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7 Habits of Business Success

The elusive dream of business success captures the imagination of aspiring and existing business owners everywhere. A vision of flowing profits, industry respect, thrilled customers, and a balanced life. This vision is only possible by developing habits that drive business success. Take the time to learn the 7 habits of business success.

The 7 Habits of Business Success

Habit 1. Cultivate Inner Networks: Entrepreneurs practicing the art of business success know the power of networks. They take the time to identify and build relationships with key peers, mentors, and advisors. This inner network provides support, direction, and an increased number of people to assist. Having an inner network of five people who have a network of five more, grows the network exponentially.

Habit 2. Customer Centric: Business success requires an unwavering commitment to the customer. This commitment encompasses a mindset of understanding the customers’ world. Understanding the customers wants and needs provides the business with a greater opportunity to earn a loyal customer base. Focus away from business and profits, and toward what you can do to improve the life of your customers.

Habit 3. Humble Honesty: Business success requires the ability to know your strengths and weaknesses. Being open and honest about yourself and your business creates growth as an individual and as a company. Don’t spend time developing weaknesses. Find help for weak areas, enabling you to focus on strengths. In the book, “Now, Discover Your Strengths”, Gallup Organization reveals that building our strengths instead of fixing our weakness is the path to mastery and success. Take the time to know yourself and business.

Habit 4. Adaptability: Business success requires the ability to adapt to changing situations. Nothing ever goes as planned. The world of business is full of surprises and unforeseen events. Using the habit of adaptability allows business owners to respond to circumstances with the ability to change course and act without complete information. Being flexible allows us to respond to changes without being paralyzed with fear and uncertainty.

Habit 5. Opportunity Focused: Problems are a regular part of business life. Staff issues, customer misunderstandings, cash crunches- the list is endless. To achieve business success, look at both sides of the coin. Every problem has an opportunity. Being opportunity focused makes the game of business fun and energizing.

Habit 6. Finding A Better Way: Productivity is the cornerstone of business success. Formulate the habit of finding a better way to make your business more productive. This will create more time to focus on the critical issues that drive sales and profit. Productivity can be enhanced by technology, automation, outsourcing, and improving business processes.

Habit 7. Balanced Lifestyle Management: A business can consume an owner’s time and energy. It’s easy to allow the business to take control of your life. Business success requires the habit of balancing all aspects of your life. Separating time for daily business tasks, profit driven tasks, and free time is a habit that will make your business and life more enjoyable. Take the time to plan each week.

Learning and instilling new habits in your daily business life can have a dramatic effect on your level of success. Review each of the 7 habits. Choose one habit to focus on for a month or until you achieve mastery. Gradually incorporate each of the 7 habits of business success into your life and attain your business dreams.

Filed under: Business, Entrepreneurs, Financial Literacy,

10 Essential Tips for Starting Entrepreneurs

1. Do What You LOVE: If you’ve chosen your business because you read that this niche was the next hot one, or because your favorite uncle (or your best friend) thinks you’d be well-suited for this business, you may as well pack up now and save yourself some time and money. If you don’t love what you do, it will show…potential customers will know it and will go elsewhere. Is it possible to be successful anyway? Sure — but it won’t be easy and it won’t be fun…and isn’t that why you want to be in business for yourself anyway?

Instead, choose what you love. You’ll know what that is when you find yourself being incredibly productive, forgetting the time passing by, and not being able to wait to get up in the morning to do more! At Solo-E we call that being juiced…but whether you call it being in the flow, or the zone, or whatever, FIND IT!

2. WRITE DOWN Your Business Plan: As a small or solo business owner, you still need a business plan. Even if you aren’t getting a loan! Would you invest thousands of dollars of your own money buying stock in a company that didn’t have a written prospectus? (I hope not!) Then why would you spend thousands of dollars AND hours of your precious time on a business that doesn’t have a written plan?

Write your plan, get it critiqued by professionals, and most important, BE READY TO CHANGE IT. This may seem counterintuitive…why bother writing it down if it’s just going to change? Because writing it down makes it more clear…and helps you get to the next stage of learning and planning and revising. It’s critical–67% of businesses that failed had no written business plan. Want to play the odds?

3. Multiply Your Expected Startup Costs by Two–or Maybe Three: When I started my business, an honors MBA grad with 15 years of solid business experience behind me, I figured I was smart enough to estimate my startup costs accurately. I knew all the things I needed and made conservative estimates and I was still WRONG! That’s right, I was still off by a factor of almost three. Don’t make this mistake! One of the biggest reasons small businesses fail is because of lack of capital. Give yourself the best possible start by saving or acquiring sufficient startup funds NOW. Before you start!

