As a result, before they know it, the situation gets worse and worse and the negative effects surface. In this article, we will tackle 5 common mistakes entrepreneurs commit and ways to avoid them to ensure success for their business.

1. They don’t notice what’s wrong

This is a bit of a common sense, but it is true that some entrepreneurs don’t seem to notice if there is something wrong with the business. An important thing to always remember is that all businessmen should always monitor everything about the business. Some points to monitor are sales, employees, product quality, customer satisfaction etc.

Do not get too profit happy that will lead to you taking other things for granted. Always see to it that all aspects of the business are doing well, and take the time off the business’s busy schedule to monitor and survey about all tidbits of the venture. Always detect problems as early as possible to counter act them and avoid possible damages to the business.

2. Lack of start up idea

Business persons have lots of enthusiasm to get started and earn. But some business ideas end up bad and lead to failure and debt. The problem is that before shelling out huge capital and putting up the business, they fail to plan the business first, and that is a huge no-no.

No matter how great a business idea is, if there is no thorough and detailed planning, the idea cannot be put into place exactly as you want to. Always plan and talk about all the facts and ideas first, and some points to discuss about are the concept, products or services, prices, suppliers, timeline of the business, expenses etc. So never rush into things and always take significant time of planning before taking a calculated risk. Always go into a gun fight with bullets in your gun!

3. Ineffective web presence

Modern business structures should have social media efforts within their activities. No business will survive without customers so it will be vital for any business to socially interact with its customers.

Needless to say, internet social networking sites like Facebook, Twitter, and Multiply are good media to use, the reason why many business organizations use them.

Simply having a company website is not enough to make significant noise on the web; you need to make your audience see your site too!

So take advantage of those networking sites and create a company profile there to market and link to your company website. Periodically post interesting info about your business, and accompany those with interesting catchy pictures or videos to attract more audience. Stay in touch with your customers and have a good relationship with them! Putting up different promos and ads there will surely help too!

4. Hiring the people you want rather than the people you need

It is within our comfort levels to be partners with the people we like and know. Often times, people want to do business with schoolmates, friends, families etc. However, sometimes making personal and emotional preferences rather than logical ones will not be always the best thing to do. Always remember that the business will only run if you hire or partner with people that have the knowledge or capabilities to run parts of the business.

Of course it will be better to work with pleasant people that you feel comfortable with, but make sure they possess the needed skills. Always prioritize capabilities rather than relationships with the people you hire. If you need a secretary, hire someone that has the best social and management skills, not just someone you like and know. But if you find someone you know already that has the skills, then you are lucky!

5. Not being up to par with the competition

Because you are able to succeed at your first month does not guarantee that everything will go smooth indefinitely.

Always remember that you are not the only entrepreneur on Earth. Competitions will never ever go away so consider them too in your venture. Research and strategize on how to ensure you are up to par with your nemeses. Regularly go out and see how well your competitors are doing, and if you see some things that they have that you don’t, plan on how you can attain them and think how you can do better!

Put in mind that customers will want the best quality products and services at the lowest possible prices so do your research and execute the plan and be the best!

With these 5 common mistakes in mind, do not fall into the same hole as most entrepreneurs have. The summary is to always keep an open eye on things and plan. Never ever take anything fore granted to avoid undesirable effects.

The foregoing article was a guest post by Ann Joy Perez, a 25 years old former Marketing Assistant and an alumna of Arellano University in the Philippines. She is into almost all types of Music especially love songs. She also love playing basketball, video games, watching entertainment and films and news on TV. Follow her interest on her Tumblr.

]]> http://businessphereconsulting.com/5-common-mistakes-in-business-that-entrepreneurs-should-avoid/feed/ 4 http://businessphereconsulting.com/6-characteristics-from-6-great-leaders/ http://businessphereconsulting.com/6-characteristics-from-6-great-leaders/#comments Tue, 08 Nov 2011 03:43:17 +0000 eli http://businessphereconsulting.com/?p=1808 A guest post by Lois Yasay

What do successful leaders have that the rest of us don’t?

Is it their general attitude when faced with adversity? Is it their ability to take risks? Or is it their utmost sense of purpose?

