The Filipino Entrepreneur

Dreaming on starting a business? Do you fantasize of having a successful enterprise? You also desire that your business can produce extra earnings for you, so that you can quit your job and become free financially. But you halted there, you failed to jump on that leap of faith, a large rock is in your heart pulling you back. You are fearful. Afraid of failure and skepticism keeps humming over your head whenever you want to gamble out. You are anxious about nonsuccess, how to survive, anxiety etc. Unless you cast out fear it will never end.

How will you cast out this fear? For you to progress ahead towards your dream, removing of this fear is essential. Foremost let us talk about where does fear of failure was derived. It originates when you were in still school. When you didn’t do well in school what happens? Maybe they call you a failure, or place you with children who were not very good? And your classmates start laughing at you? This entire thought of fear comes from a place called schools, where student should learn but unluckily, we learn fear as well.

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It can be commonly said that most of the people purchase to fulfill some ambition or need. Humanity’s desires are varied and many, spanning from the important physical desires of shelter, food and security important for survival, through the necessity to gratify personal pride, to intellectual and spiritual satisfaction.

There is a saying that “money can’t buy me love” - perhaps it can’t, but flower shops, card shop and jewellers can make a good profit out of serving it along the way. Retailers of makeup market dreams of beauty, elegance and youth - satisfying our self-worth.

People purchase clothes to keep comfortable, but more are sold because people want to project a selection of images - they need to belong and mingle. In each situation the consumer is motivated by the reward they can obtain from the acquisition and fewer by the genuine physical attributes of the merchandise. They don’t buy products: they are looking for to acquire benefits.

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What’s the difference between a successful businessperson from an average businessperson? Is it only pure and simple dumb luck, or is it all about having a marvelous idea and a winning and business plan with strategy in place?

Well, these circumstance go a long way on making a good business idea into a successful business operation, but they have nothing to do with what makes the successful businessman.

Naturally, every great entrepreneur has 5 key qualifications that sets them aside from their competition and that ensure they will succeed where others may fail. These 5 personal character will all mirror upon the entrepreneur’s business. This will mean the growth and development of every area of their own personal expertise and to mature, then becomes strategic thinker behind the business. Which then will head a company forward to achieve even greater success.

Below are 5 qualities common to every entrepreneur and that are the vital to their business success:

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Wondering how or who owns Binalot? A food service who caters rice with viand wrap in banana leaves. Let me introduce to you Rommel Juan of who owns ‘Binalot’, he is an entrepreneur, a third generation, from a successful business venture clan. In 1996 he set up Binalot with his brother and a friend, they recognize the need for a pinoy fast food brand. Employing his skill for marketing as well as his inborn entrepreneurial competence, Rommel recreated his childhood recollection of picnic meals wrapped in banana leaves. He made the unique concept of what we now know as Binalot.

Rommel in his nine years of venture has developed Binalot into a strong brand recognized in the market. It has 18 outlets all over the metro manila and planning to open five more next quarter. A founder of Pettypets and co-owns Digipro Large format Printing Systems and also administer Chubby China and MD Juan Enterprises, Inc. aside from Binalot.

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Despite the global economic slowdown, Philippine domestic economy is poised to take off on a sustained growth path of 5.8 percent this year from 5.4 percent in 2006, propelled largely by continued expansion in consumer spending and investments of both private and public sectors. In a press briefing late yesterday afternoon, UBS Investment managing director for Global Economics
Paul Donovan believed the domestic economy will be shielded from the worldwide economic contraction due to, among others, the low interest rate climate, which serves as an incentive for higher credit demand.

“The Philippines is a good story” Donovan said, citing the improving domestic demand with investments expanding at a rate of 10 percent. He, likewise, believed the Philippines will weather strongly shock waves from global financial meltdown because of its stable macroeconomic fundamentals. “What happened last week was a temporary liquidity problem and a buying opportunity.”

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