4. Make Your Market Niche as Small as Possible: Again, this is counterintuitive–shouldn’t you try to appeal to as many people as possible? The paradox is that the more you try to appeal to EVERYONE, the less you will appeal to ANYONE. Let’s say you are selling your house…would you rather list it with the agent who operates in 14 counties, sells both commercial and residential real estate, and sells everything from cottages to estates? Or would you pick the agent who specializes in your community, selling only houses in a well-defined price range that she knows extremely well? Ruthlessly define your niche, make it as small as possible, and stay true to it. You’ll thank me later!

5. Do Marketing Your Way: The temptation is to choose all the marketing methods that the competition uses. To stay with tried-and-true marketing channels. To place advertisements that you know nothing about creating, or make cold calls that give you heartburn. Why? Because (all together now) “that’s how it’s always been done.”

It’s difficult to stand out among your competitors when you are doing the same kind of marketing! So instead, look to your strengths. What do you like to do? What are you good at? Then choose three marketing methods that play to those strengths. If you need ideas, check out 136 Ways to Market Your Solo Business, another article at http://www.Solo-E.com.

6. Remember the Most Important Ingredient in Your Business–YOU: Business-owner: know thyself. Spend some time learning about who you are and how you are unique. Then let that uniqueness shine through in your marketing, in how you run your business, in everything you do. Don’t hide your quirks–celebrate them!

Customers go to small and solo businesses primarily because they are looking for a personalized experience. They want a relationship with you as the owner of your business. If you try to come off as who you think they want, they’ll smell right through that and not come back. Be who you are, and trust that who YOU are is going to be attractive to the right people.

7. Build Your Business by Building Relationships: Being a small or solo business owner isn’t about sitting in the corner alone. Actually it can be–and that isolation is what drives many out of business and back into a “job”. Build relationships to survive! Start with your colleagues–others you know who are at the same stage of business as you, or are farther along and willing to mentor you.

Next, build relationships with potential customers. Ask them what they want! Then create products and services based on their input and come back and show them what you have done. Get feedback, tweak, and maybe make your first sale. Stay in touch with your customers even after they leave you.

Last but not least, build relationships with your competitors. You might be able to do this right at the beginning, simply by asking them for their advice. Surprisingly, many ARE willing to share their secrets if you just ask. Later on, build cross-referral relationships, co-marketing alliances, and other relationships that are win-win for you, your competitors, and your customers.

8. Don’t Accept a Customer Just For the Money: This is probably the hardest advice for new business owners to apply. Especially when there is a job, a project, a potential client, just outside your niche, that could keep your business solvent for the next six months. Don’t do it! Taking on a client outside your niche inevitably results in frustration for you, dissatisfaction on the part of the client, and in the end, usually costs you more than you make. Ask any successful business owner and they’ll tell you this is true!

9.. Don’t Do Everything Yourself: It’s so tempting to fall into the self-deception that “it’s cheaper for me to do it myself.” IT”S NOT! If you aren’t good at something, for instance bookkeeping, it will probably take you 2-3 times as long–time you could be spending doing things that are essential for you to be doing personally, like writing your business plan or deciding your marketing strategy. Put sufficient capital into your business upfront so you CAN hire help right from the start. Your business will get off to a quicker start because you aren’t distracted by time-consuming tasks that drain your energy.

10. Assemble Your Support Team: Start with the people who will help you do the things you aren’t good at. Some examples: bookkeeper, marketing writer, web designer. Then add the people who give you professional business advice: a lawyer, an accountant, a business coach. Finally, include the people who support you personally: your family, friends, and colleagues.

Don’t forget to be part of other’s support teams, too. Share your expertise at Solo-E, start a networking group where business owners support each other, share a referral with a colleague. Solo Entrepreneurs supporting other Solo Entrepreneurs is what will make us all successful!


Terri Zwierzynski is a coach to small business owners and Solo Entrepreneurs. She is also the CEI (Conductor of Extraordinary Ideas) at Solo-E.com and the author of 136 Ways To Market Your Small Business. Terri is an MBA honors graduate from UNC-Chapel Hill. Terri has been coaching for over 10 years in a variety of settings, including 6 years as a senior-level coach and consultant for a Fortune 500 company. She opened her private coaching practice in 2001. You can reach Terri at http://www.TerriZ.com.



via: http://www.advancingwomen.com/entrepreneurialism/4202.php

Filed under: Business, Entrepreneurs, Negosyo Tips,

TOP TEN MISTAKES MADE IN STARTING A BUSINESS

People fail in business because they make avoidable mistakes. Start-up entrepreneurs are possessed with enthusiasm and confidence but too often are unaware of potentially fatal business potholes that lie before them. All it takes is a single mistake, one false step, and a business can be history. Here are the top most commonly made mistakes:

  1. Not picking the right business to begin with.
  2. Inadequate prior experience in the business.
  3. Quitting job security too soon, before adequate plans are laid
  4. Not having a progressively updated written business plan.
  5. Inadequate cash flow management (running out of money.)
  6. Opening a business in the wrong location.
  7. Inadequate protection in business documents including leases.
  8. Failed partnerships.
  9. Lack of selling and marketing know-how.
  10. Expanding too rapidly before adequate testing.

