SORSOGON UNITED

When we unite, We make our life better

5 Things I Wish I Knew Before I Started My First Business

source: fitzvillafuerte.com

Starting a business can be tough, but I think nothing will ever be more difficult than putting up your very first venture.
Without the advantage of experience, your tools are usually just textbook knowledge, observed wisdom and generous advise.
So let me help you today by giving you one of those… generous advise.

It was in 2004 when I registered my very first business – a computer network gaming station in Makati.
Unfortunately, after almost a year, me and my partners decided to close it down. Our reasons are not important, but the lessons I learned in that small venture are certainly something worth sharing today.

Here are 5 things I wish I knew before I started that very first business.

five 5 Things I Wish I Knew Before I Started My First Business
Your business plan can turn out to be useless.
Read any business book and they’ll tell you that a business plan is essential when starting a business. What many people tend to skip or miss reading is the part written in the end that you may have to ditch your business plan along the way. I was one of those people.

Don’t get me wrong, having a business plan BEFORE starting is important, after all – it is your roadmap to success. But understand that unexpected things are bound to happen and you will need to adjust your business plan, or make a new one at worst.
When the map becomes irrelevant or unworkable, don’t hesitate to find alternative routes that will get you to your destination.
Self-employment is a necessary initial cost.

Several months before I started that venture, I learned from a book the difference between the self-employed and the business owner – one works for the business, while the other lets the business work for him.
I wanted to be the business owner.

But I learned later on that one cannot be a business owner without being self-employed first. Businesses are like children, you have to nurture and take care of them until they become independent.
Good employees are REALLY hard to find.

I thought since a lot of people are unemployed, then it will be easy to find someone to work for you.
I was partly right… what I didn’t know was that it will NOT be easy to find someone who will do a good job. People working in Human Resources will agree – a person’s resume cannot guarantee his work ethics. And from experience, even those who shine in their interview can be quite sloppy at work.

So again, take some time to work on your business so you’ll know exactly what it demands from a person. This will help you screen applicants better – and you’ll be able to hire the right people fit for the job.

sleeping at work 5 Things I Wish I Knew Before I Started My First Business
Marketing is essential in every business – big and small.
My first business was just a rented space in a small barangay. Being the first and only computer gaming shop in the area, I was confident that I wouldn’t need to do marketing and advertising after the grand opening.
“It’s just a small and simple business,” I thought. But then I learned that some of “my kids” are going somewhere across town because there’s a new shop that’s cheaper but with faster computers.

Relying simply on walk-in customers and word-of-mouth can be risky. And when business is good, expect competition to appear. A continuous marketing campaign will not only allow you to reach new customers, but it will also establish your brand and keep the trust and loyalty of your clientele.

It’s more than just about the money.
My primary reason for starting my first business was because I wanted passive income. Who wouldn’t want to “make money while sleeping” right? And one of the reasons why we decided to close it down was because it wasn’t making enough.
Then several months after, I realized that one of the reasons why we really closed down the business was because we were only after the profits – we were in it for the wrong reason.

It’s true that your business should make money, but more importantly, it should be able to take you closer to a noble goal – a mission and a vision that becomes the prime motivation for starting any business.
Learn more life and business lessons from a real entrepreneur, subscribe to Ready To Be Rich.
———
Photo credits: doug88888 and Harald Groven

Advertisements

Filed under: Sorsogon News Updates

One Response - Comments are closed.

  1. […] 5 Things I Wish I Knew Before I Started My First Business (sorsogonunited.wordpress.com) Share this:TwitterFacebookLinkedInPrintLike this:LikeBe the first to like this post. This entry was posted in Business Best Practices and tagged Business, Business plan, Business process improvement, Consulting, Experience, Interview, Learning, Small Business, Strategic management by larrygunterblogs. Bookmark the permalink. […]

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 920 other followers

SHARE THIS BLOG!

