The second part of the qualities of a wise entrepreneur.
7. Entrepreneurs seek opportunities [Read opportunities abound in the health and beauty sector here]
Myrna Co of the UP Institute for Small Scale Industries says entrepreneurs grab opportunities that come their way, be they in acquiring loans or space, or in expanding their business. [Read about banks continuing to lend money here]
“They know that it might not come again, or if it did, not for a long time,” she says.
Peter Sing of Pan de Pidro says his wife Gillie wasn’t intimidated by the surfeit of the bakeries in the neighborhood because she saw her own preference for tasty bread as a business opportunity. [Learn how to start a bakery business here]
“It wasn’t in the market and she saw that opening,” he says.
8. Entrepreneurs are persuasive and know the value of networking [See four ways to get the best results from joining trade fairs here]
Co sees this trait as being connected to leadership. Entrepreneurs, she says, are people who are leaders in their community of employees, customers, creditors, and suppliers. [See five ways to achieve entrepreneurial leadership here]
“They are able to influence people on their own way of thinking and of doing things. They are able to convince a partner to invest, a supplier to extend credit, a banker to lend money, a fellow entrepreneur to give information, and a buyer to try their products,” she says.
Most entrepreneurs join organizations and clubs for the networks they provide. Gillie and John Tan of Chef’s Pride and Mr. Cuapao used their network of friends, family and neighbors for the things they needed when starting out. Gillie says while an employee is content accepting orders from their boss, an entrepreneur leads by giving direction.
“Usisero ka ‘pag entrepreneur ka, lahat ng bagong trends inaalam mo,” Gillie says. [See hottest business trends here]
9. Entrepreneurs are true to their word
Co calls this taking responsibility.
“Word of honor is very important to an entrepreneur. When you’re committed to pay your supplier on this date, then you do so; you give your employees the salaries and benefits you agreed on; you deliver on the day your customers ask you to. When you’ve established yourself as a credible entrepreneur, people will come to you,” Gillie says. [Learn how a retailer can build a good reputation here]
10. Entrepreneurs take calculated risks
“Entrepreneurs have a moderate tolerance for risks. When we were starting, labas ng labas ang pera, pero alam kong kailangan lang pagtiyagaan ito para mabawi. Of course, takot ako kung sobra na. I don’t want to lose everything,” says Gillie. [See 10 business stress-busters here]
Tan could have taken the path of least resistance by going back to working abroad. But he took his chance with bacon. He tried to bring the risk down by self-financing his capital. Had he borrowed money to buy the equipment he needed for his business, he would have gone down with it. [See businesses on minimal capital here]
Page 2: Quality and confidence