Here are 6 characteristics of great leaders coming from 6 of the Philippines’ emerging thought leaders and innovators:

Great leaders have vision. When Mark Ruiz looked at the sari-sari store, he saw a lot more than just the traditional mom and pop. He saw the potential of these micro-businesses to realize new revenue streams and evolve into a community of stores that serve as hubs for goods and services.

Today, Mark is the co-founder of Hapinoy, a micro financing program that reinvents and ensures the success of the humble sari-sari store.

Great leaders have courage. Fe Perez Agudo faced giants when she accepted her role as President & CEO of Hyundai Asia Resources, Inc.

When the opportunity came in 2001 to start up the official distributorship of Hyundai Motor Co. in the Philippines, she did not hesitate. Even though her main task was to overcome the common perception of Hyundai as a cheap, poor-quality, unreliable brand from Korea with low resale value.

Fe was out to prove that a Korean brand can enter and eventually steal market share from the Japanese motoring giants. She also bravely took on the challenge of competing as a woman winning in a male-dominated industry.

Great leaders have imagination. The year was 2001 and there were many Filipinos who still did not have internet access although most of them had mobile phones. Internet penetration was a measly 1%.

It took Dennis Mendiola, a Filipino with great imagination, to find convergence between the cellphone and internet. Dennis, along with other imaginative Filipinos, founded Chikka. Chikka enabled Filipinos to become part of an instant messaging community even without internet access.

Great leaders have significance. Noel Lorenzana is the CEO of Nutri-Asia Philippines, manufacturer of leading brands such as UFC and DatuPuti. He sees his brand as more than just a business. He believes that it is also important for business leaders to find meaning or cause in what they do. This is what he says:

“Apart from getting a chance to be part of the team that shapes the future of a true Filipino company, it is gratifying to know that what we make plays a significant role in the lives of people: whether it is building family ties, creating new friendships, bridging broken relationships, remembering home, or simply rewarding oneself after a hard and honest day’s work.”

Great leaders have compassion. While in Zamboanga City, Jay Jaboneta heard about a nearby village where young children had to swim 2 kilometers and walk another 5 kilometers to get to school.

During his flight home, Jay thought about how he could help. “I had so much admiration for these children,” he says. “I felt they deserved to be rewarded and helped for all their efforts.” Jay posted a story about the children’s plight on his Facebook page.

The response was overwhelming and he was able to start the Yellowboat Project and Philippine Funds for Little Kids to help kids of Zamboanga and Masbate to go to school and help their nearby communities. Jay is the embodiment of a leader that has heart.

Great leaders have influence. You don’t get to 34,232 followers on Facebook and counting without influence.  Francis Kong is the president of Success Option Publishing Company, director of Inspire Leadership Consultancy and a columnist, bestselling author, as well as an international speaker, trainer and consultant.

But Francis is much much more than all those words put together. Through his years of experience in business and speaking, he has touched many people’s lives and he constantly builds value in others. He is an influential leader because he is more focused on enriching others than enriching himself.

These are the 6 characteristics that set these 6 emerging leaders and innovators apart. On December 7, 2011, Inspire Leadership Consultancy will bring together this powerhouse group for the Voices of Leadership Event.

Listen to them and be inspired by their stories of triumph against adversity and their determination to make a difference in the lives of the Filipino people. To know more about this event, click here.

About the writer. Lois Yasay is a trainer by profession and a traveler by passion. She is slowly realizing her dream of making a living by doing what she loves. She blogs at wearesolesisters.com and is currently working as a Project Manager for Inspire Leadership Consultancy.

As such, meals are not complete without the sweet desserts. In addition, it is a Negrense culture that friends and relatives from other parts of the Philippines visiting Bacolod City are always given “pasalubong” usually consisting of Bacolod delicacies like piaya, to be brought to their homes and to give to their families.

Pasalubong, as defined in Wikipedia, is the Filipino tradition of a homecoming gift. It is literally means “something meant for you when you welcome me back.” It is one of the most distinctive and widely practiced Filipino traditions.

One of my favorites manufacturers of sweets and pasalubong treats in Bacolod City and whose products are sold all over the Philippines and abroad is Merci.

“Merci” is a French word which means “Thank You”. It started in 1995 as a small bakery, supplying bread to a single store at the Libertad Market in Bacolod City, Negros Occidental. Later on, it evolved into a fast food restaurant serving delicious affordable snacks and meals for people on the go.

