Merged: How to Start a Business?

[pbalingit]

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it has been an eye opener cause i am planning to start my own business, problem is i really dont know how and where to start so any advice will be greatly appreciated.

[lordzarkhan]

hahaha.. this is cool... im anticipating the reply of my mentor... listen closely to mr ybanez' ideas guys...


ahihihi

[j_ybanez]

Hi guys, my apologies for not posting soon enough. been out of town for a business trip. Anyways, let me share some ABC's of venturing into businesses.

A: Acquire Knowledge (old and new)
Before one starts to be in business, i believe one should acquire knowledge on the basics and foundations of entrepreneurship. For instance, what is an asset and a capital? Robert Kiosaki simples defines ASSET as something that puts money into your pocket and a LIABILITY as something that takes money out of your pocket.

Take for example a house:
> if you live in it, that would be a liability coz every month, you pay for your house, your electricity, water and etc....
> if you have your house rented, that would be an asset since every month, your leasor pays you for the rent. With this you earn from your house.

B: Business Trends
Once one starts his/her own business, one must understand the concept of CHANGE. As they say, "Change is the only thing constant in this world". What is important is to not only accept that there will be changes, but to ANTICIPATE on what and where these changes are going to be. For instance, you'll never make it if you still plan on capitalizing on PAGERS. There are alot of opportunities out there that will boom in next years to come. Try to look into the following industries, Health, Anti-aging, & Technology. Observe the markets today, how many fitness centers, salons, & spas have popped-up in the last 2 yrs alone. Look how cheap and demanded technological services are nowadays.

C: Check your Motives
Everybody wants to go into business, some have already ventured into business. But why is it that only a few number of these individuals make it to the top? If you've finished studying already, ask yourself this question. "Of all my batchmates, how many of us graduated?"

Every endeavor always boils down to the virtues and values of an individual. If you do business just for the sake of earning alot of money, this is already the first step of going to the "Dark Side", ahem, i mean FAILURE (kakapanood ko lang ng Star Wars III kasi) If you want to make it BIG in business, your initial and honest motive should be to make a difference and significance to those people around you. Your family, friends, relatives, and to those that you do not know.

Let me ellaborate, try to observe and compare Small Time Entrepreneurs and Big Time Entrepreneurs.

Small-time entrepreneurs (Doctors, Lawyers, Self-Employed, Insurance People ... )
- always sorround themselves with people lower than they are. People they can easily manipulate
- Focuses more on power and dominance
- Doesnt trust people to manage their businesses or work with other entrepreneurs to do business with them.
- always thinks of themselves first
- Very close minded on new business trends, market places and new ideas
- Thinks and believes that knowledge in business is ABSOLUTE. Doesn't adopt to CHANGE
- Thinks their business cannot run well without their personal presence.

Big Time Entrepreneurs (i believe you know who these people are)
- always think of new and better ways of improvement. does not stick to the obsolete ways
- always look for people smarter to work for them
- prefers to get business partners rather than employees to work for them
- trusts people even if they've been betrayed so many times
- Very open-minded to new ideas and concepts
- always believes in team efforts and shared rewards
- always thinks of themselves last

Jack: (regarding feasibility studies and documentation formats) You can use a format you're used to or those that you have learned in school in Business Correspondence courses. Or probably you can check the internet for formats. But be sure to make your proposal as detailed as humanly possible. Never hide anything. Again, Check your Motives.

Then you can address it to the following institutions:
1. Multinational Companies
2. Established Banks
3. Wealthy Individuals/Capitalists

they can ask you to present your proposal and if they like it, they'll give you a grant (in MILLIONS).

Empress_of_Drac : yes i am, but not a classroom teacher! I have a question for you. What would you dare to achieve if you're not afraid to fail? I bet you've got alot of things in your mind right now. Just try to imagine, that of the things you want to achieve, of the goals to want in your life, of the life you dream only of imagining, you can't achieve these just because you're scared that you might fail. Then what if you succeed? You dont really know. But isn't it worthwhile to just even try. Who knows?

Good day and God Bless

[doki]

10k.... dili diay na enuf para stock market? ka bad... i was thimking bya of spending it with stocks until i read this thread....

how bout ebay?

[Jeffrey]

Thank Yabanez for the ABCs in business. It's a revelation to some, and a wakeup call to a few of us. To me, it's the latter.

But one should exectute these ABC by starting at C, then A, and lastly B.

[boy ingig]

mangompra ug bulad (balat, balakasi, palotpot, mango pud)

[Jack]

I agree with Jeffrey. On my part, i should start with C(check myself), then A(research in the internet), and then B (evaluate the market trends).

We might be able to accomplish the ABCs, but the right question might be: Are you (Am I) willing to take the risk? I WILL!

Sir J: It's really good to have you here in iStorya. Please go on Sir. Tnx again.

[akokini_john]

j_ybanez: tanx for the very nice discussion bro, i really love it a lot. we're into starting a biznis soon.

[Empress_Of_Drac]

@titser jeeeeeehhhwwww..hehehe

Empress_of_Drac : yes i am, but not a classroom teacher! I have a question for you. What would you dare to achieve if you're not afraid to fail? I bet you've got alot of things in your mind right now. Just try to imagine, that of the things you want to achieve, of the goals to want in your life, of the life you dream only of imagining, you can't achieve these just because you're scared that you might fail. Then what if you succeed? You dont really know. But isn't it worthwhile to just even try. Who knows?

Good day and God Bless

...failures that's an old thingy sir....actually am afraid of no one but god....hehehehehe...am not afraid of failure...really..and i mean it...a lot in mind?..hmmnnn ur a psychic dude...a helluva things are running and bumping in mah mind right now....tsk..tsk..am just prayin' to god that he'll be wd me all the way...or it may be the other way around....

ot: wot i reli mean is...ur great..i like you sir..thank you veri mwuuccchhhhh....!!n hail GOD!!!!yoohhh..sack d fifo!!!!hehehehhee

[doki]

pigs and chickens! mao man jud na......

i/we have the place didto sa among probinsya.... kaso lang jud koy alam aning mga butanga...
hahay.... y kaha wala ko gipanganak sa akong ginikanan na mahino og negosyante noh?