One thing I learned from one of my Chinese bosses was to always have a plan.
He never failed to emphasize the value of having one, as one can only measure where he is now if he has first made a plan, otherwise everything was left to chance afterall.
Thus, before anything else, first, have a plan...
In business, and in life, if one indeed values money truly, every peso counts.
Especially in business, moreso if one is operating under a tight budget, the cost of operations should be checked.
There are always opportunities for improvements, and for cost savings if one just takes the time to study it.
I've worked under Chinese managers - it is only recently that I appreciate more what it feels like to be in their shoes, now that I'm having my own business...
Going into business is a risk. Companies with high capital usually have feasibility studies to check if there is a market for their products or services in a particular location.
Small and Micro businesses don't have the luxury though of such feasibility studies -- all they have are their own intuition - their hunch and feeling that such businesses would click.
More of entrepreneurship stuff on this link, click here...
A business will be successful if its products or services can provide a solution to a problem/need.
It has always been to my understanding, that businesses offering products which are basic needs of people have higher chances to succeed.
The challenge I think, is when the business is offering what one might not usually categorize as a basic need, but somewhat of a luxury, like in the amusement or entertainment business perhaps.
On the other hand, is to be happy and entertained not a basic human need?
Perhaps there is a chance for such amusement businesses to prosper...
I've read some business books, and I always get excited on the idea of having my own business.
I've tried having my own business once - and it was a failure..
I've not regretted having gone into business that time, because although i failed, the experience was worth it.
The previous business name I had was MCM Video Whiz Center, which was located at Pajo, Lapu-lapu City. It closed though after only months of operation.
Years have passed, and now, I'm back, together with my wife, Denden, embarking on our very own business - Bujurs Video Hub.
My wife and I think it's about time we take the entrepreneurship plunge... Good luck to us!
