The one thing that has stuck in my mind when creating a business is a lesson called the 3 E's. This idea has been proliferated by the great business educator Robert Kiyosaki (author of Rich Dad, Poor Dad) and is essential in understanding the process of enterprise creation:
The 3 E's stand for : Education + Experience = Excessive Cash
This was a totally new idea when I first read it and it did not automatically sink in but I guarantee you that when you understand this simple concept, you will see a whole new 'light' regardless if you are a budding Entrepreneur or one who is experienced in the world of business.
The theory states a simple equation for acquiring excessive cash. By acquiring Education (Financial) and gaining Experience (Business), which means doing the right things based on certain business fundamentals and applying them to any business regardless of what it is, be it a hot dog stand, a small bakery, a sari-sari store or a water retailing station, one can be able to produce excessive Cash.
Business Education- when this is implied, most of us would think that this can be acquired from the school system. One would think of studying Management and getting a degree in business, although that can help but I am more for the "Self-Education" side of business. It is by acquiring knowledge from RELIABLE SOURCES, credible AUTHORS and trusted sources that can greatly contribute to a sound business foundation. Being careful on where you get your information about money and business is a crucial step. Make sure you get your information from people who are doing what they are teaching and not from teachers who just know a lot of theories and who are not in reality, business people. One of my favorite sayings is "How can the blind lead the blind?"
Business Experience- this is acquired by applying the concepts, principles and ideas that one has gathered in an actual business endeavor. The only way for you to validate sound principles is when you actually do them. We learn by DOING. Be it Accounting, Marketing, Legal, Product, Sales etc, the Entrepreneur needs to have a working knowledge in these areas and apply basic, sound and time-tested principles inside an actual business to be able to gain good, solid experience.
Excessive Cash- Cash is just a Score Board of how you have been doing in the first 2 E's. It is a way of measuring if you are doing a good job in educating yourself and applying the things that you have learned. Money is just money. Others begin to become elated and 'swell-headed' when the excessive cash comes in, others begin hunting for things to buy and useless goods that tend to depreciate in time. Others become complacent and stop learning and applying the things they know. There are several attitudes that one needs to identify and temper where money is concerned. Ultimately, it is the Process that makes us rich and not the money. Click Here to Read More...
The 3 E's stand for : Education + Experience = Excessive Cash
This was a totally new idea when I first read it and it did not automatically sink in but I guarantee you that when you understand this simple concept, you will see a whole new 'light' regardless if you are a budding Entrepreneur or one who is experienced in the world of business.
The theory states a simple equation for acquiring excessive cash. By acquiring Education (Financial) and gaining Experience (Business), which means doing the right things based on certain business fundamentals and applying them to any business regardless of what it is, be it a hot dog stand, a small bakery, a sari-sari store or a water retailing station, one can be able to produce excessive Cash.
Business Education- when this is implied, most of us would think that this can be acquired from the school system. One would think of studying Management and getting a degree in business, although that can help but I am more for the "Self-Education" side of business. It is by acquiring knowledge from RELIABLE SOURCES, credible AUTHORS and trusted sources that can greatly contribute to a sound business foundation. Being careful on where you get your information about money and business is a crucial step. Make sure you get your information from people who are doing what they are teaching and not from teachers who just know a lot of theories and who are not in reality, business people. One of my favorite sayings is "How can the blind lead the blind?"
Business Experience- this is acquired by applying the concepts, principles and ideas that one has gathered in an actual business endeavor. The only way for you to validate sound principles is when you actually do them. We learn by DOING. Be it Accounting, Marketing, Legal, Product, Sales etc, the Entrepreneur needs to have a working knowledge in these areas and apply basic, sound and time-tested principles inside an actual business to be able to gain good, solid experience.
