THE MAKING OF AN ENTREPRENEUR

 A dynamic process and an approach.

 Entrepreneur considers the business opportunity as a chance to find a new ways to
solve the problem rather than solving the problem.
 Manager is an adapter
 Entrepreneur is an innovator.

THE MAKING OF A FILIPINO ENTREPRENEUR

 It is a process of trial and error.

 The success of Filipino entrepreneur stands in a very shallow foundation.
 The food business outlet is one of the most abused and most prominent activities of
some Filipino business entrepreneurs.

ENTREPRENEURSHIP AS A DYNAMIC

 It is a dynamic process of innovation and the establishment of new opportunity for the
creation of new venture.
 The real entrepreneur is an individual with the greatest drive for expansion and growth
and has propensity to make difference in terms of their achievements is profit and
exploitation of the resources for growth and business expansion.
 The entrepreneur develops strategic plans and programs.

FACTORS THAT DEVELOP ENTREPRENEURIAL ACTIVITIES

1. The Entrepreneur Takes the Initiative

With great interest to capitalize on the opportunity at hand
With an amount of knowledge with minimum risk
Armed with vigor and vitality-profitable operation.

2. Organization of Capital Resources

Talents and ambitions are great resources of the entrepreneur.
Financial and human resources are important ingredients for the start of the organization.

3. Development of Administrative Machinery

The management is developed with organizational structure based on the needs on the needs
of operation.
Specific duties and responsibilities are assigned to individuals with talents and skills that fit their
respective position.

4. The Development of Entrepreneurial Autonomy

He takes the lead in all the activities of the organization especially in the early stage of
operation.
He knows best the direction of the enterprise as he is aware of the calculated risk involved.

FACTORS THAT DEVELOP ENTREPRENEURIAL ACTIVITIES

The Development of SWOT Analysis

The avoidance of risk can be taken with careful analysis of the Strength, Weaknesses,
Opportunities and Threats (SWOT) of the organization.

THE ENTREPINOY GENERATION

The recent times have changed the landscape of entrepreneurship

Balita(2016) Entrepreneur in 12 Day

Born from 1977-1994(Millennials) Generation Y-observed to be more inclined to pursue

entrepreneurship.

1965-1976 Generation X
1946-1964 Baby boomers

THE EVOLUTION OF WEALTH

AGE OF EVOLUTION
1. Agricultural Age
2. Industrial Age
3. Information and Communication Age
4. Conceptual Age

THE EVOLUTION OF WEALTH

Agricultural Age
Wealth was measured by the land that the family owned. Nations fought wars and Invaded
territories to enlarge territorial's domains. The richest were those who owned vast acres of
lands. They neglected (and continue to neglect) agriculture. Many farmers remained poor even
of the oppurtunities were great. The government must provide support for their technology
and productivity.

Industrial Age
Wealth was anchored on the industries that supplied the modernizing needs of humans. The
wealth in lands shifted to the production of the then emerging modern necessities of living like
transportation, home appliances, and whispered Industrialization.
Information and Communication Age
Information and communication that tried to eliminate the inconveniences of time and space.
This is our current age. The richest persons now are those who provide technology to
communicate and to manage information. Communication and transaction have become real
without regard to space.

Conceptual Age
This is the Age of the entrepreneurs. Through the conventional and innovations to make
contemporary living more meaningful, there are emerging need that only entrepreneurs can
provide. Entrepreneurs purposively respond to the growing needs and wants of the population
that is growing bigger in the world that is getting smaller in terms of connectivity and dynamics.

THE DEMANDS OF THE CONCEPTUAL AGE

The conceptual age is the real of entrepreneurs. People may live favorably and mass wealth
abundantly in the conceptual age if they are creative, innovative and emphatic.

Creativity thinking new things

Innovation-doing new things by applying creative solutions to enhance people's lives.
Empathy-our ability to put ourselves in the shoes of another, without losing the objectivity.