Via: http://www.myownbusiness.org/business_mistakes.html

Filed under: Business, Financial Literacy,

Top Ten Business Do’s and Dont’s

THE TOP TEN DO’S WHEN STARTING A BUSINESS

  1. Live frugally and begin saving up money for starting your business.
  2. Learn your intended business by working for someone else in the same business first.
  3. Consider the benefits of starting a moonlight business.
  4. Consider the advantages of operating a family business.
  5. Objectively measure your skills and training against potential competition.
  6. Consider subcontracting to low cost suppliers if you’re manufacturing a product.
  7. Test market your product or service before starting or expanding.
  8. Make “for” and “against” list describing the specific business you are considering.
  9. Talk to lots of people in your intended business for advice.
  10. Make a comparative analysis of all opportunities you are considering.

THE TOP TEN DON’TS WHEN STARTING A BUSINESS

  1. Think about leaving your job before you have completed start-up plans.
  2. Consider starting a business in a field you do not enjoy.
  3. Risk all the family assets. Limit your liabilities to a predetermined amount.
  4. Compete with your employer in a moonlight business.
  5. Hurry to select a business. There is no penalty for missed opportunities.
  6. Select a business that is too high a risk or hurdle. Go for the two-foot hurdle.
  7. Select a business in which you must have the lowest price to succeed.
  8. Ignore the negative aspects of an intended business.
  9. Permit self-confidence to outweigh careful diligence.
  10. Allow the promise of a conceptual high reward deter reality testing first.

Via: http://www.myownbusiness.org/business_top_ten.html

Filed under: Business, Business Ideas for OFW Families,

My Dad is a Broke OFW (An open letter to all OFW’s)

Kumusta na kabayan!

First, I would like to thank you for being an OFW. My dad used to be an OFW and I know the many sacrifices you are enduring right now just so that you can provide the best for your family. I admire you, I appreciate you and in my book, you are a true Pinoy hero.

Second, I would like to help you. I would like to help you in the same way I helped Bobet, a former OFW. Under my coaching, from being broke and in debt, in just 12 months Bobet became a millionaire. Bobet is in fact back in the Philippines. He no longer needed to work as a nurse here in the U.S. He no longer misses his wife and kids. He can now kiss and hug them everyday. He has achieved in 1 year what most OFWs will never achieve in their lifetime. How did he do it?

I taught Bobet the Secrets of Wealth. And if you want to be like Bobet, read on because I want to teach you the Secrets of Wealth as well. But there’s a catch. You will only understand the Secrets of Wealth by understanding how my dad, an OFW like you became broke.

I’ve experienced as a child what I call a roller coaster of wealth. In Tagalog, we call this “Gulong ng Palad” (Wheel of Fortune) because there are times we’re on top of the world and there are times we’re at the bottom. When my dad comes back from abroad it is like a fiesta. The alcohol is overflowing. The whole town seems to be at our door step and my dad’s pasalubongs never seem to run out. Packets of cigarette. Bottles of whisky. Chocolates for the kids. Jewelry for my mom. It is like we’re millionaires every time my dad goes home.

But we’re millionaires only for a short time.

Two weeks later, the money’s gone. My mom and dad start to argue. And my dad seriously considers going back to the ship. He borrows money from his mom – my grandmother (we call “Nanay”). One time, my mom and dad even asked me to borrow money from Nanay because both of them were already turned down. I guess that tactic worked because Nanay couldn’t say NO to his apo and we ate dinner that night.

Then things turn for the worse. The many friends who cheerfully greeted my dad’s homecoming are no longer around. Instead, creditors start hounding us, pounding at our door. At 8 years old, I am taught to lie and tell the creditor my mom is not around even though she is just there beside me kneeling and praying the creditor goes away.

From feeling like millionaires for a few days to being dead broke 2 weeks later – describing it as a roller coaster or a wheel of fortune is an understatement. My mom and dad managed to squander all their savings and more.

So 2 months later, my dad is back at the airport again. We have tears in our eyes once again as we bid him goodbye. My dad would have to work hard on a ship 10 months in a year mostly to pay off our greedy lenders and creditors.

My dad tried to invest – buying a tricycle but the business became bankrupt as fast as it was started. My dad recalled that tricycle with pride in his voice “It was the first stainless steel tricycle in our town”. He was proud of the product but he did not take the time to understand the business.

