the challenge of business: a fool's act

it's really hard to go into business especially if we haven't analyzed yet all the factors to be considered in putting up our own business. but we must be careful not to move and take action or else we will be trapped in a situation called "analysis paralysis".

but in my case, when the opportunity presented itself, i grab it immediately and made a couple of lapses or shall we say a "fool's act" when i decided to partner with a friend.

the problems

1. i got really excited. when i was a member of the Parish Youth Council (PYC) in our parish, a visiting priest, which is the author of our ministry, taught us not to make any decisions if we are in extreme feelings (e.g. overjoyed, very sad, fiery angry, excited, etc.). these extreme feelings overclouded our minds that lessens our ability to think wisely over a certain situation.

because of excitement, we didn't saw all our options and possible problems that we will encounter in the future. we had the worst problem we could ever have--we overlooked our initial capital. we didn't make an estimate of the needed funds for our initial operation. we only prepared for our expenses and so, when our first and biggest client approved our proposal we crammed on where to get our needed capital.

2. the truth about my partner's financial status. my eventual partner didn't tell me that she has no available money to invest. all the while i thought she's waiting for her money to come from her Social Security System (SSS) or a loan to be approved or something that guarantee her involvement. but the sad part is up to now she contributed not a single penny to our initial capital.

this put me in chaos. i shouldered all the burden of financing everything.

my solutions

1. loan again. with these problems, i resorted to file another loan and this time its a Back-to-Back Loan from the Simbayanan ni Maria Development Cooperative (SMDC). but still our capital is not enough to cover our first major transaction. and so we need another patch up solution.

2. look for investors. presses with time and out of options, me and my wife sent text messages (short messaging service-SMS) and emails inviting our friends to invest in our business. good thing we have a few friends who were brave enough to risk their hard-earned money with us. a special mention to our Godfather, Tito Binggoy who carried the big load for us. but of course i promised to give them a 5% per month interest for their investment. business is business, you know.

on july 9, wednesday, we completed our full delivery to our first major client. thank God for He supplied me with friends that trusted us and invested with us. we surrendered everything to Him and faithfully trusting Him to provide for us and we were glad that He never let us down. truly, He is a Great Provider and a Good Father to His children.

the fool-est act of all time

since we are in a hurry to establish the company we decided to allow my partner to register the company as sole proprietorship under her name. and so all documents, receipts, bank account, etc. were all legally hers. our partnership agreement up to now has not been signed by both parties since we are still finalizing the details.

if worst things happen, may God forbid, i don't have anything that would support my claim. huhuhu...

hopefully, things will get better soon. Lord, help me please!

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.