Showing posts with label Tips. Show all posts
Showing posts with label Tips. Show all posts
Financial Education is For Everyone
Posted On Friday, June 28, 2013 at by Sun Jun
Financial education is for everyone, including Pinoy entrepreneurs! The success of businesses ran by individuals (sole-proprietors) greatly depends on how the individual is avail to manage his finances properly. Separate what's personal and what's business. Read the article and learn a few tips about personal finance from Suze Orman.
Personal Finance superstar Suze Orman was in the Philippines for a brief road show, encouraging Filipinos to believe in the Philippines, to start saving, and to finally launch that journey to financial freedom. Here are some of the key points that she imparted during her stay.
On Marriage and Finance
- Having a Prenuptial agreement (prenup) is good.
- Marry someone who you can freely discuss money issues with.
On Debt
- Debt is financial bondage.
- You will never achieve financial freedom if you have debt.
- Pay off all your debt first before you start saving.
- The most common financial sin is Credit Card debt.
Successful Businesses in E-Commerce, Internet Marketing, and Real Estate Marketing
Posted On Tuesday, August 21, 2012 at by Sun Jun
Pinoy Entrepreneur came across this article from Money Sense about five entrepreneurs and how they made their first millions. Among the 5, three of the interviewees made their first million through e-commerce or simply by selling stuff in the internet. The other 2 made their millions engaging in real estate. Given the statistics, it seems like these are the industries to look out for if you want to earn those millions and become financially free.
How I Made My First Millions
Highlights from the article by Mr. Heinz Bulos of Money Sense
- Made her first million when she was 34 years old in real estate.
- Biggest mistake was doing to many things at one time. She learned that it was better to concentrate on one field. When she saw the blueprints of Bonifacio Global City (BGC) she knew she found the right place to sell.
- Tips of earning money in the real estate business: study the market well and find out what the market needs and develop the ability to match the need of the market with the need of the buyer.
- No. 1 mistake of newbies: Focusing more on the money than the relationship with clients!
Lance Gokongwei - Commandments on Family Business
Posted On Saturday, March 24, 2012 at by Sun Jun
Running a family business isn't easy. In fact, in business circles, many people talk about how the 1st generation start the business, while the 2nd generation makes it grow, only to be brought down by the 3rd generation. Here are a few tips from Lance Gokongwei, president of the JG Summit Group, one of the successfully-ran family businesses in the Philippines. Great lessons to follow for those who are looking on to build their business empire as well.
In summary, the unwritten commandments of the Gokongwei family are as follows:
Mang Inasal's Entrepreneurship is all about Attitude
Posted On Wednesday, October 6, 2010 at by Sun JunNothing is impossible with the right attitude. Do not be intimidated by problems. Instead, look at them as opportunities for growth.
Insights from Mr. Edgar J. Sia II, Entrepreneur of the Year 2010 Finalist, and CEO and Chairman of Mang Inasal Philippines, Inc.:
- Market research is helpful. Before putting up Mang Inasal, the company conducted market research in 16 different regions in the Philippines. The research purpose was to find out the different culinary traditions and eating habits of Filipinos nationwide. As a result, they found out that barbeque or inasal in Ilonggo was the type of food with the most potential and mass appeal.
- Early exposure to entrepreneurship is beneficial. Mr. Sia was lucky to be born in an entrepreneurial family. He was exposed to the family business early on at the age of 10. By the age of 20, he was already managing several businesses.
- Aiming high and Thinking BIG! While coming up with the business concept, Mr. Sia made it a point to start a business that had a potential to expand nationwide. In just 3 years he was already able to open 20 branches. And finally in 2005, he started franchising the business. Now, there are around 260 branches nationwide.
- Continuous improvement and development. Despite its success, Mr. Sia knows that a lot can still be done to make the business bigger. The company has a research and development team specifically tasked to ensure the consistency and quality of their food across all branches.
- And most importantly of all, he has that never-give-up attitude which was depicted in his statement above. With the right attitude, one can be a successful entrepreneur (or any other profession for that matter) like Mr. Edgar Sia II. "Attitude is Altitude!"
Source: Business World Online.
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Business Success Tip: Pricing and Quality
Posted On Friday, September 24, 2010 at by Sun JunFrancis Kong is definitely among the best inspirational and motivational speakers in the country. If you haven't seen his blog yet, you should visit it and subscribe. I'll provide the link in this post.
