Pinoy Entrepreneur

Personal Style and Branding

2013-11-04T17:57:00.002-08:00

Getting Back To Business

2013-05-09T23:01:00.000-07:00

For the past few weeks, I have been compiling materials who would help entrepreneurs and those who would want to go into business to help their business.

I will be posting these materials and lessons in my blog starting tomorrow.

My goal is to help people determine the right business for them and how they can succeed in their business ventures. These materials and lessons are taken from various sources. I would compile these lessons and explain them the best way I can for it to be easily understood by my readers.

All developed economies has a strong business foundation. Entrepreneurs and businessmen drive the economy to greater heights. However, entrepreneurship is a calling. Not all people can become entrepreneurs.

I, for one, have thought about giving up a couple of times already. I have spent sleepless nights and stressful moments just to keep my business going.

So, aside from the lessons and materials I have collated, I will also share my experiences and insights in the hopes that people would learn something from my failures and successes.

So let the lessons begin...

The Business Game

2013-05-09T16:08:00.000-07:00

Almost everyone I know wants to put-up a business. However, only a few people actually do.

In most cases, people I have talked with know that putting up a business is one of the ways where they can be financially independent. What actually stops them from putting up their own business are the risks involved. But as the saying goes; the higher the risks, the bigger the rewards.

If only people would realize the business is a game then it a lot more people would be willing to take calculated risks. To succeed and become a winner in any game, one must know the rules and must be able to play by them,

Unfortunately, we were not taught the rules of business. Even in business schools, there was hardly any mention of any rules of setting-up a successful business venture.

This is the first rule of business... businesses should earn.

There are some cases, however, that the business owner forgets that. If the business does not turn a profit, it is a non-profit organization that just helps individuals get jobs. This is not sustainable. Sooner or later, the organization will fold up if they don't earn enough money to meet the expenses.

Businesses are run and structured so that they will be able to earn money. The money earned should be used to grow the business further, meet the expenses (i.e. payroll, utilities, etc.) and pay the shareholders.

Business = Profit

Selling Techniques For Graduates

2013-05-07T20:53:00.000-07:00

This was the article I wrote for the Philippine Daily Inquirer and was published on the 14th of April 2013.

A few days ago, my mom asked me to drop her off at PICC to attend their university’s commencement exercise. As I approached the venue, I could not help but remember my own experience after graduation.

According to the latest statistics by the Commission on Higher Education (CHED), there are about 500,000 graduates annually. However, only a handful will gain meaningful employment – applicants who were accepted on the jobs they want. Other applicants will just settle for any job offer that comes their way.

Sadly, this happens every year. This is why our unemployment and underemployment rates remain high. More than a skills mismatch, the issue lies in how fresh graduates can market themselves effectively to companies.

Companies need fresh graduates. These new batch of employees bring in new ideas to any organization and organizations also need fresh graduates to mentor and take over once the company grows and expands.

In most cases, however, a fresh graduate blows his or her chances during the initial interview. Fear and lack of self-confidence take over and the fresh graduate becomes tongue-tied, not being able to communicate ideas clearly, concretely and concisely.

A human resource personnel calls an applicant for an interview because he/she sees the applicant as suitable for the position. It is already one foot in the door.

Fresh graduates must do well to understand that they are selling a product and a service. The product they are selling is themselves. The service they are offering their skills and talents. Selling and marketing is part of any job-hunting process.

Here are some of the selling techniques that can be utilized by fresh graduates to help them get the job they want.

·         Know the product/service you are offering. Any good salesman will tell you that the key to closing sales is by knowing the product or service they are offering. A salesman can immediately identify his customers and state how his product or service can help solve the problems of his customer.

Fresh graduates must know realize how their skills, talents and capacities can help companies. They must be able to tell their interviewers how they can contribute to their organization.

·         Be specific with the target market. By knowing who your customers are, you can adjust your sales pitch accordingly. Developing rapport and relationship would be much easier since you are speaking the same language.

Fresh graduates are pressured to apply to many companies in different industries. However, this only decreases their chances of finding gainful employment. What happens is that, a fresh graduate accepts the first job offer that comes along.

Apply to a specific industry and tailor-fit the resume to make it more relatable to the interviewer. This shows that the fresh graduate knows what he/she is talking about. The interviewer will be impressed with the applicant’s knowledge of the industry and will stand-out from the rest of the applicants.

·         Communicate what you are offering very clearly. Good sales men know how to communicate well. They can describe how their products or services will be able to help the customer. The words they use are direct to the point.

