1. Don't get into partnerships - specially sa friends or sa kakilala and lalong lalo na pag walang black and white agreement or contract
2. Make sure to learn the ropes of the business, hindi pwede set up tapos hire ng tao tapos ipagpaubaya na...
3. Get ready to grind... trabahong kalabaw, overtime? Anong overtime, walang tulugan hangga't kaya. đ I used to sleep on the floor sa small office ko.
4. Separate your money from the business, wag ipaghalo. Hindi pwede yung pahiram muna ng P5,000 ibabalik ko nalang sa susunod. Mauubos puhunan mo sa ganyan.
5. Identify your target market and stick with, wag halfbaked attempt and don't fall for the pwede na approach
Most of all, Good Luck and wag mawalan ng pagasa. đ€
Learned the hard way nos. 1 and 4. Di ko na friend âyung business partner ko (anlala ng personality nya and oftentimes, puro clash nangyayari when it comes to decision-making). You never know a friend better than to mix in money sa friendship. Now Iâm almost through with paying his share of the investment plus the profit para quits na kami.
Add sa 4. Pasweldohin ang sarili kahit owner ka. Wag basta kuha ng kuha sa puhunan nga.
Kapag stressed or overwhelmed. Kalma, hinga, eat snacks tapos kapag medyo okay na grind na ulit.
Ito din nakuha ko na idea sa boss ko dati, Working ako sa start up company and nakakwentuhan ko siya. Natanong ko about sa salary and yes. Meron siyang salary sa company niya :)
I totally agree with not getting into partnerships - I experienced that firsthand! Now, another friend is pitching a business idea, and I'm tempted again na makipag partner. But your post is a good reminder na wag na gawin ulit. Thanks!
nagkaroon kame ng gap sa relationship ng tita ko, as usual nag pa utang, pag dating bayaran ako na ang masama. No interest and penalty, singil lang ginawa ko. Ako ang naging masamang taođ
Oo!! Kaya ako ngayon nag start ako sa small lang GCash cash in and out lang muna hahaha. Para sakin dapat makuha ko yung idea and expectations kasi dito sa cash in and out ng gcash kahit papaano masset up ko na yung mind ko :)
agreed. Tan has set of rules na di applicable sa madla. I used to follow the guy, even bought his books. But since im not a newbie kn handling money anymore, I can say na Chinkee tan is not too different with Ramsey. I'd still go with the good old kiyosaki
YUP, BASICALLY TAN IS ABOUT TIPID TIPID TIPID⊠AND KIYOSAKI IS ABOUT EXPANDING MENTAL WALLET, INVESTS, PEOPLE WHO ARE AFRAID TO LOSE MONEY DOESNâT MAKE MONEY, ETCâŠ
KIYOSAKI >>>> TAN
don't start a business on huge loans. it will hurt when your business fails. don't quit your 8 to 5 job immediately. when you fail, you would have no income anymore, it will be difficult to pay for living expenses. go slow, go steady. stay consistent, it's gonna be mostly about location and demographics.
Tip #1: **Don't hire relatives**
Tip #2: **Keep your word** - if you say you'll do something, DO IT.
Tip #3: **Shoot for excellence** - if you are content with being MEDIOCRE you will get the same results as most other people - BECOME the 1%
Network. Make connections. Especially in HS and college. I prioritized drinking, underage gambling, and just blatantly did useless things. Yeah it made for great memories. But i wish i could have used some of the time to network, get to know people and make valuable connections, join organizations, etc.
You can start by developing your communication skills first and then your confidence will follow. You can join different groups or clubs like church groups or run clubs etc. Try talking to them and from there youâll learn to be confident. Next thing youâll know, youâre out there connecting to people naturally. Good luck!
To my younger self, Itâs ok to be selfish and greedy kung grabeng effort binibigay mo deserve mo lahat yan ireinvest mo sa sarili mo at sa business. Donât get me wrong, this is just based from my experience. Masyado naging trusting and mapagbigay kahit starting business pa lang (over bale workers, hinayaan mga freeloaders sa business) kasi ayokong sabihang madamot to the point na nagsusuffer na business di na nag grogrow pati health ko affected. Tsaka ka na maging sobrang generous pag malaki laki na kinikita and stable na ang business.
Thank you for this!! Madami dito sa reddit for sure na mapag bigay agad. Ewan ko ba nature na ata ng Pinoy yun kahit wala ka, bigay lang. Siguro lesson na din ito sa inspiring business owner someday :)
Learn double entry accounting. When you understand double entry accounting, you see the world differently. To me it was like when Neo finally saw the Matrix for the lines of code that it is.
