with some of my key personality traits that we will talk about in more detail in Chapter 2. Briefly, I enjoy competing, leading people, solving challenges, learning and trying new things, figuring out how things work and teaching. Ensuring alignment between aspirations and traits/beliefs is important so that an individual is not in conflict with themselves.
Finally I believe it is important to be in a position to give back to the community and help others who are not as fortunate. Being in the position to better the lives of good, honest people who have fallen on hard luck or improving the community at large brings a different kind but equally powerful type of satisfaction.
Based on where I am today in my career and knowledge, I am a few steps away from achieving my aspirations. There are a few major milestones that would need to be reached as part of a logical progression. I have had these goals in mind for some time without as much clarity on how to achieve until writing this paper.
In the near term, characterized as 1 – 2 years, I wanted to re-start an MBA program. I chose NC State partly because if I did have to move again I know I could finish the degree on line. There is a side benefit to attending MBA program and that is the network aspect. Meeting and securing business contacts in the Raleigh Durham area can be extremely valuable to advance a career or help build a business.
For almost my entire career I have been in Sales and Marketing management. A business owner must have a working knowledge of all major functions of the business they are overseeing. To begin complimenting these skills another goal for me is to leverage my background and secure a position as Product Line Manager. A Product Line Manager needs marketing background to understand strategy and the customers they serve. At Eaton the position also holds a matrix Profit & Loss (P&L) responsibility for the products under their care. This means getting involved and influencing departments such as supply chain, manufacturing and design engineering functions.
In the middle term, characterized as 3-5 years, I want to secure a new position as Operations Director in an adjacent function. Within Eaton an Operations Director is the preparatory step before General Manager with full P&L responsibility.
During this time I will complete my MBA program. Completing an MBA is important because of the knowledge gained in all the different functions. A student can gain knowledge about finance, supply chain, human resources, etc. Additionally, students can concentrate in one area that interests them the most. Based on my ambitions, I will likely concentrate on Finance. Finance will allow me to become a better investor by understanding how to value companies.
In an effort to broaden my knowledge and build multiple streams of income, I want to have purchased my first investment property during this period. Diversification is important during the time an individual prepares to live off of passive income.
Finally, as a stretch goal, during the end of this period I want to secure a position of General Manager. General Manager owns full P&L of the business they are overseeing. Running a business unit for larger corporation usually comes with some sort of ownership either in the form of owning a percentage of the company or receiving stock grants and options. I have been convinced this type of ownership is necessary for long term wealth.
In the long term, characterized by 5 – 10 years, one of my goals is to move from General Manager to President of a small business. A role as President of a small company adds skills and requirements not seen at the General Manager level. General Managers are very focused on understanding their business and customers and fine tuning their operations to maximize market share and profitability. As a President the fiduciary responsibility remains, however in addition, skillful interface with the outside world is necessary whether it be news media, investors, etc. Understanding how a company president prepares to interface with investors or analysts can give valuable insights of what to look for when evaluating other companies.
At this time my personal goal is to have 25% of my total earned income to be coming from investments. I am flexible at this time regarding the mix of income streams that make up the 25%. As stated earlier this can be achieved through real estate, stock or bond dividends or other investment vehicles. This is a critical milestone in validating I am on track to achieve my next long term goal.
I am labeling the next phase of goals extra-long term, characterized 10+ years from now. The primary goal of this phase of my life is retiring somewhere between 55-60 years old. In November I will be 44 years old, I am giving myself 16 years to prepare for retirement. I have set a few requirements on myself for retirement. First, my home must be paid off in full. Secondly I must be comfortable with the amount of passive income being generated; it will be 100% of my income by definition. Lastly I must be comfortable that retirement funds will outlast me.
Once I reach retirement age, I intend to keep myself busy be giving back to the community. Offering advice to entrepreneurs who want to start up small businesses in the community I live in. Providing advice and guidance to those who can benefit from the experience and mistakes of someone else can be invaluable. Being a veteran myself, I would volunteer time at veteran’s charities and veterans hospitals. Working towards life balance mentioned in the opening aspirations, I would spend more time with family.
Most of the activity and goals listed above act in support of the goal of early retirement. My parents and grandparents all passed away at young ages by today’s standards. Most of them were still working when they passed away. I do not want to be working in a job I do not enjoy until I die. A recent article chronicled how a former VP of Marketing at Oral B is a food demonstrator a Sam’s club at age 77 – this type of story is going to become more common in the coming years.
Now that we have discussed aspirations and goals, it is time to discuss what are the strengths and skills needed to get there. Based on research I have done on line, material related to leadership training available through my present and past employers, reading business books, and attending executive training programs I believe there are 15 important competencies that a successful business leader must possess. The competencies listed below are not listed in a prioritized order (detailed descriptions are in the attachment below)
1. Business acumen
2. Dealing with ambiguity
3. Decisiveness
4. Developing reports
5. Drive for results
6. Integrity and trust
7. Interpersonal savvy
8. Keeping current with technological trends
9. Learn on the fly
10. Managerial courage
11. Managing and measuring work
12. Motivating others
13. Organizational agility
14. Size up people
15. Strategy and planning
I also want to be a proficient long term investor in financial markets, real estate and private equity investing.
I arrived at these career aspirations from both a professional and personal point of view. First, I believe following this path will allow me to be financially independent and non-reliant on a government or corporation to take care of me or my family as I get older. My perception is that today relying on others for the future is risk heavy. As I become financially independent I will be able to retire early (earlier) and spend more time with my family.
