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The people who organize and run a new business or businesses are called entrepreneurs. They take a risk, especially financially to operate a business. They are also the one who enjoys the reward of their hard work and the risks they took when it becomes successful. However, not all new entrepreneurs succeed with the business they built as it depends on the products they sell and if the target customers will like it or not. Building a business is all about taking a risk or missing the opportunity. It does not matter whether a person fails the first time, as long as they keep trying to be successful.

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I have been thinking of operating my own business lately, as I see a lot of people my age organize their own business that came out prosperous. After seeing small businesses growing, it inspires me to make my own as well. I feel confident about my ability to be an entrepreneur because I am the kind of person who takes risks and gets every opportunity that comes. I always write down the things I want to do and focus on how I am going to achieve it. My determination and positive thinking will also accommodate me to reach my goals to be a successful entrepreneur.

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INITIAL GOAL

My initial goal is to be an Accountant.

SPECIFIC

I would like to develop my skills about accounting and business that will help me find a nice job. I want to begin this now, therefore I would have enough knowledge when I go to college/university. It is one of the goals I desire to accomplish because I want to have a job that I enjoy and will enable me to help my parents.

MEASURABLE

To measure my progress, I will base it on how much skills I have developed every 6 months or every year. In this way, I would know which things I have to focus and learn more about. I might also use the grades I will get so that I know which course I will have to work harder.

ACHIEVABLE

I may not have the skills yet, but this can be obtained since I still have to attend college/university. My motivation for this goal is the knowledge and skills I already have and learned that I want to enhance more. An amount of effort is absolutely required to achieve this goal as I still need to work harder than I do now to gain more knowledge about this particular job I want.

RELEVANT

I am setting this goal to motivate me more in achieving it. Also, I would like to have a job that I have knowledge I can use to do it properly. Yes, it is aligned with overall objectives since achieving this goal of finding a job is still the main objective.

TIME-BOUND

This goal is realistic since I am determined to learn more about it and enhance the knowledge I have. The time bound I set is by October 2025 because that is the estimated date I assume I will graduate college/ university.

SMART GOAL

Develop and enhance my skills and abilities about business and accounting that will enable me to find a job I will enjoy and have knowledge on.

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Positive Thinking

Being positive helps me with a lot of things such as presenting an assignment as well as when I have to go for a job interview. Looking at the better side of everything will be helpful since it will encourage me not to procrastinate too much.

Leadership

Passion

Risk Taker

Taking risks is one of the things I do to make things possible because I would rather take the risk than miss the opportunity. I might not be sure if it will end up the way I want, but I still try to make myself feel better as I took the chance to prove myself that I can do it even if other people do not believe.

Determination

When I am determined to do and finish something, I will try every way to succeed. For example, when I was looking for another job, I applied online, but none of them called me back. All I did was keep trying until one of them asked me for an interview. I honestly did not expect them, but my determination to get a new job is what kept me going.

Committed

Confidence

Productivity

Persistence

I always continue to finish the things I already started. It does not matter if I have to go through difficult obstacles because I believe that it is only hard in the beginning and difficulties are a part of our lives now that we can’t prevent. I try to let the obstacles make me stronger not weaker as it will never contribute to the success I desire.

Product Quality

Marketing

Goal Oriented

Writing down my goals is one of the things that inspire me to achieve it. Setting my objectives helps me focus on how I will progress on reaching the things I would like to do. In this way, it will make me work harder than I used to as I am determined to achieve all those goals. It will not just accommodate me with the progress, but also develop productive habits as well as time management.

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There are quite a few more skills I need to improve, especially now that I am growing up and need to make my own decisions. However, the skills I need to develop will help me achieve my goal are confidence, communication, and being strategic. Other people may find these skills easy, but for me, I still need to strengthen them.