In a recent post entitled "A Lesson From A Tea Business" he illustrated the importance of charging accordingly and delivering quality to help sustain a business. A friend and I have been agreeing on this matter for quite some time now. Both of us are from Davao City but we occasionally come to visit Manila. We noticed that prices in restaurants are way more expensive in Manila compared to Davao. On the average it is 3 to 4 times more expensive. This however, does not discourage us from splurging occasionally and trying out the sumptuous meals. And the only reason we give is because of the quality. The quality of the food and the ingredients, albeit being very expensive, are definitely much better here in Manila. We reasoned out that if only Davao restaurants provided the same type of quality then we wouldn't hesitate to spend as much in Davao as well. I'm not saying that all Davao restaurants serve food of poor quality, it's just that restaurants should charge accordingly with the quality that they deliver.
The anecdote comes with a punch line at the end of the story which is ingenious. Go ahead and read the entry after the jump.
A Lesson from a TEA Business
by: Francis Kong
There’s a sign on a small-time lemonade stand:
"Lemonade 25 cents a glass. Special offer: 10 cents a glass only if you bring it back fast enough so I can use the ice again." Well it looks like this boy knows how to do cost cutting at his young and tender age.
Let me share with you another story.
Benny had told all his friends about the delicious steak he'd eaten in the newly opened restaurant the day before. So they decided to go down there and see if it was really as large and delicious as he said. But much to their disappointment, the waiter brought them the tiniest steak they'd ever seen.
"Hey waiter!" Benny barked. "I was in this restaurant yesterday and you served me a big juicy steak, and now today, when I've organized a party, you serve such a small one." Why is your business so inconsistent?
"Yes, sir," replied the waiter. "It is true that yesterday we gave you a large and juicy piece of steak. But you see sir, yesterday; you were sitting by the window. And today you’re not!”
Many eating-places would love to bring you to their window seats because they want people passing to see that their business is always full. But here’s the problem. This technique could augment business but the one principle they need to understand is that they can have all the marketing techniques they want and employ it but if their products are not good and their services not excellent, they may as well kiss their business goodbye. In all things, especially in business, you and I need to be honest all the time.
Driving home from her office one summer day, a woman noted that there were four places within two blocks of her home where she could stop and buy a five-cent glass of iced tea. Each little stand had two or three youngsters behind it, all eager to serve any customer who came their way. During the next two weeks, the woman managed to stop at each of the stands to encourage the kids. In each case the tea was very good. Small talk revealed that all the youngsters were selling tea made by their mothers, who used tea leaves and real lemons in making the tea.
One day the woman discovered that only one stand was operating. Behind it was the new kid on the block. She stopped and ordered a glass of tea. It was served in a paper cup and it cost 10 cents. Some conversation brought out the fact that the young man's father was a lawyer who specialized in charging, which had inspired the boy to buy out his competitors, bartering with baseball cards, marbles, and stuff he had laying around in his garage.
His first act, he explained, was to raise the price of the iced tea, and cut costs. He was using a powdered tea mix from the supermarket, he said, which eliminated buying real lemons as well as the bother of squeezing them or putting them in the charges.
He didn't have to charge real tea either, he pointed out. He had plans to cut costs further, he said, and with his competitors out of the market, he expected sales to grow.
Intrigued, the woman made a half dozen more stops at the stand and became aware that the tea was getting weaker and weaker. One day the young man confessed that sales were dropping and he attributed this to the fact that he was using less and less of the chariot mix.
Then one day he went out of business, as attempts to turn things around failed. The moral of this story is: HONEST TEA IS THE BEST POLICY.[1]
Charge accordingly but deliver quality. This is being honest. Even if you cut on prices but deliver sub-standard quality, your business will not be sustainable. Respect your customers. Be honest and serve them well.
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Quick Start Up Business Tip
Posted On Wednesday, September 2, 2009 at by Sun JunRemember that it is easy to get caught up int he romance of starting your own business. Avoid this trap!
Consider carefully both the pros and cons of entrepreneurship. Understand that starting a business is a calculated risk. Be sure to pick a business that you love, but also one you can afford and for which there is a need (market).
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Overcoming Fear: Business Start Ups
Posted On Friday, August 28, 2009 at by Sun JunAt the top on the list of excuses why most professionals do not start their own business is fear. Fear can be paralyzing. It can discourage people to act on their otherwise great ideas. And avoidance is not the answer. Here are some tips to help you overcome fear and get started on your start up business:
1. Remember that you can start slowly.
Remember that your start up business doesn't have to be big. Quitting your day job and starting a business right away would give anyone nightmares. You don't have to do it this way. Gradually transition from being an employee to becoming an employer. Give yourself time to think, plan, and work on potential problems. This should help lessen your anxiety.