Interviewing fresh graduates in the past, I can say that 90% of them are not sure about the words they are using. In most instances, fresh graduates are sending mixed messages.

This normally happens when there are so many ideas waiting to be said. The best thing that a fresh graduate can do is to focus on each idea one at a time. See if it would fit the general theme of his or her message. If it would only send confusing signals, drop it.

The key to effective communication is by keeping it simple. Avoid using highfalutin words that only confuse the audience without adding much to the essence of the conversation.

Other salesmanship techniques a fresh graduate must are dressing up properly and coming on time.

As a former jobseeker, I know that applying for a job and being getting interviewed is a very stressful and nerve-wracking experience. The best thing an applicant can do is to prepare for the interview and always trust in himself and his capabilities.

Sharing Through Speaking and Training

2013-05-06T02:30:00.000-07:00

"You teach best what you need to learn." - Richard Bach

For the longest time, I was in the dumps. I was having difficulty picking myself up.

I was depressed and continually thought about the worse that can happen. However, a very good friend of mine believed in me and encouraged me to take things one step at a time.

Try new things out and just go out and try new things. She advised me to go out of comfort zone and help other people.

At first, I was confused and did not know where to start. Fortunately, a friend from the Philippine Daily Inquirer called and asked me to give a talk helping job-seekers find a job.

It was then I thought about my situation and how I can help job-seekers feel good about themselves.

During the talk, I felt that was getting my self-confidence back.

When I saw job-seekers listening and nodding their heads, I knew that I was getting through to them. I knew that the words I am saying meant so much to them.

My talk was divided into three parts. As it was meant to help job-seekers, I wanted my talk to be simple yet relate-able. I compared job-searching to going on a blind date.

Third part of my speech.

I will skip the first two parts of my talk and go directly to the last part; "If Things Don't Work Out, There Is Still HOPE."

I have used mnemonics in my talks to make the lessons I want to share very easy to remember.

In my last public speaking gig, HOPE is defined as:

H - have a HEALTHY ATTITUDE
O - consider other OPPORTUNITIES
P - PERSEVERE
E - ENJOY the moment

These are the things which I need to learn again and which undergoing any trial need to consider. It may be easier said than done; but, hey, we got to start somewhere.

Challenges Do Come

2013-05-05T21:27:00.002-07:00

The past couple of months have been a struggle.

It was a challenge waking up and face the day. There are moments when I would rather sleep all day, disappear or just walk away from it all.

I never thought that the desire to make a difference in people's lives would be so very hard. There are times I feel alone.

There was a point where I wanted to close the company and admit to myself that I failed.

However, as I talk to my employees and ask them about their dreams and what they want to accomplish, I realize that I owe them so much. These employees have stuck by me through thick and thin. They are doing the best they can to make the company grow.

I begin to ask, when would I then abandon them?

Something worth anything, is worth fighting for. I have won some small battles and have lost some; but the war is still going on. There is time left to do something and make the company grow and succeed.

I may have been abandoned by some people, but there are new allies and friends who have stuck with me and have helped me along the way.

To be sure, I am still in the trenches; the war being far from over. I have been bloodied and wounded. I have fallen more times than I can count. There are no more tears left.

But I continue to fight on, to keep on believing and rising... knowing that someday, all these challenges will be all worth it.

Leadership Lessons

2012-12-22T16:37:00.001-08:00

While I was browsing through the online edition of the Entrepreneur Magazine, I came across this article.

Hopefully, budding and aspiring business and political leaders get to read this.

4 Leadership Lessons From Abraham Lincoln
BY Stephanie Vozza

In a scene from the Steven Spielberg movie Lincoln, Mary Todd Lincoln tells her husband: "No one is loved as much as you by the people. Don't waste that power." Spoiler alert: He doesn't.

While the movie focuses on the passing of the 13th Amendment abolishing slavery, it also gives a lot of insight to Lincoln's strong leadership skills -- those things that have made him so admired.

While you may not be leading revolutionary change in the country, here are four leadership lessons from our 16th president on how to lead revolutionary change at your startup or small business.

1. Say no to 'Yes Men.' At a time in history when the United States was at war with itself, Lincoln surprisingly chose to fill his cabinet with a team of his rivals. These were men he considered to be the best and brightest minds in the country, and they were unafraid to challenge Lincoln and assert their opposition. A self-confident man, Lincoln welcomed strong opinions as it provoked thoughtful debate as well as inner reflection. It proved to be an important tactic during his presidency.

