Hi🤗 I am Darren B. Absuelo, and this is my first ever blog.
So today, I am going to share what I learned about entrepreneurship o "pagnenegosyo" sa Filipino.
We all want to grow rich, right? 💰But the question is how?🤷
So, When we ask how to get rich, the solution we constantly hear is to construct your own business. But how do you start a business? Did you know that constructing your own business isn't always easy? There are many things we should consider before we begin. Doing business is a serious matter and not a joke. You must be prepared for the good and bad things that can happen when you set up your own business.
Here are few Advantages and Disadvantages to constructing your own conventional business.
Advantages of getting your own conventional business.
1) You can improve in life 👍
This is the beauty when we have our own business, it can be the reason for us to get rich or improve in life. You can provide all your family needs, you can go to the places you want to go and you can buy everything you want to buy. In other words, you will finally realize your dreams.
2) You are the "boss" of your very own business 🧒
If you are tired of the day by day grind and repeated traffic jams when you go to work and see your rude boss, just build your own businesse! Because if you have your own business, you are the "boss" of your own company. There is no rude boss who will tell you what to do, when to eat and when to go home.
It is also one of the beauties of having your own business, as you earn money you also help others in need. Doesn't it feel good to be able to help others? It also means that you are uplifting in life. In return for the blessings we receive from God, we should return it to him by helping the needy or sharing our knowledge with others.
4) You can help in the promotion of the people☺️
One of the great delights in doing business is your contribution to the advancement of your community. Because of your business, you can create a job for your fellow man, you can create a product that is available and useful to the people or you solve the problem of people who need a solution because of the service you offer. Your business has value or significance because you are one of the reasons for the country's economic growth. 🤗
Disadvantages of building your own business
1) There is no certainty in the business, you may go bankrupt as well.🧐
Entrepreneurship is not magic, which when you build your own business, you will earn. There is no guarantee of doing business, you can earn and you can even go bankrupt! It is up to you whether your business succeeds or vanishes like a bubble.
Possible reasons for losing your business:
✔Your product can be bought today, but tomorrow… not anymore!
✔Your price may be too high or it may be too low, you lose!
✔Your location may be too hidden, inaccessible or invisible to customers.
✔ Can be too far, hard to get to.
✔You can neglect your companions or yourself!
2) You may not be giving your business enough time. 🤔
Building your own business is not easy, it takes a long time. If you do not have enough time for it, it will probably just fall apart. Everyone can do business, but not everyone can last. So if you want your business to last, you must devote your time to it. Analyze and learn the things you need to do for the success of your business.
3) You may not be ready or you may not be able to handle the responsibilities.🤨
Entrepreneurship is not a game, which when you start, then you get tired or you get bored, you just stop! It just means one thing..You are not ready or you can not handle a big responsibility. Before you start a business, ask yourself .. "Am I doing business?" Do you have the qualities of a good businessman?
✔ Dedicated and Caring not only to your business but also to your business colleagues especially your customers.
✔ You must continuously improve your service and product.
✔ Must have strategy and good planning. When planning, you must take the right action.
✔ Credibility must be taken care of, Able to keep the conversation and trustworthy. When you have these qualities, you can say business
Now, let's talk about how to plan a business. Planning a business
Step 1. Find an opportunity to meet the needs of others.
✔ There are things that your customer needs. If you are an entrepreneur, you will find a way for you to give it to them. For example, in the rainy season today, you need an umbrella and a raincoat at this time, you can make selling it a business.
Step 2. Know your interest that you can make a business.
✔ When you want to start a business, it is important that you are interested or that you want the business you enter to succeed in it. You already make money, you still enjoy it! because this is really what you want to do.
Step 3. Find out if you know anything about the incoming business.
✔ It is also good that you have enough knowledge or skills in the business to enter so that it is easy for you to manage it.
Step 4. Find out how much capital you need to start a business.
✔ You cannot start a business without investment. Find out how much it will cost you to get your business started.
Step 5. Find out the location where you will place your business.
✔ The business is like a plant, you have to put it where it grows. A great location for your business is where customers can easily find or go.
Step 6. Find out who your competitors are in your business.
✔ It is good to know the competition. Who are the people like you who have the same service or product offered. Learn how to promote your business to others. Plan and think of things you can offer your customers that no other competitor can do.
May we all succeed in reaching Time and Financial Freedom! If you learned something from my article today, share it with others!
