Showing posts with label
Buidling a successful business.
Show all posts
Showing posts with label
Buidling a successful business.
Show all posts
by Armando O. Bartolome
THE news is out and
radio commentators are talking about it a lot, TV talk shows are
discussing it and Facebook walls are full of posts about the
investment-grade rating that Fitch Ratings recently gave the
Philippines.
Recently, I had a
facebook chat with one of of my good friends whom I served an
LDS Mission more than a decade ago. We are good buddies and both served in the island of
Mindoro Occidental, particularly the town of
San Jose. After exchanging pleasantries and catching up on our personal and family situations, the conversation shifted to our livelihood.
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"It is often inspiring to read the stories of how businesses came to be. Stories like this can really motivate the would-be Entrepreneur. This
article further states that a mission can be spiritual and powerful as well in driving a business. The original article can be accessed
here. Stay motivated to let your business dreams come true by continuously following our
site.
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Who says you can't dream big? This article proves that you can win with a big mind and limited resources. There is an Entrepreneur in each of us but first, we must develop the potential within us, click
HERE for ideas on developing the entrepreneur within. This is the
source of the following article.
Pinoy Business Coach believes in Filipino ingenuity!
Filipino Personal Outsourcers Trump Indian Counterparts in World Market
December 16, 2011
by Jomar Hilario
Big Companies like outsourcing because it saves on staffing and other costs. But do you know that best selling authors like Tim Ferris' of the Four Hour Workweek Fame have personally outsourced their business and lives to Filipinos based in the Philippines?
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One of the great things about starting a business is the unlimited possibilities that abound. With limited capital and a lot of imagination, education and experience, one can be able to start small, work hard and finish strong. There is no scientific and proven method that would pave the path to growing a business but there are "hints" and clues that successful entrepreneurs have left behind for us to follow.
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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.
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By: Paolo G. Montecillo (Philippine Daily Inquirer)
The number of travelers Cebu Pacific transported in the second quarter of the year grew by 15 percent, keeping the airline on track of its goal to fly 12 million passengers by the end of the year.
The Gokongwei-led budget carrier on Monday said growth was supported by its international business, which grew faster than its domestic operations. This reflected the company’s focus on making it easier and more affordable for Filipinos to travel within the Asia-Pacific region.
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A friend posed a question to me this morning that went me into "contemplating" mode. Her question was being a newbie in the investment world, what were her options to start with?
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The recent turmoil all over the globe is simply a product of an expanding Information age. More and more people are made aware of their situation whether it be political, social, financial and yes, even environmental. One cannot avoid but contemplate if a new world order is about to appear. In the midst of all of these happenings in other parts of the globe, we are nonetheless blessed since we have been spared from these calamities.
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Why learn to read them? They have a knack to be boring since they deal with numbers. The fact is most of the Entrepreneurs and Micro Business people I have encountered do not know how to make even the simplest of these statements.
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One of the great lessons that I often have a hard time coming into terms is the difference between setting up great assets that produce cash flow and earning from flipping things or income from capital gains. One is harder to conceive, imagine and "cook" while the other simply just needs great selling skills and a motivated buyer.
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By Raquel P. Gomez
Philippine Daily Inquirer
First Posted 17:31:00 01/15/2011
MANILA, Philippines—Three years ago, David Lim expanded the Solid Group Inc., the company put up by his entrepreneur mom Elena Sen Lim, by establishing MyPhone, a brand of affordable
mobile phones targeting the lower-income market.
I recently bumped into a friend who is an owner of a medium-sized business in Cebu City and who is very inspired by the story of young Billionaire- Mr. Mang Inasal. He indicated to me that he wanted to grow his business so that it could be a sensation someday.
"Are you willing to do what he did?". I asked.
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By: Joey Concepcion , ASK GO NEGOSYO
Click
HERE for original article
Last Saturday, I was emotionally affected after reading the paper. There was a photo of a father holding the hand of his 12-year-old daughter. She was stabbed to death by an ex-con who was convicted of rape and robbery. He stepped out of prison three years ago because he won presidential clemency. Other than the 12-year-old girl, he also killed a teacher and a grandfather who tried to shield his granddaughter.
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| Written by Dennis Estopace / Reporter (fr www.businessmirror.com.ph) |
| Wednesday, 28 July 2010 22:37 | | |
|
IN a disclosure on Wednesday, publicly-listed fast food company Jollibee Foods Corp. (JFC) said one of its subsidiaries inked a joint-venture deal with a Singaporean firm to build a commissary in China. |
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BY
JESSICA ANNE D. HERMOSA,
Reporter
Politics and remittances are expected to drive growth in the revenues of food, retail and service franchises, which are projected to grow by 30% this year after rising 20% in 2009, the Philippine Franchise Association (PFA) yesterday said.