The academic world identified these indispensable 21" century skills:

1. Information, Media and Technology Skills;
2. Learning and Innovative Skills;
3. Effective Communication Skills; and
4. Life and Career Skills

Four Pillars of Learning;

Learning to Know
Learning to Do
Learning to Be and
Learning to Live Together

THE CHINESE WAY

According to Professor Benito Lim, a Chinese academician, it is their financial circumstances
that made them entrepreneurs. In, history, many of the Chinese escaped their motherland to
find a safer and more comfortable refuge anywhere. If they did not cross oceans, they most
likely had arrived in a country with nothing but themselves.

Most of the richest Filipinos in the Philippines are Chinese.

Mall Kingpin John Gaisano described his cousin John Gokongwei as someone poorer than the
poor.
Henry Sy
(SM Group of Companies) who is regarded as Father of Philippine Retail top listed as the
wealthiest tycoon of the country with extensions in retail, real estate, banking and finance.

Lucio Tan
(Philippine Airlines; Philippine National Bank; Fortune Tobacco; Tanduay Distillers; Asia
Brewery) is referred to as the Captain of the industry.

John Gokongwei Jr.

UG Summit Holdings) is a rags- to-riches story who owns Robinsons (mall, real state and media),
Cebu Pacific, Sun Cellular and Universal Robina.

Andrew Tan
of Mega Word Properties and Holdings has become one of biggest residential condominium
developers with Consolidated Distillers the producer of Emperor.

Toni Tan Caktiong

The entrepreneur behind Jollibee who expands to having Chowking, Greenwich, Red Ribbon,
Mang Inasal and Burger King. He has Chinese blood which inherited his business acumen from
his parents who knew how business should grow and prosper.

Ben Chan
Is the entrepreneur behind Bench clothing line that expanded to cover the entire apparel. He
created other brands like Kashieka and Human, and brought in Aldo, Celio, Charles and Keith,
Face Shop and Patchi.

Bernie Lui
Another formidable player in retail behind the brands Penshoppe, Oxygen, ForMe, Memo,
Regatta, and its direct selling subsidiary Red Logo.

Cecilio Kwok Pedro

An iconic entrepreneur behind Lamoiyan Corporations, the maker of Hapee Toothpaste and a
chairman of the hearing for having helped them in terms of education and employment.

Socorro Ramos
Founder of National Bookstore

THE OLD FILIPINO WAYS

As Chinese were fighting for survival and slowly building their empires, many Filipinos were
fascinated by the American dream- studying to prepare for global employment, selling their
agricultural lands to afford college education, and selling more properties (or borrowing money)
to pay for the placement fees in the pursuit of the popular Filipino vision of overseas
employment.
Abaca: They native natural fiber represent the best in the Filipinos
Strong - Malakas
Resilient - Matibay
Exceptional - Kakaiba

LEADERSHIP AND MANAGEMENT

LEADERSHIP MANAGEMENT
MOTTO Do the right thing (Effectiveness) Do things right (Efficiency)
CHALLENGE Change/Innovation Continuity/Status quo
FOCUS Purposes Structures, Process and
Procedure
TIME FRAME Future Present
METHODS Strategies Schedules
QUESTIONS Why? Who, what, when, where, and
how?
OUTCOMES Journey Destination Goal
FOCUSES ON HUMAN Potential Performance

Leadership by John Maxwell

Laws of Leadership at the People Development Level
The 6 Levels of Leadership
Process: Leadership is a process, it doesn't happen overnight.
Addition: You add value when you serve others.
Inner circle: Those in your inner circle determine your potential.
Empowerment: Only a secure leader is willing to give power to others.
Explosive growth: Developing new leaders is the only way to explosively grow the organization
in a way you could never achieve on your own.
Buy-in: People will buy-in to you as a leader before they buy into your vision.
Pinnacle - Respect
People Development - Reproduction
Production - Results
Permission - Relationships
Position – Flights
ENTREPRENEURSHIP

It is a science of converting processed ideas into a remarkable business venture. According to

Fajardo (2009), it is also a capacity for innovation, investment and expansion in new market,
products and techniques. This definition implies that an enterprise is at work whenever an
individual takes the risks and invests resources to make something unique or something new,
designs a new way of making something that already exists, or creates new markets.

