Pinoy Business Coach

The Rich Dad, Poor Dad Author Robert Kiyosaki discusses the 3 E's of Investing which is summarized as : Experience + Education= Excessive Cash.  In the previous article, we talked about creating a business plan, now we will delve into the scenes why starting and running a business needs patience, a 'Manny Pacquiao" winning attitude and much learning through both actual experience and study.

If you are an OFW, the best solid advice we can give you is START SMALL. Many OFWs think that just because they have tons of savings in the bank or cash in their hands, that they would be able to start a really huge business undertaking, as if the money would do the thinking for them. The reason why I use "10,000 peso capital" business as a slogan in my articles is to evoke sense that you can start a business with just a little capital and a lot of imagination and slowly build that up to staggering amounts.

Business success can be equated using the 3 E's Kiyosaki has been teaching. Small Experience + Small Education= Short Cash also known as SSS (never bank on this entity for your retirement). With 10,000 peso capital, you can learn, make mistakes and learn from those mistakes.  This cycle continues until you will have learned the education necessary to produce excessive cash.  When you start small, you limit the biggest risk ever- yourself.

As an OFW, never be enticed by get rich quick schemes or other methods that promise something along those lines.  If you do not understand the business, then walk away from it!