Written by Adrian Pascual
For a developing country like the Philippines starting a business can be a big challenge. That is of course is an understatement. The need for capital to start a business is not the most important thing to have though. There are far more important things to possess than a stack of cash. Here are the top 7 most important things one must have before one enters into entrepreneurship.
Be a dreamer.
“Dare to dream the impossible. The future belongs to those who believe in the beauty of their
dreams.” – Eleanor Roosevelt
One sure way to fail in life is to fail to see the big picture. Only through dreaming and dreaming big will you be able to have a clearer vision of the market and for you to plan for your company’s future.
Be a doer
Have the Nike attitude of just doing it. Don’t just dream. Hustle!
Only through acting on your dream will you know the true outcome of your idea. Test your assumptions and discover new things about your idea and about yourself. This is vital in your entrepreneurial journey. You grow not by the successes you will have but by the mistakes you commit.
Be committed on your goal. Have a laser like focus on your goal. To achieve it do the following:
Plan – thoughtfully your business and it will most likely succeed. This will help you know what needs to be done and what goals and milestones to achieve.
Execute – the idea and execute it fast. As the saying goes; not a single idea has never been thought of by another person. The measure of success is not on how good the idea is but on how it was executed.
Adjust – or pivot as many time as needed.
Kill it – good or leave it. Don’t just try. Give it your all.
You will commit many mistakes and you will go through many ups and downs as you progress in your pursuit of success. These are important moments in your journey as important as the milestones you will achieve. Be relentless in your actions and be in the PEAK of your game. Always.
Be a people person
Network, network, network.
The lifeblood of any business are the customers. But before you get to that point when you are selling your products or services you need to connect first with people. Be it for future business partnerships, marketing, sales or mentoring the need to connect with different people is vital on your growth as an entrepreneur and of your business.
“We are what we repeatedly do. Excellence, then, is not an act, but a habit.” – Aristotle
Many entrepreneurs have the best business ideas but failed miserably because they can’t execute their plans or they can’t handle themselves in the middle of the journey. Mental toughness is key in entrepreneurship. The need to act on things must be tempered with a disciplined mind. You will encounter many problems, setbacks, opportunities and situations where you would need to choose which best action to take. Like choosing between: Saving vs. Spending or Expanding vs. Waiting. The ability to see things with a long term perspective in mind is something that one must develop over time.
Be hungry for knowledge.
Learning never stops.
Read as many books as you can. Watch documentaries. Enroll in short courses. Attend all seminars and conferences you can. Google as much as you can. Get a mentor to guide you.
Be a good listener
It is not about you. It is ALWAYS about your customers.
Build products that your customers need and will use or don’t build at all. Innovate based on the needs of your customers. Interview the right people and build your Minimum Viable Products through the gathered insights. This way you can save a lot from the process or not spend at all.
There are many ways to start a business without even having to shell out a capital. You can start a Consultancy Services company, Make something (like arts and crafts), Be Fashion & Beauty stylist, Babysitting services, Cleaning services or Sell old stuffs. Be creative in finding ways to start a business without having to spend much.
Sure, we need money to fuel the business. Heck to start it. But starting a business without the proper mindset and preparation is as bad as being broke. Poverty is not a hindrance but a challenge one has to overcome. A clear goal with the proper mindset and motivation are the vital tools one needs to succeed.
Adrian F. Pascual is the Director and Founder of AP Media Communications, a business development consultancy company aimed at helping MSMEs’ grow and reach their full potentials. A man who wears different hats, he uses his extensive years of experience in the fields of Financial planning and management, Customer Service and Fraud Prevention, Client Relations and Retention and Sales and Marketing to help build and expand different companies. His advocacy is to build an ecosystem of socially responsible startups in the Philippines that will address the different issues in the society using modern technology for maximum impact. He also does professional copy writing for some of the top international news,business and lifestyle online publications.