Factors Paper by Analiza G. Mendoza

WHAT FACTORS I DO / DON’T POSSES THAT MAKE/ DO NOT MAKE ME A BUSINESS ENTREP.

My childhood dream is to be able to go to America someday. I have always believed that America is a place where one experiences a good life, to become rich. In college I took Physical Therapy thinking that it would be my passport to the land of my dreams. Little did I realize that yes, my course was indeed a passport to a good life but not to go to America. I started the first three (3) years of my college life in Bacolod but fate brought me to Manila on my 4^th and 5^th year. I ended finishing my course here in Manila due to personal problems in the province. Here I met my roommate who a year after graduation asked me to apply as secretary to the company where she is working. At that time her boss was looking for someone who can file documents, answer telephone calls and other basic secretarial job. Without having second thoughts or even thinking that I finished a 5-year course only to work in the office, I happily agreed. All I want at that time is to experience earning on my own. It was there that I met my Korean boss. His business at that time was importing and selling surplus Korean vans. When I met him, he was sleeping in the office, wearing simple clothes and driving an old Daewoo racer. After a year in the van business, we slowly diverted to importing and distributing surplus computers. It was in 2002, the peak of surplus computer business. At that time you can only count in your fingers the competitors. Since then it changed his life and lifestyle. There I saw how from being poor he slowly gained name and prestige among the Korean society. It too changed my life and the way I look at the business. I was, as my boss way of showing us that we are a part of his success, given a small computer shop to manage for 3 years. Though I did well in the first 2 years, the last year was not the easy one. I had experienced downturns that prompted me to give back the business after more than 3 years of operations. 

I would like to gauze myself using the 18 (it is actually 25 ) Common Characteristics of Successful Entrepreneur (http://www.entrepreneur.com/article/200730).

1.Do What You Enjoy

Since the business was just given, I had no choice but to take it. It was not something that I enjoy doing from the start. I had to do it only because I wanted to show my boss that I can do it. But from the start, it was heavy for me each time I walk in the stores. My mind just simply shuts down when I need it to think of good ideas to implement.

2. Take what you do seriously

I did take the business to the heart. I spent sleepless nights thinking of strategies to beat the customers. My time for my family became less and less frequent.

3. Plan everything

I did the planning. But I guess it was not enough. I was too raw for the business. Coming from a Science background, it was not enough to hone my business skills.

4. Manage money wisely

This is something Iam good if not better at. I know from the start that business money should be separated from my personal money. On the latter part of the business though, the income of the store was not enough to pay the bills. The rental especially in our Recto store was high so that we incurred negative profit for several months. I had to use my own money to cover up the losses.

5. Ask for the sale

We invested so much for the marketing (distribution of flyers and posting of tarpaulins). I also trained the staffs of the store on how to talk to walk in clients in order to convince them to buy. For some part, I guess, some of staff was not good in closing a sale or maybe the trainings that I gave was not enough sine I was myself did not undergo a training.

6. Remember it’s all about the customer

We were not only selling computers but services. I have always imposed client-centered perspective. That the customer is always right. The customer’s needs and wants must be put first before anything else.

7. Become a shameless self- promoter

This is my weakest part. I am always to shy to even tell my first of my business. It is not that I am ashamed of it but I am not gifted to talk or to even sell myself. If there is an aspect of my entrepreneurial skill that needs to be practiced, it is this side. Self promotion without being self bragging is important to make connections and networking.

8. Project a positive business image

 Making an impression to the customer is something I have but not consistently practiced. There are times when I can be creative but there are times when I just take things the way they are.

9. Get to know your prospects

Since I was selling surplus computers, I am aware that my target customers are the class B and C and internet cafes. We are also dependent on referrals or repeat customers.

10.Build a topnotch business team

I hired my cousin who was gifted with good marketing skills. My husband was incharge of the inventory and audit but it was not enough because it would come to my knowledge that some of our technicians were not putting into account the services that they give our customers.

11. Become known as an expert

This is another aspect I do not have. My skills were not enough to make my business successful.

12. Invest in yourself

I lived by the day. I don’t have the business background when I handled a business but I did not invest on reading books or browsing the internet. At that time I thought business is just how much you sell buy the day. That it is simply opening and closing the store and counting on how much you made each day.

13. Be accessible

My stores were located on busy streets, near schools or along business areas. I forgot to consider that another important factor is parking. There were buyers who even if they want to check on my items, found it hard to look for a decent parking space.

14. Build a good reputation

We have built a good reputation to our customers. Surplus computers encounter problems but we make sure that we make it convenient for our customers by offering home service or not letting them wait for a long time for their warranties.

15. Sell Benefits

I made sure that we sell not only surplus computers but the benefits of buying it. While you wait for a month or longer for your warranty, with surplus, we can change the unit if it encountered problem within the warranty period.

16. Master the art of negotiation

This is another thing that I need to master well. I am so weak with negotiating that I give in easily. In order for a business to make profit, negotiation skill is very important. How then can I lower my cost if I cannot make a good bargain? I want to be tough in negotiating otherwise I wont be a good entrepreneur.

17. Take time off

For busy and stressed business people, they need to take time off so that they can recharge and gain again composure. But too much of it is also not good. I think I need to balance on this area.

18. Limit the number of hats you wear.

Delegation is the key. At that time, I was not too confident that my people will not be able to deliver my expectations. In order to save time and stress on my part, I did most of the job. I forgot to realize that doing it will burn me out. It was at the end stressful and exhausting on my part. The time I need to spend for my family lessened because I had to do things on my own.

Nobody gets rich unless you are your own boss. I would like to believe that the experience I had with handling the business that was entrusted to me gave me a lot of lessons. I fell but I learned. The passion for being an entrepreneur is burning like fire but this time I don’t want to jump on things. The reason why I enrolled in MBA is to learn the basics of the business. This time I want to make sure that I have all the necessary skills to grow and succeed in business. 4 (tama walng yumamang empleyado, unless...)