5 Quick Tips to Building a Successful Start Up Business
When in Manila, with all the booming businesses around, switching from being an employee to an entrepreneur is always a big question. It might be risky and uncertain, so we’re lucky that seminars and talks from the best people in the field are conveniently available nowadays.
It doesn’t matter if you’re a food enthusiast, fashionista, or just a budding entrepreneur; the Entrepreneur Success Summit last June 28 offered a series of talks that catered to every type of person who wanted to learn.
I must say it’s a pretty awesome deal for getting to listen to 20 great speakers. It would take pages and pages to try to capture their epic motivational lines, though, so here are just 5 quick tips from the “Building a Successful Start Up” panel, which would be really helpful if you’re planning, starting up or even when already managing your own business.
5 Quick Tips to Building A Successful Start Up Business
1. “See yourself as a legit businessman from Day 1. ” – Sheila Lina of Shopinas.com
Register your business, pay the taxes and the permits. The process looks like a major hassle, but legal is legal. Fortunately, government online sites make the process easier now. “Iba ‘yung confidence in networking when you’re legit.”, Sheila adds.
This is often overlooked by some business owners who want to dodge the responsibilities and forget the importance of being legit. This aspect has made Shopinas successful and trusted by customers despite the not-so-good perception of online transactions in the minds of first-timers.
2. “Pick a big problem and try to solve it.” – Stefano Fazzini of Twitmusic.com
This is very important for those digging deep in their creativity to find that “big idea” to make their business boom. Whether it’s a genius tech product or the next trendy design, this tip to live by can really help you. Catering to consumers’ big problems will give you a good place in the market.
3. “From Day 1, prepare for an exit because 95% of start ups end in acquisitions.” – Jorge Azurin of Freelancer.com
This might sound pessimistic, but it is sadly the truth. Rainbows and unicorns aside, failure is something that everybody will experience at some point in their lives. The only thing you can do is prepare a cushion to minimize the impact – a plan B. Visualize the positive and the negative outcomes.
4. “Accept the reality that you cannot do everything on your own.” – Jannete Toral of DigitalFilipino.com
As they said, “It’s not about what you know, it’s about WHO you know.” The importance of networking cannot be stressed enough. Get a mentor or ask for help. In business, trying to do everything on your own won’t give you success in the long run. So don’t be shy to chat with a stranger and hand over your business card. Who knows? He might be a good prospect partner.
5. “Be on time.” – Nils Walle of The Freight Summit
A lot of great opportunities have gone to waste because of tardiness in meetings. “Respect other people giving time to meet with you. Don’t use traffic as an excuse.”, Nils added. Money can be paid back, but time cannot. Realize how important time is and don’t go with the traditional “Filipino time”.
Kudos to the organizer David Abrenilla for bringing together this group of top gun speakers to empower Filipino entrepreneurship. The seminar also came with freebies, raffles and WhenInManila’s very own Vince Golangco as the host.
There. Drop all your fears of being an entrepreneur and go draft your own business plan now. There are so many opportunities when in Manila, so go grab one and be your own boss! Also, look out for seminars and events in the future to gain insights to help your way to success.
Entrepreneur Success Summit
www.efe.ph