Excessive Cash- Cash is just a Score Board of how you have been doing in the first 2 E's. It is a way of measuring if you are doing a good job in educating yourself and applying the things that you have learned. Money is just money. Others begin to become elated and 'swell-headed' when the excessive cash comes in, others begin hunting for things to buy and useless goods that tend to depreciate in time. Others become complacent and stop learning and applying the things they know. There are several attitudes that one needs to identify and temper where money is concerned. Ultimately, it is the Process that makes us rich and not the money. Click Here to Read More...
Even Angel Locsin has her own business venture. Check the following excerpt from a news article:
"Daddy's Angel is a part of the trilogy produced by Becky Aguila and Angel Locsin for Eagle’s Eye Production. This is their first venture as business partners, which is the reason why the two are very uptight, since they are spending a very big amount plus the cast has very popular actors."
Despite Angel's success as a high-paid employee of the Entertainment industry, she is wise in protecting her income by investing it in efforts that we hope she knows well- inside and out. By setting up her own business, Angel is thinking about her future and she understands that there will come a time that there are limits on what she can actually do- physically that is. She is also said to be running her own sports wear line aside from doing production for TV and movies. It will be the educational side of her business investments that will make her wealthy and not her position as someone with lots of money.
We will cover the different kinds of investors in future posts and as we learn how to classify ourselves, we realize what kind of a price we need to pay to have such an education. Click Here to Read More...
I am reposting this information to those who would like to participate in this nationwide search. For more information please visit their website here:
Go Negosyo Most Inspiring Young Entrepreneurs
Award Brief
The search for the Go Negosyo Most Inspiring Young Entrepreneurs is a nationwide campaign spearheaded by the Philippine Center for Entrepreneurship (PCE). By recognizing inspiring role models for the youth, PCE hopes to instill a culture of entrepreneurship among the youth and provide them with examples of potential negosyo models that they can go into.
The nationwide search will run from May 15 to August 7, 2009. Nominees will be short-listed to top twenty (20) finalists which will be further screened to ten (10) awardees.
Basic Requirements for Candidates
1. can be individuals or groups of young entrepreneurs, professionals, secondary/tertiary school students or out-of-school youth who have been running their own business for at least three (3) years;
2. must be Filipino citizens below 35 years old;
3. business must be duly registered with the Department of Trade and Industry OR the Securities Exchance Commission;
4. must be inspiring in the sense that their entrepreneurial spirit must have enabled them to establish and manage creative and innovative business ventures despite challenges and obstacles;
5. must be highly-respected by their peers and should also show the ability to genuinely care for the community and other stakeholders; and,
6. should have the potential to share time and talent to help spread the entrepreneurship advocacy and help mentor other aspiring entrepreneurs.
JUDGING CRITERIA
Inspiring entrepreneurial journey
40%
Uniqueness/originality of business concept
30%
Sales size/performance
20%
Positive impact on/contribution to community
10%
Mechanics & Requirements
Nominators must fill-up the Nomination Form and send it on or before July 31, 2009.
Candidates must submit their requirements not later than August 7, 2009. Requirements include:
1. duly-filled Participation Form
2. essay which describes their entrepreneurial journey
3. supporting documents:
- Certificate of Business Registration or SEC Registration
- Pictures of products and/or business establishment/s
- Feature articles/press releases (if any)
Nomination Forms and Candidate Requirements can be sent:
VIA E-MAIL – send to youthsummit@gonegosyo.netThis e-mail address is being protected from spam bots, you need JavaScript enabled to view it and put “Go Negosyo Most Inspiring Young Entrepreneurs” as the subject.
VIA MAIL – send directly to the Philippine Center for Entrepreneurship, 5/F RFM Corporate Center, Pioneer corner Sheridan Streets, Mandaluyong, Metro Manila 1552
VIA FAX -- send to (02) 637-7873
Please call the PCE Secretariat (02) 637-9229 to confirm if your entries were received. PCE shall not be responsible for any loss of data during transmission.
Award Process
1. PCE will examine the performance of all the candidates based on the set criteria and short-list it to the top 20 finalists.