Rick Lepsinger, president of the New York City-based leadership consulting firm OnPoint, agrees: "Don't hire in your own image," he says. "Get comfortable with conflict and learn how to manage differences productively."

Lepsinger suggests that leaders not allow conflicts to fester, but bring them to the surface as soon as possible. He also recommends avoiding the overuse of compromise, looking instead for common ground and alternatives.

To read the full article, you can go to this link.

What It Means To Be A Leader

2012-12-19T17:39:00.000-08:00

When I was still hosting a business show in one of the largest cable TV channels, I always ended my episode by showing an inspiring video of the week. I usually get the video from YouTube.

As the year comes to a close, I am again reminded of this video I shared with my viewers.

The video talks about leadership.

We all want to become leaders. We want others to follow our lead. But what does it mean to become a leader? Who gives legitimacy to leader?

When we are thrust in a position of power, leading a group or an organization, we tend to forget where power comes from. The power we have is vested on the people we lead. If they choose not to follow our lead, then we don't have any power.

A humbling reminder for all of us who are looking forward to the New Year.

Happy Holidays and enjoy the video.

What are the Biggest Challenges Faced by Small Business Owners?

2012-12-17T05:08:00.002-08:00

As the business world continues to evolve, as do the challenges that are faced by small business owners. The position of small business owner is one of the toughest in existence, as every fibre of a person’s being has to go into making their venture a success. Many entrepreneurs will tell stories of not having had a holiday for years, or working what many would consider a ludicrous number of hours per week.

Those are just the challenges that a small business owner would reasonably expect to face, however. What are the biggest issues faced by owners of small businesses, and how can they combat them?

Motivation

While a bit of a cliché, the notion that the biggest battle in life is with oneself is unquestionably true, particularly in terms of business. Without the requisite self-motivation, small business owners will find themselves going nowhere fast, and unable to have any success with what they do.

Quickly, they will be out of business and back to a regular job. Small business owners would have reasoned before starting their company that it wouldn’t be easy, and should always keep their initial reasons for doing so in the forefront of their thoughts.

Brand Building

Anyone who decides to start a business should be commended, for unless they have pioneered a completely new product or service, they are entering an already crowded market where competition for customers is fierce.

Establishing a company and beginning to build a brand is one of the most difficult things for a business owner to do. Immediately, they should look to promote why they are worth dealing with in the eyes of customers, and quickly build a reputation for quality and great value products or services.

In addition to this, as many marketing tools as possible should be utilised so that the largest possible audience knows what a business is about. Sometimes brilliant products and potentially huge business fail because no one has a clue they exist.

Financial Matters

All businesses face huge challenges in terms of financial management, but it is perhaps small business that has the biggest task on its’ hands. Money issues can range from not being able to secure stock or generate enough sales, to dealing with clients who aren’t settling invoices as quickly as you would like them to.

The headache usually happens because all financial matters tend to interlink in small businesses. Failure of one client to pay on time can then lead to you missing a payment yourself, or not being able to fulfil your obligations to another client, and have a huge negative influence on your whole business.

Small business is a challenging, yet ultimately rewarding sector should owners meet issues positively and ensure they plan effectively to cover all potential circumstances that could impact upon them.

Posterita is revolutionary new retail inventory management software that allows chain stores and single stores to manage every aspect of their operations via an easy-to-use web-based platform.

Sell It With Pictures

2012-08-14T18:09:00.000-07:00

A picture paints a thousand words.

Companies are starting to realize that to sell effectively, consumers must see what a product or service does. Photos also help companies reinforce brands and strengthen market position.

Businesses are now using Instagram in marketing their products and services to consumers; at the same time, this relatively new photo-sharing social networking platform is one of the tools organizations use to strengthen their brand.

Big organizations such as Pepsi, Coach and National Geographic use Instagram to connect to fans and followers all over the world.

Instagram has become popular because of a simple premise. People with a smart-phone that has a camera can just simply point and shoot, add filters and then upload the photos on the Instagram social network.

An average person can instantly edit the photo without having to learn some photo-editing software. The digital filters in Instagram help in making photos look better and more customized. This feature is what most digital cameras lack.

The more than 80 million subscribers is a testament to what Instagram is doing right. The increase of sales of both the iPhone and Android-enabled smart-phones will only help increase the subscriber base even further.

Businesses have learned how to take advantage of Instagram. Organizations realize that people who have the same interests tend to form a group and by adding hashtags (#) to the photos, it would be easier to connect with these people.

By using hashtags and the right keywords, companies are also finding it easier to rank higher in search engines.