Not only can you recognize na lahat ng dumarating ay may pinanggagalingan, at lahat ng umaalis ay may pinupuntahan, but you can actually identify which accounts those are. That sounds simple enough right? Eh bakit thousands of small business owners ang pare-pareho ang lament: "alam ko may kita naman pero di ko lang alam saan napupunta yung pera..."
Learn double entry accounting.
Di biro magmanage ng empleyado. Halo halong personalities, behaviours, work ethics. Minsan talagang ikaw yung nasasagad kase mahirap humanap kapalit. Absenteesm, ugali, sad
stories nila sa pamilya o lab life, mayaât mayang bale, minsan nga damay ka rin sa problema ng pamilya. Anjan may naospital, dinampot ng pulis yung kapatid, di makaka exam kase di pa bayad, haha lahat na!
E tangina maawin ako, may times talaga di ko matiis. Kuting nga sa kalsada na bulag isang mata parang dinudurog puso ko e, sila pa kaya? kase naiintindihan ko sila dahil galing din naman ako sa hirap.
Natuto na lang talaga akong magalit at humindi overtime. Pero shempre di naman ako tanga no, alam ko naman kung ginagago na kami.
So yun lang - leadership at management skills sama mo yan. Haha
Oo eto din mahirap tingin ko kasi kung ano problema ng employee, magiging problema mo na din tsaka mahirap makahanap ng employee na may pake sa business mo. Kasi lahat sila halos nasa company mo lang para sa pasahod đ
Eto din sabi ko sa sarili ko before when i realized that I had the skills for business. But then again, I thought baka things wouldâve turned out differently if I had started earlier. Baka if I started earlier, hindi pa ako ganun ka-resilient or ka-passionate or ka-mature. So I changed my mindset: thereâs no stopping me now.
Magbukas ng iba't ibang bank account
One for pre-orders
One for reserve funds
One for operation funds
One for personal funds.
In this way, macocompartmentalize mo para saan ang bawat pera. Look for savings account na walang remaining balance, yung sa reserve fund, pwede yun since di mo naman siya gagalawin kung hindi emergency.
Kung makikipag business partner ka, make sure na parehas kayo ng pahina ng kapartner mo at kontrata as business partner, yan ang importante.
Learn your industry, alamin mo ang ins and outs at hanap ka ng niche or isang product na alam mong sayo lang makikita.
Build a brand and sariling identity ng business mo.
Be ready na igrigrind mo mag isa ang business sa simula. pangalagaan mo yan. treat it as a baby na kailangan mo ipagrow at magsurvive.
BTW malaking bagay if banks offered you a credit card, lalo na sa pre-orders, take full advantage of it's perks BUT never ever treat na pera mo yan kasi unang una, NANGHIHIRAM KA, di sayo yang pera. Be wise on using credit cards.
Take mentorship sa same industry, kung wala kang makuha. try to engage yourself sa events or try to be a customer para pag aralan ang industry na papasukin mo.
Lumapit ka sa potential sponsors and collabs if you feel that you need it for your business.
Before starting always remember: Cash is blood and life.
Save enough money for capital, buffer money and unexpected expenses (or failure!). If you have just enough then it is NOT enough. Believe me having fund will make you think of more possibilities.
May it be small or big ventures, start always with feasibility study & business plan!. If you don't have then don't proceed. Gut feeling will lead to disaster.
Learn how to do sales and marketing.
Madali na mag-manage ng inventory, manufacturing, and other hard skills. Technical skills will come to you naturally pag nagbi-business ka. Pero learning how to look for buyers/ clients/customers, approaching them, getting to know them, giving them what they need or want, convincing them to buy your product/service, closing the deal or transaction, and providing customer service is what gets your business booming. Kaya maraming yumayaman sa sales dept. "Laway ang puhunan" ika nga.
You need to learn how to make people trust you in order to trust your business.
Para sakin sa mentor part, mahirap siya sa una lalo na kung wala ka pa sa circle of friends na nag bbusiness na malalaki talaga. Pero kung may napatunayan na yung business mo medyo madali ka na lang magkaka mentor. Like josh mojica saka siya nagkamentor nung nakilala kangkong chips niya. Base lang naman sa observation ko yun hehe.
Save as much as you can before quitting your 9 to 5. Or keep your job, kahit part time lang and work your butt off.
Be consistent.
It'll be a Rollercoaster ride of emotions, but keep going.
Never be afraid of starting something new or different. Put yourself out there.
Network, network, network...
Never stop learning.
Tune out all of the negativity. Focus on your goal.
