| What’s up with entrepreneurship? |
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What’s up with entrepreneurship?
Ok Ill admit, I’m an AM radio junkie and lately I’ve been hearing a lot of talk about the great virtues of being an entrepreneur. For the most part, I have to agree that anything that encourages the average Pinoy to have any sort of additional income or financial fallback is always a good thing and it is true that entrepreneurship does help the country provide additional revenue in terms of taxes and temporary employment. But since I also believe in full disclosure here are my thoughts on some of the things I’ve heard about being an entrepreneur. Buying a franchise is an easy way to start your business. Lots of consultants sell franchising as the small business owner’s easy entry into the world of entrepreneurship. But easy entry doesn’t mean less risk. While your chances of success may be slightly higher than if you started the business on your own, it’s no guarantee. Another thing; if you ask me, any franchise that has less that 5 company owned franchise outlets shouldn’t be allowed to sell their concept. In my mind the master franchisee should have enough experience with different selling environments/scenarios to be able to say with a reasonable amount of certainty that their concept can be replicated and somehow I don’t think that a concept with less than 5 outlets has enough experience in logistics, storage, human resource management, and other aspects of the business to sell the concept to another person. Aside from this, see how well the master franchisee has done with the business you are about to buy. Since the master franchisee is to be your ultimate resource in the success of your venture the bottom line-he’s got to know more a lot more than you-and he’s got to be able to show you the money.As an entrepreneur, you’ll have more time for yourself and your family. If you consider being at home most of the time as the definition for having more time (assuming it’s a home-based business - as most startups are) then that’s probably true. But the truth is, if working as an employee took 8 hours a day of your brain space then be prepare to have work on your mind 24 hours a day. That’s because this time its your money on the line (or heaven help you if its borrowed money), its your brother in law that you may have to fire ( and he lent you some of that money), all while wondering where you’re going to get next week salaries to pay your cousin that couldn’t get a job at a fishball stand if he tried( it was a favor to your mom). Being an entrepreneur is a way of thinking and living. So instead of life getting easier, be prepared that life may get a bit hairier. But hey, in exchange for all that aggravation you get a shot at financial stability and self determination. Most entrepreneurial ventures WILL FAIL! Lets face it, original ideas are rare, if it’s a good idea competition will be fierce, and even if you do get an good and original concept be prepared that from the moment you set it up someone else with more resources can take it away from you. So there’s the awful truth- the high rate of failure and not because they all grow and become roaring successes is the reason why entrepreneurial ventures create so much financial churn in the economy. Ok…now that some of the dirty little secrets are out, let me give you some advice: 1. Choose a product that you like or have a greater than average knowledge of. This keeps you ahead of the curve. 2. Never commit to the business more time or money than what you have. This makes sure that the business you choose wont force your hand in terms of cash or time. 3. Be ready to LOSE but be ready to LEARN. The basic principles or running a business are the same NO MATTER WHAT THE PRODUCT. This means that running a business in an educational experience, win or lose. The trick is to always learn and eventually win. 4. Don’t quit your day job. Success is a good mix of product, experience, luck, and timing and it may take a while before the whole thing comes together. An entrepreneur can nurse their small businesses while having the security of having a steady source of cash. If everything goes right, there will come a time where your income from the business will match or exceed that of your regular job. At that point, you will have the opportunity to decide to choose one over the other or to keep them both! In the end remember that entrepreneurship is not for everyone, and don’t be embarrassed if it’s not for you. But don’t be afraid to try it either. As long as you stay within the confines of what you can afford to lose then ultimately it should serve as learning experience that you can apply even within the context of being an employee.             |
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