According to Dontigney (2018), an entrepreneur puts together a business and accepts the
associated risk to make a profit. These are the theories of entrepreneurship:

1. Theory is Economic Entrepreneurship dates back to the first half of the 1700s with the work
of Richard Cantillon, who introduced the idea of entrepreneurs as risk takers. The classic,
neoclassical and Austrian Market process schools of thought all pose explanations for
entrepreneurship that focus, for the most part, on economic conditions and the opportunities
they create. Economic theories of entrepreneurship tend to receive significant criticism for
failing to recognize the dynamic, open nature of market systems, ignoring the unique nature of
entrepreneurial activity and downplaying the diverse contexts in which entrepreneurship
occurs. Entrepreneurship and economic growth take place when the economic conditions are
favourable. Economic incentives are the main motivators for entrepreneurial activities.
Economic incentives include taxation policy, industrial policy, sources of finance and raw
material, infrastructure availability, investment and marketing opportunities, access to
informati about market conditions technology etc.

2. Theory is Resource-based focuses on the way individuals leverage differe types of resources
to get entrepreneurial efforts off the ground. Access to capita improves the chances of getting a
new venture off the ground, but entrepreneurs often start ventures with little ready capital.
Other types of resources entreprene might leverage include social networks and the
information they provide, as we as human resources, such as education. In some cases, the
intangible elements leadership the entrepreneur adds to the mix operate as resource that a
busines cannot replace.

3. Psychological Theories of Entrepreneurship describe on the individual and the mental or

emotional elements that drive entrepreneurial individuals. theory puts forward by psychologist
David McClelland, a Harvard emer professor, offers that entrepreneurs possess a need for
achievement that drive their activity. Julian Rotter, professor emeritus at the University of
Connectic put forward a Locus of Control Theory. Rotter's theory holds that people with a
strong internal locus of control believe their actions can influence the external world and
research suggests most entrepreneurs possess trait. A final approach though unsupported by
research, suggests personality traits ranging from creativity and resilience to optimism drive
entrepreneurial behavior.
Entrepreneurship gets a boost when society has sufficient supply of individuals with necessary
psychological characteristics. The psychological characteristics include need for high
achievement, a vision or foresight, ability to face opposition. These characteristics are formed
during the individual's upbringing which stress on standards of excellence, self-reliance and low
father dominance.

4. The Sociological Theory centers its explanation for entrepreneurship on the various social
contexts that enable the opportunities entrepreneurs' leverage Paul D. Reynolds, a George
Washington University research professor, single out four such contexts: social networks, a
desire for a meaningful life, ethnic identification and social-political environment factors. The
anthropological model approaches the question of entrepreneurship by placing it within the
context of culture and examining how cultural forces, such as social attitudes, shape both the
perception of entrepreneurship and the behaviors of entrepreneur. Entrepreneurship is likely
to get a boost in a particular social culture. Society's values, religious beliefs, customs, taboos
influence the behaviour of individuals in a society The entrepreneur is a role performer
according to the role expectations by the society.

5. Anthropological Entrepreneurship Theory

This theory is derived from the description on Anthropology as the study of the origin,
development, customs, and beliefs of a community. In other words, the culture of the people in
the community. The anthropological theory says that for someone to successful initiate a
venture the social and cultural contexts should be examined or considered. Here emphasis is on
the cultural entrepreneurship model. The model says that new venture is created by the
influence of one's culture. Cultural practices lead to entrepreneurial attitudes such as
innovation that also lead to venture creation behavior. Individual ethnicity affects attitude and
behavior (Baskerville, 2003) and culture reflects particular ethnic, social, economic, ecological,
and political complexities in individuals (Mitchell et al., 2002a). Thus, cultural environments can
produce attitude differences (Baskerville, 2003) as well as entrepreneurial behavior differences
(North, 1990, Shane 1994).