Instagram also has a feature that connects to Facebook and Twitter, thus, any update done on the Instagram account is instantly reflected on Facebook and Twitter. This feature easily allows posts to be shared or liked and tweets to be re-tweeted generating more buzz for the company.

Organizations take advantage of Instagram through the following:

1. Creating a contest

2. Marketing an event

3. Increasing presence in social media

4. Connecting with other customers in Instagram

5. Adding locations to the image uploaded

Savvy Internet marketers support the use of Instagram to connect to more people. Images being shared in Instagram are more effective than advertising in traditional media, where people now that what will be presented are to the organization’s benefit. However, photos uploaded through Instagram are more personal and evoke more emotional response from the subscribers.

Photos uploaded through the photo-sharing medium also engage more people through ‘likes’ or ‘comments.’ These things either drive interest up on a particular product or service or push prospective consumers to a company’s website. Either way, this only means good news for the company.

Facebook, the social networking giant, has acquired Instagram for U.S. $1 billion.

Entreprenuership Seminar

2012-07-12T00:01:00.002-07:00

I saw this link in my Facebook account. It is a Free Entrepreneurial Skills Training.

The first training was last July 6-7, 2012. It was held at the Enterprise Development Center in Pasay City. The next training session will be in July 20-21, 2012.

You can check out this link for more details.

Here is an overview of the event.

Following the Magna Carta for Micro, Small and Medium Enterprises (MSMEs), the second week of July of each year has been declared as "Micro, Small and Medium Enterprise Development (MSMED) Week."

This year, to highlight the importance of MSMEs as a key sector in the national economic development agenda, the celebrations will cover the entire month of July. One of the highlights of SME Month will be the Kita Kits Business Training which will offer various skills and entrepreneurial training sessions in over 70 areas of learning covering the Food, Services, and Gifts-Decors-Houseware sectors. The Kita Kits Business Training intends to enhance the operational capabilities of MSMEs, expose them to current business trends, and increase their skills to compete in the local and global markets. There will be booths for exhibitors who will make available to the public starter kits that are ready and easy for an individual to start a business. All training sessions are free of charge.

The Kita Kits Business Training will be held on July 6-7 and July 20-21 2012, from 8:30 am to 5:00 pm at the Enterprise Development Center (formerly the Philippine Trade Training Center), International Trade Center Complex, Roxas Boulevard corner Sen. Gil Puyat Avenue, Pasay City.

Failed Media Campaign

2012-06-06T18:05:00.001-07:00

One of the biggest clothing brands in the Philippines recently received flak because of its "What's Your Mix" ad.

The ad featured Filipinos with mixed bloodlines.

Quite a number of Filipinos have raised their eyebrows when they read the clothing brand's manifesto,

"Call it biased, but the mixing and matching of different nationalities with Filipino blood is almost a sure formula for someone beautiful and world class."

Just by looking at it, the statement can be misunderstood by so many Filipinos. It somehow gives a misconception that if you want your kids to be beautiful, marry a foreigner. Or, mixed-blooded Filipinos are prettier than 100% Filipinos.

It also equates "mixing and matching" your clothes to one's nationality.

It just so happened that the models who were chosen in the ads did not have any choice on who their parents would be. They turned out the way they did because of genes. It did not have anything to do about mixing and matching ones' genes with other nationalities.

It is also quite ironic that at the end of the ad, the manifesto exhorts us to BUY FILIPINO. Does this mean are we going to buy 100% Filipino or not?

Negotiating 101

2012-05-29T06:27:00.000-07:00

One of the most difficult things that a business owner would do is to negotiate. Whether you are negotiating for a reduction of your rent, negotiating the salary of your employee or simply negotiating for a possible partnership, the task alone can send even the most seasoned business-owners nervous and harassed.

I recently found a video from the online version of Entrepreneur Magazine about negotiating and how to negotiate like a business owners.

Hopefully, we can all learn from the video below.

You can also see the video here.

Middle Class Are The Job Creators?

2012-05-20T21:16:00.001-07:00

I came across this interesting article from Time Magazine.

I don't know how many of you will agree about Mr. Nick Hanauer's hypothesis that the middle class are the ones creating jobs and not the rich.

Would you also agree on taxing the rich more than the others?

For a complete video about Mr. Hanauer's talk, watch the Youtube video below.

Lessons From Robert Downey Jr.

2012-05-13T18:57:00.000-07:00

I recently read an article about Robert Downey, Jr. in Yahoo! that I would like to share with you. Today's generation might think of him as the Iron Man. But he started out as one of the characters of Ally McBeal.

