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!
In the book of John L. Mason (An Enemy Called Average) - he quoted Harvey Ullman: "Anyone who stops learning is old, whether this happens at twenty or eighty. Anyone who keeps on learning not only remains young, but becomes consistently more valuable regardless of physical capacity."
Reading books is one way of learning. It saves us from committing the same mistakes that others may have already experienced. Though we are most likely to learn (and never forget) our own mistakes, we don't have to take all the risks - we can always learn from others.
A list of some popular business books are listed at bizdrivenlife.net. Click on this link...
As per Derek Bok: "If you think education is expensive, try ignorance.."
taken from bizdrivenlife.net:
"Is an MBA necessary? If you are like me, a bizdriven person, one of whose goal is to make my dreams come true in the form of my business, then it is. If you want to excel in the field, be one of the top 5 percent of the business, you will. If you want to grow twice, thrice or 10 times your size now, you will. " - Wilson Ng
More here...
The four principles of aligning cost management and top-line growth :
Principle 1. Use ambitious sales and earnings growth targets to motivate the need for, and commitment to, growth-oriented cost management.
Principle 2. Tailor cost-reduction targets to the existing cost position and strategy of each business.
Principle 3. Differentiate between "good" and "bad" costs.
Principle 4. Create the right conditions for ongoing cost management.
The author was Matteo Peccei - senior manager in the London office of Marakon Associates, a leading international strategy consultancy. He can be contacted at mpeccei@marakon.com
Click here for more...
7 Myths as explained by Robert Warlow:
1. You don't have a personal life.
2. You Have To Be Cunning and Ruthless To Be a Successful Entrepreneur
3. You Won’t Have To Work As Hard
4. You Have To Have an Original Idea
5. You Will Be Your Own Boss
6. You Need A lot Of Money To Get a Business Off The Ground
7. You Only Have To Do What You Want To Do
Click here for more...
Check out small biz/entrepreneurship website,
have placed the website address in this article (below),
lots of pinoy business talk here - a forum on entrepreneurship, philippine business environment, software business solutions, business news, buy & sell, getting funding & capital, job opportunities, and more...
click on link here: http://www.ngkhai.net/esprint
it is easy to participate in the website talk,
we just have to register for free,
then we can post our very own self-made articles,
we can ask questions on anything - especially on business topics,
we can also make comments on those articles posted in the website,
and most of all, we can get in touch with other pinoys
who loves to talk about business, PINOY style!