My strongest driving passion is to prepare my children for success as they get older. I want to leave a legacy for my children. I want to be able to teach them and give them the benefit of learning from my success and failures throughout life so they can be independent also. My mission and a strong part of why I am driven today is to give my children access to opportunities I never had growing up.
These aspirations are aligned with some of my key personality traits that we will talk about in more detail in Chapter 2. Briefly, I enjoy competing, leading people, solving challenges, learning and trying new things, figuring out how things work and teaching. Ensuring alignment between aspirations and traits/beliefs is important so that an individual is not in conflict with themselves.
Finally I believe it is important to be in a position to give back to the community and help others who are not as fortunate. Being in the position to better the lives of good, honest people who have fallen on hard luck or improving the community at large brings a different kind but equally powerful type of satisfaction.
Based on where I am today in my career and knowledge, I am a few steps away from achieving my aspirations. There are a few major milestones that would need to be reached as part of a logical progression. I have had these goals in mind for some time without as much clarity on how to achieve until writing this paper.
In the near term, characterized as 1 – 2 years, I wanted to re-start an MBA program. I chose NC State partly because if I did have to move again I know I could finish the degree on line. There is a side benefit to attending MBA program and that is the network aspect. Meeting and securing business contacts in the Raleigh Durham area can be extremely valuable to advance a career or help build a business.
For almost my entire career I have been in Sales and Marketing management. A business owner must have a working knowledge of all major functions of the business they are overseeing. To begin complimenting these skills another goal for me is to leverage my background and secure a position as Product Line Manager. A Product Line Manager needs marketing background to understand strategy and the customers they serve. At Eaton the position also holds a matrix Profit & Loss (P&L) responsibility for the products under their care. This means getting involved and influencing departments such as supply chain, manufacturing and design engineering functions.
In the middle term, characterized as 3-5 years, I want to secure a new position as Operations Director in an adjacent function. Within Eaton an Operations Director is the preparatory step before General Manager with full P&L responsibility.
During this time I will complete my MBA program. Completing an MBA is important because of the knowledge gained in all the different functions. A student can gain knowledge about finance, supply chain, human resources, etc. Additionally, students can concentrate in one area that interests them the most. Based on my ambitions, I will likely concentrate on Finance. Finance will allow me to become a better investor by understanding how to value companies.
In an effort to broaden my knowledge and build multiple streams of income, I want to have purchased my first investment property during this period. Diversification is important during the time an individual prepares to live off of passive income.
Finally, as a stretch goal, during the end of this period I want to secure a position of General Manager. General Manager owns full P&L of the business they are overseeing. Running a business unit for larger corporation usually comes with some sort of ownership either in the form of owning a percentage of the company or receiving stock grants and options. I have been convinced this type of ownership is necessary for long term wealth.
In the long term, characterized by 5 – 10 years, one of my goals is to move from General Manager to President of a small business. A role as President of a small company adds skills and requirements not seen at the General Manager level. General Managers are very focused on understanding their business and customers and fine tuning their operations to maximize market share and profitability. As a President the fiduciary responsibility remains, however in addition, skillful interface with the outside world is necessary whether it be news media, investors, etc. Understanding how a company president prepares to interface with investors or analysts can give valuable insights of what to look for when evaluating other companies.
At this time my personal goal is to have 25% of my total earned income to be coming from investments. I am flexible at this time regarding the mix of income streams that make up the 25%. As stated earlier this can be achieved through real estate, stock or bond dividends or other investment vehicles. This is a critical milestone in validating I am on track to achieve my next long term goal.
I am labeling the next phase of goals extra-long term, characterized 10+ years from now. The primary goal of this phase of my life is retiring somewhere between 55-60 years old. In November I will be 44 years old, I am giving myself 16 years to prepare for retirement. I have set a few requirements on myself for retirement. First, my home must be paid off in full. Secondly I must be comfortable with the amount of passive income being generated; it will be 100% of my income by definition. Lastly I must be comfortable that retirement funds will outlast me.
Once I reach retirement age, I intend to keep myself busy be giving back to the community. Offering advice to entrepreneurs who want to start up small businesses in the community I live in. Providing advice and guidance to those who can benefit from the experience and mistakes of someone else can be invaluable. Being a veteran myself, I would volunteer time at veteran’s charities and veterans hospitals. Working towards life balance mentioned in the opening aspirations, I would spend more time with family.
Most of the activity and goals listed above act in support of the goal of early retirement. My parents and grandparents all passed away at young ages by today’s standards. Most of them were still working when they passed away. I do not want to be working in a job I do not enjoy until I die. A recent article chronicled how a former VP of Marketing at Oral B is a food demonstrator a Sam’s club at age 77 – this type of story is going to become more common in the coming years.
Now that we have discussed aspirations and goals, it is time to discuss what are the strengths and skills needed to get there. Based on research I have done on line, material related to leadership training available through my present and past employers, reading business books, and attending executive training programs I believe there are 15 important competencies that a successful business leader must possess. The competencies listed below are not listed in a prioritized order (detailed descriptions are in the attachment below)
1. Business acumen
2. Dealing with ambiguity
3. Decisiveness
4. Developing reports
5. Drive for results
6. Integrity and trust
7. Interpersonal savvy
8. Keeping current with technological trends
9. Learn on the fly
10. Managerial courage
11. Managing and measuring work
12. Motivating others
13. Organizational agility
14. Size up people
15. Strategy and planning
leadership_competency_descriptions.docx | |
File Size: | 22 kb |
File Type: | docx |