your own business

one of the actions that we need to take in moving out from the "rat race" going to the "fast tract", as explained by Robert Kiyosaki of the Rich Dad, Poor Dad, is to have our own business. but how do we look for a business that best suit us? here are some tips on how to look for a business.

how to look for your own business

1. identify people's need or simply create a need.

1.1 identify people's need. before you start any business, ask the market first what they need. ask what is it that they need and what they want that you can help provide. start a business that has an immediate market to avoid difficulty in selling. The basic needs are food, shelter and clothing.

1.2 create a need. if you happen to have a products or services that is not need-based you will still need to educate the people on why they have to purchase your products or services. You must create awareness. You must come up with a good marketing strategy and advertise your business.

2. find your core gifts/interests. start from your hobby. if you like cross-stitching, beads making, baking, etc., your family, friends and neighbors like it and asks for more then maybe you can earn from it. try improving your masterpieces and packaging and charge them. from that you can start your own small business.

3. sell a good/new idea. it maybe an existing product and you added some features. for example: simple "sago", put some flavorings, crushed ice, a bigger straw and a good packaging turned into "zago". other examples are "cooked ice cream", "frozen taho", etc.

4. buy and sell or network marketing. this is the easiest way to start a business. ride form others existing products. try looking for good products and start your buy and sell business. in multi-level marketing or networking, don't concentrate on recruitment but on marketing the products because it is the "bread and butter" of the company.

5. buy an existing business or franchise a business. if you have enough capital to start a business but still confused on how to start one, better buy an existing business or simply franchise a business. you just need to learn the process and follow their system. then improve on how to serve your customers better.

by creating your own business, you're not just creating a source of income for yourself but also create jobs for your fellow countrymen.

keeping patience

"patience is a virtue."

one of the things i've learned from playing Cashflow 101 Boardgame invented by best selling author and businessman Robert Kiyosaki is to be patient. be patient to wait for the proper time and opportunity before grabbing the most awaited "big deals" of the game. one needs the proper timing, enough resources, and good risk assessment before jumping in to any given opportunity.

patience defined

according to Wikipedia, "patience is the ability to endure waiting, delay, or provocation without becoming annoyed or upset, or to persevere calmly when faced with difficulties."

practical application

to reach my goal, to become a Christian millionaire in the near future, i need this important ingredient to success to help me work hard and persevere more.

as a businessman - i will market and find more subdealers for the newly improved Goldskin Placenta Soap, enriched with Papaya extract, Squalene and now with Vitamin E. it is also available with a new packaging and endorsed by actress Snooky Serna.

as a realtor - i will look patiently for more foreclosed properties and other for sale announcements within my area in Taguig. i need to focus on a certain radius to avoid inconvenience and hassle.

as an investor - since the stock market is so confused and still waiting on what will happen to the US economy and its adverse effect to the world as a whole, i will treat temporarily all my transactions as long term investment rather than short term.

the right opportunity will come to me and i will reach my goal, soon... so help me God.

financial literacy

this is actually the second part of our financial literacy seminar outline. the first part is the financial stewardship.

the Cashflow Quadrants

according to Robert Kiyosaki of the Rich Dad Poor Dad, there are only four ways how to earn.

1. be an employee. work for somebody for 8 hours a day, 5 to 6 days a week. they are oftentimes forced to render an overtime. sometimes rendering overtime is without pay. their own initiative to meet the deadline or because they cannot cope up with so many pending work. most of the times they have bosses that is so demanding and so irritating. their monthly income is secured but they have no control over their time. they have no freedom and they work for money.

2. be self-employed. they are their own boss. most people in this group are the professionals: doctors, lawyers, architects, accountants, etc. some works at home or have small businesses like tailors, sari-sari store owners, balut and taho ventors, taxi owners who drive their own taxi, among others. though a little higher in status than the employee, a self-employed person still needs to wake up early, do their routine and stuff and work or else they don't earn. meaning, they still work for money.

3. be a businessman/entrepreneur. this is much better than the other two. businessmen/entrepreneurs create businesses and jobs. they create money and wealth. they hire people who are competent enough to run their businesses. they hire experts that require less supervision. their business is in autopilot. this will give them enough time to look for more opportunities and time for their families.

4. be an investor. they make their money work for them. they use their money to earn more money. they create passive income. they invest in other peoples businesses, they invest in real estates, stocks, bonds and mutual funds. they don't need to wake up early. they control their time. they can spend their month-long vacation and still earn. this is freedom--financial freedom.

the first two groups, the employed and self-employed, are placed at the left side of the quadrant. while the remaining two, the businessmen/entrepreneurs and the investors, are placed at the right. Kiyosaki called the left side as the "rat race" while the other side as the "fast tract".

financial literacy is the key for people to move from the rat race to the fast tract. they need to be prudent, disciplined, and the will to save and invest. it takes a lot of hard work and guts. dream big but start small. learn from failures and improvise.

source: Robert Kiyosaki, Rich Dad Poor Dad and Larry Gamboa, Think Rich, Pinoy!

one million Pinoy millionaires

the mission of Larry Gamboa, Bo Sanchez, Trace Trajano and Nelson Terrible is to create one million Filipino millionaires worldwide by 2020. this is huge! this is ambitious! but whether it's achievable or not, i want to be part of it. hehe i want to be a millionaire by that time!

the four musketeers

Bo Sanchez is a bestselling author, a powerful Catholic Lay Preacher, and the founder of many ministries that serve the poor and the Catholic faithful in the Philippines. he publishes Shepherds' Voice - the Philippines' most popular Catholic literature - and hosts his own weekly Catholic TV program and daily radio show. he's also an investor and founder of many businesses.

Larry Gamboa is the author of the bestselling books "Think Rich, Pinoy!" and "Grow Rich, Pinoy". apparently, he has applied Robert Kiyosaki’s Rich Dad, Poor Dad principles to the Philippine setting and have earned millions through real estate investing. he is now considered as the "Robert Kiyosaki of the Philippines".

Trace Trajano is a Senior Scientist at Fortune 500 company and already have 22 patents. he is also Pinoy real estate investor based in Cincinnati, Ohio USA. his passion is teaching others how to have multiple streams of income through real estate investing. he co-authored a book with Larry Gamboa entitled "Think Rich Quick".

Nelson Terrible is a Pinoy Billionaire and CEO of the Techno-Asia Construction & Development, Inc. with over 30 years experience in real estate.

they lunched the Truly Rich Millionaire Network and the Think Rich Pinoy Millionaire Network and together, they will reach their goal.

me, i'll do my share. with the help of my friends and co-sfc, we will teach financial literacy, conduct livelihood workshops, develop entrepreneurs, create businesses and jobs, and be investors ourselves.