Thank you for reading this and talking to that little voice in your head about taking action with regards to your financial future. A study conducted in Yale resulted that only 3 out of 100 students are successful, because the 3% set written goals while the 97% did not. By reading the archives and clicking 'FOLLOW' on the blog, you will not only receive good and practical advice, but will also develop a successful mindset until you pick up that pen and start writing financial goals and draft a business plan. Your success is in your hands.
Part of my responsibilities as a business owner is to 'give back' to society. I am excited to announce that I have volunteered to do a 3 day free seminar on "Starting a Micro-Enterprise" here in Zamboanga City. This program has been done in collaboration with the LDS (Latter Day Saints) Employment Resource Center which teaches people to be self-reliant. Teaching is learning twice and when you impart what you know to others then lessons are solidified more in the mind.
Mind you, I am a real Entrepreneur authoring this blog and not some punk trying to write about things just to get advertising exposure. I have founded 2 companies in the last 10 years and am about to start my 3rd (while the 2nd is doing good and the 1st folded up). My experiences, though limited in so many ways, can help small businesses avoid common start-up pitfalls.
The best way to combat the odds of business failure is by being informed. By educating oneself in the rudiments of good business practices and rules of thumb, one can avoid mistakes. So what are you waiting for? Learn through the archives, comment on the articles and receive answers to questions and fears.
Click Here to Read More...
There is a keen relationship that exists between Investing and Business. A majority of the population think that when they buy a stock, put money in a time deposit, buy a mutual fund or go into foreign exchange that they are already investing. The population has a tendency to think more in terms of the investment product which is more akin to trading and not investing. Investing is a PLAN that one needs to map out to meet desired financial goals that are sound and reasonable.
Look at what happened with the recent Legacy scandal. Thousands lost their hard earned money, thinking that when they placed it in the hands of the Legacy group they were already 'cool' investors. They focused more on the investment product rather than on the educational side of being an investor which take time, patience, meditation and knowing what you want in life. Again INVESTING is a PLAN and a PROCESS and is not based on knowing the hot tip of the day where there are unsubstantiated claims of 'doubling your money'. Scams abound and to the unprepared mind, this can be devastating.
Most Entrepreneurs who have gone out of their way to be hands on in building their own businesses are blessed to 'see' when a business becomes profitable or not. They know how the different segments of a business work and know how to read financial statements. They become superman with 'Xray vision' and are able to decipher the profitability of a venture. This blessing has come out of the price that Entrepreneurs pay in operating profitable businesses.
It is my opinion that Great Entrepreneurs become good investors, that is why the advocacy to convince you to start your own business is right since the training in business can help you weed out the bad investment products from the good ones. The Xray vision to see a good investment product becomes more keen when one has been exposed to business training, paying the tuition fee from the school of hard knocks.
You are in this game of money already, it is up to you to make the best out of this game. Click Here to Read More...
Look at what happened with the recent Legacy scandal. Thousands lost their hard earned money, thinking that when they placed it in the hands of the Legacy group they were already 'cool' investors. They focused more on the investment product rather than on the educational side of being an investor which take time, patience, meditation and knowing what you want in life. Again INVESTING is a PLAN and a PROCESS and is not based on knowing the hot tip of the day where there are unsubstantiated claims of 'doubling your money'. Scams abound and to the unprepared mind, this can be devastating.
Most Entrepreneurs who have gone out of their way to be hands on in building their own businesses are blessed to 'see' when a business becomes profitable or not. They know how the different segments of a business work and know how to read financial statements. They become superman with 'Xray vision' and are able to decipher the profitability of a venture. This blessing has come out of the price that Entrepreneurs pay in operating profitable businesses.
It is my opinion that Great Entrepreneurs become good investors, that is why the advocacy to convince you to start your own business is right since the training in business can help you weed out the bad investment products from the good ones. The Xray vision to see a good investment product becomes more keen when one has been exposed to business training, paying the tuition fee from the school of hard knocks.
You are in this game of money already, it is up to you to make the best out of this game. Click Here to Read More...
By Darwin G. Amojelar, Senior Reporter, MANILA TIMES
A FILIPINO household has to earn close to half a million pesos this year to remain in the middleclass, according to the National Statistical Coordinating Board (NSCB).Romulo Virola, NSCB secretary-general, said the country’s middle class is likely to have shrunk in light of the global financial crisis.
“In 2006, the middle income class may be defined as those families with annual income ranging from P246,109 to P2,000,072. However, in 2008, a family needed an income that ranged from P276,626 to P2,251,551 to be considered middle class. And in 2009, you would need to earn close to half a million pesos to be in the middle class,” the NSCB official said, citing the results of the agency’s update of an earlier study on the matter.
The NSCB said the middle-income class included families that own refrigerators, radios, and a house and lot, and with houses that have strong roof materials.
“The Pinoy middle class remains vulnerable and has continued to shrink. And that is prior to the global crisis,” Virola said.
He said the middle class shrank from 19.9 percent of the population in 2003 to 19.1 percent in 2006. However, this pace of collapse was not as sharp as that between 2000 and 2003, when the middle class fell from 23 percent to 22.7 percent.
The NSCB official said the middle class must expand, as it is generally believed to be the driver of “development” and “economic growth.”
In the first quarter of the year, the economy as measured by the country’s gross domestic product (GDP) grew by only 0.4 percent, a sharp fall from 3.9 percent in the same period last year.
Virola said savings and investments of the middle class posted percentage increases between 2003 and 2006.
