Three months ago I ventured into something that I considered the biggest challenge yet of my life and career - quitting freelance Business Consulting and start my own IT/Business Consulting company. Together with a very supportive and great business partner - I took the challenge that I know will greatly change everything: income, time for blogging and gimmicks, and a radical change to lifestyle.
It wasn’t an easy decision - plus the market is very competitive, the economy is not doing well, it is already start of the calendar year’s third quarter - where most companies are either done with their projects or are out of budgets for new projects. There seemed to be lots of challenges ahead and I was overwhelmed at the thought - what if I fail?
Fear of “failure” is probably one of the top reasons why many people opt not to venture into business, but rather play safe. After all, who doesn’t want to have a steady, fixed income anyway? With this, you can plan well your spendings, and put some money aside for future expenditures and keep some amount for savings.
But I always believe, the best way to reach your dreams, and improve your way of life, is to start your own business, while you’re still young, full of ideas, motivated and with enough strength and will to go on. I have learned to adopt and put into use some of the things I learned and read in some great business articles and books, as well as ideas that I heard from some of the great minds that I have met.
- Failure is not in your vocabulary. You will see failure as the lack of “something” that could have made it a success. So you better take note of that “something” and make sure to do it right the next time.
- Persevere in times when you think the whole world is upon you, after all, it is you who have control of your destiny.
- Set your plans today, and do what you can do tomorrow today. There is no room for procrastination when you have the world to conquer.
- Go for small victories. Divide your dreams into smaller sets of goals - and celebrate victory whenever you achieve each of them.
- Do something good for the community around you, and include it in your goals. Nothing compares to the sense of fulfillment you would feel when you have put on those smiles on other people’s faces.
- Believe that you’re good in what you do, if other people can do it, then why can’t you?
- Have faith - that good deeds are rewarded, thus, run your business with honesty, sincerity and with great pride.
- Reward yourself even for just simple things. Don’t forget to have fun.
Ready to go into business? Just some simple tips you need to do:
- Organize your thoughts, your ideas. Seek help from people who are familiar about the business, research, read, discuss with peers.
- No matter how small is your business venture, prepare a good Business Plan.
- Formalize your business - I mean register your business. It is better to transact with a legitimate business. Don’t be afraid of the taxes to pay. You should be thankful if you pay bigger tax, which simply means you have earned a lot bigger.
- Remember that there are incentives when you start a business - in the Philippines, if your business capitalization is below Php3 million, then you can be exempted of some taxes.
More tips next time…
I still remember, 1 year since i registered my own company… I was so highly motivated then.. Drawn my business plan, put everything in legal.. Although the company is still surviving I could say some things went below my expectations (perhaps my projections were not realistic), but for common thoughts, the business is doing good still (turned over the management)..
I admit that i have had so many mistakes, but I’m trying to turn every mistake to new learning baseline.. Maybe next year or in 2010, I’ll start another company, but this time on the type of business I’m inclined too.. Pasaway kasi, I started a business out of my expertise, ehhehehe..
Joliber Mapiles´s last blog post..Who’s Nailin Palin Video and the Likes Show that Sarah Palin is Winning?
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hello bloggista.. pwede ba tayo xlinks?
my blog is only PR 2 but am looking for frens online.. I hope you don’t mind.. I already added you sa blogroll ko.. paki check na lang po and comment po kayo if agree kayo sa xlinks..
salamat and God Bless!
inday´s last blog post..Will Ferrell’s George W. Bush meets Tina Fey’s Sarah Palin (See Video)
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You are right to point out that going into business is a big challenge. Which is why business is not for everyone. But this is what our country needs, we need more brave hearts to venture into business. Dont get swayed by people and so called economists saying its crisis time, there are just lots of opportunities for those entrepreneurial minds.
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Hi B,
I have just registered my business with DTI too and it is exciting but at the same time assessing the probable losses was something I had to look into. Succeeding is something everyone wants but that can only be achieved if one is prepared to fail. Business is a gambling game and how one plays his cards will determine how far one would go and it also goes to show it also requires a lot of luck and risk planning
Metz - Empty Streets´s last blog post..CPA Board Exam Results Now In: Info courtesy of Bloggista.org
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yow! nice meeting you kanina
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interesting article. i can use this as a guiding tool in the future
@B - nice meeting you sir!
@jehzeel - sayang, i wasn’t able to talk to you hihingi sana ako ng SEO tips
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@Metz - Empty Streets: Hey Metz, I thought Im gonna see you at the Digital Filipino event - we had a great time there.
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@Jehzeel Laurente: It was a pleasure meeting and talking to you as well Jehzz. Btw, congratulations for being number 1 at ratified.org.
@Snow of The Budget Shopper: Nice meeting you too Snow - grabe, just like Jehzeel, madaling araw blog hop pa din, hehehe. UU nga, I forgot to ask Jehz for some great SEO tips. Di bale, next time ulit.
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Hi! I just quit my day job too and hope to see an opportunity somewhere, it is a radical decision
Nice to see you last night! Hope we can chat soon ^^
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@Lace Llanora: Hi Lace, thanks for dropping by. There were so many bloggers the scene was just overwhelming. See you around.
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you said it right, Business Plan. Anything and Everything could go wrong but when you’ve got a concrete plan on where to take your business, it is always handy to have one.
I think you are in a good position now Bloggista, you can lower your fees since you’ve got most of your costs in pesos yet most of your clients are foreign based. You’re way in a better position than most companies in the US.
cyril´s last blog post..DOING BUSINESS WITH PHILIPPINE TAXATION
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[...] a passive income program is like starting your own business. You need a business plan. You need to define your goals - what are your needs, how you want to [...]