6. Opportunity-Based Entrepreneurship Theory

The Opportunity-Based Theory is anchored on names such as Peter Drucker and Howard
Stevenson. It provides a wide-ranging conceptual framework for entrepreneurship research
(Fiet, 2002, Shane, 2000).

Entrepreneurs do not cause change (as claimed the Schumpeterian or Austrian school) but
exploit the opportunities that change (in technology, consumer preferences etc.) creates
(Drucker, 1985). He further says, "This defines entrepreneur and entrepreneurship, the
entrepreneur always searches for change, responds to it, and exploits it as an opportunity".
What is apparent in Drucker's opportunity construct is that entrepreneurs have an eye more for
possibilities created by change than the problems. Stevenson (1990) extends Drucker's
opportunity-based construct to include resourcefulness. This is based on research to determine
the differences between entrepreneurial management and administrative management. He
concludes that the hub of entrepreneurial management is the "pursuit of opportunity without
regard to resources currently controlled" (pp.2).

7. Resource-Based Entrepreneurship Theories

The Resource-Based Theory of Entrepreneurship argues that access to resources by founders is
an important predictor of opportunity based entrepreneurship and new venture growth
(Alvarez & Busenitz, 2001) This theory stresses the importance of financial, social and human
resources (Aldrich, 1999). Thus, access to resources enhances the individual's ability to detect
and act upon discovered opportunities (Davidson & Honing, 2003). Financial, social and human
capital represents three classes of theories under the resource-based entrepreneurship
theories.

8. Financial Capital/Liquidity Theory

Empirical research has showed that the founding of new firms is more common when people
have access to financial capital (Blanchflower et al. 2001, Evans & Jovanovic, 1989, and Holtz-
Eakin et al, 1994). This theory suggests that people with financial capital are more able to
acquire resources to effectively exploit entrepreneurial opportunities, and set up a firm to do so
(Clausen, 2006 However, other studies contest this theory as it is demonstrated that most
founders start new ventures without much capital, and that financial capital is not significantly
related to the probability of being, nascent entrepreneurs (Aldrich, 1999, Kim, Aldrich & Keister,
2003, Hurst & Lusardi, 2004, Davidson & Honing, 2003) This apparent confusion is due to the
fact that the line of research connected to the theory of liquidity constraints generally aims to
resolve whether a founder's access to capital is determined by the amount of capital employed
to start a new venture Clausen (2006). In his view, this does not necessarily rule out the
possibility of starting a firm without much capital. Therefore, founders access to capital is an
important predictor of new venture growth but not necessarily important for the founding of a
new venture (Hurst & Lusardı, 2004) This theory argues that entrepreneurs have individual-
specific resources that facilitate the recognition of new opportunities and the assembling of
new resources for the emerging firm (Alvarez & Busenitz, 2001) Research shows that some
persons are more able to recognize and exploit opportunities than others because they have
better access to information and knowledge (Aldrich, 1999, Anderson & Miller, 2003, Shane
2000, 2003, Shane & Venkataraman, 2000)

9. Social Capital or Social Network Theory

Entrepreneurs are embedded in a larger social network structure that constitutes a significant
proportion of their opportunity structure (Clausen, 2006) Shane and Eckhardt (2003) says "an
individual may have the ability to recognize that a given entrepreneurial opportunity east, but
might lack the social connections to transform the opportunity into a business start-up. It is
thought that access to a larger social network might help overcome this problem" (pp.333)in a
similar vein, Reynolds (1991) mentioned social network in his four stages in the sociological
theory

The literature on this theory shows that stronger social ties to resource providers facilitate the
acquisition of resources and enhance the probability of opportunity exploitation (Aldrich &
Zimmers, 1986). Other researchers have suggested that it is important for nascent founders to
have access to entrepreneurs in their social network, as the competence these people have
represents a kind of cultural capital that nascent ventures can draw upon in order to detect
opportunities (Aldrich & Cliff, 2003, Gartner et al, 2004. Kim, Aldrich & Keister, 2003).