2. Seek Help.
Remember that help is always available. And most of the time this help is FREE! Do not be ashamed to ask for help. You can approach your family and friends, visit entrepreneurship websites, visit the local chamber of commerce, your professors in college, and even government agencies.
3. Plan.
Nothing beats a well thought out business plan to help alleviate your fears. If you can come up with a good business plan, right there and then you would know the viability of your business. Knowing that your business is highly viable and profitable will surely help in easing out those nerves. It may even give you confidence!
4. Expect the Unexpected.
Accept the reality that starting a business entails a lot of risks. Knowing this will help you prepare for the time when it does come.
5. Put fear to work.
Use fear as a motivator. Remember that most successful entrepreneurs have been afraid at one time or another. Use your fear to push you to work harder to get your business up and running.
6. Build a support network.
Talking to fellow entrepreneurs who have walked the same path you're about to embark on can help assuage your fears. Attend conferences, join associations, and talk with others who started as you did but who have moved on to the next step.
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Gian's D' Breakfast Club - Restaurant Business
Posted On Sunday, August 9, 2009 at by Sun Jun
D' Breakfast Club is a small restaurant located at the corner of Ponce and Guerrero streets in Davao City. It is situated near Ateneo de Davao University. It serves breakfast meals all day from 5 am to 12 midnight.
Last week I met the owners of this restaurant. You'll never guess the reason why they started this business. Continue reading to find out what it is.
Situated near a big university in Davao city the restaurant caters to dormers and students living in the area. For a regular tapsilog meal one only has to pay around 30-40 pesos. Very reasonable and perfect for a student's pocket. However, looking at the interiors of the place one would not think that this restaurant serves very affordable meals. As an added bonus, the restaurant offers free WIFI connection.
What was most impressive for me though was the food! It was perfectly cooked! Say goodbye to dry rubbery omelettes and burnt tocinos. When my food came, the pork tocino was still juicy and my omelette a littly runny, just the way I like it.
True to their name, the restaurant tries to offer everything you might need for breakfast. Aside from the rice meals, the restaurant also offers pandesal sandwiches and cereals! I heard that you even get to choose between regular or low-fat milk to go with your cereals. As an added bonus, the restaurant also has brownies and mamom for dessert. Try their creamy mamom! It's one of the best I've tried.
The only drawback is the limited seating capacity of the place and the fact that it can get really hot during lunch time considering that the place is open and doesn't have air conditioning. At night time, I heard the place is usually packed.
There has been a lot of inquiries for franchises but the couple has decided not to franchise out yet. They said that if they franchise out they want to be ready for it so that they can ensure that the quality remains the same. Besides, aside from this business the wife runs her own pre-school (Beautiful Minds) and the husband manages his own trading and import business as well. A step towards that direction though is the couples strategy to outsource their processed meats to a meat-processing plant in Cebu City.
I guess if your business is not only something you love but also something you need, the desire to make it work is stronger. Another point to consider is the fact that if you need it then somebody else might need it as well.
Happy start ups to all entrepreneurs! I look forward to hearing your success story someday.
Happy start ups to all entrepreneurs! I look forward to hearing your success story someday.
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Pricing is all in the Mind
Posted On Friday, June 5, 2009 at by Sun Jun
A few articles back I wrote about Pricing Strategies for Small Businesses. To complement that article, I found this great article by Art Ilano which explained in simple terms how pricing can be a mind game as well.
In his article entitled "The Price is Right (Maybe)", Art Ilano, explained that consumers perceive a product as expensive or not by comparing it with another similar product. If a similar product does not exist, meaning that the product is a new innovation, developers can opt to price it with a high markup. He wrote that consumers wouldn't know that it's expensive because there is nothing like it to compare it with. He gave as example the introduction of the first ballpoint pen with a promise of quick drying ink. Before that time, only expensive fountain pens were the available alternative. As a result, the inventors of the first ballpoint pen were able to price it as high as the expensive fountain pens. Consumers didn't mind buying the new pen because it wasn't considered expensive. Furthermore, the quick drying ink feature of the pen was a plus factor.
He added, however, that the danger with overpricing your new product is that a price challenger is bound to show up.