There were many days our home is literally dark because we couldn’t pay for the electric bill. Once, as a 9-year old boy, I was devastated when I saw my books have been sold so that we will have food on the table that day. Then the worst happened: we lost our home to foreclosure because there was no money left to pay for the mortgage.

Is the story above familiar to you? I bet most OFWs have the same lifestyle cycle as my dad. Rich one day then broke another.

Have you discovered the Secrets to Wealth in my dad’s story?

At its core, it really is very simple. You will be wealthy if you do the exact opposite of what my dad did.

Don’t waste your money by throwing a lavish home coming party for the whole town – SAVE your money instead. Have a small gathering with your family and loved ones. Your children will appreciate it more because they want your presence more than your presents. Get into the habit of saving at least 10-20% of everything you earn. The earlier you get that habit the wealthier you will become or the faster you will become a millionaire.

Bobet saves 50% of what he earns. No wonder he has become a millionaire in only 12 months.

But you cannot save your way to millions. You have to learn how to invest your savings. My aunt who used to work as a bank clerk, who earned 1/10th of what my dad earned as a seaman is now a multi-millionaire because she learned to invest her money. Your savings must go to “work” for you. They must produce good returns or profit. But you cannot stop there. You have to reinvest your profits so that your wealth can grow exponentially.

My aunt started a business butchering chickens in the wet market (palengke). She saved half of her profits and lived off the other half. She then put her savings to buy a store. The profits from the store and the chicken business were then invested into a farm. The profits from the farm, the store and the chicken business were then invested into a resort. The profits from the resort, the farm, the store and the chicken business were then invested into apartment buildings.

As a result of saving, investing, and reinvesting her profits, my aunt becomes richer and richer even as she works less and less while my dad because of spending, borrowing, then spending becomes poorer and poorer even as he works harder.

The choice is yours. Bobet chose to become rich and he put in the time to learn and apply the Secrets of Wealth. Bobet is now in the Philippines employing 30 people because of the businesses he started. 30 families now rely on Bobet because he applied the Secrets of Wealth and Bobet is proving you can become wealthy even back home.

I like you to be wealthy my friend. But the choice is up to you.

Dedicated to your success,

Trace

P.S. Please forward this to every OFW you know – in fact, forward it to everyone you know for that matter. Everyone needs to learn and apply the Secrets of Wealth.

Trace Trajano is a real estate investor, author of the best selling book “Think Rich – Quick” and a wealthcoach to students around the world. His vision is to create directly or indirectly 1 Million Pinoy Millionaires worldwide by the year 2020. Trace himself is an OFW living in the Mason Ohio with his wife and 2 kids. For more information go to http://BuyFirstDeal.com

—–

To our financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Social Network: http://foreclosurephilippines.ning.com
Mobile: +639178843882
E-mail: ph.investor [at] gmail [dot] com

Filed under: Business, Business Ideas for OFW Families, Financial Literacy, Kwentong OFW, Motivation, OFW Corner, OFW Livelihood Training, ,

PNP Sorsogon promotes pili products from alternative livelihood

by BA Recebido

Sorsogon City (June 18) — Pili nut (Canarium Ovatum), a native product abundant and wild in Bicol region particularly in Sorsogon is now highlighted in Sorsogon Police Provincial Office’s (SPPO) Alternative Livelihood Development Program for their police force.

Just recently, PNP Sorsogon has successfully conducted its livelihood development program activity held at the Camp Salvador Escudero, Sr., this city, where personnel of SPPO along with their wives and other civilians went through a training demonstration on cooking various pili products.

Pili food expert Melinda Yee spearheaded the cooking activity and has commended the Provincial Police Office’s effort to promote products made from pili utilizing its various parts for their alternative livelihood development program.

Dubbed as “Benepisyo Ko, Benepisyo Mo” (My Profit, Your Profit), PNP Provincial Director Police Senior Supt. Heriberto Olitoquit, said that the livelihood program aims at helping the family of Sorsogon policemen to augment their income by introducing them to alternative sources of livelihood.

Participants went through actual pili cooking demonstration activity where each one’s cooking ability was tested. Products made include crispy pili, salted pili, chocolate-coated pili, sugar-coated pili, molido, pili tart and pili chips, among others.

Meanwhile, the participants conveyed their ‘sweet’ gratitude to their trainer and to the Police Provincial Office as well, headed by PD Olitoquit, for its continuing effort to help and expose his men and their family to other livelihood opportunities. (PIA Sorsogon)

Filed under: Business, Entrepreneurs, Invest in Sorsogon, Livelihood, Negosyo Tips, Philippine National Police, ,

8 million Filipinos now using mobile banking — BSP

Over eight million Filipinos are now using mobile banking services in the country, which the central bank says would boost more efficient financial services in rural and other hard-to-reach areas at relatively lower costs.

