The Filipino Entrepreneur

I wanted to share with you this little questionnaire I got from the internet. One of my favorite topics about entrepreneurship. If I’m not mistaken 8 years ago. I got this from consumer law page website. It was developed by Pat B. Alcorn ( In Success And Survival In The Family- Owned Business ), an expert on entrepreneurial problems. This will help you determine your “Entrepreneurial Quotient” and somehow will get some assessment on your chances to succeed in business. It’s more of a personality test to see if our characteristics are similar to a typical entrepreneur. I guess the only answer to these questions is “Yes” or “No.” You can write your answers in a piece of paper, then read on to see the expert’s answers. So here it goes:

Do you reconcile your bank account as soon as the monthly statement comes in?

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Spread The Word:

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As much as possible I only want to include things that will benefit everybody from customers to business owners (or entrepreneurs) and to employees. Most of the time the most neglected part of the business segment are the employees. Employees are treated like a commodity. But if you will look at it in a different angle, they are customers too. Without employees, how can you run a big enterprise? it’s a good thing if androids are already invented to replace humans. But in a business sense, we sell to humans. Employers are human, employees are human and customers are human.

Businessmen are human which profits by selling to human beings by paying his human employees to do all the tasks that a human employer should be doing. Without human beings how will a rich businessman command his money to do everything for him? And comparing it to a high technology age that we live today, human mouse click is the most valuable thing in cyberspace and we despise robot clicks because it is a fact that only a human being that can give us money.

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There are many mistakes that are made over and over and over again by many people. Most of the time these mistakes are created because of lack of knowledge or ignorance and some are worsened by laziness and as a result of fear. Below are list of those mistakes.

Insufficient Knowledge - Knowledge is one of the most potent tools of an entrepreneur and business owner.

Insufficient foresight - Lack of foresight can cause trouble over and over again but at some stage, everyone will have to think about their finances. Don’t overlook this situation for you and your family.

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Business today spend most of their time finding new customers and spend much on advertising just to get even a handful of them. Afterwards, if they already are a loyal customer they forget the ways how to retain them. For example, those banks that offer credit cards. Today we can see most of their advertisements and promos and are offering a very minimal interest just to balance transfer the amount to them. Then you became a customer to them because you now owe them and whatever future purchases you will make on your new credit card.

How about the existing member? most of the credit card companies don’t offer a low interest term on the balance of the existing member. But not all of them are like that, some bank I know have a paylite option so at least they have a flexible payment term, I stayed there (Credit Card A) and gave up the other(Credit Card B). I remembered when I was still their member (Credit Card B) I asked them if they can offer me a reduced flexible payment term like what they are offering for their new prospects. The answer is “no”. So when the time came I can pay all the balance on the card, I closed it up. The company can offer low interest on balance transfer for new members but can’t help their existing member to reduce their interest rate nor offered a flexible payment terms.

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You’ve probably experienced calling an office trunk line and being transferred to the wrong person who will then transfer you to another person who will also transfer your call to another person. Irritating, isn’t it? Yet sometimes, we are also guilty of being too busy that we evade the responsibility of taking a call and helping out a customer. The phone is an important business tool, and your company’s gaining or losing an opportunity depends on how you conduct yourself on it.

Here’s what not to say:

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