Starting a business can be too much work, and even involves risks.
That is why every decision in your entrepreneurial journey matters, each having impact to the success of your planned endeavor.
And it all begins the moment you say yes to the question you’ve frequently asked yourself: “Should I go into business?”
An influx of queries then follow, matters that you should think of very carefully.
After all, business is indeed a gamble.
But at the same time, this is not the time, nor place, to be discouraged. In fact, a positive vision can also create your business into a favorable outcome.
You now have the desire. Now you should invest in it.
And no, we’re not talking about money just yet.
Invest your time in knowing what you want, setting your goals looking at possible opportunities, and most of all, being informed of provided assistance and the things you need to get started.
Ever heard of “The 7Ms of Successful Entrepreneurs”?
At the POSIBLE.NET Media Launch Wednesday, Department of Trade and Industry (DTI) Undersecretary Zenaida Maglaya shared insights on those specific factors that the government is looking at as part of their mission to empower and grow micro, small and medium enterprises (MSMEs).
Let’s take a look and take note:
First and foremost, Usec. Maglaya stressed the importance of having the right mindset: do you think like an entrepreneur?
“Ikaw ba talaga ay pwedeng mag-negosyo?” (“Am I capable of running a business?”), she raised for entrepreneurs to think about.
She also said that having money is not enough to kickstart your business journey. Just because capital is there doesn’t mean that you should jump into business quickly.
Having the right mindset is important because the modern business person needs to always of the next move forward “because competition is always there”, said Maglaya. She also mentioned that one shouldn’t settle for what he/she already has – “you have to keep on innovating, changing”, and looking at what the market is in need of.
If you have the right mindset, do you know the basic how-to’s of business? Maglaya also emphasized mastery in training programs, like learning how to upgrade the products or services that you offer, being more competitive in the market, and even cutting costs.
Learning from people in business is one of the best ways to start.
Last year the DTI started a mentoring program, which Maglaya said to be different from their usual training programs. It involves a 10-week duration with different topics every week. She also noted that the mentors are small and medium entrepreneurs themselves, with some being former OFWs who found their own business opportunities here in the country.
As mentioned, money is not everything in business. However, it’s still a necessary factor. If you’re a little bit short on capital, borrowing from lending institution is an option.
Maglaya also shared a government initiative, P3: Pondo sa Pag-babago at Pag-asenso, to help micro and small entrepreneurs who can’t borrow from banks and resort to borrowing from “5-6” lenders. The goal is to help these business people grow so that soon they may now borrow from banks.
Into manufacturing, or do you have packaging needs? Machines are a must especially when producing in large numbers.
No equipment? The DTI Undersecretary also shared that the government provides shared services facilities (SSF) for MSMEs.
Another very important factor according to Maglaya, your market is one of the elements that keep your business running, that’s why getting to know them is very much emphasized.
She said that you have to know what they need, diversify what you offer to them, and make it more attractive, thus the assistance of the Department.
Models of Business
Maglaya cited franchising and other “ready-to-do” businesses” as models of business. She also said that she sees POSIBLE.NET, which gives entrepreneurs and aspirants to earn income through its digital transaction platform, is “a good business model” that helps MSMEs increase their earnings, while noting that it can also be a standalone business.
774 Negosyo Centers, which are places where you can get assistance and information on starting your business have also been established nationwide by law.
To know more about POSIBLE.NET, its negosyo package, as well as its services and partner billers, visit www.posible.net or its official Facebook page.