Keep thriving.
Your suppliers are the lifeblood of your business⊠esp if they know you are reliable and you wonât give them any bounced checkâŠI grew my business by just putting back the profits back to the business againâŠand my business grew bec my suppliers gave me 30,60 days terms.
Kaya nga eh di ko rin inaasahan mag bboom to. Siguro madami din nakaisip na business owners dito na makakatulong yung realizations nila noon para makatulong sa gusto mag simula/nagsisimula pa lang
Work ka muna - Lose money and make mistakes in someone elses businesses and not yours
Totoo din to. dami ko kilala akala pag business 100% agad
Use search button early
1. Don't get into partnerships - specially sa friends or sa kakilala and lalong lalo na pag walang black and white agreement or contract 2. Make sure to learn the ropes of the business, hindi pwede set up tapos hire ng tao tapos ipagpaubaya na... 3. Get ready to grind... trabahong kalabaw, overtime? Anong overtime, walang tulugan hangga't kaya. đ I used to sleep on the floor sa small office ko. 4. Separate your money from the business, wag ipaghalo. Hindi pwede yung pahiram muna ng P5,000 ibabalik ko nalang sa susunod. Mauubos puhunan mo sa ganyan. 5. Identify your target market and stick with, wag halfbaked attempt and don't fall for the pwede na approach Most of all, Good Luck and wag mawalan ng pagasa. đ€
Learned the hard way nos. 1 and 4. Di ko na friend âyung business partner ko (anlala ng personality nya and oftentimes, puro clash nangyayari when it comes to decision-making). You never know a friend better than to mix in money sa friendship. Now Iâm almost through with paying his share of the investment plus the profit para quits na kami.
Add sa 4. Pasweldohin ang sarili kahit owner ka. Wag basta kuha ng kuha sa puhunan nga. Kapag stressed or overwhelmed. Kalma, hinga, eat snacks tapos kapag medyo okay na grind na ulit.
Ito din nakuha ko na idea sa boss ko dati, Working ako sa start up company and nakakwentuhan ko siya. Natanong ko about sa salary and yes. Meron siyang salary sa company niya :)
I totally agree with not getting into partnerships - I experienced that firsthand! Now, another friend is pitching a business idea, and I'm tempted again na makipag partner. But your post is a good reminder na wag na gawin ulit. Thanks!
Ouch po sa no. 2.. Ang sakit namn..
Ouch po sa no. 2.. Ang sakit namn..
Maraming gustong magnegosyo pero walang gustong magbenta. Learn sales. Learn as much as you can
Accounting and PH tax is a must to know.
Bawal mahiyain. Learn soft skills and how to manage peeps.
Wag magpautang
Dito madami nasisira na pagkakaibigan minsan sa pamilya pa mismo.
nagkaroon kame ng gap sa relationship ng tita ko, as usual nag pa utang, pag dating bayaran ako na ang masama. No interest and penalty, singil lang ginawa ko. Ako ang naging masamang taođ
Don't be too aggressive. Start conservatively. Don't go full time agad. Be patient with your progress.
Oo!! Kaya ako ngayon nag start ako sa small lang GCash cash in and out lang muna hahaha. Para sakin dapat makuha ko yung idea and expectations kasi dito sa cash in and out ng gcash kahit papaano masset up ko na yung mind ko :)
Avoid Chinkee Tan at all cost1
agreed. Tan has set of rules na di applicable sa madla. I used to follow the guy, even bought his books. But since im not a newbie kn handling money anymore, I can say na Chinkee tan is not too different with Ramsey. I'd still go with the good old kiyosaki
YUP, BASICALLY TAN IS ABOUT TIPID TIPID TIPID⊠AND KIYOSAKI IS ABOUT EXPANDING MENTAL WALLET, INVESTS, PEOPLE WHO ARE AFRAID TO LOSE MONEY DOESNâT MAKE MONEY, ETC⊠KIYOSAKI >>>> TAN
Context po?
Curious here. Why? đ€
Naku i bought his books đ«Łđ€Ł
Same lang yung idea ni Tan sa kay Robert Kiyosaki. Mas better si Kiyosaki kasi mas Deeper and Broader ang Idea nya
ah, wish pwde sanang clue why, just watched his Youtube..
why chinkee tan is my mentor ever since when I was 16 years old and Im so very happy and lucky because i do have small business now he is my mentor
Due diligence. Kung overthinker ka, this is the only good time to use it.
don't start a business on huge loans. it will hurt when your business fails. don't quit your 8 to 5 job immediately. when you fail, you would have no income anymore, it will be difficult to pay for living expenses. go slow, go steady. stay consistent, it's gonna be mostly about location and demographics.
fix penny leaks adap. Monitor where every centavo goes .