In January 2005, Merci launched its Pasalubong Treats — to cater to the growing tourist and balikbayan crowd that regularly visit Negros Occidental.

From its humble beginnings, Merci has now 24 branches in Negros Occidental, with two more branches opening this year:  one in La Carlota City, Negros Occidental and another at the Iloilo City Airport.  

In 16 years, Merci has delivered quality food products, pasalubong treats and sweets in its 99 outlets and dealerships in the province of Negros Occidental, Panay provinces, Cebu, including the cities of Iloilo, Tuguegarao, and Zamboanga.

In addition, for sweet lovers and pasalubong buyers in Metro Manila, Merci products can also be found there. It is also exported to the United States, Canada, and other parts of the world.

Will I become diabetic due to my constant eating of sweets and treats, like from Merci? I don’t think so. I guess I have just a sweet tooth and enjoying my hobby – eating Negrense delicacies.

 *This is NOT a sponsored post.

]]> http://businessphereconsulting.com/the-sweets-and-treats-business-of-merci/feed/ 1 http://businessphereconsulting.com/do-you-have-what-it-takes-to-be-an-entrepreneur/ http://businessphereconsulting.com/do-you-have-what-it-takes-to-be-an-entrepreneur/#comments Sun, 27 Jun 2010 01:18:12 +0000 eli http://businessphereconsulting.com/?p=1464 Is there an entrepreneur in you?

Do you have what it takes to be an entrepreneur, takes risks, start your own business and fulfill your dreams of financial independence and be your own boss?

image source: 4.bp.blogspot.com/.../s400/entrepreneur

What is an entrepreneur? Well, the word itself came from late 19^th century France as “entreprendre”, which means “somebody who undertakes”.

So, an entrepreneur is one who takes risks, or as Encarta defines it, a risk-taking businessperson, somebody who initiates or finances new commercial enterprises.

Are entrepreneurs born or made?

Is entrepreneurship a gift, a talent, or can be developed? Read what the famous entrepreneurs have to say about entrepreneurship.

The entrepreneur is our visionary, the creator in each of us. We’re born with that quality and it defines our lives as we respond to what we see, hear, feel, and experience. It is developed, nurtured, and given space to flourish or is squelched, thwarted, without air or stimulation, and dies. – Michael Gerber, best-selling author of business strategy books and entrepreneur.

Most new jobs won’t come from our biggest employers. They will come from our smallest. We’ve got to do everything we can to make entrepreneurial dreams a reality. – Ross Perot, famous businessman and entrepreneur

Nobody talks of entrepreneurship as survival, but that’s exactly what it is and what nurtures creative thinking. – Anita Roddick, founder of Body Shop chain of stores

I did something that challenged the banking world. Conventional banks look for the rich; we look for the absolutely poor. All people are entrepreneurs, but many don’t have the opportunity to find that out. – Muhammad Yunus, founder of Grameen Bank and Nobel Peace Prize awardee.

It appears, then, that entrepreneurs are made, and not born. Entrepreneurship knowledge, skills and attitudes can be learned, developed and nurtured.

Do you have the qualities to become an Entrepreneur?

Some years ago, the United States Minority Business Development Agency has made a research and identified the character traits of men and women who have a streak of entrepreneurship in them, as follows:

1. Driven by passion and the desire to get wealthy and the associated social recognitions. Cherishing accomplishments.

2. Strong qualities of leadership: An entrepreneur takes it upon him/herself the work needed to get the job done. Prepared to work endlessly so that the problem is solved. Adapts to changes effortlessly.

3. Sufficiently self-motivated and can motivate others. Passionate, ethical and driven by honesty.

4. Willingness to take risks and innovate while being unafraid of mistakes. Will not sit back repenting a mistake; goes ahead with rectifying it.

5. Ready to sacrifice, thus making a difference to others.

6. Willing to seek professional advice and has the requisite interpersonal skills.

Many would-be entrepreneurs sometimes ask if going to graduate school and earning an MBA degree is necessary to be an entrepreneur.  Having an MBA degree helps, especially in strategic management, but you don’t have to have an MBA to be a successful entrepreneur.