There are a few things I consider to improve my confidence, communication, as well as strategic ability. First, being confident is essential now since it makes us feel ready for life experiences. A way I think I can improve my confidence is by focusing on myself and not what other people think. It may sound easy, but I will try my best to do that for my benefit. Second, developing my communication skills would be helpful for me, especially when I attend college/university. To improve it, I will start doing simple things such as listening well, proper body language, and more. Therefore, I will be able to learn it little by little and end up being a more effective leader. Lastly, being strategic is the ability I want to expand because it will not just help me with the career I want to pursue, but also in life. Some ways I can improve my strategic thinking are by prioritizing tasks, being aware of bias, as well as understanding the consequences. In this way, I will have ideas of what to do in case things happen unexpectedly.

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When it comes to reaching a goal, I prefer writing it down to motivate me more in achieving it. My short-term goal right now is to get into the university, where I believe is a good Beedie of business school. I am determined to get into my dream university, and I will do everything I can to get enrolled there.

My current goal is to pass and get good grades for all the courses I am taking this year since it will benefit me in the future to reach my goal. To be able to achieve my current objective, I will study harder and focus on the topics I need better understanding. In this way, I can balance the lessons I consider learning more and hopefully get the grades I expected. However, I will not let my report card affect how I see and think about my goal as long as I know I did my best. Also, I will prepare the admission requirements now, so I am not rushing things the time it is due. Then, after I graduated high school secondary, I will plan things carefully on what steps to take and hopefully get into the university I want.

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STRENGTHS

Positive Thinking

Persistence

Goal Oriented

Risk Taker

Focus

Motivation

Time Management

CHALLENGES

Strategic

Marketing

Communication

Creativity

Confidence

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A social enterprise is a business that has a specific social purpose that can contribute socially, environmentally, or economically. It does not matter whether it is served by a non-profit or by a for-profit organization.

2 MAIN GOALS

1. To obtain social, cultural, community economic and environmental consequences.

2. To earn profits

FUNCTIONS

1. Applies an entrepreneurial strategy to solve social issues and help form a positive community development.

2. Uses entrepreneurial techniques to fulfil social goals and sustain profits to a parent charity or non-profit, which will allow it to achieve more of its social purpose.

IMPORTANCE

1. It helps work to determine significant social problems and discuss essential unmet demands through modification. Their entrepreneur's efforts build system development that improves the lives of marginalized groups.

2. Social enterprises could use common business-like strategy to give valuable assistance to the community. These services could include supporting education for public schools, funding for local businesses, promoting for new businesses, and more.

3. They are more likely to create and explore the typical design to satisfy the gap in existing services that cannot be implemented by the public or private quarters. Another thing is they can accommodate volunteer, training and employment opportunities.

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Café direct is the UK's largest Fairtrade hot drinks company who supports Producers Direct owned and led by smallholder farmers. They invest up to 50% of their profit to Producer direct that could help them develop the quality of their crops as well as their livelihood. While Producers Direct benefit from Café direct, they support seven ‘Centers of Excellence’ in Peru and Africa that also help the local farmers. Café Direct also purchases 100% Fairtrade coffee, tea and crops that ensures farmers are getting the minimum Fairtrade price for their products including the Fairtrade premium.

Source: “Our Impact.” Cafédirect, www.cafedirect.co.uk/about/our-impact/.

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Elvis and Kresse is a business that uses waste material to create and produce fashionable luggage and handbags. They have recycled 200 tons of waste from landfill and hand made them into sustainable luxuries and accessories. They don’t just contribute to reducing waste, every year they donate 50% of their profits to a biggest beneficiary charity called ‘The Fire Fighters Charity.’ Moreover, Elvis and Kresse hire craftsmen and apprentices to not only help them but  in the desire to bring back craftsmanship in the UK.

Source: SocialEnt_UK. “Elvis & Kresse ".” Elvis & Kresse " Social Enterprise UK, www.socialenterprise.org.uk/media-centre/case-studies/retail-and-hospitality/elvis-kresse/#:~:text=To date Elvis & Kresse have,of material going to landfill.