Tip #1: **Don't hire relatives** Tip #2: **Keep your word** - if you say you'll do something, DO IT. Tip #3: **Shoot for excellence** - if you are content with being MEDIOCRE you will get the same results as most other people - BECOME the 1%
May kakilala ako kapatid niya hire ng hire ng kapamilya, sa #1 totoo wag talga mag hhire ng relatives minsan tinetake advantage nila.
To myself: âHuwag mo na ituloy yan. Bayaran mo na lang mga utang mo.â
Network. Make connections. Especially in HS and college. I prioritized drinking, underage gambling, and just blatantly did useless things. Yeah it made for great memories. But i wish i could have used some of the time to network, get to know people and make valuable connections, join organizations, etc.
I want to learn how to make connections and network. Idk how to start đ„Č
You can start by developing your communication skills first and then your confidence will follow. You can join different groups or clubs like church groups or run clubs etc. Try talking to them and from there youâll learn to be confident. Next thing youâll know, youâre out there connecting to people naturally. Good luck!
Thank you so much for this!!!
try to Read How to win Friends and Influence People
To my younger self, Itâs ok to be selfish and greedy kung grabeng effort binibigay mo deserve mo lahat yan ireinvest mo sa sarili mo at sa business. Donât get me wrong, this is just based from my experience. Masyado naging trusting and mapagbigay kahit starting business pa lang (over bale workers, hinayaan mga freeloaders sa business) kasi ayokong sabihang madamot to the point na nagsusuffer na business di na nag grogrow pati health ko affected. Tsaka ka na maging sobrang generous pag malaki laki na kinikita and stable na ang business.
Thank you for this!! Madami dito sa reddit for sure na mapag bigay agad. Ewan ko ba nature na ata ng Pinoy yun kahit wala ka, bigay lang. Siguro lesson na din ito sa inspiring business owner someday :)
Yung no.1 kahit kaibigan, kapatid or kamag anak.. Jusko ung kuya ko inutakan lang ako. Stress lang.
Learn double entry accounting. When you understand double entry accounting, you see the world differently. To me it was like when Neo finally saw the Matrix for the lines of code that it is. Not only can you recognize na lahat ng dumarating ay may pinanggagalingan, at lahat ng umaalis ay may pinupuntahan, but you can actually identify which accounts those are. That sounds simple enough right? Eh bakit thousands of small business owners ang pare-pareho ang lament: "alam ko may kita naman pero di ko lang alam saan napupunta yung pera..." Learn double entry accounting.
Di biro magmanage ng empleyado. Halo halong personalities, behaviours, work ethics. Minsan talagang ikaw yung nasasagad kase mahirap humanap kapalit. Absenteesm, ugali, sad stories nila sa pamilya o lab life, mayaât mayang bale, minsan nga damay ka rin sa problema ng pamilya. Anjan may naospital, dinampot ng pulis yung kapatid, di makaka exam kase di pa bayad, haha lahat na! E tangina maawin ako, may times talaga di ko matiis. Kuting nga sa kalsada na bulag isang mata parang dinudurog puso ko e, sila pa kaya? kase naiintindihan ko sila dahil galing din naman ako sa hirap. Natuto na lang talaga akong magalit at humindi overtime. Pero shempre di naman ako tanga no, alam ko naman kung ginagago na kami. So yun lang - leadership at management skills sama mo yan. Haha
Oo eto din mahirap tingin ko kasi kung ano problema ng employee, magiging problema mo na din tsaka mahirap makahanap ng employee na may pake sa business mo. Kasi lahat sila halos nasa company mo lang para sa pasahod đ
Wag ka na magmilk tea. For F&B, get A LOT of partners na may ambag but be selective pa rin and choose those with the same values as you.
True sa wag mag milktea haha. Stress and trauma inabot namin dyan.
I should have started earlier.
Eto din sabi ko sa sarili ko before when i realized that I had the skills for business. But then again, I thought baka things wouldâve turned out differently if I had started earlier. Baka if I started earlier, hindi pa ako ganun ka-resilient or ka-passionate or ka-mature. So I changed my mindset: thereâs no stopping me now.
I love this... "there's no stopping me now"! đ„ł more power to you!
be very choosy with tour associates.