In the same article, Art Ilano also explained how to price high the correct way. In pricing high, one must introduce sensory cues that project your product as superior. The product's quality, features, and packaging becomes very important.
He discouraged pricing your product too low to be competitive. More often than not, people perceive low priced products as inferior or lacking in quality. Especially for what he called as "me" products, products that you buy for yourself, pricing them high can actually increase sales. It goes to show that people want the best for themselves. For those who can afford, value comes first before price.
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Top Excuses Why You Haven't Started Your Business
Posted On Wednesday, May 27, 2009 at by Sun JunEveryone dreams of owning and starting their own business. Who doesn't?! Over gatherings of colleagues, friends, and even families, you've probably already discussed thousands of business ideas. Ideas that you knew for sure would click and make it big. However, a lot of time has passed since then and you still haven't started any.
Here are some of the most common excuses we tell ourselves and how we can overcome them.
1. Fear
Throughout evolution, the human brain has been programmed to fear change. Every time something new comes along, our first reaction is to resist it. The same goes for starting a business. The moment we think of starting one, our brain thinks of things on why the business would fail or why it isn't a good idea. Among these are the fear of not being good enough, fear of losing ones income, and fear of failing, just to name a few.
- Fear of not being good enough
We fear that our experience and knowledge is not enough. We fear that nobody will avail of our services because we are young. We fear that people will laugh at our idea. We fear that we'll encounter something that we don't know how to handle. We fear that we'll fail.
There are a lot of things we can do to prepare ourselves for the challenges ahead. We can attend seminars, read informative blogs (like my site ^^), attend classes, read books, consult successful businessmen and so on. And we should always remember that experience is still the best teacher. There is no perfect way to prepare ourselves for something that we haven't done before. Like any other life challenges, starting a business and making it grow takes time, and it is during the process of doing things that we learn and master how to do things.
- Fear of losing ones income
Before you decide to resign from your work and jump right into starting your own business, you might want to check first if there's a market for your product. Try to find ways on how you can test run your business in small chunks. If you offer a service, try taking side jobs at first and see if their is enough demand for your service. If you offer a product, try marketing and selling a few batches first before mass producing. This way, by the time you decide to resign from work, there will already be another source of income flowing in.
As a last note about fear, remember that fear is not necessarily bad. If you can use your fear to motivate yourself to be better then it will bring you a lot of good. Fear is not good only when it leads to inaction.
2. Lack of Family Support
Coming from a family-oriented society, we normally consult our family and relatives before doing something major like starting a business. More often than not, if you come from a family who has no experience in running a business, they will not only not support you but discourage you to enter into such a venture as well. This can really take a toll at your confidence. Without their support, you hesitate and postpone your plans.
In order to prevent this, before consulting your family and relatives, do your research. Come prepared for battle. (^o^)/ Be prepared to be able to explain the nature of your business in simple terms. This goes especially for technology-oriented businesses. Explain them in terms that your family will understand. The key here is to make them understand. Once they understand, they will be more likely to give you their support. Who knows? They might even help you raise the capital that you need to start the business.
If you feel that your parents see you as a failure, the worst thing that you can do is argue your point. You will never win. The best way to prove them wrong is through action. Show them that you have changed through your actions. Success will be your best argument.
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Need Cash?
Posted On Saturday, April 25, 2009 at by Sun JunAre you in need of cash to start up your own business? The Philippine Youth Business Foundation might just be able to help you.
The Philippine Youth Business Foundation is a non-profit organization which aims to lessen unemployment through entrepreneurship. If you have a viable business plan, but don't have enough cash to start up the business, why not try applying for a cash loan from the foundation. If your application is approved, the foundation will not only grant you a loan from 15,000 to 100,000 pesos but also assign someone to be your business mentor. They'll give you all the support you need in order for your start up business to be successful.
Visit their site here for more information.
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Credit Card Tips
Posted On Thursday, March 26, 2009 at by Sun JunGot my credit card billing statement today. It came with a brochure on how to Secure your Credit Card Accounts. Sharing it here for everyone's benefit.
Credit Card Care Tips
How to use your credit card smartly.
(by: Credit Card Association of the Philippines)
1. Keep a record or memorize your credit card number and your issuing bank's contact details which can be found at the back of your credit card.
2. Keep a copy of your transaction receipt so you can match them against your monthly statement of account. Report any charges that you do not recognize immediately or within the designated timeline stated in your statement of account.
