The most avid question I get is "if I had 10,000 pesos as capital", what business should I get into? It sounds like a 10 Million dollar question to me, but in reality even if you had more than that amount, all will go down the drain if you don't have a PLAN.
Invest TIME to spot opportunities and LEARN to make a basic business plan. There are varied sources even on the internet that will teach you how to do this. But in a nutshell, your plan should include your Marketing, Financial data and a plan on how to execute a prototype so as to limit risks. Take time to think through your plan since this will help convince YOURSELF and others if the idea is really viable.
9 out of 10 start-up businesses fail because the business idea was not carefully planned out and the newbie business person does not seek advice from other more experienced business people to critique the plan. Many of us do not like to hear constructive criticism, but if you want to be ahead in the business world then you should be open to learn from credible individuals. More experienced business people can distinguish faults in your plan and can quickly spot areas where you cannot because they have been through the nuts and bolts of building a business. This advice alone will help save you from perils later on.
Never assume that the capital in your hands is sufficient to drive income into your business or will automatically mean that you will have "luck" in your new venture. Capital is capital, no more, no less. Of itself it provides no power, especially in assuring business success. Business is not risky if you know what you are doing, it is the business person that is risky.
In making up a specific plan and learning the process you will provide yourself with your own L.U.C.K., which by definitions means L-aboring U-nder C-orrect K-nowledge.
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2 comments :
Great, great site. I just found this hours ago and have been reading nonstop since. Very interesting and nicely written. Anyway, I've noticed a few of the blogs emphasize coaching advice and mentors alike. My friend and I are very seriously considering starting a business of our own in the Makati, but just don't know where to start. We have the money, but like you've said many times before, we need the plan. We'd greatly appreciate a point in the right direction and perhaps a place to look for mentoring. Thank you and keep up the fantastic writing!
Thank you for the following the blog and I would really appreciate if you can click on our sponsors to help me maintain the blog.
Yes a well-thought plan is needed before you push through and after you have made this plan, I would strongly encourage you to seek a successful business person to help you think through the plan.
If you do not know anybody to deal with, I can help scrutinize your plan just so you would know if it is viable or not.
Publish your email and I will contact you. Thanks!
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