Personal Business Plan
Reminder: The Executive Summary of the Personal Business Plan
is mandatory for all students.
The entrepreneurial process is at its core concerned with "the pursuit
of opportunity without regard to the resources already under control."
This process is as applicable to your career as it is to starting a company.
The goal of this assignment is to identify where you want to be and how you
will get there. Do not worry about your current resources. Think
Your personal business plan should include a long-term vision statement, the
"external" opportunities that exist, your "internal"
(personal) strengths, and a strategy for yourself and your life over the next
two to three years. It should consist of a one-page Executive Summary (~500
words in bullet points or prose) that summarizes the areas discussed
below. This assignment constitutes 5% of your grade..
- What are your goals
(career and/or educational) after you leave Stanford?
- What is your purpose, your
values and your mission? List the 3 key questions that guide your
choices. These should be essential questions that serve as touchstones to
direct your life and work. For instance, how can I have impact? What do I
love? What do I fear? What engages my passions? How do I want to be
remembered? The answers to these questions may well change over time, but
when the questions themselves are fundamental they tend to last a
- What is the market and
opportunity that align with your goals? Don't restrict yourself to
matters of career or work; think more broadly about your opportunities to
make a difference.
Risks and Mitigation
- Create your market
positioning statement. This may be directed at a hypothetical employer,
industry, organization, or the world at large.
- What compelling value
will you offer to your employers and society?
- How will you
differentiate from other Stanford students? How about from the broader
- What are the key
milestones and checkpoints in your plan?
- How will you
measure/determine if you have successfully attained these milestones? How
do you define success?
- What external factors
might affect (positively or adversely) your attaining success?
- Develop contingency
and risk mitigation strategies.
- If you could assemble
any 3 people to advise and mentor you who would they be? They may be alive
or dead, family or world leaders, friends or strangers. Why would you
choose each? Is it their wisdom, their accomplishments, their words,
their creativity, their character, their heroic deeds………..?