However, if a you want to take an MBA, one practical way is to study online, like in the Gannon University online MBA program and get started without missing a beat at work.

Time to make your dreams come true

Now that you know that entrepreneurs are made, and not born, do you have with you the qualities to become an entrepreneur?

If you have, is it not about time to make your dreams come true by becoming an entrepreneur?

source of image: capital-resource.com/

“Starting a business is easy, as long as you have the capital to finance it,” said a newly laid-off office employee.

Well, if there’s a will, there’s a way. If you desire to have your own business and hold that desire long enough, you can always find a way to raise the needed capital for it.

Actually there are many sources of funds, but over the years I have found out that there are sources that are easy to get money from and those that impose a lot of requirements before you can receive it.

Below are the tried and tested sources of capital for your business, which also include not only money but goods/products for sale as well.

1. Personal Savings. This is the best source of capital to finance your business. Why? Because you do not have to worry about principal and interest payments. In the event that your business fails, you lose only the money that you have invested in, and nothing more.

If you borrow money from the bank and your business closes shop, then you will also lose your collateral, usually real estate properties or even your house and lot, since the bank will foreclose it.

2. Personal Loans.  Borrowing from friends and relatives who have excess funds is a good way to finance your business. Usually the loan is interest-free, although some friends charge a very low interest just to cover the opportunity loss of their money, e.g. interest income had they deposited their money in the bank.

Getting personal loans means you can finance your business with the least cost. If your  profit margin is 30% per month and the interest that your relatives or friends are charging you is  the usual 1% per month,  getting a personal loan is a very attractive and viable business proposition.

3. Consignment of Goods. Not all products that your business sells need money to buy those products.  In fact, many businesses are using consignment to keep their inventory moving.

This is how consignment works: You get a company to deliver their products to you. In doing so, you will act as the company’s sales agent.

You will pay the company for those products that are sold, like on a monthly frequency. Not only that you will get the company’s products without paying anything, but you can also use the money from the sale of their products to generate more money before the schedule of payment arrives. It’s a double win on your part.

4. Credit Cards. This is another good way to finance your business, since the interest-rate is rather low, compared to the loan sharks and pawnshops, which I do not recommend as sources of funds.

To get the most of your credit, make your purchases right after the cut off date so that it gets reflected only in your next month’s bill.

5. Investment Liquidation. Selling your assets to raise capital enables you to start your business debt-free. Your assets include your immovable properties like real estate and movables like cars, shares of stocks, jewelries.

Selling these properties to raise capital to finance your business is always preferable to borrowing money and paying interest on it.

6. Bank Loans. Banks seldom lend to a new or small business. Usually you have to prove your worth first before a bank will consider your loan application. These include having real estate as collateral, and your business must be feasible.

So unless you have the collaterals and have a track record in business which can be supported by financial reports and feasibility studies, a bank loan is not an attractive option as source of capital for a start up business.

It always take money to make money, and in raising money to finance your business, the best sources of capital are those that you can generate without paying any interest or by paying the least cost and with minimum credit requirements.

Be creative in fund sourcing. Be innovative and imaginative in raising funds.

This way, your business can survive in the face of competition, its growth is assured, and profit will come as a result.

image from www.ehow.com/how_5703077_make-plan-grow-wealt.

How do you invest to make your money grow? Here’s the tips:

1. Have Goals and Objectives

What is the rate of return you want to achieve with your investment? How many percent a month do you want to generate out of your investment?

There are some investments that take some time, e.g. one year to generate a steady income, or a yield of return, while others can be short-term, e.g. you can make money in a month or even in a week.

In investing, it is basic to know your goals and objectives of investment, especially how much interest income or yield or return you want per month.

2. Know The Opportunities

Before you invest it is important to know the attractive investment opportunities that can give you a high rate of return or income for your money. Do not rely on what the experts say, but make your own research and study of the profitable investments.

Making your own research on the best investment alternatives will make you a good investor and will safeguard your hard-earned money.

In investing, the old adage is still a good advice: “Look before you leap.” Know the opportunities as well as the risks before your part with your money.

3. Short-term gains vs. long- term profitability

There are many “get rich quick” schemes that lure people to invest into. The returns are high, so are the risks involved. High return, high risk.