10. Human Capital Entrepreneurship Theory underlies two factors: education and experience
(Becker, 1975). The knowledge gained from education and experience represents a resource
that is heterogeneously distributed across individuals and in effect central to understanding
differences in opportunity identification and exploitation (Anderson & Miller, 2003, Chandler &
Hanks, 1998, Gartner et al, 2005, Shane & Venkataraman, 2000)

Becker's (1993) Human Capital Theory suggests that education and experience develop skills
that enable workers to be productive. Human capital is enhanced through such learning and
this manifests itself in varieties of high value opportunity recognition, skills enhancement and
resource acquisition and use (Kwabena, 2011 and UNDP, 2009).

Human Capital Theory explains further that investment in knowledge. skills and abilities
enhances the productive capacity and competencies to engage in a more enterprising,
innovative and flexible manner in a changing environment (Kwabena, 2011 and Becker, 1964).
As cited in Kwabena (2011), Becker (1975) pointed out that there are two factors underlying
human capital theory, education and experience

Empirical studies show that human capital factors are positively related to becoming a nascent
entrepreneur (Kim, Aldrich & Keister, 2003, Davidson & Honing, 2003, Korunka et al, 2003),
increase opportunity recognition and even entrepreneurial success (Anderson & Miller, 2003,
Davidson & Honing, 2003).

The knowledge gained from education and experience represents a resource that is
heterogeneously distributed across individuals and in effect central to understanding
differences in opportunity identification and exploitation.

11. Cultural Entrepreneurship Theory argues that propensity for an individual to start a
business venture is largely influenced by the prevailing culture (Simpeh, 2011,Gichana, 2011).
Herrington, Kew and Kew (2010) contend that entrepreneurship can reveal the latent potential
of the South African economy.

12. Regional Entrepreneurship is enhanced by training and education interventions so that

there is a growing acceptance that components of entrepreneurship can be delivered and
learned. The entrepreneurial culture is key to motivating young people to take up business-
related programs in middle-level tertiary colleges (Herrington et al., 2010) and primarily
consists of training through hands-on skills (Simpeh, 2011). Cultural practices lead to
entrepreneurial attitudes such as innovations that also lead to venture creation behavior
(Gichana, 2011).
13. The Opportunity-Based Theory pioneered by the prolific business managemen author,
professor and corporate consultant, Peter Drucker put forward Opportunity-Based Theory.
Drucker contends that entrepreneurs excel at seeing and taking advantage of possibilities
created by social, technological and cultura changes. For example, where a business that caters
to senior citizens might view a sudden influx of younger residents to a neighborhood as a
potential death stroke, an entrepreneur might see it as a chance to open a new club.

Based from Thornhill (2017), an entrepreneur is an individual who starts and runs a business
with limited resources and planning, and is responsible for all the risks and rewards of his or her
business venture. The business idea usually encompasses a new product or service rather than
an existing business model.

An entrepreneur is an individual who is alert to profitable opportunities for the exchange of

goods or services. A street vendor in Divisoria takes the opportunity to make profit by selling
school supplies during the opening of the school. During Christmas, He/ she take the
opportunity of selling Christmas items and in other occasions, sell clothing apparels at different
seasons. A cell-phone repair man takes the opportunity of servicing various cellular owners who
cannot afford to buy new models.

Entrepreneur is one who organizes, manages, directs and assumes the risks of a business or
enterprise. Being an entrepreneur is a lifestyle or an attitude. It is not calling for everyone, but
rather a choice.

The following questions help a potential entrepreneur in guiding himself or herself before
setting up a new business: a Yes or No answer is highly recommended.

