Making the leap from student to startup entrepreneur
Six things that will help you start your business.
Nov 21, 2011 15:00 pm
Millions of Filipinos graduated in March 2011 and are still looking for jobs until now. Either they cannot find the job they want or they do not fit the job at hand. So, why not become your own boss and start your own business?
If you are thinking of making that leap, read what Professor Eric Pasquin, San Beda's chair of International Business and Entrepreneurial Management department enumerates you must-have and must-do to make the entrepreneurial leap:
• Find your interest. This will be the anchor of your business acumen. To establish a strong business foundation, it is essential for you to possess a certain degree of curiosity in what you do.
• Passion. This cannot be overstated enough: the heart must be willing to pursue the business idea. If you have passion, you become tireless in turning an idea into reality.
• Commitment. You need to devote a lot of time to propping up the business, from conceptualization to operation. You must be a good example of a “hands-on” owner.
• A keen eye for sources of funds. You must know how to access funds and must make an effort to have a clear understanding of financial institutions. It is crucial for you to fully understand the norms of borrowing.
• Never say die. There should be no room for thoughts of giving up in the face of difficulties, such as slow sales, for instance. You should not take failure as an excuse to stop doing business.
• Know the market. You need to understand the behavior and needs of the market. To remain constantly relevant to your target customers, you must develop a heightened degree of sensitivity to their tastes and preferences.
While it is but natural to meet challenges when starting a business, Pasquin says, understanding them and finding ways to cope with them are not really that difficult so long as you have the energy and patience.