BSP Deputy Governor Nestor Espenilla Jr. said there are now 49 rural banks offering mobile banking from none before 2005.

These eight million users use the electronic money (e-money) services of major telecommunications companies Smart Communications and Globe Telecom, which offer Smart Money and G-Cash, respectively, BSP said.

These allow mobile subscribers, particularly those without bank accounts, to deposit, transfer, and withdraw money from one e-money account to another in the telecom company’s business centers nationwide.

Espenilla noted that the Philippines has been recognized by international organizations for its microfinance initiatives and is considered as the leading pioneer in mobile banking solutions for the poor.

Some banks even lowered interest rates on microfinance loans for clients who use text-a-payment platform by 50 basis points on monthly rates, Espenilla added.

“Technology extends outreach of microfinance and banking services to a large number of bankable but un-banked especially those in rural and hard to reach areas at lower costs and higher efficiency,” he said.

He explained that the mobile phone industry in the Philippines serves all income groups especially low income groups and more than 75 percent of the population have mobile phones.

Electronic transactions, which involve the payment of purchased goods and services, could also be used for remittances from Filipinos abroad, Espenilla noted.

“The amount of e-money transactions is already huge, and we expect it to grow further,” the BSP official added.

The BSP said it has ordered firms offering e-money services to register with the central bank as an electronic money issuer (EMI).

These could include banks, non-bank financial institutions, and money transfer agents. Those qualified as EMI include stock corporations with a minimum paid-up capital of P100 million.

E-money is also not considered a bank deposit and is not covered by the deposit insurance provided by the Philippine Deposit Insurance Corp. (PDIC).

The guidelines also limit the maximum amount that can be loaded to any e-money instrument to P100,000 a month. — OMG, GMANews.TV

By GMANews.TV


Via: http://www.gmanews.tv/story/193856/8-million-filipinos-now-using-mobile-banking-bsp

Filed under: Bank Services, Business, Mobile Technology, Sorsogon News Updates

Investment, entrepreneurship seminar for Pinoys in KSA

JEDDAH – Filipino expatriates in Jeddah and nearby places who want to become successful entrepreneurs will now have a chance to learn how.

The OFW Cooperative Council (OFWCC) is set to hold an Investment & Entrepreneurship Seminar on June 18, Friday, at the Philippine Consulate Social Hall from 1 to 6 p.m.

As part of the 112th Philippine Independence Day celebrations, OFWCC said the one-day seminar would be attended by different resource speakers who would share their expertise about real estate investment and realty salesmanship techniques.

Atoy Esguerra, one of OFWCC’s Board of Directors, said Consulate Trade Attaché Paisal D. Abdullah would also give insights on Philippine trade and investment.

Expected to attend to share their ideas are the sales manager of CDC Realty and the sales consultants of Century Properties.

Esguerra added that Albert Osorio from the Cebuano Speaking Organization in Saudi Arabia would also share his knowledge regarding networking and direct selling, while a representative from the banking sector would talk about the importance of personal savings and investment.

Ronald Mangua, one of the successful Filipino businessmen in Saudi Arabia, would likewise share his experiences in business ventures in trading Filipino products.

Esguerra said one of the interesting topics included in the seminar will deal with OFWs becoming active in the new marketing phenomena.

Ruben Galamay, the newly appointed representative of PAG-IBIG in Jeddah, will share information on PAG-IBIG’s housing loan program.

He will also discuss the implementation of the mandatory membership of all OFWS.

Social Security System (SSS) Representative Erna Hermoso Magsombol will also be available for inquiries related to SSS pension and investment plan.

Jimmy Leonida, co-founder of OFWCC and the organization’s education chairman, will focus on savings and increasing cash flow, and cooperatives as an option in forming a business.

Philippine Consul General Ezeddin Tago will also grace the affair.

OFWCC current Chairman Bernie Gojo said some of OFWCC’s successful cooperatives are the Iloilo Migrant Workers Cooperative and the Biag Ti Ilocano Cooperative.

Meanwhile, the Boholano Com Jeddah Ventures is now on its second year of operating the 24/7 Convenient Store, a 24-hr grocery-store in Tagbilaran City, with future plans of acquiring lands to be developed into hotels and restaurants as part of the Bohol Tourism Industry.

Wenfred Castolome, the inter-coop & entrepreneur committee chair of OFWCC, said the FilExpat Coop was also able to negotiate through a private establishment to bring back the frozen banana brand Golden Saba to Jeddah.

Castolome encouraged other coop groups to be part of the distribution team in marketing the product throughout the Kingdom, just like what the Riyadh-based coop Global Bisaya Cooperative did last year.

