Be enterprising
By Randell Tiongson on March 12th, 2013In all my talks, I always tell people that the first step to achieving financial peace is to increase cash flow. We do that by making more money and spending less money. In some cases, cash problems arise not because of too much spending — there are many cases that cash flow is restricted because of limited income.
Let me talk on how to increase income for this blog. I have a 2 point attack on how to earn more money — investing on yourself (building competency) and being entrepreneurial and the later will be the focus of this blog.
Have you considered being an entrepreneur? Many people think that entrepreneurship is not for everyone and I do agree. I subscribe to the belief that not everyone is cut out to be an entrepreneur. It is unfortunate whenever someone goes into business and end up losing money, I guess that’s par for the course. Here’s my big ‘however’… I think many of us think that those of us who can’t go into business is way too over-stated. I’d like to believe that many more Filipinos can go into enterprise. My many runs with Go Negosyo and the Association of Filipino Franchisers (AFFI) made me realize that many of us have to potential to be in business and actually make it big. If we have an open mind, we can try and become an entrepreneur – with God’s grace, you just might make it.
I need to note however, that we must go into business prepared and not blindly. Learn about the business you want to get into, read about it, research, talk to people, observe the market, prepare a written business plan, check on your finance and all that. There are many books on being an entrepreneur – Go Negosyo published many books that are easy to understand and yet detailed enough for you to start with. My friend Paulo Tibig also wrote a very helpful book entitled “Strategies of a Champion Entrepreneur” – a highly recommendable book for those who would to venture into business.
Being entrepreneurial doesn’t mean you need to start a big corporation at once – try some basic buy and sell first or do some commission selling. I am sure there are many opportunities abound for those earnestly seeking. The stories of the many successful entrepreneurs in the country are very encouraging because nearly all of them started very small and have very humble beginnings. Any form of additional income from being entrepreneurial will do wonders to augment your cash flow and that’s when the fun begins.
I once heard Francis Kong say in a seminar, “If you can’t be an entrepreneur, have an entrepreneurial mindset” — wise words to live by indeed.
I share your views, Randell. I believe more Filipinos ought to be more enterprising.
7 years ago, I jumped into entrepreneurship after years of being an employee. Unfortunately, after starting more than 3 different businesses over these 7 years, all of them closed down. Now I have no money to start another business and still have a business loan that I cannot pay. What’s worse is that I feel I have lost the drive to go into another business.
I do want to go into business again. Maybe you can share your thoughts on how someone like me can continue from this predicament. Initially, how to have some immediate income to survive – for food, bills, necessities, etc. Also, how to eventually rekindle the fire of entrepreneurship. And finally, how to use the lessons from past business mistakes to become successful in the next business venture.
I personally think most Filipinos are more entrepreneurial than they think. For one, there’s no shortage of sari-sari store wherever the community is located. And I’ve met a lot of people pursuing “sidelines”.
@Tony Padua
Far be it from me to pre-empt Mr. Tiongosn’s advice. But the way I see it, if you’re asking how to rekindle that entrepreneurial fire, then it’s actually still there. Otherwise I would think you would advise caution rather than ask for rekindling.
That’s definitely a tough story. I can’t presume to understand what you’re going through, and I won’t even pretend I can give competent advice. But if there’s a way you can get employed for the time being, and perhaps pursue a “sideline” it will hopefully turn for the better. Steve Tamayo started in roughly the same spot, hopefully your story will turn out the same.
I agree with Sir Francis, “If you can’t be an entrepreneur, have an entrepreneurial mindset” . I will always start with the mind.
I agree with Sir Francis, “If you can’t be an entrepreneur, have an entrepreneurial mindset” . It will always start with the mind. The right mindset is very very important. even if you’re an employee, having an entrepreneurial mindset will bring you to something great and something remarkable. Thanks Sir Randell.
well i think if you can not be an entrepreneur you can be an investor for the first place
Year 2011, I started investing on Italian stocks. I just relied 0nly on the advices of Filipino insurance broker and italian broker as well. Because of my reliance to them, sad to say, I lost some few thousand dollars., not including the high sales load, (paying every “buy”without my understanding). It was a disgusting experience that I can’t forgot. And then when I stopped (withdraw/sell) it, another charge I had paid. Despite that bad experience, I did not stop. Somehow, in investing I believe there must be something good in it, because I saw it in others who are/were doing pretty well, but me — no, why?. Now, things are getting better — my investments are growing, not because I remained to the same Italian insurance broker. I changed my broker and then I was challenged to study, study and continue studying (until now). Re: Mr. Tony Padua’ his bad experience can turn to good experience, only if he learns to study from it. His desired to return to business and to produce capital, will come, after a deligent study. May I say, “keep going”, there is always a reward at the end of the race. I repeat, “keep going then”.
Hello Mr. Randell. I believe what you said, “…achieving financial peace, there must be an increase in cash flow” It has been my observations that many of my co-students cannot push through their practicuum because of one important thing — “cash flow” or capitalization. First thing first: build cash flow (capital), sustainable enough to meet a good balance sheet–this is where to start a business. This (cash flow) applies too stock/s investing.