2. The short-listed candidates will be required to make themselves available for further assessment and validation of their business.
3. Once selected, the ten awardees must personally receive the award on the Youth Entrepreneurship Summit on August 20, 2009.
Deadlines
1. July 31, 2009 – deadline of submission of Nomination Forms
2. August 7, 2009 – deadline of submission of Candidate Requirements
3. August 15, 2009 – notification of winners
4. August 20, 2009 – awarding of winners at the GO NEGOSYO YOUTH ENTREPRENEURSHIP SUMMIT
For more information, please call the PCE Secretariat at (02) 637-9347 or e-mail us at youthsummit@gonegosyo.net Click Here to Read More...
Go Negosyo Most Inspiring Young Entrepreneurs
Award Brief
The search for the Go Negosyo Most Inspiring Young Entrepreneurs is a nationwide campaign spearheaded by the Philippine Center for Entrepreneurship (PCE). By recognizing inspiring role models for the youth, PCE hopes to instill a culture of entrepreneurship among the youth and provide them with examples of potential negosyo models that they can go into.
The nationwide search will run from May 15 to August 7, 2009. Nominees will be short-listed to top twenty (20) finalists which will be further screened to ten (10) awardees.
Basic Requirements for Candidates
1. can be individuals or groups of young entrepreneurs, professionals, secondary/tertiary school students or out-of-school youth who have been running their own business for at least three (3) years;
2. must be Filipino citizens below 35 years old;
3. business must be duly registered with the Department of Trade and Industry OR the Securities Exchance Commission;
4. must be inspiring in the sense that their entrepreneurial spirit must have enabled them to establish and manage creative and innovative business ventures despite challenges and obstacles;
5. must be highly-respected by their peers and should also show the ability to genuinely care for the community and other stakeholders; and,
6. should have the potential to share time and talent to help spread the entrepreneurship advocacy and help mentor other aspiring entrepreneurs.
JUDGING CRITERIA
Inspiring entrepreneurial journey
40%
Uniqueness/originality of business concept
30%
Sales size/performance
20%
Positive impact on/contribution to community
10%
Mechanics & Requirements
Nominators must fill-up the Nomination Form and send it on or before July 31, 2009.
Candidates must submit their requirements not later than August 7, 2009. Requirements include:
1. duly-filled Participation Form
2. essay which describes their entrepreneurial journey
3. supporting documents:
- Certificate of Business Registration or SEC Registration
- Pictures of products and/or business establishment/s
- Feature articles/press releases (if any)
Nomination Forms and Candidate Requirements can be sent:
VIA E-MAIL – send to youthsummit@gonegosyo.netThis e-mail address is being protected from spam bots, you need JavaScript enabled to view it and put “Go Negosyo Most Inspiring Young Entrepreneurs” as the subject.
VIA MAIL – send directly to the Philippine Center for Entrepreneurship, 5/F RFM Corporate Center, Pioneer corner Sheridan Streets, Mandaluyong, Metro Manila 1552
VIA FAX -- send to (02) 637-7873
Please call the PCE Secretariat (02) 637-9229 to confirm if your entries were received. PCE shall not be responsible for any loss of data during transmission.
Award Process
1. PCE will examine the performance of all the candidates based on the set criteria and short-list it to the top 20 finalists.
2. The short-listed candidates will be required to make themselves available for further assessment and validation of their business.
3. Once selected, the ten awardees must personally receive the award on the Youth Entrepreneurship Summit on August 20, 2009.
Deadlines
1. July 31, 2009 – deadline of submission of Nomination Forms
2. August 7, 2009 – deadline of submission of Candidate Requirements
3. August 15, 2009 – notification of winners
4. August 20, 2009 – awarding of winners at the GO NEGOSYO YOUTH ENTREPRENEURSHIP SUMMIT
For more information, please call the PCE Secretariat at (02) 637-9347 or e-mail us at youthsummit@gonegosyo.net Click Here to Read More...