Bookmark and Share

RSS DAILY INSPIRATIONAL QOUTES

  • Inspirational Thoughts and More
    If you are looking for inspiration or you have some to share, you will find something on the Inspirational Thoughts and More page to meet your needs.

RSS OUR DAILY BREAD

  • Our Guilt Is Gone
    As a young girl, I invited a friend to browse with me through a gift shop near my home. She shocked me, though, by shoving a handful of colorful crayon-shaped barrettes into my pocket and yanking me out the door of the shop without paying for them. Guilt gnawed at me for a week before I approached my mom—my confession pouring out as quickly as my tears. Grie […]

RSS Daily Verse

  • Jude 1:20-21
    But you, beloved, building yourselves up in your most holy faith and praying in the Holy Spirit, keep yourselves in the love of God, waiting for the mercy of our Lord Jesus Christ that leads to eternal life.

Archives

Categories

UPCOMING EVENTS

RSS THIS DAY IN HISTORY

  • August 23, 1902: Fannie Farmer opens cooking school
    On this day in 1902, pioneering cookbook author Fannie Farmer, who changed the way Americans prepare food by advocating the use of standardized measurements in recipes, opens Miss Farmer’s School of Cookery in Boston. In addition to teaching women about cooking, Farmer later educated medical professionals about the importance of proper nutrition for the sick […]

RSS PIA-SORSOGON

  • Bicol Tourism Summit promises brighter prospects for the region December 9, 2016
    By Ana-Liza S. MacatangayNAGA CITY, Dec. 9 (PIA) --- “This summit will certainly shed new light on the potential and new tourism products and services, as well as guide stakeholders from the government and private sector for a sustainable and responsible tourism development.”Thus stated Naga City Mayor John Bongat on the brighter prospects that await every B […]
    Philippine Information Agency Regional Office V
  • Bicolanos elated over Pres. Duterte’s visit in Albay December 9, 2016
    LEGAZPI CITY, Dec 9 (PIA) – Bicolanos expressed their elation and eagerness over President Rodrigo Roa Duterte’s visit in the province of Albay to lead groundbreaking of the Bicol International Airport (BIA) in barangay Alobo, Daraga Albay and to grace the 7th year anniversary of the Federalismo Alyansa ng Bicol (FAB) at the Legazpi City Convention Center.Th […]
    Philippine Information Agency Regional Office V
  • Children’s month celebration in Bicol highlights valuable role of children in society December 1, 2016
    LEGAZPI CITY, Dec 1 (PIA) – The Regional Council for the Welfare of Children and the Department of Social Welfare and Development (DSWD) Bicol led this year’s children’s month celebration in the region themed ““Isulong, Kalidad na Edukasyon Para sa Lahat ng Bata.”“The Children’s Month Celebration is a time to recognize the value of Filipino Children as the m […]
    Philippine Information Agency Regional Office V
  • A-PAD holds disaster-resiliency confab for MSMEs in Bicol December 1, 2016
    By Ana-Liza S. MacatangayNAGA CITY, Dec.1 (PIA) -- A community of entrepreneurs from the Micro, Small and Medium Enterprises (MSMEs), gathered together at the Villa Caceres Hotel here for the 3-day Business Community Planning (BCP) and Disaster Risk Reduction and Management (DRRM) training seminar primarily to mainstream business community and resiliency of […]
    Philippine Information Agency Regional Office V
  • Cebu Pacific now has daily flight in Catanduanes November 30, 2016
    VIRAC, Catanduanes, Nov. 30 (PIA)- Cebu Pacific announced that there will now be daily flights to and from Virac beginning December 18, 2016 until March 2017.According to Roberto L. Jackson, Cebu Pacific station officer in Catanduanes, instead of 4x weekly Airbus Manila-Virac-Manila flight, there will now be an 11x weekly ATR operations.He likewise bared tha […]
    Philippine Information Agency Regional Office V
  • BNC, JJWC, DSWD hold youth meet vs. lowered MACR November 29, 2016
    LEGAZPI CITY, Nov. 29 (PIA) – To culminate the celebration of this year’s National Children’s Month, the Bicol Network for Children (BNC), in cooperation with the Juvenile Justice and Welfare Council (JJWC) and Department of Social Welfare and Development (DSWD) of the Bicol region held the #KalingaHindiKulungan Bicol Youth Meet at Legazpi City.The main purp […]
    Philippine Information Agency Regional Office V
  • Bicol’s “orange Cagsawa” showcases campaign to end violence vs. women November 29, 2016
    By Sally Atento-AlteaLEGAZPI CITY., Nov 29 (PIA) -- It may not seem a good start as heavy rain poured on but it didn’t stop the Bicolanos from joining the call to support the advocacy to end violence against women (VAW) through the "Orange Your Icon for 18 days" campaign launched November 25 in the Bicol region at Cagsawa Park in Albay.Despite the […]
    Philippine Information Agency Regional Office V
  • CamSur guv strengthens fight against drugs through CASUROG Program November 28, 2016
    By Ana-Liza S. MacatangayPILI, CAMARINES SUR, Nov. 28 (PIA) --- Various efforts to curb the ill-effects of illegal drugs have already been implemented by the provincial government of Camarines Sur in response to the directives of President Rodrigo Roa Duterte immediately following his assumption of office in June 30.Governor Miguel “Migz” Villafuerte recapit […]
    Philippine Information Agency Regional Office V
  • DILG’s MASA MASID regional launch in Bicol November 28, 2016
    By Ana-Liza S. MacatangayNAGA CITY, Nov. 28 (PIA) -- With the war on drugs now in full swing across the country, the Department of Interior and Local Government (DILG) inched another step forward to ensure that the campaign will be relentlessly pursued with the help of more stakeholders and volunteers.DILG BIcol has  spearheaded the regional launch of “Mamam […]
    Philippine Information Agency Regional Office V
  • Police, military operatives discover ‘shabu lab’ in Catanduanes November 28, 2016
    VIRAC, Catanduanes, Nov. 28 (PIA) -- Bicol regional director PCSupt. Melvin Ramon G. Buenafe of the Philippine National Police (PNP) has confirmed yesterday, Nov. 27, the discovery of a clandestine shabu laboratory at Barangay Palta Small in this municipality.According to PCSupt. Buenafe, said laboratory was secured in a joint operation of Catanduanes Police […]
    Philippine Information Agency Regional Office V

