Winning entrepreneurs share valuable business tips
Most people surely entertain thoughts of being their own boss. Indeed, who doesn’t want to be in charge of his or her financial destiny? We’d rather be calling the shots, going to work when we want or need to, and reaping the fruits of our labor and ideas – instead of being cooped up in the office counting the hours before we can go home.
Of course, this is easier said than done. It’s okay for people to be riskaverse, and nothing more accurately typifies a leap of faith than entrepreneurship.
Kristofer Molina, BPI Family Ka- Negosyo brand manager, said that a shortage of financial capital, lack of knowledge, and fear of the unknown are foremost among the perils of doing business for yourself.
Venture capitalists and angel investors aside, what’s a person to do? Molina declared at the “Entrepreneur Talks 2,” staged by Entrepreneur Philippines, “Franchising is the easiest route to becoming an entrepreneur.”
The event at the Dusit Thani Manila hotel in Makati City was an occasion for the magazine to recognize its three winners (Mineski, Fiorgelato, and Adobo Connection) of the 2015 Franchise Awards which “(honor) home-grown franchises that have stepped up their game and have shown consistent growth in sales and number of stores for past three years.”
Entrepreneur editor Kristine Fonacier additionally presented three more franchises that made it to the Editor’s Choice list – comprised of brands “that have made an impact through bold innovations,” namely EC Gas, VIBES Massage, and Bentesilog. “We’re stepping into a new age… there are so many new ideas in the franchise industry that are changing the face of business,” Fonacier said.
In a rapidly evolving world anchored on the Internet, Mineski thrived despite the decline of traditional cybercafé. It’s about future- proofi ng, said founder Ronald Robins in his presentation. “Always be a step ahead,” he said. With 49 branches nationwide and 10 in Malaysia, Mineski continues to draw eager clients through its catalog of so-called “e-sports” or multi-player online battle games.
He also advised budding entrepreneurs to do what they love to do, to be their own customer, to put company interest above selfinterest, and to trust business partners.
Finally, Robins underscored: “Franchising does not mean you don’t need to manage your business. You should continuously develop it.”
Meanwhile, Jerome Uy of food chain Adobo Connection predicated his presentation on “what ( they) wished (they) learned earlier.”
Founded in 2011, Adobo Connection is a brainchild of Uy and Meredith Ngo – both of whom put their Harvard Business School MBA education to good use. Adobo Connection now has 44 branches, a majority of which are franchisees.
Uy advised to “balance fear and greed, ride the gorilla, and keep learning.” To “ride the gorilla,” in case you’re wondering, is to adopt best practices from existing winning models. Indeed, there’s no need to reinvent the wheel.
Uy stressed people should learn patience and to not be discouraged easily. The path to success, he stressed, is not a straight line but a “spaghetti strand” that curls and goes this way and that. For instance, a new establishment may be a “blockbuster hit” right off the bat, and then business might start to taper off. Entrepreneurs must not be afraid to adroitly make tweaks when necessary.
In response to a question from The STAR, Uy said it’s incumbent upon businessmen to swiftly react when something doesn’t seem right. “Experiment as quickly as you can. If it’s wrong, revert to your backup promptly.”
Finally, it pays to focus on one’s ROI (return on investment), but to never be consumed by it that it becomes a business strategy. “ROI is just a number,” Uy reminded.
For his part, Fiorgelato’s Richie Cuna said even if “franchising is a proven system,” it should not preclude or dissuade franchisees from preparing a business plan.
So, yes, it always pays to do your homework, and to be aware where your money’s going, and how it’s being spent.