1. Am I a planner, dreamer or a goal setter?

2 Do l offer a product that people want to buy? 3. Do I have enough resources to start the
business?

4. Will my business plan allow cash to flow as soon as possible? S Am I working around a tight
budget for my expenses?

6 Do I have good credit status?

7. Am I expecting too much from my revenues as a result of my hard work?

8. Am I ready to assess and measure everything before putting it out for the public?

9. Do I have strong people skills?

10. Do I enjoy making decisions and being in charge?

11. Am I good at short and long-range planning?

12. Am I willing to take initiative when confronted with difficult situations?

13. Am I flexible, and can adapt to changing circumstance?

14. Am I willing to take calculated risks?

15. Am I ready to learn and accept the mistakes that I might encounter along the way?

If you could answer yes to most of the questions, then, you are probably ready to become an
entrepreneur There are no correct answers for these questions- regardless of your answer
These are some of the basic realities that you must face when starting a business demand for
your product or service, cash flow, income potential, marketability and flexibility Be prepared to
navigate the road to entrepreneurship and hurdle the challenges and roadblocks along the way.

Entrepreneurship is a dynamic process of innovation and the creation of new opportunity for
the creation of new venture. The small business owner entrepreneur in the sense of self-
employed and is different from an innovator entrepreneur. The real entrepreneur is an
individual with the greatest drive for expansion and growth. The real entrepreneur has
prosperity to make a difference in terms of their achievements in profit and exploitation of the
resources for growth and business expansion.

The entrepreneur develops strategic plans and programs that will ascertain a definite advantage
over the others in their line of business. This is the reason why we see people in the same line
of business that others had gone miles over the others. The former is a manager of his business
while the latter is an entrepreneur.

Many successful entrepreneurs in the Philippines and those in the foreign countries are not the
making of known schools of management. Most entrepreneurs came from scratch and have
acquired managerial expertise in making business empires through shared hard work and
dedication. They possess characteristics and intelligence to make things happen rather than
wait for things to happen.
While schooling and learning management could guide the making successful entrepreneur, the
individual talent and intelligence coupled with strategies akin to other people are totally
inherent to the entrepreneur.

The demands for entrepreneurial success are common in most successful businessman.

1. The entrepreneur is alert to opportunities and perspective to make thing happen.

The entrepreneur looks at things much ahead of other people. He sees things in a different way
and develops strategies to make things happen in a way he perceived it to be. An entrepreneur
is a starter but makes sure that what he started he pursues until he succeeds in making it
happen

2. The entrepreneur has the health and endurance to work long hours.

The dreamer entrepreneur could not stop working until he finds solutions to his perceived idea.
He spends 75 percent of his 24 hour time thinking and working until he gets to the realization of
his dream He is willing to sacrifice personal pleasure in his quest for the true meaning of his
ideal set up of the business enterprise.

3. The entrepreneur of flexible and adapts to change.

The entrepreneur does not have a one track mind. He finds new avenue or courses of action as
he senses some danger zone with his plans and programs He makes easy revision but makes
sure that the track on hand is still towards the direction he wanted to achieve. He crafts new
alternatives solutions and devises ways to make a difference.

4. The entrepreneur is self-assured.

The entrepreneur could not easily be rattled with problems or uncertainties He has great trust
in his capability to develop new things. His intelligence and self- confidence is always at high
level. He is guided also by his faith in God that his good intentions and actions deserve to be
fulfilled.

5. The entrepreneur seeks other's opinion or make researches.

He believes that a person who asks question could only be fool for a minute but one who asks
no question could be fool for a lifetime. He seeks the advice of other professional that will help
make things happen. He indulges in research activities to find new solutions.

He must possess the versatility for success and self-confidence that could be overcome risk with
his strong determination. The exploration of the total business environment must be put into
total perspective as it interplays with the development of new opportunities and the risk
attached to it

2. Personal attention and comprehensive awareness for the progress of the business is not
trusted on other people.

The entrepreneur must be in direct control of operation and not in indirect control. He must be
able to measure the desired results. He must personally ver the data and financial figures spent
and earned in the operation of the business.