He also advised other cooperatives which are just starting that the seminar will enhance their knowledge on better business prospects.

Since it was established in 1996, the OFWCC has been actively helping fellow OFWs in providing seminars and other livelihood programs.

OFWCC is an non-government organization which has been conducting seminars and other activities on establishing cooperatives.

Those interested to attend the entrepreneurship seminar may contact OFWCC chair Bernie Gojo (0508377208), vice chair Jim Leonida (0502784630) or secretary Miles Lacson (0532768851).

The seminar is free and snacks will be served along with hand-outs to be distributed to all participants from Pag-IBIG and SSS. – RJAB Jr/KBK, GMANews.TV

By RONALDO Z. CONCHA, GMANews.TV

via: http://www.gmanews.tv/story/193769/investment-entrepreneurship-seminar-to-be-held-for-pinoys-in-ksa

Filed under: Business, Business Ideas for OFW Families, Financial Literacy, ,

Former OFW runs a farmers’ co-op

A civil engineer who worked for six years in Saudi Arabia returned to his hometown of Sta. Rita, Pampanga, in 1992 and decided to make farming as his main source of livelihood by planting rice and vegetables in his own three hectares. He is Fidel David who finished his engineering course in 1987 at the Guagua National Colleges.

Knowing the difficulty of some of his barrio mates in Brgy. San Matias in making money from farming, he thought of organizing the Bangon San Matias Multi-Purpose Cooperative that initially engaged in palay and vegetable trading. He believed that by engaging in trading, his fellow farmers will have a better opportunity to sell their produce at a better price.
His cooperative is small compared to other groups. They have only 26 regular members and 15 associate members. But being small has its advantages. It is much more manageable and the members could be served more efficiently.

The members grow high-value vegetables such as different varieties of pepper, hybrid tomato, eggplant, cucumber, squash, upo, sitao and several others. Most of them usually devote 2,000 or a bit bigger to vegetables which is quite profitable. Last September, David planted Django, a hot finger pepper, on 2,000 square meters. He started harvesting 65 days later, and during the peak production month of December and January, he was harvesting 1.5 to 2 tons every five days. The price was as much as P190 per kilo but the price went down later. The plants were still productive during our interview last May 22 but the farmgate price had gone down to P15 to P20 per kilo.

The co-op is helping the members by giving production loans not in cash but in kind. For pepper production, the amount is P10,000 to P15,000 while it is P25,000 to P35,000 for ampalaya. David said that the farmer can net P70,000 to P80,000 from his 2,000 square meter ampalaya plantation.
He confesses that it is not easy to open up markets for their vegetables. He remembers they had really difficulty penetrating many public markets in Pampanga because he suspects that there are syndicates controlling the markets. He says, however, that they are concentrating on the markets in San Fernando and Guagua in Pampanga, and Dinalupihan, Bataan.

David is very thankful that the Department of Agriculture gave them a free space at the Cloverleaf Market in Quezon City last year. With this David is very upbeat about the prospects for growth of his cooperative because their products could now be sold to direct buyers.

By ZAC B. SARIAN

Filed under: Agriculture, Business, Business Ideas for OFW Families, Kwentong OFW, OFW Corner, ,

7 Key Qualities of a Successful Entrepreneur

Being an entrepreneur is about more than just starting a business or two, it is about having attitude and the drive to succeed in business. All successful Entrepreneurs have a similar way of thinking and posses several key personal qualities that make them so successful in business. Successful entrepreneurs like the ambitious Richard Branson have an inner drive to succeed and grow their business, rather than having a Harvard Business degree or technical knowledge in a particular field.

All successful entrepreneurs have the following qualities:

  • Inner Drive to Succeed
Entrepreneurs are driven to succeed and expand their business. They see the bigger picture and are often very ambitious. Entrepreneurs set massive goals for themselves and stay committed to achieving them regardless of the obstacles that get in the way.
  • Strong Belief in themselves
Successful entrepreneurs have a healthy opinion of themselves and often have a strong and assertive personality. They are focused and determined to achieve their goals and believe completely in their ability to achieve them. Their self optimism can often been seen by others as flamboyance or arrogance but entrepreneurs are just too focused to spend too much time thinking about un-constructive criticism.
  • Search for New Ideas and Innovation
All entrepreneurs have a passionate desire to do things better and to improve their products or service. They are constantly looking for ways to improve. They’re creative, innovative and resourceful.
  • Openness to Change
If something is not working for them they simply change. Entrepreneurs know the importance of keeping on top of their industry and the only way to being number one is to evolve and change with the times. They’re up to date with the latest technology or service techniques and are always ready to change if they see a new opportunity arise.
  • Competitive by Nature
Successful entrepreneurs thrive on competition. The only way to reach their goals and live up to their self imposed high standards is to compete with other successful businesses.
  • Highly Motivated and Energetic
Entrepreneurs are always on the move, full of energy and highly motivated. They are driven to succeed and have an abundance of self motivation. The high standards and ambition of many entrepreneurs demand that they have to be motivated!
  • Accepting of Constructive Criticism and Rejection
Innovative entrepreneurs are often at the forefront of their industry so they hear the words “it can’t be done” quite a bit. They readjust their path if the criticism is constructive and useful to their overall plan, otherwise they will simply disregard the comments as pessimism. Also, the best entrepreneurs know that rejection and obstacles are a part of any leading business and they deal with them appropriately.
True entrepreneurs are resourceful, passionate and driven to succeed and improve. They’re pioneers and are comfortable fighting on the frontline The great ones are ready to be laughed at and criticized in the beginning because they can see their path ahead and are too busy working towards their dream.