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TOMS Shoes
TOMS Shoes are known for their casual shoes and other accessories. They are touched by the fact that many children in different countries lack footwear or if they do, they are not their size. Therefore, they began the One for One project, in which for every pair sold, they donate 1 adequate pair of shoes in partnership with Humanitarian Organizations. These shoes will allow the children to play and go to school safely that can improve their health and confidence.

Source: “TOMS.” Save the Children, www.savethechildren.org/us/about-us/become-a-partner/corporations/toms#:~:text=For every pair of TOMS,, nutrition, and education programs.

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When it comes to businesses, some things are more relevant than others. However, it also depends on the company's specific purpose of building and growing their business. For instance, a business could only focus on the profit and not with the people or the planet. Therefore, they will put it as their top priority than the other factors.

I redesigned the 3P structure as a tree and put the environment as a root because I believe that environment is more valuable than the other two. In business, it is necessary to have a safe and healthy environment as it will not only benefit the company but also including the owner and the consumers. Moreover, a protected surrounding is the number one factor that can attract customers as well as employees. In this way, it will benefit the company to be successful that can provide the profit that the company has expected. Nevertheless, social or people are also the main component of a business. I put it as a body of the tree because people, such as the employees and customers, help a company to take off and achieve the definite goals and purposes. They are like the body of the company that helps operate the company and contribute a lot in reaching their objectives. Lastly, the leaves and branches are representing the economy because I interpreted it as hard work that pays off. There will be no profit without a safe and healthy environment as well as the people who support to make the company successful. For example, if you cut down one of them, such as the root, there will be no people and profit. It will not process the same way as they all need to be present since they perform different roles in order to have a successful business.

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Definition:

A registered charity has similar general responsibilities of any association or organization that includes; to comprehend the purposes and rules of its constitution; to be well managed, and to act within the law.

SOURCE:

“Charity Registration.” Resource Centre, www.resourcecentre.org.uk/information/charity-registration/.

REGISTERED AND NON-REGISTERED DIFFERENCES

Registered and non-registered have different purposes. Registered charities must be established and operate only for charitable purposes such as the assistance of poverty, the advancement of education and religion, or other purposes that can benefit the community. The non-profit organization can function for social welfare, community enrichment, entertainment or any other purpose except profit.

SOURCE:

“Charitable Organization.” Wikipedia, Wikimedia Foundation, 22 Oct. 2020, en.wikipedia.org/wiki/Charitable_organization.

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BENEFITS + CONSEQUENCES OF MANAGING A REGISTERED CHARITY

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BENEFITS + CONSEQUENCES OF MANAGING A REGISTERED CHARITY

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Benefits

Able to issue official donation receipts for gifts received from individuals and corporations.

Excluded from paying income tax.

Qualified to receive gifts from registered charities.

Gain improved reliability in the community.

Consequences

Give your resources (funds, personnel, and property) to your charitable purposes and activities.

File your annual Form T3010, Registered Charity Information Return, within six months of your financial year-end.

Satisfy your annual spending requirement

Issue complete and accurate official donation receipts.

Keep your status as a Canadian legal existence.

SOURCE:

Agency, Canada Revenue. “Government of Canada.” Canada.ca, / Gouvernement Du Canada, 16 Oct. 2018, www.canada.ca/en/revenue-agency/services/charities-giving/charities/registering-charitable-qualified-donee-status/apply-become-registered-charity/deciding/advantages-obligations-becoming-registered-charity.html.

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WHY BUSINESS DONATE TO A CHARITABLE CAUSE?

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WHY BUSINESS DONATE TO A CHARITABLE CAUSE?

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Many businesses choose to donate to charitable funds because it can also benefit the company in many ways. Donating to charities can attract investors as well as customers that can support in growing a business. However, charitable donations help improve a community, and people will recognize if a company is helping to develop its surroundings, including schools, parks and more.