Over the last few weeks, I have been thinking about business plans and how they relate to the success rate of a start-up business. It seems that most of our countrymen think that is the lack of capital that is plaguing one from starting his or her own entrepreneurial venture. What a tragedy!
A business plan need not be complicated. The 'how to do' part of the business plan cannot be covered in this little article, but as soon as one is interested to scout for resources about this subject, one would discover that there is a wealth of knowledge. The creation and the writing of a business plan helps the Entrepreneur 'think through' the nitty gritty process of the business, see opportunities, risks, profitability which can be very helpful in planning, strategizing to manage risks.
A business plan proves that it is the process that makes one rich and not money. Writing a good business plan takes time and practice. You may want to seek a mentor that can help you out in writing the ultimate business plan that others would want to read and invest in. Click Here to Read More...
A business plan need not be complicated. The 'how to do' part of the business plan cannot be covered in this little article, but as soon as one is interested to scout for resources about this subject, one would discover that there is a wealth of knowledge. The creation and the writing of a business plan helps the Entrepreneur 'think through' the nitty gritty process of the business, see opportunities, risks, profitability which can be very helpful in planning, strategizing to manage risks.
A business plan proves that it is the process that makes one rich and not money. Writing a good business plan takes time and practice. You may want to seek a mentor that can help you out in writing the ultimate business plan that others would want to read and invest in. Click Here to Read More...
There has been large amounts of media coverage regarding the Legacy investment scandal and I am sure that we know someone (if not us) who has in a way been entangled with this scandal who lost tons of money.
Even here in the western tip of the Philippines, angry citizens continue to scorn and 'pretend' to go after the Legacy group so as to get their money back. I use the word pretend since knowing the judicial system in the Philippines plus the corporate clout which the owners of Legacy can always blanket themselves in, the pursuance of such an endeavor becomes .. a dream.
Lessons of the Legacy investment:
LESSON NO. 1- IF THE OFFER IS TOO GOOD TO BE TRUE, THEN IT IS.
The double your money scheme worked out in the beginning to it's first patrons but in the long run this kind of leverage is self defeating. As funds continuously came in, corporate heads became to greedy and sidetracked people's money into non-performing assets and doodads..
LESSON NO. 2- ABDICATION INVESTING IS DANGEROUS.
Abdication is just a big word that means delegating irresponsibly. In any investment, the investor is required to do his part to look at the details on how the money is used, where it is going and why it is able to produce a 20% per annum return. (Double your money in 5 years is essentially 20% per annum in interest)
LESSON NO. 3- THE R.O.I IS JUST ONE OF THE BASIS FOR INVESTING
Naive people pooled their money to Legacy without thinking further and worse, without even thinking at all. Just because they were promised that their money would double in 5 years, citizens began pouring their life long savings into the fund. Other questions should include:
1. Who is incharge of the fund ? - Berkshire has Buffet, PLDT has Pangilinan, Globe has Ayala, SM Holdings has Henry Sy.
2. What is the track record of the one in charge of the fund ?
3. Who is on the management team of the one handling the investment?
4. Are they trustworthy?
Being a businessman myself, I can realistically say that while there are many endeavors that yield superior results, there are also tons of such endeavors that do not give as promising yields. It takes a great mind to see such opportunities, and the people in possession of such minds are getting scarce.
LESSON NO. 4- DOCUMENTATION IS IMPORTANT
It is my prediction that the smaller few that will be able to get back a big percentage of their investments in Legacy are those who kept track of every Official Receipt, photocopied each transaction, kept every personal records, bank receipts etc..
LESSON NO. 5- QUESTION GROUP THINK
Group think was coined as the general perception of the population on what is 'hot' and what is 'not'. It is often called us 'herd' thinking or going where the masses are. With too much of the population getting into Legacy and describing the 'very' easy way to accumulate wealth through their no-brain policies, the populace was led to a wind fall.
