JoinMe

Planning and Entrepreneurship

2009-08-02T01:41:00.000-07:00

Drucker's popular "If you fail to plan, you will plan to fail," is the theme of this article. Mr. Teodoro R. Estacio of the Manila Bulletin, Business Options,7/30/09, wrote an article "Why entrepreneurs should plan?" Joinme in learning from his ideas and my own learning experience

Entrepreneurs, as the experts would say, are "risk-takers." Others call them "opportunity seekers." They are niche-finders. Visionaries. They are naturally drawn to create, to innovate. Be that as it may, these entrepreneurs are not exempt from observing a basic principle of good management which is planning. As managers of their own enterprise, it is incumbent upon them to carefully plan their business. This involves defining the "what," the "who," the "how," the "when," and the "where" of their business operations. What are the products or services to be engaged in? Who are the people to be involved in the operation? How should the enterprise go - into manufacturing/production? merchandizing, or services? When should the products be sold or services be offered? Where should the market be located? These five W's can be expanded into a more detailed description of the management, marketing, operation, financial and legal aspects of the business necessary in facing its internal and external environments, especially the buying behavior of consumers.

What are the uses of a PLAN in business?

It can be used as a guide or a tool of management for direction towards expansion or development.
It may serve as a measuring stick for indexing success or failure of the business.
It can be a document for sourcing additional funds from either private or government funding agencies.
It may serve as a reference map towards more planning activities and thereby optimize its vantage point.

Why is there a need to PLAN?

With the list of its uses, a PLAN is obviously a must for entrepreneurs! However, there are still many entrepreneurs who fail to plan. A US survey, for instance, reported that more than 80% of small businesses have no formal plan to show. The expressed reasons for this are:

they think that the business is too small, it can easily be managed even without the aid of a PLAN.
they know the business inside out, hence, there is no need for any form of a guideline.
they think that due to the ever-changing challenges in the economy, there is no need to write a PLAN.

What is the result of having no business PLAN?

A big percentage of micro and small businesses do not survive within the first 5 days of their existence.
Concomittantly, failures are also atttributed to other factors, such as: lack of financial know-how, people problems, and inadequate financing.

An important, but neglected element in planning is failing to diagnose correctly the pulse of the buying public. Since it is the buying public that will determine the success of the business, it is recommended that they be considered seriously in the first part of the planning stage. This is part of environmental scanning. It is studying the buying behaviour of the consumer, among others. Studying involves observation and gathering data through survey polls and other means practicable to feel said pulse.

Summarizing, entrepreneurs should PLAN to guide them in their day-to-day business transactions; to keep them abreast of business trends and consumer pulses; to present documentary materials to potential funding institutions for business financing; and to index potential threats to business operation as well as to gauge potential success factors.

A Personal Insight: Money to Sustain Business

2009-06-01T19:53:00.000-07:00

AFter about two weeks of reading, browsing, comparing, evaluating, praying, I finally made a decision - an informed decision - that of joining a stable, strong, integrity- and ethically-based company that smells honesty in its systems and programs. As they say, one recognizes his/her own kind.

My one month training in an MLM - affiliate program - company is one of accomplishment. The system, so far, works. "So far" because I have yet to see myself earning from the program that I am following. Only a babe affiliate, I see a strong potential for earning an income that is both leverage and residual. I also see that I must work hard, willing to invest, and be persevering for the fruit that I intend to harvest. Am I willing to stick it out and see results?

Yes! I am willing. I am open to advice, suggestions, recommendations, mentoring, all it takes for me to learn the trade and join the many who have made it through sheer determination to accomplish goals and dream dreams.

I am following a company that delivers what it says: active support staff that are on hand 24/7, programs that work, facilities that provide the tools necessary to succeed when followed through religiously, interactive environment through the DBoard, rewards systems and give everyone a chance to participate and be rewarded, and more surprise announcements of improvement.

That was in April. It is now August of the current year. The same learning experience is in place. The difference is that I am not able to sustain my participation due to lack of business funds. I could not move forward to the next level in my affiliate status. Not anyone's fault. Not the company, not mine. What has gone wrong? Let me make an observation that might explain the change of heart, or the slowing down of interest.

An MLM-affiliate program business requires money to invest in. One has to have some business funds allocated to finance expenses necessary to make the thing going. No matter what the company says to the contrary - about not having to spend anything because there is a built-in program to help the affiliate maintain his status without having to pay anything or buy anything - the fact is that one cannot sustain for long his membership if he does not have a credit card or its equivalent. I lost my credit card privilege due to a delay in payment. As a result, I am unable to pay through the system provided by the company. The consequence is predictable. I lost my upgrading together with its concomittant rewards or advantages.

Money is the main deterrent. Without it, one cannot fully operate as an entrepreneur. An entrepreneur can only be fully innovative if he has some financial backing to release his creativity. It is necessary, therefore to generate some funds to build a system that will work in the net environment, such as visibility and/or presence in the web. Such system costs money based on research. When such system has been put in place, a return to the fold can be made.

As an added insight, online business is risky. One deals with the unknown in the Internet. If business people onsite can be bold enough to commit fraud and other scam activities, what more for business people online in cyber space? Technology has made it possible for techwizards to create illusions of reality. Scammers abound in the Net. Many business sites claim legitimacy, but in reality, are racketeering to victimize unsuspecting people whose only desire is to do business online and earn. Phishing for information abounds. Hence, the risk of exposing one's credit card in paying for fees. The claim that personal information is not stored is NOT completely true! The so-called privacy policy is also a matter hard to believe. I have had instances in my internet activities to prove that this policy on privacy is not full proof! ScamBlog has opened my eyes to the potential threat one can experience in Internet business. Truthfully, I have had my share of this unpleasant experience which has cost me hundreds of dollars.

That bad experience has taught me enduring lessons in my dealings with the Internet. I was right in not responding through signing up in the click to pay or similar programs and observed the pattern of the online marketers. I was rewarded as a result of my patience in studying these patterns. I discovered some companies that offer free registrations and I studied the same pattern these companies operate on. My discovery has led me to more discoveries. Each time, I do not qualify for reason of geography, or qualification of sort especially in surveys. Imagine paying company agents just to give me access to databases only to be denied by these companies entry to their job sites, because I am not geographically located! What a waste of money! What a fool I would have been!

As I continue with my journey to the Net, I know that I have yet to face many challenges. Challenges that will serve as lessons for future use - the correct usage of the Internet to acquire wealth. Wealth will pave the way for launching business projects that will provide online employment to many. Opportunities so provided will create prosperity for everyone willing to work hard and to learn new Internet knowledge that is value-based. Should that be the case, we shall be making the difference in this world of many opportunists who will prey on their unsuspecting victims.

So, joinme me now in sharing best practices in the Net.

Why joinme?

2009-04-30T13:15:00.000-07:00

Why joinme? The invitation to join means that you follow the person inviting you to join. This means that by following the person, you give your trust. By giving your trust, you are committing yourself to doing what is required to maintaining that position of trust. Doing may mean literally being with the person, or it may mean adhering to a principle, or emulating a behavior. This builds relationship. Relationship may be emotional, mental, or spiritual. Relationship grows through time through bonding. Bonding involves time spent to know the person in relationship with.

Will you follow me to the best practices in business? Will you joinme in working towards the betterment of others engaged in business, the art or the trade?

I am taking a journey towards creating a wealth of wisdom that will help others tread a path of minimized mistakes. Experience, they say, teaches one to avoid the same mistake. Let us learn from those who have been there. Let the experience of others give us the lesson we need to succeed in business.

This blog will provide you with a series of articles to keep you started in your business.