SOURCE:
Louis, Molly St. “4 Ways That Supporting Charity Is Good for Business.” Inc.com, Inc., 13 Sept. 2016, www.inc.com/molly-reynolds/4-ways-that-supporting-charity-is-good-for-business.html.

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1. Bread for the World

I would like to donate to this charity because I want to help reduce poverty. It is one of the biggest problems we are currently facing, and I want to make a difference for a small amount I can donate to help.

2. Environmental Defense Fund

I would also like to give and support this charity since they are working to provide us with a safer and healthier environment. It might not be a large amount, but I think my support can still make a change.

3. Kids In Need of Defense (KIND)

Seeing innocent children in danger breaks my heart, and if I could help and make a change, I will do it. I would donate funds to this charity since I also want to help these children in any possible way.

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My business would be selling products that are popular for teens nowadays, including totes and handbags, tank tops and more. I will start with being responsible for everything, such as making and shipping them until my business becomes successful where I can hire more people to help me. For daily processes, I would figure out which product is more popular, so I can make more of that item to reduce loss. To stand out among my competitors, I would try to be creative and make my products unique. As I am a beginner, I would donate 10% for each item I sell. For example, if I sold a tote bag for $20, I would give 10% of it. I will donate it to 'Bread for the World Charity' because I want to help reduce poverty in the world, even with a small amount I would make.

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Learn how to make the products I want to sell

Develop my knowledge about managing a small business

Being able to manage my time well (school, work, etc)

Improve my strategic thinking

Use social media marketing

Maintain my profits

Invest in quality management

Balance budget

Do not start a debt :?

Create a reliable product

Be responsible, reliable, and productive :)))))))))

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Where will you hold your sale?

I am thinking of holding my sale online, specifically using my social media platforms or creating a website since it would be a great way to sell items as well as raise awareness about poverty. It would be a great way to begin online first, since everyone has their own social media now where they explore and scroll almost everyday.

Who are your customers? How old are they?

My target customers would be teens and adults since they also have an ability to support and help reduce poverty. Their age could range between 15 to 60 years old.

What kinds of things do they need and want?

The kind of things they want would depend on which product would be popular among my target audience. This product could be totes, handbags, tank tops and more. Also, I think their needs will be based on the weather, since there are months that can be cold or even warm and hot. For example, I would make sweaters, crewnecks and jackets during winter time, while tank tops and shorts for summer. My plan is that in every item I sell, I will donate necessities like clothes to a homeless person/ people. I would  also donate 15% of my profit to a charity that also raises awareness about poverty.

How much money do they have to spend?

They would have to spend money depending on what type of item they buy. For example, a tote bag’s price would be $10 to $15 depending on the size they prefer. I can guarantee that it would be an affordable but high-quality product.

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Tote Bags

Hand Bags

Tank tops

Jackets

Shorts

Blankets

Old clothes

Sweat shirts

Sweaters

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Strategic Thinking
Time-Management
Detail-oriented
Positive thinking
Creativity
Passion
Risk-taker
Persistence
Dedicated
Confidence

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Building a business would be a real challenge as it requires a lot of skills and abilities to be successful. It would be difficult since I have many product ideas, though I don't have enough knowledge on making it. However, making some time and putting an effort to learn the skills I lack would be helpful.

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I think the length of time will depend on how to make and process a particular product, since some are harder and takes more time than the other.

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I think the products that made the cut are the jackets, sweater, blankets and sweaters because those clothes will take longer and required more effort to make one. These products would also need more material such as the fabric that can be expensive. However, this would be a great product to sell during winter or cold seasons.

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My product is a handbag. I would consider the customer's preferences for the size, colour, as well as prints. For example, a tote bag with 28 inches sling and 30x32 bag in leopard prints. The fabric I will be using is canvas, which is the material used for tote bags. You can use these handbags wherever you go, such as for shopping, hanging out with friends, and even to school. If you want to have a pop-off colour to match your outfit, these would be perfect as well. It is also spacious and can fit a lot of things while not looking bulky.

