The career path of entrepreneurship is not easy. Competition from other brands, pressure from suppliers, and expectations from the market are just some of the obstacles that people who attempt to build their own brands face. Despite all this, more and more Filipinos from all walks of life are attempting to go into business for themselves, with many of them saying goodbye to the security of a regular paycheck in pursuit of their dreams.
Much has been said about those who end up becoming successful in their chosen ventures, but it’s also become clear that the most successful entrepreneurs share a few characteristics. If you’re considering a career shift and think the path of entrepreneurship is for you, find out if you have what it takes by reading on.
Be Brave
This may seem pretty obvious, but it bears repeating: entrepreneurs must be brave to face the many challenges that they encounter on a daily basis. One owner of a popular niche clothing brand online says she and her husband were very hesitant to leave their private sector jobs and start their brand. “Siyempre it was scary. We weren’t sure if the market would like our designs or find them too flashy. And then there’s competition pa,” she shares. The twin pressures from the market and other similar brands are the biggest fears of most entrepreneurs today.
The most successful entrepreneurs draw courage, not from the prospect of their success and the rewards associated with that, but from belief in their process and the diligence they put into preparing their brand. Our clothing retailer says, “At the end of the day, all you can do is the best you can to prepare, and trust in that preparation.”.
Be Different
“Medyo iba kasi ang product namin, handmade, while ang ibang gumagawa ng furniture, may mga malalaking makinarya,” says a retailer of bespoke furniture based in Quezon. “So yung mga designs namin, puro one of a kind at ‘di maulit. Hindi kami makagawa ng maraming pieces daily pero ‘pag tiningnan mo yung gawa namin, parang may unique aspect yung bawat isa.”
The willingness to recognize and embrace the characteristics that make a brand unique is a vital necessity for entrepreneurs. This allows entrepreneurs to establish an independent brand that sets itself apart from its competitors and gives their market options. “Ngayon, yung clients namin, 'pag maramihan ang kailangan, they go elsewhere, pero ‘pag yung medyo unique yung kailangan nila, alam nila kung kanino sila lalapit,” says the furniture designer.
Be Frugal
For most people, access to capital for a prospective business venture is relatively limited, so in order to be successful, entrepreneurs frequently have to make do with whatever they have at hand. “Sa apartment lang naman kami, wala kaming space dito para sa malaking oven or anything,” says an online seller of cakes and pastries, “pero alam naming masarap products namin.” She says that she has had to work with a medium toaster oven, and has also modified her operations to accommodate the constraints on her equipment and space. As a result, she is only able to deliver a specific quantity of her goods on a daily basis. To this end, her customers have to sign up to buy her products, and once sign-ups are full for the day, customers who miss out will have to try again the next day. “Hindi talaga namin kayang gumawa ng maramihan pero pinag-iipunan naming makakuha ng lugar para sa commissary,” she shares.
Entrepreneurs have to plan their business relative to the resources they have access to. For some, that might mean buying a large manufacturing facility and hiring a staff of 200 people, while for others, that means making do with a smaller production volume and relatively smaller sales revenue while saving for the future.
Smart entrepreneurs will also focus their resources and energy on doing what they do best, and simplifying other business processes that generate less value for their businesses. One of these processes is billing, and to simplify the billing process, smart entrepreneurs can turn to Maya, the Philippines’ leading payment gateway. With options like digital invoicing, a QR-code payment system, and plugins for payments via website, Maya’s suite of services is sure to have a payment method suitable for every kind of business owner.
Be Realistic
Let’s face it: no matter how hard you work and how much you prepare, things will go wrong. So many factors impact a company’s ability to operate, and accounting for all of them is very difficult. Entrepreneurs who are in touch with their brand must also keep an eye on the times that they operate in to make course corrections and adjust as necessary. “Itong COVID-19, we had to make so many changes because of it,” says one restaurant owner who has since transitioned his operation to a delivery service online.
Entrepreneurs who are able to take an objective look at their business may occasionally be forced to make difficult decisions about how their business should proceed. “If walang option na delivery sana, siguro magsasara na kami,” says the restaurant owner. Finding a way around obstacles and meeting challenges head on are part and parcel of the career path of entrepreneurs.
While trying to run your own business will definitely pose many challenges, the rewards that come with doing it well are manifold. Try to build the above characteristics into yourself and entrepreneurship could be your next career stop.
