"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.
Showing posts with label Business start-ups. Show all posts
Showing posts with label Business start-ups. Show all posts
Returning OFWs are indeed a boon to the country if they succeed in starting and growing their businesses. Here is an excellent article that can aid budding start-up entrepreneurs in growing their enterprise. Landbank usually gives out these kinds of loans to OFWs on a per project basis. If you have any relatives or friends who just came back, then this site can help them.
I came across this article from The Manila Bulletin, find it by clicking here. This is the sentiment of the business sector that support from the government to start up enterprise is not enough. The best planning that you can ever have before engaging in business is an article I wrote in this site. REad that article here.
One of the major learnings that I have gained after 10 years of being a neophyte in business is thinking through the KIND of business that you would like to venture into. It is my opinion that not including this item or description in your business plan causes 9 out of 10 start-ups to fail in their first year of doing business. Consider this as one of the crucial elements before you start of business:
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(Privileged speech by Sen. Edgardo J. Angara, March 9, 2011)
The world is on the brink of an upheaval. The prices of staple foods are escalating—causing widespread social unrest that has already toppled leaders in North Africa and in the Middle East.
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The world is on the brink of an upheaval. The prices of staple foods are escalating—causing widespread social unrest that has already toppled leaders in North Africa and in the Middle East.
Click Here to Read More...
It is called by many terms- affiliate marketing, blogging for $, internet marketing etc.. Such similar terms is a reality for those trained to do it. Bo Sanchez who is a minister uses this to drive 1.8M to the Kerygma family, not bad for fund raising!
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Click Here to Read More...
One day, me and my business class members identified 3 essential things that a New Entrepreneur needs to have:
1. The Skill to Sell- in one of my previous articles, I mentioned that Selling is the primary skill that one needs to have to succeed in business. "Nothing happens in a business unless someone sells something." Selling includes profiling your customer and which segment you might want to target for your given product.
2. An Understanding of the Market- this includes knowing who your customers are, who is the competition, what are your advantages over the competition and your key selling points. Understanding the market also includes picking the right product or service to sell. Being a micro entrepreneur, you may want to sell a product or service that already HAS demand. Or in other words, find a SELF-SELLER. If you notice that most of the businesses that our Chinese brethren are under the roof of living 'essentials'--Food, Medicine, Hardware supplies etc., these are all high demand products. It does not mean finding a business with self seller products will guarantee success, all I am saying is that the chances of success increases when there is already high demand for those products that you carry.
3. An Understanding of Financial Statements- Yes, even a carinderia needs a financial statement and needs to keep good records. It is not as difficult as you think, algebra and calculus were more difficult subjects than financial ratios. Income statements, Cash flow statements and Balance sheets are minimum requirements for the Entrepreneur. Click Here to Read More...
1. The Skill to Sell- in one of my previous articles, I mentioned that Selling is the primary skill that one needs to have to succeed in business. "Nothing happens in a business unless someone sells something." Selling includes profiling your customer and which segment you might want to target for your given product.
2. An Understanding of the Market- this includes knowing who your customers are, who is the competition, what are your advantages over the competition and your key selling points. Understanding the market also includes picking the right product or service to sell. Being a micro entrepreneur, you may want to sell a product or service that already HAS demand. Or in other words, find a SELF-SELLER. If you notice that most of the businesses that our Chinese brethren are under the roof of living 'essentials'--Food, Medicine, Hardware supplies etc., these are all high demand products. It does not mean finding a business with self seller products will guarantee success, all I am saying is that the chances of success increases when there is already high demand for those products that you carry.
3. An Understanding of Financial Statements- Yes, even a carinderia needs a financial statement and needs to keep good records. It is not as difficult as you think, algebra and calculus were more difficult subjects than financial ratios. Income statements, Cash flow statements and Balance sheets are minimum requirements for the Entrepreneur. 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...
The first thing that I would do is Congratulate you for having 10,000 pesos saved up in your account, not many Filipinos are keen savers of their hard earned money.
The first thing that one usually thinks of when there is spare cash (be it 1,000 , 10,000 or 100,000 for that matter) is "Magnenegosyo ako!" Going out the first time, our hero tries to find where to invest his money. Be it a Sari-sari Store, a Lotto outlet, a tapsilogan or a carenderia, we are all interested whether the money does come back with a little interest called profit.
What our hero does not realize is : 9 out of 10 start-up businesses fail in the first year. Sa Tagalog, "Mga Siyam sa loob ng Sampung negosyo na nagsisimula palang ay nasasara o nalulugi sa unang taon ng pagnenegosyo!" (I hope my Filipino teacher is not reading this)
Why do they fail on the first year? It is because of various reasons. Some may blame it on lack of capital, some on management. What our hero does not know is that Setting up and Running a Business is a SKILL. It is what we call na "kakayahan", something that needs to be learned, developed and practiced with appropriate mentors.
It is like riding a bicycle. You would not want to ride a bicycle in EDSA without first practicing intensively now would you? But most of our brothers and sisters, do exactly the same when opening a business. They think the capital will make them smarter when in truth, money is just money and does not have power in itself whatsoever.
Adequate preparation, learning what makes a good business run, understanding Cash Flow and basic accounting procedures and knowing the ins and outs of the business will make one join the 10% that do succeed in the world of business and investing. Click Here to Read More...
The first thing that one usually thinks of when there is spare cash (be it 1,000 , 10,000 or 100,000 for that matter) is "Magnenegosyo ako!" Going out the first time, our hero tries to find where to invest his money. Be it a Sari-sari Store, a Lotto outlet, a tapsilogan or a carenderia, we are all interested whether the money does come back with a little interest called profit.
What our hero does not realize is : 9 out of 10 start-up businesses fail in the first year. Sa Tagalog, "Mga Siyam sa loob ng Sampung negosyo na nagsisimula palang ay nasasara o nalulugi sa unang taon ng pagnenegosyo!" (I hope my Filipino teacher is not reading this)
Why do they fail on the first year? It is because of various reasons. Some may blame it on lack of capital, some on management. What our hero does not know is that Setting up and Running a Business is a SKILL. It is what we call na "kakayahan", something that needs to be learned, developed and practiced with appropriate mentors.
It is like riding a bicycle. You would not want to ride a bicycle in EDSA without first practicing intensively now would you? But most of our brothers and sisters, do exactly the same when opening a business. They think the capital will make them smarter when in truth, money is just money and does not have power in itself whatsoever.
Adequate preparation, learning what makes a good business run, understanding Cash Flow and basic accounting procedures and knowing the ins and outs of the business will make one join the 10% that do succeed in the world of business and investing. Click Here to Read More...
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