Greedy Ben’s Tips on Starting your Own Business

By +Chris Benedict Valencia

The transition between employee and business owner is stressful and exciting at the same time. Being able to overcome the fear of the uncertain is one of the best assets of a business owner. If you are thinking of becoming a business owner soon, read the following tips on how to increase the possibility of success.

Start young

                People who start out young can handle business failures better because they don’t have the time-limit-mindset yet. Younger starters usually don’t have families yet and there are less financial commitments that can get in the way of gathering funds.

An article by Chad Brooks in BusinessNewsDail.com stated:

                Justin Palmer, founder of MedSaverCard, a prescription assistance program for uninsured or underinsured patients, said born entrepreneurs usually get started at a very young age.

"They don't wait to gain enough experience, graduate college or get someone's permission first," Palmer told BusinessNewsDaily. "The entrepreneurship bug is something that you can't get out of you, and if you have it, it will surface very early in life."

            Not everyone however, have the luxury of youth anymore. For late bloomers there read the following tips if you want to start your own business.

Choose an industry you are an expert in

                The value of being an employee (aside from the bimonthly salary) is the learning experience. Sadly, many Pinoy employees just focus on the salary and try to work mindlessly like worker bees and just aim to get by their 9-5 day jobs. 

                If you have been working as an employee for the same industry for quite some time now, assess what you know about running a business in that industry. The most common advice you will find, that is so close to becoming a cliché (It it isn’t already cliché), is to find a need in your industry and build a business to provide for that need.

                Experience is your best friend in pointing out what your industry needs. You will have a better chance of making better decisions about which “needs” to cater to than your younger and less experienced counterparts.

Ride the trends but don’t fall in love with them

                You and your business must be dynamic in dealing with new ideas and approaches. Technology is ever changing and so are the marketing trends. Make sure you are aware about the methods that are perennially effective and those that work for short periods of time. If facebook doesn’t work for you anymore for example, find other marketing tools. Don’t settle for what used to be hot that has developed to become your comfort zone.

Make the most out of your energy when you are “in the zone”

                Have you ever seen your favorite athletes when they are in their best; that extended period of time when they could do no wrong? That’s them when they are “in the Zone.” Entrepreneurs also have those moments when brilliant ideas just keep in coming. You should make the most out of these moments by keeping detailed notes of your ideas and checking them out one at a time. The worst thing that can happen is forgetting a brilliant idea that could have been the game changer for your business. There are also times when you just don’t get tired. Make the most out of these times too but remember to consider your rest and your overall health too. Business is not a sprint; it’s a marathon.

Understand everything’s and everyone’s potential

                The best ability you can have as an entrepreneur is seeing the potential of people and opportunities that your competitors can’t see. You can use this when being a leader to your employees as well as when buying failing businesses. The application of this skill is limited only by your imagination.    

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