I noticed that animal prints are currently trendy too, including zebra, cow, and leopard prints, therefore, I would love to make handbags with these prints. These will make your outfit appealing since most women believe that bags make the fit better.

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1. Do you often use bags?
- Yes
- No
- Sometimes

2. What colour do you like for your bags?
- Colourful (yellow, pink, green, etc)
- Minimal colours (white, black, grey, etc)
- It sometimes depends on my outfit.

3. What prints or designs would you wear?- Simple (plain colours)
- Animal prints (leopard, zebra, etc)

4. How much are you willing to spend for a bag?
- $20 to $30
- $31 - $50

- Depends on the quality

5. How long do you intend to keep the bag?
- 6 months
- A year
- 2 years or more

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What steps will you need to follow in making your product?
I would need to follow a few steps to make my product. First, I would need to find out the customer preference for their bags so that I won't have to waste my time making the wrong one. Secondly, I need to prepare all the materials as well as equipment in order to create the bag. These include the fabric, sewing materials and most importantly, the sewing machine. Furthermore, measure and cut the fabric into the desired size and make sure to leave an extra inch in each side to sew it properly. After making the product, assure it is sewn and locked accurately to meet the customer's expectations.

What materials will you need?
The materials I would need are fabrics including the plain colours and animal prints, needles, and threads. I might also need some other materials depending on the customer's request.

Will you need equipment or other tools?
I would need a sewing machine since using this will make the product sewn perfectly. It would also help me save so much time making the product.

Will you need help from others?
I would probably need help from my family or friends in either making the product or giving me some advice to improve and develop the product I currently have.

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6. How much does personalization/ customized matter to you?
- It really matters to me
- Not really
- Depends on the item

7. Which fabrics do you prefer for your bags?
- Canvas
- Denim

8. When do you frequently use bags?
- Grocery shopping
- Hanging out with friends
- Special events only

9. What bag size do you wear the most?
- Small size ( for example: a purse)
- Medium size (A shoulder bag, etc.)
- Large size (Big tote bag, etc.)

10. What is your biggest concern when buying a bag?
- The quality
- The price
- More (Type in)

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MATERIALS  - COST
1. Fabrics (Canvas, Animal Prints) - $100.00
2. Needles - $10.00
3. Threads - $25.00

Total: $135. 00

Other Costs
1. License - $40.00

Total: $40.00

TOTAL EXPENSES:
$135 + $40 = $175. 00

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I would need approximately $200 to start running my business as well as my market test. In Canada, there are many ways I can earn and get money to start my business, such as a small business loan, use crowdfunding, and many more. However, I am thinking of self-funding my business because I don't want to start a loan since I am not sure if my business will be successful. So if I use my own money to fund my business, then it would be my loss, and I don't have to owe money to anyone.

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Fabrics (Canvas + Animal Prints) = 6 units
Unit Cost:
$175 / 6 = $29. 17

PRICE
I would charge $32. 00 for the product so I can at least get a $3 profit.

BREAK-EVEN POINT
$175 / $32 = 5

I would need to sell at least 5 bags in order to cover the costs of my market test.

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PROMOTING MY EVENT

If I ever get to organize an event where I can sell and showcase my products, I would use my social media platforms to promote the event. I think it is a good idea to advertise through it since most people have their own social media, especially teenagers. I could also make and print some flyers I can distribute to each person or even houses. In this way, I can also get other people's attention who do not have social media, which are some adults.

However, in order to organize an event, I would need to have money ready.

Trade-show Booth - $110.00

Tables (rent) - $200.00

Hall Rentals - $500.00

Flyers - $150.00

GETTING ATTENTION

I would set up my table by displaying my top-selling product. For example, if my animal print bags are popular and the best-seller, I will hang them where everyone can see how it looks. This will attract and get their attention to come and look at the bags. To stand out among my competitors, I would make my space look clean, organized, and appealing since that is what attracts people's eyes. Smiling and interacting with people could also help me get more customers because being friendly and well-mannered is what most customers would want.

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When it comes to interacting with customers, I would greet them and communicate with them in a formal and friendly manner. I would ask them how their day is going and if I can help them find what they need. Being friendly could also help sell products since when I interact with them, I will get to the point where I can promote my bags and tell them more about it. I will present myself professionally by greeting them first and introducing myself.

To generate interest in my product, I would begin a conversation about bags. I will start by asking what kind of bags they prefer to use, etc. After I get more information about their preference, I will commence on telling them details about my products. I would recommend some outfits they can wear with the bag as well as which occasions they can use it. Also, I would tell them my plans on donating 10% of my profit to charity that helps the people in need.

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1. I discovered a lot of things about business while doing this project. I did not know that building a business could be hard in some way, especially if the owner doesn't have the knowledge as well as skills to start. Also, I learned that business owners could profit and donate to charities at the same time. It means that while they earn success, they are also helping other people in need.

2. The product I chose to make are handbags since it is popular to most teenagers. I also decided to create a project called “Buy One, Help One,’ this means that in every bag they buy, they will be able to help a person in need at the same time. My solution relates to real world problems since poverty is one of the top issues in the world. Since I was young, I want to help the people in need, specifically the people who don’t have homes as well as the less fortunate kids. It breaks my heart by just thinking how hard it is to live their life that way, while other people live the opposite way. Therefore, if I ever get to build my own successful business in the future, I would not hesitate to help in every way I can to help others. I believe that it can make a huge impact, even with the small amount of help I can give.

3. If I get to experience the similar situation again, I would make a clear and organized plan. In this way I will be able to think of strategies to solve and go through these obstacles successfully. I think planning carefully is the important part for everything as there are things that happen unexpectedly. I might not have expected it to happen but at least I have some solutions ready. There’s a quote that is stuck in my head, “If Plan A didn't work out, there are 25 more letters,” this inspires and motivates me whenever I feel down and when my strategies didn’t work the way I wanted it to be.

4. The moment I was most proud of was when I got to think of organizing the “Buy one, Help One” project. It makes me think that I will be able to run and pursue this, where I can provide assistance to those in need.

5. In the process of making this project, I learned a lot of things that I can apply in the future. These include the skills that are required in building a business, ways to market and promote my product, planning the budget, and many more. I would apply everything I learned by using it in an appropriate situation. For example, if I am releasing a new product, I would know the correct and appropriate price for it as well as the ways I can market and advertise my new product.

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INITIAL GOAL

My initial goal is to get into the university I prefer.

SPECIFIC

By June 2021, I would like to pass and get good grades for all the courses I took this year. I think I am the one who can make this possible by working harder than I do now. By accomplishing this, it will benefit me in getting to my preferred university.

MEASURABLE

To measure my progress, I will base it on how much knowledge I gain and learn for a particular course. Therefore, I would know which subject I need to pay more attention and study harder. Also, the grades I will receive can be a guide to help me make more effort into what I do.

ACHIEVABLE

I may not have the skills required to get into the university, but this can be obtained as long as I put effort into what I do. My motivation for this goal is graduating as a future accountant in a university where Business Management is thought good. A large amount of effort is required for this goal since it is not easy to get into a university as all students are also competitive.

RELEVANT

I am setting this goal now because it will motivate me to achieve it. Also, since I will be graduating soon, I already decided what course to pursue after high school. Yes, it is aligned with the overall objective since pursuing my dream job in my dream university is still the main intention.

TIME-BOUND

This goal is realistic since I am determined to pass this year and learn more about the course I am planning to pursue. It may require a lot of effort, but I will still do my best to achieve this. The time-bound I set is by June 2021 because that is when I am going to finish secondary high school.

SMART GOAL

Pass and get good grades for all the courses I am taking this year to help me get into the university I prefer to pursue my dream career.