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Achieve your entrepreneurial dream
Despite raging political crises that hamper the economy, 2006 can still be a fruitful year for you to go into business. The good signs are encouraging: most needs are still unmet; wants become desires; new becomes old; a peso is still something to spend for; and, this is the year of the dog. The Chinese Calendar In feng shui, this is a lucky year for people born in the year of the dog: 1958, 1970, 1928 and 1994. People who have the dog sign are resourceful and eager to help out at work, traits that are viable in running a business. They enjoy learning new skills, work hard and spend wisely. They do not work to buy luxurious things. Instead, they work to secure a future for their families. Because they generally have savings, they have something to invest for a business. Their natural charisma can attract substantial customers—a winning edge in entrepreneurship. Economic Forecasts According to an Asian Development Bank (ADB) report, this year’s Philippine economic growth is expected to play< around five percent. This forecast in economic trend says factors behind the “slowdown” include muted performance of the agricultural sector (source of income of a majority of Filipinos), inflation rates, high debt interest payments of the government and unemployment. The Philippine unemployment rate is one of the highest among countries in the Southeast Asian region. Economists say that the static slowdown of the country’s fiscal health will be evident in the next three years. So don’t rationalize on the economic pitfalls. It’s either you go into business this year or after three years. There’s no guarantee that the economic climate will be better by that time. In today’s pressing time, the government heightens its campaign to encourage more people to get into entrepreneurship. According to the National Small and Medium Enterprises Development Plan (agency attached to the Department of Trade and Industry), there are hundreds of businesses available. Owning a business is the dream of many Filipinos. Starting a business converts that dream into reality. Careful planning, not procrastination, should fill this gap between the two. To help you achieve your goals and to build a profitable business, a feasible plan that will make up your business model is needed to lessen pitfalls along the way. Aspiring entrepreneurs should first analyze these factors that may greatly affect the viability of their business:
Entrepreneurship Defined Entrepreneurship is cooking up an idea and serving it to customers in the form of a product or service. The idea has to be relatively new although it can camouflage to a new use or introduce a new way. The assumption of risk is an obvious side effect if there is no business model or plan. Entrepreneurship involves the pursuit and exploitation of opportunities. This opportunity is in making the product or service available for public use or consumption. Profit From Hobby Starting a business from a hobby is a great way to begin your entrepreneurial dream. First, a hobby is something you love doing and you can pride on your products. Second, you will work harder because you believe in your creations, unlike if you were promoting someone else’s. To profit from a hobby, manufacturing something like crafts isn’t always necessary. If you’re a born singer, why not put up a music school and coach kids? If you’re good in baking, why not supply cookies to coffee shops? Still, you may sell your creations if you’re a gifted craft-maker. Put up your own boutique and have your name on it. We have heard of it a lot of times – and it still is true – that turning a hobby into a business is an ideal way to be in complete control of financial rewards. But never jump in instantly until you are confident enough that there are buyers of your products and that you have a reservoir of finances to sustain the first few months of your business. The Winning Edge The right attitude is undeniably a plus to succeed in a business quest. Believing in yourself can take you to your vision. This may sound like a page off a new-age self-help book, but it still holds true today. The tagline of a local TV reality-based talent search affirms it: dream, believe, survive. When you dream, you picture out a goal you want to achieve. In belief, you turn this goal into action. If you’re on the right track, despite fierce competition, you’re closer everyday to winning. So if you’ve been keeping to yourself a business model to run, give it a shot and do your best. This can be your year to succeed in business. |
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