LESSON NO. 6- GOVERNMENT IS ACTING LIKE..
Never be misled into thinking that the government effectively regulates entities that protects the masses from deception. Government is just government, a poorly run entity that cannot even manage it's own affairs which seeks to cure the 'flu' of the people when it is infected with HIV (regardless of which nation on Earth). Like an octopus that has nails instead of tentacles.
Pinoy Business Coach believes that in the entrepreneurial spirit comes the ability to think logically in terms of investing, the ability to steer off the pit holes of public insanity and ensure superior returns on money, sweat, blood and tears.
Please check out my other blog: http://philgoldandsilverinvestments.blogspot.com, which will definitely help you attain more leverage than investments in pyramids and ponzi schemes. Click Here to Read More...
Even here in the western tip of the Philippines, angry citizens continue to scorn and 'pretend' to go after the Legacy group so as to get their money back. I use the word pretend since knowing the judicial system in the Philippines plus the corporate clout which the owners of Legacy can always blanket themselves in, the pursuance of such an endeavor becomes .. a dream.
Lessons of the Legacy investment:
LESSON NO. 1- IF THE OFFER IS TOO GOOD TO BE TRUE, THEN IT IS.
The double your money scheme worked out in the beginning to it's first patrons but in the long run this kind of leverage is self defeating. As funds continuously came in, corporate heads became to greedy and sidetracked people's money into non-performing assets and doodads..
LESSON NO. 2- ABDICATION INVESTING IS DANGEROUS.
Abdication is just a big word that means delegating irresponsibly. In any investment, the investor is required to do his part to look at the details on how the money is used, where it is going and why it is able to produce a 20% per annum return. (Double your money in 5 years is essentially 20% per annum in interest)
LESSON NO. 3- THE R.O.I IS JUST ONE OF THE BASIS FOR INVESTING
Naive people pooled their money to Legacy without thinking further and worse, without even thinking at all. Just because they were promised that their money would double in 5 years, citizens began pouring their life long savings into the fund. Other questions should include:
1. Who is incharge of the fund ? - Berkshire has Buffet, PLDT has Pangilinan, Globe has Ayala, SM Holdings has Henry Sy.
2. What is the track record of the one in charge of the fund ?
3. Who is on the management team of the one handling the investment?
4. Are they trustworthy?
Being a businessman myself, I can realistically say that while there are many endeavors that yield superior results, there are also tons of such endeavors that do not give as promising yields. It takes a great mind to see such opportunities, and the people in possession of such minds are getting scarce.
LESSON NO. 4- DOCUMENTATION IS IMPORTANT
It is my prediction that the smaller few that will be able to get back a big percentage of their investments in Legacy are those who kept track of every Official Receipt, photocopied each transaction, kept every personal records, bank receipts etc..
LESSON NO. 5- QUESTION GROUP THINK
Group think was coined as the general perception of the population on what is 'hot' and what is 'not'. It is often called us 'herd' thinking or going where the masses are. With too much of the population getting into Legacy and describing the 'very' easy way to accumulate wealth through their no-brain policies, the populace was led to a wind fall.
LESSON NO. 6- GOVERNMENT IS ACTING LIKE..
Never be misled into thinking that the government effectively regulates entities that protects the masses from deception. Government is just government, a poorly run entity that cannot even manage it's own affairs which seeks to cure the 'flu' of the people when it is infected with HIV (regardless of which nation on Earth). Like an octopus that has nails instead of tentacles.
Pinoy Business Coach believes that in the entrepreneurial spirit comes the ability to think logically in terms of investing, the ability to steer off the pit holes of public insanity and ensure superior returns on money, sweat, blood and tears.
Please check out my other blog: http://philgoldandsilverinvestments.blogspot.com, which will definitely help you attain more leverage than investments in pyramids and ponzi schemes. Click Here to Read More...
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