You have heard people telling how you cannot achieve a dream of yours.
It is a fact—life can be so limiting. Well, not for the successful businessmen who made their own names in their respective fields. The secret? There isn’t one. Rather, there are lessons we can derive from their experiences.
Never be afraid to seek help
Capitalization is one important element in a business. Without it, the company won’t run like a well-oiled machine. No matter how innovative the business idea is, it just won’t flourish if no adequate financial resources is made available.
Considering a collateral loan or other means to secure the funding is and will always be risky. But that is the very nature of a business venture, right? Risk will always be present in any endeavor—mitigating it is what you can do to increase chance of success.
Sometime in the lives of the successful entrepreneurs that we know today, loan became a part of the equation. You just have to be extra daring, extra resourceful, extra dedicated to bring the ideas into profitable outputs.
Diversify. Diversify. Diversify.
As the cliché goes, you cannot give what you do not have. When you own a company, you cannot afford to be left behind. Investing on your personal, professional growth is a must.
Some business owners are good on the technical aspect. Others are merely banking on their interpersonal skills. While there is no one skill that outsmart the others, the business owner in you has to be good in more than just one aspect. Human resource management is one important knowledge area especially when manpower is your number one resource in the type of business that you have. Financial management is another. Stakeholder management can help you save thousands or millions of pesos from churn or client attrition rate.
Invest in yourself by attending seminars and learning a new skill. Broadening your network is also advantageous.
Find your blue ocean.
Part of being an entrepreneur of the modern times is the capability to create a new product for a new market. In business, they call it the blue ocean or the ‘unprecedented marketspace.’ Red ocean is when many competitors are fighting for the attention (and money) of an already saturated market. This is where stiff competition happens.
Blue ocean, on the other hand, is a new market that will consume an innovative brand—something that has not yet been seen anywhere. Take Cirque du Soleil as an example. This is not the type of circus that most of us grew up with. This is an innovative version that combines theatre, acrobat and full entertainment.
The key is finding that one major differentiator that will make your brand a standout.
Truth is, there is no one-size-fits-all approach in running a business. There are, however, basic tenets that could help you do better.
As we bid goodbye to 2020 in a few weeks’ time, may you be more courageous to pursue a business concept or continue diversifying your existing business venture.