As much as I like talking about stocks and other forms of investments, I have also talked about business in numerous occasions in the this website as I believe that entrepreneurship is one of the key ingredients necessary if we would want to see the Philippines grow into the powerhouse that most foreign analysts are saying that we could be. I believe that as more of us go into business, it will open up so many opportunities not just for us but for this economy to rock even more.
For this blog post, I have invited one of the co-founders of Acceler8 co working, Mikko Barranda, to share a bit of his story and his five reasons on why you should start your own business. I met Mikko, in one of our Stock Smarts Courses held at their facility and it’s just nice to see more and more people from our generation take part and start their own thing.
I dream of a day that entrepreneurs like Mikko would be the norm and that we would have a culture of entreprenuership and business in this country. I hope that this blog post would inspire and equip on the things that you would need as you move towards financial freedom!
Catch me in my live training events! (quick plug)
The heart of why I do this seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more on how you could time the market checkout the trainings below.
I’ve always seen myself as an employee climbing the corporate ladder with the goal of reaching the summit of CEO level. I built a career based on this notion and never entertained the possibility of going into any sort of business. Entrepreneurship was a frightening word that I correlated with other terrifying words such as ambiguity, uncertainty and risk.
However, a couple of months back, I decided to take a leap of faith. I was armed with a proof of concept, a good team and the determination to succeed. I wanted to test my limits and find a golden ticket out of the rat race. It’s been the best decision I’ve ever made so far and here are the reasons why you should follow your passion and be your own boss;
- Learn more about yourself
The whole process of starting and running a business is no walk in the park. You’ll need learn and unlearn a lot of preconceptions about the business world.
For instance, registering your business in the Philippines involves a multitude of steps and a whole lot of patience. Instead of being discouraged I was forced to be resourceful and ask help from friends who’ve done this in the past. I went online and did some research about people who were facing the same challenges and tried to learn from their mistakes.
I discovered new dimensions of myself throughout the process that gave me a sense of identity. I was surprise on how committed I was to succeed and viewed every failure as a step closer to success.
- Don’t be a one trick pony
My background was in Sales and Marketing and I felt that my skillset was enough to run a successful business venture. However, I soon realized that in business you must be multifaceted. You need to know a little about everything, a jack of all trades. The experience has given me the opportunity to learn about Finance, Human Resources, Operations and even Information Technology.
- All Walks of Life
Coming from real estate, my network was made up of people who make up this industry, namely, the tenants, the landlords or the brokers.
Running my own business has given me the opportunity to meet people from different walks of life and in a few months has expanded my network dramatically. Being able to collaborate with these talented individuals has enhanced my knowledge and has paved way to numerous possibilities that I would never have imagined if I chose to remain as an employee.
Live within your means. Having a business will train you to be more conscious of your spending habits and teach you the value of money. I soon realized that my eating habits were literally eating up most of my savings.
- The Beauty of “No”
The Pareto principle, also known as the 80/20 rule, is a theory maintaining that 80 percent of the output from a given situation or system is determined by 20 percent of the input.
The most important resource of an entrepreneur is the value of “time.” Owning a business will teach you to prioritize and allocate your time to those that matter and generate the most impact. It will also teach you to say “No” to a lot of things for you to focus on the big ticket items.
Leaving the comfort of a steady paycheck is difficult as said and done. Ever heard of the quote “Life begins at the end of your comfort zone.”? This quote somehow manifests true meaning of how one can do and learn so much more if you allow yourself to embrace challenges. The only way to know if you’re cutout for entrepreneurship is to follow your passion and dive in head first to the Jaws of Life.