Are you considering putting up a business instead of just relying on a 9 to 5 job? With the high cost of living, some millennials choose to build their own enterprise for their future family.
To achieve optimum results, you must have all the necessary tools, resources and the skills. The most important thing for an entrepreneur is to be physically and emotionally prepared.
Starting up a business means having to face so many challenges along the way, and would mean having to take risks in order to come up with the best possible outcome all the time.
Only a small percentage of start up businesses last beyond their first year. There is no guarantee for success, but an entrepreneur who is prepared to face all the adversities has an edge.
Apart from creating a good business plan, there are several factors that an entrepreneur should look into.
- Financial Resources
No business can start without having enough financial resources. And this does not only mean having a few bucks. One has to realize that there are so many things that are needed. What are these?
Capital for buying goods
Your funds may come from your personal account, a loan from a financial institution or from family and friends. When you are seeking for a loan, look for the least amount of interest to make paying it back less of a struggle.
- Business Knowledge
Don’t allow yourself to be beaten by your competitors because you lack the knowledge about the business. You must be able to gain as much knowledge as possible. You will be able to make smarter decisions if you understand the kind of business you are about to build. How can you obtain more knowledge about the business you have in mind?
Attend seminars and workshops
Read books about the business
Don’t be left behind. Never miss an opportunity to learn something knew if it can help your business grow. Always make learning a part of your everyday life. Be observant. Find ways on how you can entice more people to patronize your products and services.
Most business owners fall short by just hiring relatives or friends who do not have the sufficient skills needed for their jobs. This results to poor production or poor quality of products and services. Hire only those who have wide experience. It will also help your employees if they undergo training, workshops and seminars.
- Physical Resources
You should be able to find the right spot for your business so that you will reach your target market. Physical resources also include marketing materials.
A business cannot survive without all the things mentioned above. Keep in mind consumers' spending habits. They mostly rely on the internet prior to visiting a store while some prefer shopping online.
- Support from Family and Friends
It is never an easy task to start a business. And for sure, there would come a time when you will feel like quitting. An entrepreneur should be aware that challenges are bound to happen and these should be taken in positively. Hit and miss- that is how some would say. But we should not risk so much to the point of losing everything. Take risks, but ensure that there is a bigger chance of winning than of losing.
In times like these, you need your family and friends to support your every endeavor. You need people to help you get motivated and to help you stand up every time you fall.
It helps to seek the advice of experts who have been through the business to have less room for errors and more windows for opportunities.
You should not fear all these, because through this journey, you will gain more than you have ever imagined. Let me know your thoughts.
(Armando Bartolome is known as the Philippines’ Franchise Guru, a business mentor to numerous micro entrepreneurs who are now themselves big names in the industry. This article is reposted with the author’s permission and was previously published on The Business Mentor column posted by ABSCBN News. For questions and more information, you may contact Armando "Butz" Bartolome by email:firstname.lastname@example.org or on Twitter @philfranguru. His website is www.gmb.com.ph)