FIND OUT MORE! EXPLORE THE BEAUTY OF SORSOGON!!

 

Calendar

November 2011
M T W T F S S
« Aug   Dec »
 123456
78910111213
14151617181920
21222324252627
282930  

eRADIO-SORSOGON

pbndzmssorsogon.blogspot.com  

RSS THIS DAY IN HISTORY

  • August 23, 1902: Fannie Farmer opens cooking school
    On this day in 1902, pioneering cookbook author Fannie Farmer, who changed the way Americans prepare food by advocating the use of standardized measurements in recipes, opens Miss Farmer’s School of Cookery in Boston. In addition to teaching women about cooking, Farmer later educated medical professionals about the importance of proper nutrition for the sick […]

PESO EXCHANGE RATES TODAY

OFW-ONLINE SERVICES

poea.gov.ph
 

ARE YOU LOOKING for a JOB?

jobsdb.com
 
jobsdb.com
 
jobstreet.com

nrco.dole.gov.ph   poea.gov.ph         phil-job.net  

   
    sorsogonunited.wordpress.com    
sorsogonunited.wordpress.com   sorsogonunited.wordpress.com
   

Proud to be pinoy

Bicol Blog Community

SORSOGONUNITED VISITORS

  • 179,756 Hits

FROM AROUND THE GLOBE

Free counters!

SORSOGONUNITED FRIENDS

del.icio.us

Top Rated

%d bloggers like this: