Pinoy Business Coach

One day, me and my business class members identified 3 essential things that a New Entrepreneur needs to have:

1. The Skill to Sell- in one of my previous articles, I mentioned that Selling is the primary skill that one needs to have to succeed in business. "Nothing happens in a business unless someone sells something." Selling includes profiling your customer and which segment you might want to target for your given product.

2. An Understanding of the Market- this includes knowing who your customers are, who is the competition, what are your advantages over the competition and your key selling points. Understanding the market also includes picking the right product or service to sell. Being a micro entrepreneur, you may want to sell a product or service that already HAS demand. Or in other words, find a SELF-SELLER. If you notice that most of the businesses that our Chinese brethren are under the roof of living 'essentials'--Food, Medicine, Hardware supplies etc., these are all high demand products. It does not mean finding a business with self seller products will guarantee success, all I am saying is that the chances of success increases when there is already high demand for those products that you carry.

3. An Understanding of Financial Statements- Yes, even a carinderia needs a financial statement and needs to keep good records. It is not as difficult as you think, algebra and calculus were more difficult subjects than financial ratios. Income statements, Cash flow statements and Balance sheets are minimum requirements for the Entrepreneur.