3. The new entrepreneur must have high sense of integrity that he stands firm on his
principles and ideals.
His word of wisdom is a contract to depend on. He looks at things in different perspectives and
approaches things with varied alternatives to attain what he wants. In short, he is visionary,
innovative and unstoppable until he achieves the goals he sets for himself.

4. Emotional stability is an important factor in the making of an entrepreneur.

While he is impatient for mediocre performance and lazy bones, his temper must remain in
control Interpersonal relationships must be the banner in negotiations and effective personal
communication is the key factor in closing business deals.

5. The built in self-starting mechanism that drives an entrepreneur to success is his executive
ability to manage people and resources.

This executive ability refers to how he plans, organizes, directs and controls the physical and
material resources under his disposal. Many entrepreneurs are describing to have shrewd
judgment in character that induced them to see things the way it should be. An entrepreneur
has a passion for excellences and mediocre performance has no place in his entrepreneurial
vocabulary.

The new entrepreneurs and those who believe in their capacity for long hours of work to get
things done, spend 75 percent in planning innovations and putting them into action. Dreams are
built around creativity as he conceived original idea out of his imagination

The entrepreneur is like a multi-awarded artist with a handful of trophy of accomplishment

equipped with inner drive in transforming idea into tangible reality. Sacrifice for long working
hours and abandonment of personal life pleasures make the entrepreneur achieve their target
goals. They organize and develop their idea into achievable activities and surpass the factor of
risk.

THE STARTING POINT TO ENTREPRENEURIAL SUCCESS

1. Start to be on your own

An individual can never attain success in entrepreneurial activity unless he starts his own
business and releases himself as an employee for the rest of his life. Income from employment
is never enough as it is good only until the 15th and end of the month. Never have we found an
ordinary employee who getsrich except those who are connected with the government and
amass wealth through graft and corruption

You may start as an employee, get new ideas and develop your own entrepreneurial style from
experience and education. Start dreaming and be independent Leam to save money and be sure
to put it in proper investment the make it as starting capital to operate your enterprise. Make
that money work for you you think to make it grow bigger from the dreams you have crafted out
of your imagination for success

2. Explore the business environment

The Philippines being a haven of opportunities is wide open for people who dream to be rich
and amass fortune as we have all the natural resources. Find the things you can do best and you
must have the talent and interest in doing Remember that the central objective of any business
is to produce the best goods and those that provide better service.

With the talent you acquire in conducting feasibility studies in your college days or those that
you learned from experience, apply your knowledge in SWOT analysis. Consider opportunities
for expansion as business growth is possible under good management.

3. Be in control

An entrepreneur must be in the driver seat of his business. You cannot trust your business to
somebody who does not own the ideals and aspiration of the enterprise. Be in control of the
operation as you develop people whom you can work with dedication and with values the same
as yours. Invest your time with people who are achievers and do not lose your valuable time
with losers.

Motivate people to excel and make their desire burning for success with their accomplishments.
Make them partners in decision making and develop their ego needs for proper recognition.
People are your assets that can help you propel success in your business. Think that improving
efficiency and effectiveness will create more space for growth and development.

4. Have a good accountant or a trusted financial adviser

While you, as an entrepreneur and busy with the management of the business, a good
accountant or financial adviser is needed to help you out in the financial activities of the
enterprise. They can help you re-invest your money to other profitable operation.

While trust and confidence can be given, you must also have the knowledge of the entry in
financial statements. Develop control procedures that you are still in command in approving
transaction involving money and its disbursements. While you economize your expenditure, be
sure that every peso is spent wisely without sacrificing quality in products or service.

5. Seek the advice of professionals

You are not a superman to know all the legal and other matters related to the operation of the
enterprise. Seek the services of a legal consultant on matters with legal implications. Have your
income tax prepared by good accountant lawyers or certified accountants that know how to
deal with government regulating body in terms of tax payments.
All legal matters and intricate government transactions must be entrusted to people with the
right connection and know how to deal with business problem as the government as a
regulating body, may affect the business operation especially in the period of expansion.