WATCH & LEARN: Just like music, our money habits can tell a story about where we are and where we want to go. Whatever your anthem is, you can always start with one small habit that moves you closer to your goals!
How to Protect a Business and its owner
November 19, 2017
A business succeeds or fails based on the owner’s commitment and ability to execute and manage his business plans well.
The Philippines is a highly entrepreneurial country. The main reason why most of us venture into small businesses is because majority of its citizens live below the poverty line. Starting a small business is one way to start one’s journey to accumulate and build wealth. There are a lot of small businesses opportunities that one can take, like an eatery, internet cafe, bakery, floral shops, to name a few. But choosing one that will surely be profitable and successful is a whole different story.
Usually, it takes time or years to establish a particular business. You need several components to make that happen:
- Capital: To practically finance and jump-start the business. This could be in a form of borrowings or loan.
- Time: Ideally, you need to dedicate yourself to fully-supervise your business operation
- Technical “know-how” : How well do you know your product line? If it’s a restaurant, how much do you know your chosen cuisine?
- Target Market: To whom do you cater your product? Profiling is also important to identify your potential customers
Remember, aside from the components mentioned above, you should have a real personal interest and passion in the business you will engage in. A business succeeds or fails based on the owner’s commitment and ability to execute and manage his business plans well.
This is how a normal business cash flow works: See figure: 1