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Another aspect of Time Utilization and Money as it relates to business success is that of how one spends leisure time. Financial education is a must for bustling entrepreneurs and can be likened to riding a bike.
Let us say for example you are interested to learn how to ride a bike. First step naturally would be to read about literature on how to ride a bike. After getting the basics down, you try to get on a real bike to test the theory behind it. After a few applications and a few bumps here and there you decide to ask help from a cousin of yours who knows how to expertly ride a bike and with a few practice sessions, you become better at it. The same is true in business-- Reading about the literature, finding a mentor and applying the principles are crucial to the learning process, but if one spends most of his/her time in entertainment instead of gathering and learning business concepts and trying them out, the odds against success increases.
Financial education needs a separate time allotment and chances are, if you are employed and starting a business on the side then it would be wise to use spare time efficiently by learning all you can about business. This can be a difficult choice to make especially in a world that is full of entertainment options. There is a theory that if you decide to take on difficult options NOW, the process tends to become easier whereas, having an easy life now would most certainly yield a difficult one LATER on. Or in other words, that which is easy becomes difficult LATER ON and that which is difficult becomes easy LATER ON. It's your choice.
Another aspect of Time in relation to Money is the choosing of worthwhile advisers. When we mention about financial education, it would be wise to choose authors that are credible and have real life business or investing experience. It would be futile to grab every book that talks about business. Not everyone who writes about business knows what is actually going on in real life scenarios. It would save you much more time if you could go to sources that can give good, actual and worthwhile advice and find mentors who are actually succeeding in the field of business. It would be a great waste of time if you follow advice from people or authors that do not have real life experience because in essence, you become a guinea pig of sorts.
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A couple of weeks ago, I happened to catch a glimpse of a poster advertising that
Chinkee Tan was in town. His seminar and book entitled "Till Debt do you part" was catchy and since the tickets were ridiculously cheap (300 pesos) because it was subsidized by the
Victory Church, I decided to attend and see what good advice he had to offer.
The seminar venue was quite filled and the speaker started round 1 with a good mixture of jokes, power point slides and a large dose of actual experience. Essentially he was teaching the audience to be personally responsible for their income and take an active part in managing both income and expenses and not leave retirement to chance.
You might be wondering what this has to do with business. It has everything to do with business. In the same way that we personally manage our income and expenses and invest our savings in several vehicles, be it bonds, equities in stock or time deposits etc. The income of a business also needs to be managed carefully, securing the future of your business or company for that matter.
Many authors like Kiyosaki, smartly teach that business income can be made to BUY ASSETS like real estate or precious metals. But this needs to be done with consultation with good advisers. Financial planning for your company's income will be a hedge against uncertain economic times ahead. Be it a carenderia, a siomai stand or a small lending, plan the income portfolio of business instead of taking fat salaries that end up in the belly of unproductive consumerism.
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This is going to be a little tough on the bones. When they say that building a business is 90% Emotions and 10% Technicalities, they were not kidding. Being in a business is a very emotional thing because of the MONEY involved. There are various ways that the money in a business can make or break the business and the business person:
1st- Without the skill of reading or making financial statements, one would not know the difference between SALES, GROSS PROFIT, NET PROFIT and so forth. I know a lot of people who take money to spend for their personal lives from SALES (if you think that is a good idea then I would suggest you get educated with financial statements.)
2nd- Mixing personal money and business money, almost all of budding entreps are guilty of this at the beginning but somehow we kind of evolve into 2 separate entities. Mixing personal money and business money will drive you nuts and chances are, you wife will scowl at you all the time. (guaranteed!)
3rd- Not knowing the ratios of a business and knowing the demographics of expenses in a business will leave you in the dark and lead to bad decisions. Ratios that need to be found out include but are not limited to: Income to Expense Ratios, Profit Margins, Return of Investment, Net Margins etc..
4th- Just because sales is good, business is good. This can become a very naive statement to make. Others would justify splurging and spending on liabilities just because they are selling very well, although there might be some truth to that, it is only a small piece of the grand financial statement. The bottom line is what counts and how consistent a business can give such a bottom line.
Truth be told, a business will often reflect the ability of the owner to manage his or her own finances. Small victories lead to much larger victories. Private victories lead to public victories. Yes, you have it right, one needs to manage his own personal finances before he can manage the finances of a business.
One of our readers, Jay Castillo has a very good article about this in his blog. Click here to read.
When I started out as a sole proprietor, I practiced paying myself first. Since I was single and had little liabilities, i managed to save 50-60% of my income to invest in my business and also to further my technical skills. All that hard work really paid off. If you have not started this habit, you can acquire information about managing personal finances from a lot of sources.
Be awesome!
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