3. Never share your credit card details and PIN to any person. Transactions that use your credit card number and PIN may be charged to you.
4. Personally hand over your credit card to the cashier when paying for transactions. Don't hand it to any other store personnel.
5. Always make sure that the amount on the transaction slip is the actual amount of your purchase before you sign. Never sign a blank transaction slip.
6. If your card gets lost, immediately call your issuing bank to avoid paying fraudulent transactions.
7. To ensure that you are not logged on to a spoofed website, check that the URL address starts with "https". Morever, there should be a padlock icon located at the lower right portion of the webpage to indicate that it is a secured website.
8. Your issuing bank will never call you to ask for your credit card or your account information. Should you receive such calls or letters, always call your issuing bank on the number at the back of your credit card for verification.
9. Endorse or sign all credit cards as soon as they are received from the bank.
10. Keep a list of your credit card numbers and the card company's call center/emergency hotline numbers in case of disputes, questions or to report a lost or stolen card.
11. Never allow the use of your credit card as reference or as an identification card.
12. Take note whether your card is held for more than the regular time. Be alert when it is not returned to you after an unusually long period.
That's all folks! Keep these in mind and it should lessen the chances of your credit card being fraudulently used.
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Starting a Restaurant
Posted On Sunday, February 8, 2009 at by Sun JunIn this article, Hannah Muralla of EntrepreNEWS, shares the tips in Starting your own Restaurant Business given by Pam Obieta, chair of the De La Salle-College of St. Benilde's School of Hotel, Restaurant and Institution Management.
1. Learn the essentials.
Before investing in your own restaurant, you might want to gain industry experience first and apprentice with a mentor or a known establishment.
2. Create a name and build on trust.
Work from the bottom up. Leave your mark in the industry and establish a good track record. Mall operators usually lease out prime locations to those who have a strong customer base.
3. Location, location, location.
Location is very important. Study the area from the weather to the economic conditions.
4. Streamline Operations.
Concentrate on your core products and competencies. Identify areas where you can reduce costs. Consider outsourcing if it proves to be more cost-effective.
5. Consolidate functions.
If you have several branches, consider building a commissary to free up space in your branches and to consolidate the kitchen functions.
6. Focus on health and safety.
7. Use technology.
Invest in a good POS system to track inventory and customer information. Use it as a marketing tool.
8. Treat your employees well.
9. Be one step ahead of competitors.
10. Have a Corporate Social Responsibility program.
Show that you are sincere about helping out. Consider going "green" and help out the environment.
Read the full article here.
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Home-based Business (Home-baked goodies)
Posted On Saturday, January 31, 2009 at by Sun JunHome-based Business (Baked goodies)
Ever wonder why people selling home-baked goodies multiply during the Christmas season? For obvious reasons, you might say that it's because a lot more people order baked goodies during the holiday season. However, have you any idea how much the potential market is? Read on to find out.
At the start of the "Ber" months (September - December), which unofficially marks the start of the Christmas season here in the Philippines, I started experimenting with baking brownies and asked our secretary to peddle them to bank tellers and store personnels. The response was overwhelming. A set, which is around 50 pieces of brownies, would sell out in just an hour! Clearly there was a demand in the market.
And so I continued selling them, positioning myself in this market segment for the December orders. Thankfully, a lot did order their holiday goodies from me. All in all, in just a span of 10 days, I was able to sell around 1,500 pieces of brownies (in different box sizes). In pesos, that amounted to around 10,000 pesos! That's like earning 1,000 pesos a day for just a few hours of work each day. Wow!
I wouldn't say though that it was the easiest 10,000 I've made in 10 days. I've earned more in even fewer days. I will share these stories in my upcoming posts. However, with this venture, what I liked most about it was that I didn't have to shell out any money for the ingredients! What I did was use my credit card for the ingredients purchase. I was successfully able to use credit in order to generate income! So when January came and my credit card bill arrived, I had more than enough money to pay for it.
With this business also, not only do you earn, but you also get to enjoy the compliments from your customers. It always feels good to know that you made someone happy. (^o^)v I think I will continue doing this business. Who knows? A lot of dessert shops doing good right now actually started from their homes as well.
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Business Tip: Start your Business Small
Posted On Wednesday, November 19, 2008 at by Sun JunStart your business small even if you have a lot of money to invest. With this approach, you concentrate on making your business strong which is the only way to make it big in the long run.
