PUTTING up a business or even running one can be a daunting endeavor. But with the right mindset and attitudes, an amateur can have the potential of making big in the business industry.
Media personality and serial entrepreneur RJ Ledesma shared during "Lessons in Entrepreneurship from Business Movers" on October 26 at the Dusit D2 Hotel, Lanang, Davao City that constant thinking of possibilities is the right entrepreneurial mindset to be successful in the industry.
“Entrepreneurial mindset is a mindset where you are always on the lookout for new opportunities. What is wrong? What is different? Everywhere you go, you are always looking for what is the opportunity or business can I come up with? What more can I add to what is currently there? It can be a new product, a new service, or it can even be a new process,” said Ledesma.
He is the man behind Mercato Centrale, a night food market and food business incubator in Bonifacio Global City in Taguig.
He has also established EnterPH, a market entry consultancy firm and EasyFranchise.com, an online portal for the franchising community.
He stressed that in order to succeed in the business, entrepreneurs must allow themselves to fail.
“Many Filipinos are scared to fail and that is why they don’t want to become entrepreneurs. Unfortunately, failure is part of the entrepreneurial methodology. Entrepreneurs learn to wear their failures as a badge of honor. Anybody who is big right now has failed in the past,” he said.
He added that failures mold your business into its better version.
“Don’t take it personally. It’s your business that failed, not you. What did you learn, move ahead. When you have this entrepreneurial mindset, it is easy for you to adapt to new businesses,” he said.
His night food market business evolved into a food business incubator because of failure.
For people who want to begin their businesses, he said business ideas may spring from the need to solve problems and challenges.
“It [business] is solving irritations, and irritations are problems. It is pain points. If I am irritated by something, more likely than not that you are also irritated by the same thing. And if I solve that problem that’s where I get money. And if I solve it uniquely enough, only I make money that way,” said Ledesma.
He added: “Turn irritations to business opportunities. If you want a sustainable business is when you solve a problem other people cannot solve and you grow it.”
Chinkee Tan, broadcast media personality and wealth and business coach, emphasized the importance of adapting to change in business.
Tan said people usually resist change because of being comfortable with their routine and fear of taking risks.
He said if businesses do not ride on the current trends especially in emerging technologies, they will be left behind.
“If you don’t innovate, you'll evaporate. It is the fastest who adapts wins,” he said.
He also shared the type of business or industries people can venture on based on the current trend. Trend, he explained, is the lifestyle of the demographic where most of the people belong.
“You just need to understand the Law of Trend. The trend is changing the way of life. You just need to project,” he said.
Among them are businesses that are related to health and business, technologies and automation, online shopping and selling, artificial intelligence, and distribution.
He also said businesses that give people freedom, convenience may be explored.
Taking advantage of social media and video streaming sites to offer your products and service could also be a way of gaining income.
Huckleberry Restaurant and Bar owner Vince Arcenas emphasizes the importance of research and scanning the business environment in improving one’s business model.
“Before you do your business, or before you start creating your product, you have to do the legwork. You have to check one what is your competition, is your product profitable, what is your cost to the product, what does it take for you to develop your product and get it out there and also sustain the business that you want to get into,” he said.
“It doesn’t work, then right after you revisit your idea or take a look at a different point of view,” he added.
For Ralph Layco, Asia’s Most Outstanding Young Marketer of the Year 2019 and owner of barbershop Macho Mucho, it is the grit in spite of negative criticisms and the art of not giving up are what future business owners must imbibe to succeed.
“Never take negative feedback from people who are not in the arena doing their work. you can do so many things if you don’t care what others say about you,” he said.
The bags and accessories of the homegrown brand Crystal Seas, which were incorporated with indigenous weaves and crafts, have graced the fashion shops in Ginza District in Tokyo, Malaysia, New York, Paris, and Spain.
Its designer, Carmaela Alcantara, proves to a crowd of professionals that taking a business to the next level does not require huge amounts. It only needs to be done.
“My challenge for you is we started this business that took us to those places with only P2,000. So I say, if you have a cellphone which costs way much more, then definitely you can start your own business,” she said.
“For those who are scared to take that risk, just do it and I hope it will inspire you,” she added.
On Saturday, October 26, business and financial management leaders equipped aspiring and budding entrepreneurs of different professional statuses with the tips and tricks on growing businesses during the Esquire Magazine’s “Lessons on Entrepreneurship from Business Movers” at Dusit D2 Hotel, Lanang, Davao City.
The event, organized by Esquire Philippines and LBC Business Solutions, aims to connect professionals, entrepreneurs, small and medium enterprise owners, startup founders, and business leaders as well as learn from experienced entrepreneurs in the industry.