During the latter part of the 1990s and early 2000s, Robert Downey, Jr. was in the path of self-destruction; being addicted with drugs and considered to be an alcoholic. He was in a downward spiral of self-destruction.

Yet, he bounced back. He was able to reinvent himself and change his fortunes.

He is one of the more popular actors to date. The movies which he starred in were blockbusters.

Here is the preview of the article:

"The record-shattering opening success of The Avengers, which sold more than $200 million in theater tickets in the United States and did about $640 million in business worldwide during opening weekend, is further evidence of an amazing fact: Robert Downey, Jr. not only rules Hollywood, but he's staged an even more impressive turnaround than General Motors.

Consider this: Since 2008, nine movies featuring the 47-year-old actor have grossed more than $1.5 billion in the U.S. alone, and his name on the marquee is perhaps the surest guarantee of a box-office smash. That's an astonishing run, especially because it wasn't that long ago -- 2001, to be precise -- that Downey seemed destined to become fodder for those "Whatever Happened To...?" articles in the supermarket tabloids. His drug addiction and erratic behavior earned him a prison stay and led producer David E. Kelley to fire him from what seemed like his last chance for resurrecting his career, a supporting role in the hit TV series Ally McBeal. Downey sank so low that despite his enormous talent, he was virtually unemployable."

You can read the rest of the article here.

Be Passionate

2012-04-30T04:33:00.000-07:00

This is an excerpt in one of the chapters in my ebook.

"Passion is loosely defined as an extreme feeling or emotion. We can be passionate about something or someone. Passion can be illustrated this way: when my dad retired from the service, he wanted to take up a hobby so that he can be physically active. He decided to play golf. He got so passionate about the game that it was the only thing that he talked about for the first couple of weeks. He watched videos to improve his swing. He was on the driving range at least three times a week practicing his swing. He even encouraged me to play golf.

            Although he has not turned pro, he has won some tournaments against his fellow retirees. He proudly says that he has one of the lowest handicaps in their groups.

            That is what passion is. It is so infectious that it transforms your whole life. You begin to dream it, breath it, talk it, live it and even eat it. The whole day is spent on thinking about the ways you can improve ‘your game.’

            This is why most successful entrepreneurs and business-people are so passionate about their ventures. They are always constantly thinking of ways on how to improve their products or service. They whole-heartedly believe about what they are offering that they want more people to try their products or service.

            People gravitate towards passionate people. This is why we see charismatic leaders who have lots of followers. We often see this on religious leaders. We are even currently being governed by the most popular Philippine president since democracy was restored and he is passionate about ridding corruption in the government. Being passionate about something can be very infectious.

            I have learned so much from that the experience that I vowed to myself that my venture will be something I can be passionate about, something that I can readily talk to people for hours and hours. It doesn’t mean that I know everything about the subject. It just means that I live, breathe and talk about that which interests me. I realized that my passion for cars can be a business venture that I can go into.

            When you choose a business make sure that you are choosing something you are passionate about. I don’t recommend choosing a venture just because it is the current craze or trend. They will eventually not last long. There have been so many examples of these kinds of businesses; do you remember the pearl shake craze? Currently, milk teas are being put-up in almost every street corner. What will eventually happen is that the market will be saturated with milk tea kiosks that more and more people will be bombarded with a long list of choices. Just to stay afloat, these businesses will engage in a price war. Some will eventually lower prices just to get enough customers to stay in business. Lower prices mean good news for customers but not for business-owners. In a price war, the businesses lose.

            Here are some of the things that you should look into when choosing a business:

·         Barrier To Entry – would your competitors find it difficult to enter the industry? If you have placed a barrier that is quite steep, you will be able to corner a huge chunk of the market and be profitable for the long-term. Businesses with low-barriers to entry don’t last long or experience stiff competition almost immediately.

·         Unique Selling Proposition (USP) – when you start your business, what are the things that would separate you from the pack? Do you offer an improved version of a product? Are your services better than your competitors? Is your system more efficient and effective? Your customers must immediately take notice and accept the USP that you are offering them.

When Starbucks started operating, they have a unique selling proposition to offer customers. Not only that they offered good coffee and other beverages, they also created an ambiance that is very relaxing and accommodating. Their baristas know you by name and they can easily remember the drinks that you order if you are a loyal customer. I know a lot of people who stay in Starbucks to work. I also know a lot of people who hang-out in Starbucks.

They have become ‘a third place after work and home.’ (www.starbucks.com) Just imagine how many coffee companies can have that claim.