Author: Kristine Geimure Young Entrepreneur

She is a driven young entrepreneur and has started several successful businesses online.

Filed under: Business, Business Ideas for OFW Families, Encouragement, Entrepreneurs, Financial Literacy,

OFWs investing more

by Jun Vallecera / Businessmirror
THEY may still account for a fractional minority, but the number of families of overseas Filipino workers (OFW) that set aside a portion of their monthly allotment as investments is growing, the Bangko Sentral ng Pilipinas (BSP) said.

From only 5.8 percent of OFW families surveyed in January, their number swelled to 7.2 percent in the latest data that measures in general the confidence of Filipino consumers in April.

Deputy BSP Governor Diwa C. Guinigundo noted the growing number following the release of consumer confidence data which showed a slight weakening in the second quarter of the year.

“Those households using remittances for investment purposes increased to 7.2 percent from 5.8 percent,” he told reporters. Total remittances from an estimated 8 million Filipinos abroad reached a total of $17.3 billion in 2010.

Nevertheless, the percentage of households that allocated portions of their remittances to savings went down to 38.0 percent during the survey period from 50.4 percent three months earlier, Guinigundo said.

The great majority of households, or 96.3 percent of total, use the money for food; and 64.2 percent spend the money for the education of their children.

Covered by the latest survey are 5,706 households, a little over half of which (3,104 or 54.4 percent), are from Metro Manila.

Traditionally, the bulk of families receiving foreign-exchange earnings of family members working overseas are neither known much as savers or investors.

However, the number of families that do invest some of the repatriated money in small enterprises or financial tools has steadily grown in small increments, the BSP noted.

Most savings are in the form of bank deposits that earn very little interest over time, as most remittance recipients are not financially sophisticated.

The BSP is confident, however, that the OFW families would in time invest their savings in a wider menu of options as the continuing financial literacy campaign championed by the central bank begins to bear fruit—both in the country and among the migrant workers reached by the seminars in labor-hosting countries.

The campaign has gone to Hong Kong, Dubai and other parts of the Middle East, among many territories where thousands of overseas Filipinos work in various fields of endeavor.

Banks such as the privately-owned Security Bank and HSBC have also conducted financial literacy campaigns of their own to parallel efforts the BSP pioneered in much earlier.

Some sophisticated banks and financial institutions have crafted innovative products aimed at securing part of the monthly flows. For instance, global insurer Axa Life Insurance and Investments is preparing a new product just for OFWs—one that guarantees uninterrupted remittance if something bad-—and hopefully transitory—happens to family members working overseas and cuts off the remittance flow.

Such a product has yet to muster the approval of the Insurance Commission, Axa officials said.

Filed under: Business, Business Ideas for OFW Families, Invest in Sorsogon, Kwentong OFW, OFW Corner,

DO YOU WANT TO GO INTO BUSINESS?

WHY GO INTO BUSINESS

Entrepreneurship is a way of life. Being entrepreneurial means being able to identify, start, and maintain a viable and profitable business, particularly a small enterprise.

People spend most of their lives working for someone else. Some people eventually rise to positions of wealth and power, while the rest languish in unchallenging and low-paying jobs. On the other hand, there are a select few who strike it out on their own rather than work for others. They put up their own enterprise.

You may ask: “Why should I risk my resources in an unpredictable business when I could hold a stable job with permanent tenure and an assurance of a regular monthly income without any risk?” In other words, why be an entrepreneur rather than an employee?

Having your own business has tremendous rewards, but be sure to weigh prospective returns against potential risks and losses.

REWARDS OF GOING INTO BUSINESS OR ENTREPRENEURSHIP

Having unlimited opportunity to make money

When you have your own business, you will most certainly have unlimited potential to earn money. How much money you earn depends on the time and effort you put into your enterprise. Successful entrepreneurs have earned their wealth and prestige through hard work and by having the right product for the right market at the right time.