Every business starts as an experiment. The venture is not considered a business unless the entrepreneur has actually developed that "winning formula." It is only then that the entrepreneur should think about business expansion and is it only then that big capital becomes relevant.
What's more important than starting big is knowing everything there is to know about the business and knowing the real needs of your customers first.
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FIND IT! Spotting a great business idea (PART 1)
Posted On Sunday, September 28, 2008 at by Sun JunFIND IT! Spotting a Great Business idea and Pursuing It is Chapter 2 of The Ultimate Guide to Starting Your Own Business by Entrepreneur Philippines.
In this article by Gerry Baclagon, the author highlights where you can look for business ideas and how to distinguish between a good and a great idea.
Where to Look for Business Ideas
- Appraise you Skills - Ask yourself what you can do better than others and how you can turn this skill or talent into a business. Businesses can start from a skill, talent, or hobby that you have. Think of what you love to do and start from there. Going into a venture that you are passionate about sets you up for success because you will have the enthusiasm and drive to make it work.
- Observe what's happening around you - Read or watch the news with a mindset that you're on an idea hunt. By being observant, you will develop the skill to identify market trends, fads, and concepts with strong earning potential.
- Don't re-invent the wheel - Products and services that became runaway winners were usually spin-offs of old one. Don't force yourself to come up with a pioneering business, instead, you might want to concentrate on offering an old product or service that comes with an added value. An example is popcorn. Entrepreneurs have put a lot of twists with it - new flavors, others turned them into a health product by making it fat-free and with less cholesterol.
- Join the bandwagon - Sometimes, for no apparent reason, products and services experience a surge in demand. An example is the surge in demand for face masks during the SARS epidemic. In marketing, this phenomenon is called the snowball effect, which means that if you found yourself on the path of an avalanche, you'll surely be swept along with it.
Ideas can spring from anywhere. However, it takes someone with a good business nose to smell a golden opportunity as it comes. You only need an open mind when keeping an eye on trends so you don't miss out on that winning concept.
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Entrepreneurs have high Adversity Quotients
Posted On Sunday, August 24, 2008 at by Sun Jun
Go Negosyo Big Time: Entrepreneur 101 (Part 3)
An Entrepreneur has a HIGH Adversity Quotient (AQ)
Adversity Quotient is the ability to withstand adversity and not give up. (Resilience in times of failure)
Wrong Mindset: People with stable jobs need not need start a business.
- Your lifestyle can improve for the better if you start a business even if you already have a stable job. And who knows how long that job will be available to you. It can be gone from your hands as fast as the following day.
"What separates a player from the bigger players is CREATIVITY."
Go make your first MILLIONS!
A True Entrepreneur is an Innovator
Posted On Saturday, August 23, 2008 at by Sun JunGo Negosyo Big Time: Entrepreneur 101 (Part 2)
A True Entrepreneur is an Innovator: He looks for new things to offer the market.
Reminder: Your innovation should make a difference in the market place and to your personal finance (earns you profit).
MYTH: You need MONEY to start a BUSINESS.
- Capital is not always in the form of CASH. This can be a service or talent that you can offer.
- You can also avail of an advance payment from your customer. (Customer advance)
Go Negosyo Big Time: Entrepreneur 101
Posted On at by Sun Jun
What is an Entrepreneur?
- An entrepreneur is someone who establishes a new entity to offer a new or existing product or even a service into a new or existing market whether for profit or non for profit outcome.
- A loan word from French, an investor.
- Anyone can operate like an entrepreneur.
- Entrepreneurs are not born, they are developed. It starts with the three foundations of self-mastery, enterprise mastery, and enviromental mastery.
- Maritess Vistal started her business with only 10,000 pesos!
- Leo Aday started his "Taho" business with only 15,000 pesos!
- Passion
- Sustainable Market
- Consistent Delivery of Product or Service
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Choosing the right target Market is very important! Wrong target market equates to a wrong medium of advertisement and a wrong business set-up.
Employee to Entrepreneur: Things to keep in mind before jumping into Entrepreneurship
Posted On Wednesday, August 20, 2008 at by Sun JunHere are some reminders as compiled by Salve from inquirer.net on things to do before jumping into Entrepreneurship.
1. Assess how much savings you have.
2. Keep your day jobs.
3.Start Small.
4. Do everything right from the start.
5. Don't neglect keeping your personal finances healthy.
6. Expand only after much thought.
7. Seek a mentor.
Read the full article here.