Always go back to your goals and objectives before you invest. If you want a long term investment with a low return over time but also safe or low risk, then go for it.

4. Spread Your Wings

Do not put your eggs in one basket — diversify your income streams and risks. Putting your money in different activities will average your risks and returns (income). But don’t over-diversify. In spreading your wings by investing in different kinds of income streams, moderation is always good.

5. Invest When You Can Afford To Lose

This is a good rule to follow. If you can’t afford to lose your money, don’t invest. More important: Do not use the money that you need for your basic necessities or for your day-to-day living.

Investing your extra money to generate more money is exciting and fun and profitable. For it  takes money to make money.

]]> http://businessphereconsulting.com/want-to-make-money-here%e2%80%99s-the-investment-tips-to-make-your-money-grow/feed/ 4 http://businessphereconsulting.com/six-easy-steps-to-manage-your-business-to-profit/ http://businessphereconsulting.com/six-easy-steps-to-manage-your-business-to-profit/#comments Thu, 03 Dec 2009 01:06:23 +0000 eli http://businessphereconsulting.com/?p=981 Are you a business owner, manager or entrepreneur?  No doubt you want to make a profit since a business that does not generate a profit cannot exist for long. It will simply collapse.

image from www.get-quickbooks-training.com/business-owne..

Profit is the difference between revenue and cost, or Total Revenue – Total Cost = Profit.

How do you maximize profit, which is one of the primary objectives of any business?

The answer is: generate more sales and lower your cost, or maximize your sales volume and minimize your expenses. To make your business profitable, here’s the six easy steps.

1. Have A Business Mission.  Your mission statement must answer the basic question: “What’s my business reason for existence?  ”Why does my company exist?” This is the heart and soul of your organization and the platform from which you should make every decision — be it marketing, finance, product and services, customers service, etc.

2. Identify Your Market Niche.  Know who are your target customers, those who are going to want  and buy what you’re selling.  The key is to find a niche, or a specific place in the market with its own select group of buyers with their own needs and wants, and serve that market well. If you can identify those quality consumers, you will have a much easier time serving them and make them your loyal customers.

3. Brand Your Business.  What makes your business unique?  Why should anyone do business with you as opposed to your numerous competitors? Consider how you make decisions when faced with a choice between similar products from different manufacturers.  Each customer asks the same question when they consider buying from you. How do you stand out?

4. Think Big. Through planning, broaden and expand your possibilities, your market, your products and services base. Think Big.  Your business will only grow as big as its environment allows.  Think small and your business is likely to remain that way. Dare to dream and think large. Everything is possible if you believe it so and work for it.

5. Act boldly.  Always take action. The business world belongs to the quick.  Always work your business plan and targets, evaluate it according to results.  In case of failure, make it as a feedback on how to get it right for the next month of implementation.

Working these six easy steps will make your business survive, grow, and generate a sustainable profit.

image from www.findyouraccountant.co.uk/.../Default.aspx

Having your own business is fun and challenging and, if it is profitable, can make you financially independent. It can make you your own boss, you become the employer instead of an employee and to some people, enable them to realize their dreams of having a lot of money and travel around the world.

Yesterday I received an e-mail from Jamilah, who introduced herself as a work-at-home mom from Kuala Lumpur, Malaysia, asking: “How would I know if I have what it takes to start my own business?”

The question seems simple enough but many would-be entrepreneurs are looking for answers.

So, to start your business, what resources and steps do you need to take? Here’s the basic requirements:

1. Business Plan. Before starting your business, you must have a guidepost, a blueprint for success. This is the business plan. It must be a clearly laid out plan touching in all facets of your business to provide you with the direction and guide for implementation.

Without a business plan, then you can’t get anywhere. A business plan will map out what you need to succeed and how you will achieve your goals and objectives, including your profit objective.

2. Market Niche. A good business plan must include a market study, but a market niche is important, the reason why I’m emphasizing this. Your business must have a specific target customers, with their own needs, wants, tastes and preferences.

You must know what your customers need, so that the products and services that you will offer must answer their needs. It is only when you provide customer satisfaction can your business grow and succeed.

3. Capital. How much capital do you need?  You must have money to cover capital outlay and revolving or operating funds for your day-to-day operations.