·         Primary Market – who are your primary market, the people who will ultimately but your product? What do you know about them? How do they earn? How will they get your products or service?

Learn and understand your market. It would be better if you are also part of the market you are willing to serve. When you know and understand your market really well, you will know how much they are willing to pay for your product or services.

When we started GreenRides there were so many unknowns that we had to consider. For one, we didn’t know who are our target market was. It was a very difficult situation to be in. We did the next best thing – we tried everything through trial and error just to have a clear understanding of our market. It cost us a lot but what we learned was very invaluable.

Our main customers are females who are in their mid-20s to early 40s. They are mostly professionals and mothers. They have enough disposable income to spare that they choose to have their car washes cleaned in a mobile car wash in malls. They don’t want to or hesitant to go to a traditional car wash which is found on street corners.

If you are not too sure about who will be your primary target, do some survey and market studies first.

·         Fad or a possible long-term business – a fad is defined loosely as a temporary fashion or trend. People accept these fads because they are new to the market. They have not seen anything like it before. But as soon as the market is saturated with the same concept or idea, the fad eventually fades. I would go to the pearl shake again as my primary example.

When investing in a business, make sure that what you are putting-up will be viable for the long-term. I have heard people say that health products, tourism and green technology are viable business opportunities and I do agree with them."

e-Book Front Cover

2012-04-27T04:52:00.001-07:00

Here is the first look of the front cover of my e-book. The design is courtesy of my partner. You can check out her other works at her site. Click her link here.

Anyway, I'd like to hear your feedback. Kindly email me your thoughts again. Thanks, guys! The e-book will be available next week.

The Filipino's Guide To Creating Wealth

2012-04-25T04:52:00.000-07:00

I am now finally done writing my e-book. My partner is just designing the book cover and I am finishing the final touches.

I am looking for three people who want to take a sneak peak of my e-book. You just have to tell me why do you want to read the e-book and how can you help me reach a wider audience?

For your answers, you can email me at von.capulong@gmail.com.

I will be looking forward to your emails. Three lucky people will get The Filipino's Guide To Creating Wealth ahead of everybody else and free of charge!

So email me now!

My First e-Book

2012-04-19T16:16:00.000-07:00

As I have mentioned in my previous blog, there were a lot of reasons why I was not able to write for the past several weeks. One of those reasons was that I was finishing my e-book, The Filipino's Guide To Creating Wealth.

Well, it is just about done. I would want to share with you the introduction of my e-book. If you have any questions or suggestion, please email me at von.capulong@gmail.com...

"I am the eldest in a typical Filipino household, both of my parents were working and I have 2 sisters. My mom is an educator and my dad retired after being in the service for more than two decades. When my sisters and I were growing up, we were advised by our parents and our relatives that we should study hard and get good grades to ensure that we get a good job, earn well and be settled for life. I heard these words not only from those people close to me, but from the parents of friends and even my parents’ friends.
                I had neither formal training nor background in putting-up businesses. The closest thing I had in seeing a family business was helping our grandparents in their onion distribution business. I would help repack the onions into 50 kilo sacks after they arrive in the wee hours of the morning from the provinces. I did this during my summer breaks when I was in primary and secondary levels. I didn’t consider it work at that time, although we were paid by my grandmother, since I was having fun.
                The next family business venture came after more than 10 years when my dad retired. That business venture didn’t last long since we both didn’t know anything about the industry. We started out like any would-be entrepreneur. We were full of high hopes; we expected that people will go to us when we set-up the business but they didn’t. Unfortunately, we didn’t realize that there were a lot of things we did not see. I learned a lot from that experience. The business failed miserably.
                These experiences didn’t stop me from venturing into other businesses. Instead, I used what I learned from those failed ventures to make the other businesses I put-up successful.
                The purpose of this book is let people know that anyone can go into business. Formal training is not required. But a very good mentor is a great help. I have chosen to work for business-owners or entrepreneurs. When my batch mates in college were earning big bucks working for multinationals, I was stuck in a small office working for a business with no more than 50 employees, learning their methods, systems and trying to imbibe their mindset."

You will be able to download my e-book in the next couple of days.

I Am Back

2012-04-16T00:53:00.000-07:00

It has been awhile since my last post and I may lost a couple of readers because of this.

My apologies for keeping you waiting. Many things have happened with GreenRides and with my life which have made take a long hard look at where I want to go and what are the things I have been doing to reach that goal.

I can tell you know that a little refocusing was needed.

I am back to share my experiences again; experiences which are difficult, exciting and very educating. Hoping that you will share the journey with me again...