Being your own boss

As manager of your business, you make the decisions for your enterprise and take full responsibility for these. The quality of these decisions will translate into either gain or loss for your business. Being your own boss means you are in control of your future. You have a better grasp of what you want to be.

Tapping your creativity

A business usually starts out as an idea. You will have the opportunity to harness this creativity and turn your idea into products and processes.

Overcoming challenges and finding fulfillment

Starting a business is by itself an accomplishment. Running a business tests an entrepreneur’s capability in securing and managing resources. How well a business turns out depends on the owner’s ability to face challenges and overcome difficulties.

Helping others

In the process of running a business, an entrepreneur employs workers, and pays them income which improves their lives. An entrepreneur who succeeds and grows also helps suppliers, sub-contractors, dealers and other businesses connected to him succeed and grow too.

Building an entrepreneurial legacy

A business can be a lasting legacy to the family. It can ensure employment for some members of the family. It can create an enterprising culture than can be handed down through the generations.

Source:  

Department of Trade and Industry

Filed under: Business, Business Ideas for OFW Families, Livelihood, Motivation, Negosyo Tips, People who inspired Us,

PLDT-SME Nation’s ‘Bossing Ako’ Campaign Aims to Inspire Filipino Entrepreneurs

PLDT-SME Nat ion is going all out in serving the nation’s small-and-medium entrepreneurs (SME) through its massive campaign that aims to ignite Pinoy ingenuity for business: “Bossing Ako.” The “Bossing Ako” campaign aims to encourage more Filipinos to strive to become their own boss by becoming entrepreneurs. It also seeks to inspire Filipino small-to-medium scale entrepreneurs to continue striving for success and courageously meet the challenges of growing their business.

“We are on a nationwide campaign to encourage a new generation of Filipino entrepreneurs. The Philippines needs more entrepreneurs in order to ensure our economic future. Today, about 90 percent of income in the Philippine economy is generated by SMEs. As we move forward into the 21st century, we’ll need more SMEs to provide more jobs, more income and more purchasing power,” says PLDT-SME Nation Vice President and Head Kat Luna-Abelarde.

The nationwide campaign was kicked off with the launch of the song “Para sa mga Bossing” performed by OPM rock music icon Rico Blanco collaborating with Journey lead vocalist Arnel Pineda. The song’s release introduces a new anthem and rallying cry for Filipino entrepreneurs and entrepreneurs-to-be:
“Ang asenso maaabot/Sa bagsik nitong prinsipyo/Ang talino’t pagsisikap/Ibubuhos sa negosyo/Bossing ako/Aking tagumpay/Sa ‘kin nakasalalay…”

SME Ambassadors

Apart from the launch of the “Para sa mga Bossing” anthem, PLDT-SME Nation has a parallel effort that focuses on icons of Pinoy entrepreneurship. This effort focuses on the success stories of these SME icons—to provide models, inspiration and even wisdom to SMEs and help them succeed just as well.

These SME icons are designated as “Pinoy Bossings” and include:
Mother Lily Monteverde of Regal Films for starting from SME into a pillar of the Filipino film industry; Jay Aldeguer of Island Souvenirs for promoting his passion and love for the country through his tourism souvenirs business; Joey Concepcion, entrepreneurship advocate and Founding Trustee of Go Negosyo; and PLDT Chair Manny V. Pangilinan as the ultimate “bossing.”

Also representing the “Bossing Ako” movement are Les Reyes of Reyes HairCutters, Gardy Cruz of Pancit Malabon Express; Raphael and Jenni Soon of North Park, Ronald Pineda of Folded & Hung; Benjamin Liuson of The Generics Pharmacy, Darius and Carlos Hizon of Pampanga’s Best; Louie Gutierrez and Dulzzi Gutierrez of Silverworks; and Vicki Belo and Cristalle Henares as the mother-daughter tandem for beauty and medical practice.
“The entrepreneurs we tapped for this campaign are all great examples of SMEs that others could look up to for inspiration. The selection is both diverse and of top-notch quality, representing various business industries in their success stories,” says PLDT-SME Nation Marketing Head Amil Azurin.

With preparations on-hand in wrapping up the first phase of the campaign with the release of the song and the unveiling of the 12 SME ambassadors, a big launch is set to take off by mid-June; followed by a grand celebration of the “MVP Bossing Ako Awards Night,” named in honor of PLDT’s Chair Manny V. Pangilinan by October in partnership with Go Negosyo.
For more info on PLDT-SME Nation, call 101-888 or visit www.pldtsmenation.com.ph.

Filed under: Business, Business Ideas for OFW Families, Entrepreneurs, Livelihood,

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