Between 2000 and 2006, the use of telephones and cell phones among the middle class almost doubled from 51 percent to 95.3 percent, while computer ownership jumped from 10.6 percent to 28.5 percent.
The NSCB said the top four expenditure items among the middle class and the general population were the same in 2003 and 2006: food; house rental; transportation and communication; and fuel, light and water.
Among the least priority expenditures of the middle class and the general population are non-durable furnishings, which include utensils and household linen; alcoholic beverage; house repair and maintenance; and recreation.
“Tobacco and taxes complete the bottom five expenditure items for the middle class and the general population. As we have said in the past, tobacco is no longer the good business it used to be and we have not been paying taxes to our government,” Virola said.
In December, the NSCB released a report that showed the country’s middle class was collapsing.
For its update to this report, the agency said it used inflation data to come up with new estimates of the income boundaries of the middle class.
"The way of the Entrepreneur will prevent the middle class from shrinking, if you start now, time will be on your side." Click Here to Read More...
A FILIPINO household has to earn close to half a million pesos this year to remain in the middleclass, according to the National Statistical Coordinating Board (NSCB).Romulo Virola, NSCB secretary-general, said the country’s middle class is likely to have shrunk in light of the global financial crisis.
“In 2006, the middle income class may be defined as those families with annual income ranging from P246,109 to P2,000,072. However, in 2008, a family needed an income that ranged from P276,626 to P2,251,551 to be considered middle class. And in 2009, you would need to earn close to half a million pesos to be in the middle class,” the NSCB official said, citing the results of the agency’s update of an earlier study on the matter.
The NSCB said the middle-income class included families that own refrigerators, radios, and a house and lot, and with houses that have strong roof materials.
“The Pinoy middle class remains vulnerable and has continued to shrink. And that is prior to the global crisis,” Virola said.
He said the middle class shrank from 19.9 percent of the population in 2003 to 19.1 percent in 2006. However, this pace of collapse was not as sharp as that between 2000 and 2003, when the middle class fell from 23 percent to 22.7 percent.
The NSCB official said the middle class must expand, as it is generally believed to be the driver of “development” and “economic growth.”
In the first quarter of the year, the economy as measured by the country’s gross domestic product (GDP) grew by only 0.4 percent, a sharp fall from 3.9 percent in the same period last year.
Virola said savings and investments of the middle class posted percentage increases between 2003 and 2006.
Between 2000 and 2006, the use of telephones and cell phones among the middle class almost doubled from 51 percent to 95.3 percent, while computer ownership jumped from 10.6 percent to 28.5 percent.
The NSCB said the top four expenditure items among the middle class and the general population were the same in 2003 and 2006: food; house rental; transportation and communication; and fuel, light and water.
Among the least priority expenditures of the middle class and the general population are non-durable furnishings, which include utensils and household linen; alcoholic beverage; house repair and maintenance; and recreation.
“Tobacco and taxes complete the bottom five expenditure items for the middle class and the general population. As we have said in the past, tobacco is no longer the good business it used to be and we have not been paying taxes to our government,” Virola said.
In December, the NSCB released a report that showed the country’s middle class was collapsing.
For its update to this report, the agency said it used inflation data to come up with new estimates of the income boundaries of the middle class.
"The way of the Entrepreneur will prevent the middle class from shrinking, if you start now, time will be on your side." Click Here to Read More...
Enriching one's business vocabulary can surely make the difference in the life of a new Entrepreneur. As business vocabulary increases, the chances of having a better bottom line also multiplies.
One of the concepts that many of us can try to grasp is the idea of working IN and working ON the business. These two concepts are very simple but they can empower the business person to build a business properly.
Working IN a business means, working on the day to day routine and the basic technicalities that normally run to make the business survive. This includes selling, clerical, accounting, logistics, janitorial etc. The mundane but essential skills that make the business make money in it's day to day operations constitute the WORKING IN the business concept.
Working ON a business on the other hand means focusing on systems that can help the business work without the Entrepreneur being there on a daily basis. It is the creation of systems that can help a business become good to great. It is the implementation of systems that make a Jollibee or a McDonald's restaurant run anywhere in the world using local and young manpower. Working ON the business also includes knowing what Entity you are placing the business IN and the Characteristic of the business as to what asset class in derives it's income from.
To be successful means focusing on the 2 aspects of the business. It is my opinion that 9 out of 10 business start-ups fail because the Working ON part is neglected. While the business owners focus on the everyday tasks of running a business, only few Create a system to make it run without them. Click Here to Read More...
One of the concepts that many of us can try to grasp is the idea of working IN and working ON the business. These two concepts are very simple but they can empower the business person to build a business properly.
Working IN a business means, working on the day to day routine and the basic technicalities that normally run to make the business survive. This includes selling, clerical, accounting, logistics, janitorial etc. The mundane but essential skills that make the business make money in it's day to day operations constitute the WORKING IN the business concept.
Working ON a business on the other hand means focusing on systems that can help the business work without the Entrepreneur being there on a daily basis. It is the creation of systems that can help a business become good to great. It is the implementation of systems that make a Jollibee or a McDonald's restaurant run anywhere in the world using local and young manpower. Working ON the business also includes knowing what Entity you are placing the business IN and the Characteristic of the business as to what asset class in derives it's income from.
To be successful means focusing on the 2 aspects of the business. It is my opinion that 9 out of 10 business start-ups fail because the Working ON part is neglected. While the business owners focus on the everyday tasks of running a business, only few Create a system to make it run without them. Click Here to Read More...
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