Trade Area Analysis

2012-03-05T03:10:00.000-08:00

I have never realized that a lot of people would be asking me questions regarding finding the right location for their business. I have always thought that choosing the ideal location is easy as ABC. However, I have received queries through my email how to choose the right location for their businesses. They have emailed me asking if I can give concrete examples or tips on how to pick a spot for their business.

image from http://www.investmentrealtyresources.com/

Since I don't want to answer all the emails individually, I have decided that I will write about this and post it my blog in the next couple of days. I am also going to put illustrations or clear examples which will better serve people on how to pick the right location for their shops.

Just to start this lesson, I would like to tell our reader that choosing the right location for your shop all boils down to how well you know your target market. The first rule on choosing the ideal location is making sure that your shop is near your target market. You might be located near the place they hang-out or they frequently go to.

I want to also reiterate that there are several things you need to focus on and look at. These things are accessibility, barriers to entry, presence of competition among others. You can check it in my previous blogs.

Lastly, I will make this lesson into an e-book which you can download and use as a guide when you are going to expand your business. This e-book will be free of charge. I only pray that you share it with others in the hope that this will drive businesses to grow. We need more businessmen and entrepreneurs to move this country forward.

Thank you very much for all your emails and feedback.

Make Your Business Accessible

2012-02-28T17:25:00.000-08:00

When choosing a location for your business, accessibility should be the first thing you should consider. Your customers should be able to go to your shop quite easily.

There is no use in putting up a business in a cheap location with a parking lot if your customers need to drive an hour to get to your shop. There is also little value in putting your shop in a high-traffic location if you are selling to a small niche - the rent will just eat up whatever you will earn.

image from http://brokensidewalk.com

Getting the ideal location for your business is a delicate balance between making your shop accessible to your clients and making sure that rental payments will not eat into your profits. The most ideal and best locations for businesses are also the ones that have the highest rents. So be very careful in evaluating where you put your business.

Most business people like putting their shops in malls. Understandably, malls offer high volume of traffic for those who want to rent a space. Malls also provide parking spaces. They are also accessible via public transport. If you are a business-owner, setting a shop inside a mall would make good business sense, except for the rent. The rents inside malls are quite astronomical and sometimes even forces some of the businesses to close shop.

If you have a very high profit margin, say for example you are selling jewelry; or you are attracting lots of customers, think of McDonald's, then renting in a mall won't be a problem. You can easily cover the rent with your profit margins or the number of customers that buy your products.

However, if your profit margin is not that high or don't get that many customer, it is best that you avoid setting-up shop inside malls until you are certain you can pay the rent.

Choosing the right location for your business means you have to understand where your customers are mainly coming from and how they will visit your store.

Different kinds of products or services need different kinds of locations. You cannot evaluate a site based how a fast food company evaluates a given location if you are a furniture company. Those who are buying from McDonald's might not be the same people who are buying Ikea products.

When you choose how accessible you want your store to be ask yourself these questions; are you customers traveling by car? Will they be using public transport? Can they walk to your store?

Customers who are using cars need parking spaces. If you are a stand-alone shop, you should be able to provide your customers a parking space they can park their cars on. If you are a jewelry store, it would make no sense to let your customers park one block away from your store. You will just provide opportunities for thieves to rob your clients.

If your customers are using public transport, then make sure that they can easily go to their next destination when they leave your store. This just means, your store should be near bus stops or terminals. It would be no use to rent a place with a very large parking space. You will just be wasting your money.

Getting to know your customer is the key to finding the ideal location for your store. Find out how they will be going to store. Talk to them if possible. Get into their mind.

In the end, you want your shop to be easily accessible to your customers. You want them to get into your shop and buy your products. Make it convenient to visit your place and they will keep coming back.

How To Choose The Best Location For Your Growing Business

2012-02-24T23:10:00.000-08:00

image from http://www.designpax.com/

One of the most difficult things an entrepreneur has to go through is choosing the right location for their business. Anyone will tell you that a location can make or break a business. A business in a very good location can grow faster than a business in a not-so good location. Meanwhile, a business who is not accessible or cannot be seen by people will eventually close. It doesn't matter if the business is good.

Any entrepreneur who wants to grow and expand his business must be able to identify the ideal location for his business. The ideal location for your business is where your primary consumers can easily go to your store;whether they have cars or not, and buy your products, you don't have any competitors within the area and the rent is so affordable.

But in most cases, I see badly placed businesses. The businesses-owner decided to put-up the shop there because the rent is affordable and that is the only place available. Most of the time, the decision to open the store on a badly placed location will result in the business not taking off.