Any business requires some form of investment, and you will need to know how much you have and need, to sustain your operations before it can generate income and profit.

Some entrepreneurs believe that it would be good to start your business while you are still employed, so that you have a “fall back” position, e.g. some income to live on while you are still building your business, or a job in case your venture end in failure.

4. Customer Relations. As mentioned earlier, providing customer satisfaction is a basic requirement, without which your business will not prosper.

The way you run your business and relate to your customers will spell the difference between success and failure. Be prepared to “go the extra mile” with your customers. Care about them and provide them with quality products and services that they need.

5. Skills, Experience, Attitudes. You must treat your business as a full time job and manage it professionally.

Having the five basic requirements as discussed above will help make your business grow. Starting a business is easy, it’s how to make it grow and profitable that is hard.

But starting your business right will enable it to grow and become profitable. The rest is up to you—if you have what it takes.

Lesson No. 4: Have A Niche

One primary reason why many business collapse is because the owners started it wrong—lack of focus.

image from www.buildasuccessfullife.com/business-success

That is why it is important to have a niche, to have business and market focus. As successful entrepreneurs say: “The riches are in the niches.”

It is necessary that you pick a more specific  place in the market, with a select customers and serve them well, with less competition, but has high enough demand.

Lesson No. 5: Be First, Be Daring, Be Different

Another important lesson is that in your business, you must be first, be daring and be different.

Be first in offering new products and services in the market. Be first in innovation and in trying out new ways of marketing and promotion.

Be daring to compete, to go to new markets where others are still planning to do, and to take risks. Nothing ventured, nothing gained, for success in business always favor the brave.

Be different by branding your business and creating an image that sets you apart from your competitors.

Lesson No. 6: Patience Is A Virtue

Since your business will not grow big overnight and profit will not show in a day, you must be patient. When you face hard times and the road to your objective looks long and winding, you should not give up or lose hope – but rather stay focus on your objectives. Cultivate the virtue of patience.

Lesson No. 7: The Power Of Positive Thinking

Thinking positive and expecting good things in life and in your business is a great way to become successful. Thoughts are things. You must first see in your mind what you want and what your business will become, before it will become real.

That is the power of positive thinking. Your attitudes and thinking will influence and affect the outcome and results. Since it’s a principle that “like attracts like”, you must not think negatively or let the negative attitudes of others influence you.

Conclusion

Following the seven lessons will make your business a success. There maybe other ways but when you have learned the seven lessons the rest – business survival, growth, profitability—will be added unto you as a reward.

I have been asked by my two readers, who are entrepreneurs, about the “best practices” in managing their business to make it successful.

image from www.businesssuccessunlimited.com

There are no “best practices” really because management is situational, depending on the type of business, the competence of the manager, the market, products or services, the competition, as well as the environment that the firm is situated.

However, since the principles of management is applicable everywhere and in any situation, I have distilled seven business management lessons that I have learned along the way in my career as management advisor of business.

These seven lessons that will help make your business—whether online or offline–a success are:

Lesson No. 1: Choose A Business You Love

Going into a business takes take time, energy and effort to ensure it a success. It is important that you choose something that will excite you because you will be putting a lot of time the rest of your life, business being a full time job.

So make sure you choose a kind of business that you are passionate or have passion for action, one that you enjoy doing.  The great philosopher Confucius once said: “Choose a job you love and you will never have to work a day in your life.”

Lesson No. 2: Make A Strategic Plan

This is an important lesson that you must learn to attract success to your business. Know that “If you don’t know what you want to achieve in your business or in life, you will never be able to get there.”

As such, you must be clear in your mind what you want for your business. Write a plan or objectives and use it as a guide in your day-to-day operations in relation to your profit objective, pricing, promotion, and target customers. As in any human endeavor, one cannot handle a business unless you know what it is for.

Lesson No. 3: Make Your Business A Full-time Job 24/7

If you want to make your business successful, you must take it as a full-time job and work long hours managing it, 24 hours a day, seven days a week, figuratively speaking. Success in business does not happen overnight, in the same manner that profit does not come instantly.

Success, like profit, is an output, a reward, for managing a business well, taking into consideration the quality products and services that you are selling as it answers the needs and wants of the customers, the competition, your marketing and promotion.

To be continued in my next post