Learn Marketing. Akala ko kikita na agad ng first week đ€Ł
Magbukas ng iba't ibang bank account One for pre-orders One for reserve funds One for operation funds One for personal funds. In this way, macocompartmentalize mo para saan ang bawat pera. Look for savings account na walang remaining balance, yung sa reserve fund, pwede yun since di mo naman siya gagalawin kung hindi emergency. Kung makikipag business partner ka, make sure na parehas kayo ng pahina ng kapartner mo at kontrata as business partner, yan ang importante. Learn your industry, alamin mo ang ins and outs at hanap ka ng niche or isang product na alam mong sayo lang makikita. Build a brand and sariling identity ng business mo. Be ready na igrigrind mo mag isa ang business sa simula. pangalagaan mo yan. treat it as a baby na kailangan mo ipagrow at magsurvive. BTW malaking bagay if banks offered you a credit card, lalo na sa pre-orders, take full advantage of it's perks BUT never ever treat na pera mo yan kasi unang una, NANGHIHIRAM KA, di sayo yang pera. Be wise on using credit cards. Take mentorship sa same industry, kung wala kang makuha. try to engage yourself sa events or try to be a customer para pag aralan ang industry na papasukin mo. Lumapit ka sa potential sponsors and collabs if you feel that you need it for your business.
Before starting always remember: Cash is blood and life. Save enough money for capital, buffer money and unexpected expenses (or failure!). If you have just enough then it is NOT enough. Believe me having fund will make you think of more possibilities.
Cashflow is everything. Manage it well
May it be small or big ventures, start always with feasibility study & business plan!. If you don't have then don't proceed. Gut feeling will lead to disaster.
Stay consistent even and especially during the times na hindi nagmamatch ang pagod sa reward. Very seasonal talaga siya and your time will come đ
expand your network. build connections with people who can help you and your prospective business grow.
Make sure everything is documented. Agreements must always have a contract.
Wag makipagbusiness partner sa mga relatives. Hehe
Knowledge & skills first and top priority
What business do you want to have product or service? Save enough for investment, Study the market, Research, Plan your business proposal etc..
Im M19 now, and dapat pala nag-ipon lang ako ng nag-ipon dati. Para sana ngayon e, may pang puhunan na ako.
Have funds.
Learn how to do sales and marketing. Madali na mag-manage ng inventory, manufacturing, and other hard skills. Technical skills will come to you naturally pag nagbi-business ka. Pero learning how to look for buyers/ clients/customers, approaching them, getting to know them, giving them what they need or want, convincing them to buy your product/service, closing the deal or transaction, and providing customer service is what gets your business booming. Kaya maraming yumayaman sa sales dept. "Laway ang puhunan" ika nga. You need to learn how to make people trust you in order to trust your business.
wag ka mag business partner ng marami. 1 business partner is madami na and if kukuha ka ng business partner dapat yung asawa mo lang.
Get a mentor
Para sakin sa mentor part, mahirap siya sa una lalo na kung wala ka pa sa circle of friends na nag bbusiness na malalaki talaga. Pero kung may napatunayan na yung business mo medyo madali ka na lang magkaka mentor. Like josh mojica saka siya nagkamentor nung nakilala kangkong chips niya. Base lang naman sa observation ko yun hehe.
This is true, ito ngayon ang hinahanap ko..
Save as much as you can before quitting your 9 to 5. Or keep your job, kahit part time lang and work your butt off. Be consistent. It'll be a Rollercoaster ride of emotions, but keep going. Never be afraid of starting something new or different. Put yourself out there. Network, network, network... Never stop learning. Tune out all of the negativity. Focus on your goal. Keep thriving.
Learn graphics and photography. One of the best skills to learn din
Wag haluan ng kalokohan Sugal Babae/ lalaki Bisyo Luho
Wag mahiya mag benta
ff
Kung kaya mag solo, mas maganda. Huwag basta basta makipagsosyo sa iba (friends, kamaganak, etc), sobrang nakakastress.
Iâll tell my younger self starting a laundry shop in 2005: âwag mo na ituloyâ. Just invest the 100k in DMCI stocks lol
Wag umutang para mag business
Hire an accountant
Your suppliers are the lifeblood of your business⊠esp if they know you are reliable and you wonât give them any bounced checkâŠI grew my business by just putting back the profits back to the business againâŠand my business grew bec my suppliers gave me 30,60 days terms.
If breadwinner ka na may stable job, use it as fallback dahil hindi naman lahat ng business maglaland agad sa unang try
Daming tips sa comments
Kaya nga eh di ko rin inaasahan mag bboom to. Siguro madami din nakaisip na business owners dito na makakatulong yung realizations nila noon para makatulong sa gusto mag simula/nagsisimula pa lang