These are the factors you need to look-out when choosing the ideal location for your business:

Accessibility - your shop should be accessible to your target market. They should be able to find your location immediately. If your customers have cars, do you have a parking lot? If your customers will be going to your place using public transport, will they have no trouble finding a taxi or a cab?
Barrier to entry - a construction going on in-front of your place will make people twice before they enter your store. Make sure that your entrance is free from obstruction and can be clearly seen by your customers.
Foot traffic - choose a location where the foot traffic the quite high. A high foot traffic will enable you to have a higher capture rate (the number of customers who will go in your store versus those who are just passing by).
Traffic generators - these are things, events and other businesses that gives the reasons why your target consumers are in the area.
Presence of competitors - you will have a greater chance of attracting customers when you don't have competitors in the area.

I will be discussing each of these factors in my next few blogs. I will also cite some examples on how these factors contribute to the success of your business.

I will share with you some stories and anecdotes regarding my experiences in choosing locations for a food business. I used to work in the fast food industry and we have developed a system that helps you determine where to put your shop.

Grow Your Business

2012-02-20T17:20:00.000-08:00

image from http://financewand.com/

All entrepreneurs and business-owners want to grow and expand their business. When they grow their business, they will be able to hire more people and at the same time increase their profits. But most have trouble thinking of ways to expand their businesses.

Let us look at the factors that can help you decided whether to expand or not.

Increased customer base. You will know you need to expand when you see that customer from far locations are going to your place just to buy your products or service.
Maintaining your lead. If you are the first mover in the market and you want to maintain your lead over your competitors, it is best that you expand aggressively so that it will take some time before your competitors can catch-up with you.
Market saturation. When you have saturated a particular market or area, it is time to venture and look at the possibilities of opening new stores or shops in other locations.

There maybe other factors that you may need to consider when you expand, such as your current capital and how will you hire the additional manpower that will work for you. Growing and expanding your business is not an easy task. You need to constantly study whether the market you are looking will make your expansion worth while or not.

In the next few blogs, I will write about what are the things you will need to consider when expanding in a new location or market.

It's LIN-sane

2012-02-15T23:08:00.000-08:00

I know that most of you are quite tired reading about Jeremy Lin and what he has done for the struggling New York Knicks. I would look at add some of my thoughts what he has done and what he is and try to relate it with what being in business has got to do with his exploits. If you don't want to see anymore of Jeremy Lin, I urge you not to continue reading this blog.

The NBA and Asians are fascinated by one player who is named Jeremy Lin. We had no who Jeremy Lin is and where he came from before he showed what he can do in the hard court. For those who want to know about Lin's story, you can check it out here.

image from http://money.cnn.com/

I would just like to point out several things that an entrepreneur and a business-owner can learn from Jeremy Lin.

1. Never lose hope.

Jeremy Lin went undrafted in NBA after graduating from Harvard. Most scouts hardly noticed him and his talents. In fact, several NBA teams let him go after they acquired him. Before being acquired by the Knicks, his most recent team was the Golden State Warriors.

Yet, Lin persevered and worked hard. He studied the game and improved it. When the opportunity came knocking, he was ready.

Most of the time, we are dreaming about that one opportunity that will let the world know us. We tell ourselves that when he get that one opportunity, we will let the world know what we can do and how good we are. We must also realize that we always be prepared. We must be ready at all times. Opportunity knocks in the most unexpected moments.

Lin's opportunity came when Coach D' Antoni of New York had no hope left and was willing to try out anything.

2. Always work hard.

We have read stories about Jeremy Lin and how fame has not changed him. His team mates has said time and again that Lin continually works hard even in practice. This also translates to how hard we see play on the floor. It is not often that we see a 6'3" guard out-score Kobe Bryant or heave a game-winning shot.

His statistics is a testament of how hard he plays and plays to win. Aside from scoring, he rebounds and makes plays. Because of his dedication to the game, he has made his team mates look good!

3. Faith in God.

People say that Jeremy Lin is the Tim Tebow of the NBA. I beg to disagree. Jeremy Lin is the Jeremy Lin of the NBA. He is unique. He has special talents that he used to the fullest. His talent is brought about by his faith in God.

It may be easy for Lin to blame God on why he was not drafted. It may be easy to feel down and out when teams dropped him. But he did not. He stayed positive and knew that better things are laid out for him if he just prepared for it.

Will his star continue to rise? Will he play the game consistently? It really doesn't matter. What matters is that he has given people hope. And I think with that. he has already done more than enough...